One can choose to acquire two kinds of graduate degrees, such as masters and doctoral. A masters vs PhD degree differs in various areas such as academics, curriculum, career scope and others. A person can complete the master’s degree in 1-2 years in a wide range of subjects and help them achieve their career goals. On the other hand, it takes 3-7 years for a person to acquire a PhD degree based on the nations they are studying and allow them to pursue their career in academic research. However, students need to complete their master’s degree before they plan to pursue a PhD. The US provide integrated degree to their student where they can study masters along with their PhD program. In contrast, many other nations provide a separate degree for masters before applying for a PhD degree. Thus, learning and understanding the differences between masters and PhD is essential before pursuing any of these degrees.

In masters vs PhD difference, masters is a comparatively common degree than a PhDs. For example, more than 24 million people have acquired masters or other professional degrees in the US, whereas only 4.5 million have acquired a PhD degree.

Masters Vs PhD: A Review

The table below gives a clear picture of the difference between masters vs PhD.

Points to Review Before Applying for Masters vs PhD Degree

One should plan to apply for a PhD degree only if:

• They have an aim to become a professor or pursue their career in academics.
• They have a likeness for research and are interested in engaging themselves in an in-depth research process and discovering new things.
• They are ready to engage in long-term research even if they face barriers.

One should plan to apply for a masters degree only if:

• They are willing to study in their field; however, they are not committed to taking up a career as a professional researcher.
• They want to develop their career in any sector.
• They are willing to pay a cost to complete a degree if it means to complete it faster to work in a respective field.
• They get a chance to pursue their study along with working part-time.

Duration Required
The duration to complete masters or a PhD degree differs from place to place, university to university and based on subjects. However, a PhD is of longer duration than a master’s degree, which is the biggest difference between masters vs PhD. A masters degree is usually 1-2 years, and a PhD usually takes 3-7 years.

Duration of a Master’s Degree
In masters vs PhD, master’s degree usually takes 2 years to complete, although some masters courses are only 1 year long, mainly in the UK. Most of the master’s courses consist of theoretical coursework, apart from some program that includes an intensive semester-long thesis work or project in which students are expected to present their learning through application-based work.

Duration of a PhD Degree
The duration of a PhD degree in the US differs from the rest of the world, as the US provide an integrated master and PhD course for their students. The student needs to study coursework for 2 years in the integrated course work, followed by a PhD degree. A student can also choose to leave their integrated program after 2 years; however, they will still receive a master’s degree.

The PhD program starts after two years of a masters course and usually takes 3-5 years across the globe. The student needs to prepare a dissertation work, which is a lengthy research work on a study area that contributes directly to new findings in that particular study research topic.

Career Prospects
One of the significant differences seen in masters vs PhD is the career scope to the student. Masters degrees, on the one hand, prepare students for a career outside academics. In contrast, PhD degree helps students to pursue their future in research and as a professor in college or university.

Career Scope for Master’s Students

Masters degrees are of two types such as terminal masters and research-intensive masters. The career scope of each of these two types of masters is different.

The former type, terminal masters course, prepares a student for careers outside academics, such as in the corporate sector. The terminal degree also provides professional courses that allow the students to prepare themselves for specific professions such as Master of Public Policy (MPP), Master of Public Health (MPH) degrees, Master of Fine Arts (MFA), Master of Business Administration (MBA) and Doctor of Physical Therapy (DPT). On the other hand, a subject-specific master’s degree such as Masters in Arts or Masters in Science does not lead the student to a specific career.

The later form of master’s degree that is research intensive masters help in preparing the students for writing a specific piece of research known as master’s thesis. Such kinds of master’s degrees help a student to prepare themselves for a doctoral program.

Career Scope for PhD Students

In masters vs PhD degree, a PhD degree prepares a student towards a career in academics such as a professor or research assistant.

Most students aim to become university professors after they have acquired a PhD degree. Along with an academic career, a PhD degree also helps students lend themselves to other types of careers, as careers in academics are highly competitive. For instance, some PhD graduates who find teaching the best option to produce research usually go to a teacher at a secondary school. On the other hand, some graduates find work in research-intensive fields in government, private sectors or other think tanks.

PhD graduation offers a wide array of career scope to students. In fields like economics, computer science, statistics, and management, the graduates can easily find jobs and implement the skills they have acquired from the PhD degree.

