Master's vs. PhD: Which Should You Choose?
Graduate degrees are becoming more popular, with 19 percent of U.S. job openings in 2018 requiring one. Jobs needing a master’s degree are expected to grow by 17 percent, and those needing a PhD by 13 percent by 2026, way above the 7 percent average for all jobs.
Choosing between a master’s and a PhD depends on what you want for your career, what your industry requires, and your personal goals. Both degrees offer advanced knowledge and expertise, but they vary in length, depth, and the opportunities they provide. Understanding these differences will help you decide which path is the best fit for your goals and dreams.
What is a master’s degree?
A master's degree is an advanced educational qualification that builds on your undergraduate studies to deepen your knowledge and enhance your professional skills. It comes in various formats, including coursework-only, fully research-focused, or a mix of both. Pursuing a master's degree can open up broader career options and potentially lead to higher starting salaries.
To enroll in a master’s program, you need to have a bachelor's degree. The curriculum includes advanced courses and seminars, and, depending on the degree type, the program may require a thesis or culminate in final projects and exams.
What is a PhD?
A PhD, or doctor of philosophy degree, is a type of advanced degree that focuses on research and academic knowledge. It's ideal for those who want to create new knowledge through research or gain deep teaching expertise. People often pursue a PhD if they're aiming to become professors or researchers, but this degree can also open doors in nonprofits, government, and businesses.
Doctorate programs, which include professional degrees like the MD (medical doctor) and JD (juris doctor), vary in length but can take up to eight years to complete. The duration depends on several factors, such as whether you start with a master’s degree or straight from an undergraduate program and how long it takes to finish your dissertation.
PhDs and other doctoral degrees each serve unique academic and professional needs, with neither being superior to the other. Each type of degree is designed to provide thorough training and specialized knowledge for specific career paths and areas of interest.
Master’s Degree vs. PhD
Length of time required
In the United States, how long it takes to complete a graduate degree varies widely depending on the type of program, the school's requirements, and your own situation. Typically, a master’s degree takes about two years of full-time study to complete. If you're studying part-time because of other responsibilities like work or family, it might take closer to four years.
PhD programs usually start with about two years of coursework, similar to a master’s degree, followed by another three to four years of focused research. This stage of a PhD involves in-depth exploration of a particular topic, which includes publishing research findings, presenting at conferences, and finally defending your dissertation. It’s worth noting that the financial support or stipends provided may not cover the entire duration of a PhD, so having a plan for additional financial resources is important.
If you're thinking about pursuing a master's or PhD, consider how the length of the program fits with your career goals and personal life, especially for longer commitments like a PhD. The community and environment of the school are also key factors, as you'll be spending a significant amount of time there. Additionally, think about the financial impact of potentially having a limited income while you study.
Career prospects
A master's degree typically takes one to three years to complete and offers a versatile educational pathway that acts as a professional stepping-stone. There are different types of master's degrees tailored to various career goals.
Terminal degrees, like the Master of Fine Arts (MFA) and Master of Library Science (MLS), represent the highest achievement in fields where further academic progression isn't typical, and they prepare graduates for professional careers outside academia.
Professional master’s degrees, such as the Master of Public Health (MPH) and Master of Business Administration (MBA), provide students with practical skills and specialized knowledge needed in specific industries.
Research master’s degrees, including the Master of Arts (MA) and Master of Science (MS), usually require a thesis and are often a gateway to doctoral studies.
In contrast, a PhD is a more research-intensive degree aimed at preparing students for academic careers and other research roles in areas like government, non-profits, and the private sector. While many PhD graduates aim for academic positions, the competitive nature of academia means many also pursue alternative careers where their advanced research skills are in demand.
Both paths demand careful planning to match your career goals, given the substantial time and effort they require. For those considering a PhD, it’s wise to investigate the career trajectories of program alumni, as job prospects can vary greatly by discipline. Although master's degrees usually take less time to complete, they still offer significant professional growth and flexibility in various fields.
Costs and future earning power
When deciding between a master's degree and a PhD, it's important to consider the costs, time commitment, and potential salary benefits. Master’s degrees often require out-of-pocket tuition, though some students receive stipends for roles like teaching or research assistants. They allow for quicker entry into the workforce, which can mean earning a salary sooner. In contrast, PhD programs often come with full funding, including tuition waivers and stipends for living expenses, in exchange for teaching or research duties.
The cost of a master's degree in the United States ranges from $30,000 to $120,000, influenced by factors such as the type of institution and the program's reputation. Meanwhile, PhD costs are generally offset by funding packages, but they come with the opportunity cost of not earning a full-time salary during this period. Students pursuing PhDs may also be eligible for fellowships that provide additional financial support.
Both degrees offer a wage premium—23 percent for master’s graduates and 26 percent for PhDs, which is a modest difference considering the additional time investment for a PhD. This suggests that while a PhD may enhance expertise and open doors to academic careers, the financial return compared to a master’s can be less pronounced, especially in fields outside of high-demand sectors like technology and business.
Ultimately, the choice between pursuing a master’s or a PhD should align with your career goals, financial situation, and personal circumstances. Universities typically provide career and salary outcome data, which can be crucial in making an informed decision. If considering a PhD, assess the commitment involved and the real-world application of the degree in your chosen field.
Application process
The application processes for master’s and PhD programs in the U.S. share some similarities but also have distinct differences tailored to the specific requirements of each degree. Both programs typically require applicants to submit an application essay, such as a personal statement or statement of purpose, letters of recommendation, a resume or CV, academic transcripts, and results from standardized tests.
For master’s programs, applicants may need to address specific essay prompts that reflect on both their academic background and personal aspirations. Letters of recommendation should come from former professors or research supervisors if the focus is on a research-intensive master’s, or from current work supervisors for professional degrees like business school. Additionally, some fields require specific tests, such as the LSAT for law school or the GRE/GMAT for business school.
PhD applications, reflecting the degree’s focus on research, require a more research-oriented submission. The statement of purpose should detail previous research experiences and outline future research plans. Recommendations should ideally be from academics who can attest to the applicant’s research potential, preferably those who hold a PhD themselves. The resume should highlight any publications, presentations, or significant research contributions.
Both types of applications might also require proof of English proficiency, such as TOEFL or IELTS scores, particularly for international students whose first language is not English. This structured approach ensures that potential candidates are evaluated fairly and are prepared for the academic rigor of their chosen programs.
Should I choose a master’s or a PhD?
Choosing between a master’s and a PhD depends on what you want to achieve in your career. Both degrees offer unique opportunities to advance. If you’re still unsure how to start writing your application to meet the school’s requirements, check out options like Admission Accelerator’s graduate school application templates to jumpstart your academic journey.
