Gracious, no. You continue your studies, with your tuition covered by a teaching assistantship during your master's degree years and a research assistantship during your doctoral study. Then you do a post-doc. After that you apply for tenure-track professor positions in the many departments of GLBT (that's Gay, Lesbian Bi-sexual and Transgender Studies). You get one, and with hard work and some Ford Foundation funding, eventually wind up with an endowed chair at an ivy league school and more speaking invitations than you can handle (not unlike Ward Churchill).
Btw, it's tres gauche to refer to the field as Homosexual Studies. The proper term is Queer Studies.
Well, I hope it's a well endowed chair.
I'm pretty sure it's not a B.A. degree--isn't the degree an N.D.S.?
(say the letters, you'll get it)