Students who want to learn more about their subject of choice or want to specialize in a specific topic or field within their subject of choice pursue a master’s degree, after completing their undergraduate degree. Typically, a doctorate degree like Doctor of Philosophy (PhD) is pursued after the completion of the master’s degree. There are some graduate programs in the United States that allow students to complete their master’s and PhD simultaneously, but it’s rare.
It’s important to understand the differences between master’s vs PhD, when you’re planning to enter graduate school. Each offers a different level of education and possibilities in terms of scope of work differ between the two as well.
One of the most common question students have about PhD vs master’s degree is whether one must first get a master’s degree to be eligible to pursue a PhD. The undergraduate degree is considered the first degree, while the master’s is considered the second degree. A doctorate degree like PhD is usually the terminal degree, as the student’s academic life ends once they get their doctorate degree. Most students complete their master’s degree first and then begin pursuing a PhD.
PhD
Duration
It will take you about five to six years to get a PhD at a graduate school. If you’re pursuing your PhD in the same subject that you did your master’s degree in, you might receive your doctoral degree a little earlier. Unlike in most other countries, in the United States, PhD programs begin with structured classroom sessions and examinations or assessments, followed by the dissertation stage. So, initially, there will be a process of continuous assessment and then you can focus solely on completing your doctoral thesis. This structured training process is the same for master’s vs PhD.
Enrollment Eligibility
Most PhD programs require the student to have completed a master’s degree, though there are exceptions. The application process for PhD programs also take much longer than master’s degrees, because students typically apply for funding and/or fellowships. So, that’s a major difference between PhD vs master’s degree.
Average Cost
The cost of a PhD program in the United States varies between $30,000 to $50,000, but very few doctoral students self-fund their studies. They usually apply for funding and fellowships to subsidize their studies. In addition, graduate schools offer doctoral students in-house assistantship opportunities, which require students to devote 15-20 hours per week in helping out professors or perform other duties and tasks at the university. They get paid for their time, which helps out with the fees. Fellowships also reduce the burden of fees off the students to a great extent.
Average Salary
Traditionally, after completing their PhD people enter the field of full-time research or enter academia to become professors. The entry-level salaries aren’t much higher for a PhD vs master’s degree, but the scope of climbing up the ladder faster in their respective fields is much greater, along with significant increases in salary. However, these days doctoral degree holders are looking beyond academia and into the private sector. Several excellent opportunities have opened in think tanks, consultancies, media organizations, etc. The pay is much higher and the opportunities to implement what you have learned more exciting and interesting.
Master’s Degree
Duration
The duration of most master’s degrees is two years or 24 months. There are some that last 18 months or 12 months as well.
The length depends on the number of academic credits that need to be completed to get the degree in question. A two-year master’s degree can have anywhere between 30 and 60 credits.
Enrollment Eligibility
If you have been awarded an undergraduate degree you’re eligible to apply for a master’s degree. Generally, students opt to pursue their master’s degree in the same subject as their major during the undergraduate degree, though that’s not mandatory. For certain professional master’s degree program such master’s in business administration (MBA), master’s in one of the fields of engineering, master’s in accounting, etc., you might have to sit for an entrance exam. These exams determine if you have the aptitude for the program or not.
Average Cost
How much you pay for your master’s degree depends on a number of factors. Firstly, the type of master’s degree you wish pursue will have a bearing on the cost. Tuition fees for master’s degree programs can vary between $15,000 to $50,000 per year and more, while the professional graduate programs such as business administration and engineering cost more. The type of university or graduate school you go to will also impact the cost. Public universities are state funded and cost lower than private universities. Plus, if you live in the same state as the university you will have to pay a much lower fee than an out-of-state student or international students. If you have a scholarship, you might have to pay only a part of the fee or even study for free.
The US Department of Education provides an online fees calculator at College Affordability and Transparency Center that helps you find out exactly how much you can expect to pay.
Average Salary
The salary you can expect to get after completing your master’s degree is almost entirely dependent on your choice of subject or specialization. Technology and businesses related master’s degrees fetch a lot higher salaries than humanities for instance.
The Final Word
While considering master’s vs PhD, you need to think about the core reason. If your primary objective is to add a new skill, specialization or qualification to your resume, in order to move up in the payscale faster than would be possible by working at a job, then a master’s degree is the right choice for you. You get to learn in-depth about your subject area, you get to work on a thesis and you get a degree at the end of two years. On the other hand, if you love a particular subject area and want deep dive into it, then a doctoral degree like the PhD is the your ideal option. You will be able to devote your complete attention towards learning every aspect of the subject and possibly discover new elements through your research.
In regards to cost, it needs to be mentioned that tuition fees isn’t the only cost involved. You will also have to pay certain other fees that varies from graduate school to graduate school. Plus, there are cost involved with buying books, other study materials and more. It’s unlikely that you will have the time or opportunity to do anything other than internships with really low stipends or part-time jobs to help out with the costs.