Master's vs PhD | A Complete Guide to the Differences

The two most common types of graduate degrees are master’s and doctoral degrees:

  • A master’s is a 1–2 year degree that can prepare you for a multitude of careers.
  • A PhD, or doctoral degree, takes 3–7 years to complete (depending on the country) and prepares you for a career in academic research.

A master’s is also the necessary first step to a PhD. In the US, the master’s is built into PhD programs, while in most other countries, a separate master’s degree is required before applying for PhDs.

Master’s are far more common than PhDs. In the US, 24 million people have master’s or professional degrees, whereas only 4.5 million have doctorates.

Master’s vs PhD at a glance

The table below shows the key differences between the two.

Master’s PhD
Career prospects Usually intended for a career outside of academia. Prepares for a research career, ideally as a university professor.
Length of time 1–2 years 5–7 in the US (master’s degree included); 3–5 outside the US (after a separate master’s degree)
Structure Mostly coursework, often with a semester-long thesis or capstone project at the end. 2 years of coursework (in the US), followed by 3–5 years of preparing a dissertation, which should make a significant original contribution to current knowledge.
Cost Varies by country, university and program; usually higher upfront cost with limited financial aid available. Tuition fees are usually waived and a living stipend provided in exchange for being a teaching or research assistant.
Graduate salaries Wage premium (compared to earnings with a high school education) is 23% on average. Wage premium is 26% on average.

Which is right for you?

A PhD is right for you if:

  • Your goal is to become a professor at a university or some other type of professional researcher.
  • You love research and are passionate about discovering the answer to a particular question.
  • You are willing to spend years pursuing your research even if you have to put up with a lot of dead ends and roadblocks.

A master’s degree is the better choice if any of the following apply:

  • You want to continue studies in your field, but you’re not committed to a career as a professional researcher.
  • You want to develop professional skills for a specific career.
  • You are willing to pay a higher upfront cost if it means finishing with your degree (and thus being able to work) much faster.
  • You want the option to study part-time while working.

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Length of time required

The length of time required to complete a PhD or master’s degree varies. Unsurprisingly, PhDs take much longer, usually between 3–7 years. Master’s degrees are usually only 1–2 years.

Length of a master’s

Master’s degrees are usually 2 years, although 1-year master’s degrees also exist, mainly in the UK.

Most of the degree consists of classes and coursework, although many master’s programs include an intensive, semester-long master’s thesis or capstone project in which students bring together all they’ve learned to produce an original piece of work.

Length of a PhD

In the US, a PhD usually takes between 5 and 7 years to complete. The first 2 years are spent on coursework. Students, even those who choose to leave without finishing the program, usually receive a master’s degree at this point.

The next 3–5 years are spent preparing a dissertation—a lengthy piece of writing based on independent research, which aims to make a significant original contribution to one’s field.

Worldwide differences
In countries outside the US, doctoral students usually have to complete a separate 2-year master’s degree before applying for PhDs. The doctoral program thus usually only consists of work on a dissertation rather than coursework, and takes 3–4 years to complete.

Career prospects

Master’s degrees tend to prepare you for a career outside of academia, while PhDs are designed to lead to a career in research.

Careers for master’s graduates

There are two types of master’s degrees: terminal and research-intensive. The career prospects are different for each.

Terminal master’s degrees are intended to prepare students for careers outside of academia. Some degrees, known as professional degrees, specifically prepare students for particular professions; these include the Master of Public Policy (MPP), Master of Business Administration (MBA), Doctor of Physical Therapy (DPT), Master of Fine Arts (MFA), and Master of Public Health (MPH) degrees.

Other master’s degrees, usually Master of Arts (MA) or Master of Sciences (MS or MSc) degrees, do not necessarily lead to a specific career, but are intended to be a final degree. Examples include an MS in Communications or MS in Data Analytics.

In research-intensive master’s programs, students take coursework intended to prepare them for writing an original piece of research known as the master’s thesis. Such programs are usually intended to prepare for further study in a doctoral program.

Worldwide differences
In the United States, research-intensive master’s are relatively rare, as students usually go directly from undergraduate study to a doctoral program. However, students in most other countries must receive a research-intensive master’s degree before continuing on to a PhD program.

Careers for PhD graduates

As research degrees, PhDs are usually intended to lead to an academic career. A PhD can be thought of like an apprenticeship, where students learn from professional researchers (academics) how to produce their own research.

Most students aspire to become a university professor upon the completion of their degree. However, careers in academia are highly competitive, and the skills learned in a doctoral program often lend themselves well to other types of careers.

