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Yes you do graduate from CMA with your Unlimited Tonnage Open Ocean license. For four years you stand watch on rotation on the ship plus 2 semesters sailing on the Golden Bear and one summer on a working ship. You don't receive your BS in Marine Transportation until you pass your USCG tests of 4 days, 8 hours per day. After that you have your 3rd Mates Unlimited and are ready to join MM&P and earn a living. After 2 years of sailing on your 3rd you can sit for your 2nd, and repeat. Because some shipping companies have a quiet agreement with MM&P (like SeaLand), they retain the same captain for the same ship assignment and this sometimes carries over to the Chief Mate. That makes getting the 2 years needed as a Chief Mate so that you can sit for your captain's ticket difficult. I sailed on container, break bulk, and drill ships (rigs), the latter being a faster way to upgrade. On the drill ships your on watch 12 on 12 off instead of (2) 4 on 8 off thus a faster way to get your time in.