Like wintersweet says, it varies by country. Check out www.eslcafe.com and read through the job listings for whatever countries you're interested in to get an idea of what you need.
Korea is like Japan in that you need a bachelors minimum to teach here. If you want to work with kids than, all you really need is the bachelors in anything. There are international schools here as well, children of foreigners or kids whose parents want immersion. You need a teaching degree to teach at one of those. I'd say that a teaching degree is more desirable when it comes to looking for new hires
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Off topic, how is university teaching in Korea - specifically the money? Where did you look to find your job? I'm currently teaching at a university in Japan, and I found my job here: http://jrecin.jst.go.jp/seek/SeekTop?ln=1 I have an MA-TESOL. What are the "good" universities in Korea?
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http://jrecin.jst.go.jp/seek/SeekTop?ln=1
I have an MA-TESOL. What are the "good" universities in Korea?
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