No. Earthly life is the thing determining the afterlife of a person in Protestantism.
Fixed it for you.
Praying for the dead does not equate to belief that a person can elevate his position in the afterlife after death.
I didn't say it was the exact same thing but both Catholics and Orthodoxes believe a man fate is
NOT ALWAYS sealed once he is dead. Something Protestants do not believe at all.
Catholics believe that when a man dies: 1) he goes to Hell for all eternity if he has been particularly bad (mortal sins and all that), 2) he goes straight to Heaven if he has been particularly good (or if he's been smart enough to go to confession or call a priest in order to be anointed just before dying), and 3) if he has been neither particularly good nor bad, he goes to Purgatory for some time before going to Heaven and the prayers of the living can speed up the process. On Judgement day, people that went to Hell stay there while people that remain in Purgatory can finally go to Heaven. (I'm obviously simplifying things here).
Orthodoxes believe that there is no true Heaven or Hell for anyone before judgement day (well except for the Virgin Mary) and when a man dies: 1) he goes to some sub-par Heaven where he waits for Judgement day if he has been particularly good, 2) he goes to some kind of sub-par Hell until Judgement day (after which he'll get to now the real Hell for all eternity) if he has been particularly bad, and 3) if he has been neither particularly good nor bad, he has to wait for Judgement day in some kind of intermediary state, the comfort of which depends of his deeds and of the prayers of the living (I think they call Hades the "place" where all sinners wait for Judgement day). (And again, I'm simplifying things).
In short the difference is that Catholics believe that the dead can truly go to Heaven or Hell before Judgement day while the Orthodoxes believe that true Heaven and Hell do not exist before Judgement Day but the result is exactly the same : if you've been bad you're screwed, if you've been good you're saved, if you've been neither, prayers can help but you will be saved anyway, it's just the waiting that will suck. Another difference is that Catholics have a proper "doctrine" describing what happens between your death and Judgement day while Orthodoxes beliefs are a bit fuzzy on the subject.
NOTE 1 : Can I actually refer to the member of the Orthodox Church as Orthodoxes?
NOTE 2 : As you might have guessed, English isn't my native language so I've a hard time discussing theological questions properly (theological terminology is particularly arduous).
DISCLAIMER : I'm atheist.