@Lipton,
Welcome to the Philforum!
In the US, an MA is a degree in itself; many post graduate students will end their formal studies after attaining it while others, having that prerequisite, will continue to work toward their Ph.D.
Most universities require a student to present a Thesis to achieve their Master's degree, although there seems to be a trend towards granting it after completion of coursework; the requirements for a doctorate are more stringent and usually require the student to defend a dissertation that reflects original research. Generally, but there are many variations, a Masters can take one or two years of study after the Bachelors, and a Doctorate an additional year or two (depending on the major).
The combination of Philosophy and English Literature seems a happy one, since many of the English philosophers were also good writers.
Regards,
John