However, the PhD graduates from other fields such as humanities find it challenging to get a job in the market. Such an issue makes a PhD graduate take up part-time and low paid roles in university or high schools. Getting a non-academic job also becomes difficult for a PhD student as they are usually seen as overqualified or lacking professional experience. Such career differences of a Masters vs PhD degree make a PhD a far challenging course to opt for. Thus, a student needs to figure out the career prospect in their field before applying for a PhD program.

Cost & Salaries
Students often receive a living stipend in exchange for working as a teaching or research assistant, even though PhDs take much longer to complete. Thus, in masters vs PhD, master’s degrees are less expensive than PhD degrees, but they are less likely to be financed.

Following graduation, both master’s and PhD degrees result in higher salaries. However, in masters vs PhD, PhDs often make slightly more than those with a master’s degree; in some professions, the incomes are comparable, implying that pursuing a PhD has no monetary gain.

Cost of Master’s degree
Due to the smaller amount of financial help available, the upfront fees of a master’s graduation is usually more than a doctoral degree. However, as students finish a master’s degree far sooner than a PhD one, higher salaries arrive much faster.

Stipends are paid to some master’s students in exchange for their work as teaching or research assistants. Furthermore, many people pursue master’s degrees in different parts while being employed full-time, allowing them to cover both living and tuition expenses.

The fee varies greatly depending on the college and course. Public universities are often less expensive than private institutions. A few master’s degrees, like MBAs, are famously expensive; however, they are compensated for by substantially greater income later.

On average, a master’s pay premium, or the extra money earned by someone with a master’s degree over someone with only a high school certificate, is 23%. Many colleges publish thorough information on their students’ career and income results. If they do not have it online, you should contact the program’s administrator and inquire.

Cost of PhD degree
PhDs except for humanities are frequently (though not always) financed, which means that tuition expenses are eliminated in full, and students get a modest stipend. After completing their studies (and occasionally earlier), students are normally required to work as graduate teachers or research assistants in exchange for a stipend throughout the remaining 3–5 years of their PhD.

Students often can apply for a fellowship (such as the National Science Foundation Graduate Research Program in the United States) that eliminates any teaching or research assistant responsibilities. As a result, doctoral degrees in the United States are often better supported than those elsewhere globally.

In masters vs PhD, PhD degrees can sometimes be done part-time; however, this is uncommon. Students are often expected to work as teaching or research assistants for at least 40 hours a week on their research.

The biggest expense of a doctorate program is opportunity cost—all the years that students could be earning a normal, full-time job that pays far more than a graduate school stipend. PhDs get a 26% pay premium on average, which isn’t much more than the master’s degree premium.

Process of Application
For masters vs PhD program in the United States, the application process is comparable. In general, both will request:

A minimum of one application essay, sometimes known as a personal statement or statement of purpose.

• Recommendations letters
• A resume or a curriculum vitae.
• Transcripts.
• Samples of writing

Both masters vs PhD programs frequently require a standardized test as part of the application process. The Graduate Record Examination (GRE), which seeks to test verbal reasoning, mathematical reasoning, critical thinking, and analytical writing skills, is commonly required for PhDs. Several master’s program also requires this test.

Applying for a master’s degree
In masters vs PhD, master’s degrees frequently need you to reply to specific essay prompts, which may include questions about not just your academic history but also your personality and future job goals.

Depending on the course, you should ask different people for letters of recommendation. For example, past professors or researcher supervisors are good choices if you apply for an analysis master’s degree. On the other hand, current employment supervisors may be better for other courses, notably business school.

A particular test is required for several professional master’s programs. To apply to the school of law, you must first take the Graduate Admissions Test or LSAT. You must take either GRE or the Management Trainee Admissions Test to apply to business school (GMAT).

Applying for a PhD degree
In masters vs PhD, while applying for a PhD, your resume should place a greater emphasis on your research experience, emphasizing any publications or speeches you’ve made.

Similarly, your aim statement should mention any study you’ve done, whether as an assistant or as the principal author. It would help to describe what you performed in the projects to which you contributed, whether it was completing a literature study or coding an authoring a complete piece, or regressions.

Former lecturers or supervisors who can speak to your talents and potential as a scholar should provide letters of recommendation for you. Asking for references from people who do not have a PhD is a solid rule of thumb to follow.

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