Qualifications
Even minor Egyptology-related jobs—like being a tour lecturer in Egypt—require a Ph.D. these days (source). There are a lot of people who want to be in the field and a lack of positions for all of them. You don't have to get a bachelor's degree in Egyptology (few schools even offer one), but you'll want to study history or art or a field related to the areas of specialty you're considering in Egyptology.
Once you get to graduate school your master's and doctoral programs are likely to be combined. You'll spend the master's degree years taking classes in your specialty, and Ph.D. time on writing a dissertation. As for your down time? That's a good one—doctoral students don't actually have any down time.
Aspiring Egyptian archaeologists are required to take more math and science classes, but don't let that fool you into thinking other specialties are easier—mastering dead languages or memorizing the details of 6,000-plus years of art history aren't exactly entry-level brainwork either.
Academics also have to study all the forms of Egyptian language, and usually French and German since most of the existing research is in those languages; English-speaking Egyptologists were late to the game.
They also often are asked to take another relevant ancient language, depending on what their specialty and time period of interest is. From ancient Greek to Akkadian to Sumerian and the original Hebrew, you're going to be up to your eyeballs in letters.