I live and work in South America having obtained a Masters in the UK. If you want to move here making big bucks you need to be sent over as an expat. However this is tending to die down more and more with technology and companies cutting costs. Also don`t make the mistake of thinking that being American or European has as much sway as it did say 10 years ago. A lot of the upper middle class and to an extent middle class in these countries attend University in the US or Europe and obviously hold excellent positions with multinationals and local companies.
Personal relationships in South America count for a lot. Whilst this is true in every country, to get into a really well paid job you need to know someone. Whilst a small % of jobs are advertised on LinkedIn or the job boards they are a huge waste of time as usually the candidate has already been selected through their father, brother, cousins being friends with the hiring manager.
My personal experience was rocking up thinking I had it made with my International Career and would waltz into a high paying job that would allow me to save money to start my own business. Instead reality struck and I spent 4 months teaching English before a miracle happened and I actually was offered a job through LinkedIn with a company run by expats.
2 years later money is not great but not bad either in terms of I live comfortably (rent a one bedroom apartment close to nightlife and metro lines which is fully kitted out to my liking. Can afford expensive meals 2 or 3 times a week at restaurants, go to the gym and go out on weekends as well as going on 2 international and 1 domestic holiday a year) and can put aside around $15k to 20K in savings each year. So i live a better lifestyle here than I ever did in London.
I don`t know where your expertise (outside of management) lies but if it is in an in demand industry then maybe you will be able to get hired with a multinational or local company earning good money. My recommendation would be to take a month or two to visit Mexico, Colombia and Peru (Brazil is a ball ache to get a job in currently) and start testing the waters. Of course start sending your CV now to see if you get any online buy in but then take the next step should nothing materialise and go to your target country. You can easily pay the bills teaching English and German whilst you wait for the desired job.
One great aspect of South America is the sheer number of opportunities for you to start your own business. Just look at things in the US and Europe that are missing from here and copy the idea. Lots of guys making money that way. For those of you that already have an idea there are a lot of incubators here looking for expats to set up their start ups in country as governments look to diversify from traditional industries. They usually give you cash to help you set up the company on the condition you stay here for at least 3 years or something like that. I am aware of Chile doing this, may take some research to look into other countries.
Links below:
http://www.startupchile.org/
http://money.cnn.com/2013/11/25/smallbus...-startups/
http://www.start-up.pe/
Finally don`t make the mistake I did or still do sometimes when reading on the forum. Don`t compare your Latam salary with what you would be earning in Europe or the US. It will only drive you crazy! Yes you have a Masters and if you worked in the US or Europe you would be making 6 figures easily whilst here you are earning a quarter or third of that. However when I take a step back and evaluate, my life is so much better than it was when I lived in the UK or US. Also once new opportunities open up I should be able to get back up to those figures here and the money goes a lot further!