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Besides the U.S. Merchant Marine Academy, there are six other schools, or academies, where students can earn a U.S. Coast Guard deck or engineering officer license as well as a bachelor's degree. From the third officer position, you work your way up to captain, says Sanborn.

Those without formal education at a maritime academy can be USCG-licensed if they pass the written exam and have at least three years of appropriate sea experience. However, it is difficult and time-consuming to acquire the skills and sea experience independently.

Captains of smaller vessels, such as sailing boats or motor yachts, can earn their USCG license without attending a maritime academy. They must take USCG-certified courses, pass a test and log hours at sea. Their licenses are limited, or restricted, to a certain size and tonnage of vessel.