Literary translation is a funny industry. On the one hand, it's extremely academic, with many literary translators doing their translation on the side as they hold down day jobs as professors of language, writing, or maybe possibly (and more often, these days, thankfully) translation. On the other hand, you don't actually need any credentials to get your first job--you just need to know the right people and be able to write well. Higher education is certainly not a requirement for the field.
But if you're like me, you do want go back for that master's degree, learn more, talk to more people, gain more experience. And there's a fantastic program specifically for French to English translators that just opened up applications for the 2015-2016 academic year.
NYU's MA Program in Literary Translation
http://french.as.nyu.edu/object/french.1315.grad.progreq.ma.translation
This is the program I would have done if I hadn't left NYC right when I started looking for master's programs. Run by the indomitable Emmanuelle Ertel, it's a year-long program based in New York City and Paris, two of the greatest cities for publishing. Knowing the right people can be all about location, location, and who you know already. Emmanuelle knows many people.
Plus, there are the courses themselves. I did my undergrad in French at NYU and can vouch for the amazing courses offered.
If you're interested in the program, there's even more info out there! The students of the last few years have created a blog of their studies: http://frenchandthecitynyu.wordpress.com/ Plus, there's a Facebook page, which lists a lot of events that the students are involved with in NYC.
Go check them out. I promise it'll be worth your while.