What kinds of jobs are there for someone with an advanced degree in Second Language Studies?
Professor/Instructor in applied linguistics, TESOL, etc. (often requires a PhD)
New niches are probably waiting to be invented, as well.
Where you can do these jobs seems limited mainly by your interests, budget, and imagination. How competitive it is depends on the place, type of job, and how glamourous it seems (also how well-kept a secret it is) -- but you can bet that things are only going to get more competitive, not less.
Several of these "jobs" may not be enough to allow for making a living, so you may want to consider dual-duty (e.g., combining teaching, research, and consulting, or teaching and writing materials) if the kind of work you really want doesn't exist on its own.
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