
I spent four years at my first newspaper where I moved from beat reporter to the copy desk with the aim of becoming an editor.
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I also started a master's degree through distance education in hopes of moving up to running the newsroom. About the same time, I was recruited to a large daily (130,000). Seven months later I left to become the managing editor at a small daily (5,000), mainly because I wanted to put what I was learning into practice. I have been able to make a lot of changes and improve upon the product we have here.
When I finish my degree, I'll have 2 1/2 years at this paper. Is that too soon to leave, given the short amount of time I spent at the last paper, or would it be a natural time given the completion of my degree?
Time to go?

I'd get ready to pack.
Two and a half years is not a short tenure (though seven months was), and it seems that the completion of your degree, which could conceivably happen from anywhere as you are in an online program, is as good a time as any.
I would be a little concerned that if you stay for too long at a 5,000-circulation paper, you might get pigeonholed as a small-paper editor.
Depending on the circulation range you're aiming for, you may have several moves in your future, so I would start making them.
At every juncture -- even before you take the next job -- review your resume with these same thoughts in mind. I would not want to see anymore tenures of under a year; another one of about two years will give you four papers in less than 10 years and would tell future employers that your pattern is to stay for about two years and then move. That could start to discourage people. I'd try to move to a place where I could feel comfortable for at least three or four years.
Coming Wednesday: A mother with a young child wonders how much her career would be hurt if she took a couple years off from full-time work.