Well it's really what you make of it. To use my own experience as an example, I earned my BA at a small regional university. I was an International Relations and History double major. I thought that I could just launch straight into a PhD upon graduation. That was not to be however. I lucked into a slightly better but still mid-tier Masters progarm. After graduation I was applying to PhD programs for a while without much luck. In the meantime I was teaching as an adjunct professor of history at the local community college. Last year I got amazingly lucky and was accepted by the University of Cambridge. I was able to use some connections from my small undergrad school to get into Cambridge, but it was still a few good years of tough breaks. However, all things considered I wouldn't change a thing. I always wanted to be a history professor and now I am a few years away from achieving that.

As for more broad elements of the field, it depends on what you want. I have good friends who went the museum route and others who chose to teach at the high school level. If you want to be a professor you will need a PhD. There is no other option. There are so many historians that without the PhD you will never be considered for a full time position. The unfortunate part is that PhD programs are very selective and only have a few spots open. I know this all sounds daunting, and it is, but if you truly love history and want to be part of the field then go for it. My one piece of advice is to take advantage of everything thrown at you. Now I don't necessarily mean join every club and network like crazy. Instead find professors you like, talk to them, maybe attend a conference or two, and generally just keep trying to broaden your knowledge. It will be a slog, but that is true of every field.