I detect that English is your mother-tongue which is the main requirement (International regulations mandate that one must translate into one's own language - something usually disbelieved in China - although this requirement varies for interpreters).
A Masters (Translation) degree is useful, especially if you wish to join a translation society but, having said that, students could join, and it is a great way to conduct the essential networking.
In addition to a language degree, it is almost essential to have another technical qualification, for example, a basic engineering or science college certificate.
I do not think that "most" translators work for free but, in China, you will need to exert enormous effort trying to convince industry that Chinese translators of Chinese into English produce terrible work (You may wish to consider editing).
It takes many, many, years to gain the required experience, but do not give up because it is a great profession ... and quite lucrative in Europe and North America.