I've been told that in countries like Israel the truth of the matter is that the only available work for B.Sc./M.Sc. in physics/math is only to be high school teacher. To do serious stuff you need to be Ph.D.
Opinion based on my own experience in central Europe: In order to do research as a physicist (there are jobs, but few), you need a PhD. As a physics master, you'll get hired as a engineer (for software, electronics or similar topics). The same is true if all you got is a bachelor, but you'll have a harder job to convince people to hire you, the master is the norm.
In Germany you'll need a specialized education to get a job as a highschool teacher, so in general you won't be hired as one if all you have is a master in physics, except in very exceptional cases.