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Are you in advertising? Unfortunately, advanced degrees aren't really valued in ad land. A director will be expected to step into the role seamlessly, so you might need to settle for a supervisor or group account sup position until you have enough knowledge and relationships to be effective in a director position.
5 years experience isn’t likely to land you a director role at an agency (masters is irrelevant at agencies). You might be able to land management sup or assoc director (but a lot of agencies don’t have those levels)
I guess it would depend on what the roles entailed. If you feel you are qualified for the director role, go for it. It would be a nice step up from supervisor. You may need to start as a supervisor at certain corporations and work up to director level depending on how they set their career paths.
Why not go for the director role? Don't put all your eggs in one basket. You should apply to both director and supervisor roles. I don't think you should limit yourself.