Once you have received your undergraduate degree and decided on the line of study that you want to pursue in the future, it is time to decide what graduate degree best suits your aspirations in the field. The two options that most people have in mind for graduate school are master’s degrees or doctorates.
There are quite a few differences between both these options, in terms of the time it takes to finish, the scope of the curriculum, the average costs involved, your future prospects after finishing the course, and so on. While it can be easy to get enamored by a master’s vs doctorate or the other way around, it is important that you look at the requirements and structure of both these courses and then take a decision. In order to make it easy for you to decide, here is a brief primer that will delve into the different features of each of these degrees!
Doctorate
The Doctor of Philosophy – better known as a PhD – is the most common type of doctorate that students pursue, but you must ensure that you remember that this has nothing to do with philosophy as a subject. The terminology is more in line with the research aspect of this degree. The purpose of doctorates is to foster the spirit of research into students and encourage them to take on projects that widen the existing realms of knowledge. A doctorate forms the highest level of academic degrees across the world. Once you have earned this degree, you qualify as an expert in the field and can go on to take positions of leadership in the private, public and non-profit sector.
Average Time It Takes to Complete
There are many different types of doctorates that you can pursue and the amount of time you will take to complete the degree will depend on the degree itself. On average, it takes most people between five years and eight years to finish their doctorate. The exact time will depend on the type of program that you choose to apply for, whether or not you have a master’s degree, and finally the amount of time you spend writing the dissertation.
Requirements to Enroll
The requirements for enrollment in doctorate programs differ from field to field and from program to program. In order to qualify for a doctorate program, you must complete your bachelor’s degree. In most cases, a master’s degree is also essential, but there are programs that allow you to enroll yourself without a master’s degree and earn it along the way. A doctorate, however, requires consistent academic and research excellence.
Average Cost
On average, a doctorate can cost you between $35,000 and $50,000, depending on the program that you are enrolled in. However, you must not allow this cost to deter you from pursuing a doctorate, as most institutions offer to fund doctorate programs. In many cases, the tuition fee for doctorate students is waived partially or completely. In addition to this, doctorate students are also eligible for stipends in return for assistantship and other positions.
Average Salaries
You can expect a hike in your average salary after the completion of a doctorate. This increase is the highest in the STEM fields, while social science doctorates may see a smaller increase. On average, students with a doctorate degree can hope to earn over $80,000 a year. However, a professional degree – and a doctorate in a professional field like medicine – will make you eligible for a much higher average salary.
Master’s
Moving on to the next part of the master’s vs doctorate debate, a master’s degree is a relatively short graduate degree that most students prefer to finish before opting for something like a doctorate. In most cases, however, a master’s degree is the highest level of education that a number of professionals achieve during their lifetime. This degree has a wide range of professional, as well as academic applications. One of the factors that differentiate this from a doctorate is the level of versatility that it offers you. You can possible pursue a master’s degree in any field under the sun, as long as it is in line with your goals and interests. It is, however, important to keep in mind that these degrees are not cheap.
Average Time It Takes to Complete
The duration of a master’s degree in the US is slightly different from the average time that it may take to complete a similar degree in another country. For example, in the United Kingdom, it takes only one year to complete a master’s degree, while in the United States it usually takes two years. This time period will depend on the program that you choose to enroll in and the amount of time it takes for you to carry out any research and put together a dissertation.
Requirements to Enroll
The requirements for enrollment into a master’s degree are usually more flexible than the requirements for a doctorate. You may be asked to submit GRE or GMAT scores, in addition to a good GPA, personal statement, essays and letters of recommendation from professors or employers.
Average Cost
It is difficult to ascertain the average cost of a master’s degree, as it differs from field to field and institution to institution. A master’s degree in a social sciences-related field may cost you about $30,000, while the cost for an MBA may go up to $100,000 to $150,000, depending on the program that you choose.
Average Salaries
Just as the average cost for different types of master’s degrees are different, so is the salary that you can expect after the completion of the degree. In some cases, the average can loom around the $80,000 mark, while MBA graduates may be able to expect over $100,000 as the average salary.
Wrap-Up
There is no master’s vs doctorate dilemma as a master’s degree forms the basis of a doctorate. Even if you choose to enroll in a doctorate program without finishing a master’s degree, you may be required to finish all the credits that you would need in terms of a master’s degree. In the end, your decision should be made on the basis of your aspirations and existing qualifications.