Nowadays a master's degree is increasingly common.
Tips
usage
学位 hierarchy: 学士 (xuéshì, bachelor's) → 硕士 (shuòshì, master's) → 博士 (bóshì, doctorate/PhD). 读硕士 = 'studying for a master's.'
usage
硕士生 (shuòshìshēng) or 研究生 (yánjiūshēng) = master's student. In China, 考研 (kǎoyán) is the extremely competitive national exam to enter a master's program.