Some graduates who find they prefer teaching to producing research go on to be teachers at liberal arts colleges or even secondary schools. Others work in research-intensive careers in the government, private sector, or at think tanks.

Below are a few examples of specific fields and non-academic careers that are common destinations of graduates of those fields.

Private sector technology companies like Google, Microsoft or Facebook have strong research teams where employees work on research very similar to what they would do in academia. Many computer science PhDs choose to join these teams.

Many government jobs, including economists at a country’s central bank, are research-intensive and require a PhD. Think tanks also hire economists to carry out independent research.

In the private sector, economic consulting and technology firms frequently hire PhDs to solve real-world problems that require complex mathematical modeling.

Graduate students from the humanities are sometimes hired by museums, who can make use of their research and writing skills to curate exhibits and run public outreach.

Humanities PhDs are often well-suited to research and grant-writing roles at nonprofits. Since so much of research is funded by grants, PhD students often gain a lot of experience applying for them, which is a useful skill in the nonprofit sector.

There are a wide range of non-academic research jobs for lab scientists with doctorates in subjects like chemistry, biology, ecology and physics.

Many PhD graduates are hired by pharmaceutical companies that need to perform research to create and test their products. Government agencies, such as the Environmental Protection Agency (EPA), also hire lab scientists to work on research projects.


Job prospects after graduation vary widely based on the field. In fields like management, computer science, statistics, and economics, there’s little underemployment—even graduates from less well-known programs can easily find jobs that pay well and use the skills they’ve gained from the PhD.

However, in other fields, particularly in the humanities, many PhD graduates have difficulty in the job market. Unfortunately, there are far more PhD graduates than assistant professor roles, so many instead take on part-time and low-paid roles as adjunct instructors. Even non-academic careers can sometimes be difficult for PhDs to move into, as they may be seen as “overqualified”  or as lacking in relevant professional experience.

Because career options post-PhD vary so much, you should take the time to figure out what the career prospects are in your field. Doctoral programs often have detailed “placement” records online in which they list the career outcomes of their graduates immediately upon leaving the program. If you can’t find these records, contact the program and ask for them—placement information should play an important role in your choice of PhD program.

Costs and salaries

Although PhDs take far longer to complete, students often receive a living stipend in exchange for being a teaching or research assistant. Master’s degrees are shorter but less likely to be funded.

Both master’s degrees and PhDs lead to increased salaries upon graduation. While PhDs usually earn a bit more than those with a master’s degree, in some fields, the wages are identical, meaning that no financial benefit is gained from going on to a PhD.

Cost of a master’s

The upfront cost of a master’s degree is usually higher than a doctoral degree due to the lower amount of financial aid available. However, increased salaries also arrive faster than with a doctoral degree, because people graduate much earlier from a master’s program.

Some master’s students do receive stipends for their degrees, usually as compensation for being a teaching or research assistant. In addition, many people complete master’s degrees part time while working full-time, which allows them to fund their living costs as well as tuition.

The cost varies significantly by school and program. Public schools are usually cheaper than private ones. Some master’s degrees, such as MBAs, are notoriously expensive, but also result in much higher wages afterwards that make up for the high cost.

Worldwide differences
American master’s programs are generally more expensive than those in other countries, although expected wages afterwards are also higher.

The master’s wage premium, or the extra amount that someone with a master’s degree makes than someone with just a high school diploma, is 23% on average. Many universities provide detailed statistics on the career and salary outcomes of their students. If they do not have this online, you should feel free to contact an administrator of the program and ask.

Cost of a PhD

PhDs, particularly outside the humanities, are usually (though not always) funded, meaning that tuition fees are fully waived and students receive a small living stipend. During the last 3–5 years of a PhD, after finishing their coursework (and sometimes before), students are usually expected to work as graduate instructors or research assistants in exchange for the stipend.

Sometimes students can apply for a fellowship (such as the National Science Foundation Graduate Research Program in the United States) that relieves them of any obligations to be a teaching or research assistant. Doctoral programs in the US tend to be better funded than in the rest of the world.

Sometimes, PhD degrees can be completed part-time, but this is rare. Students are usually expected to devote at least 40 hours a week to their research and work as teaching or research assistants.

Worldwide differences
In the UK and continental Europe, teaching is usually separate from funding. Prospective PhD students compete for a limited number of studentships or contracts that pay course and living costs for the duration of their PhD. If they choose to teach, they will be paid extra. Although students are less likely to teach during their PhDs than in the US, funding is much more difficult to obtain.

The main cost of doctoral programs comes in the form of opportunity cost—all the years that students could be working a regular, full-time job, which usually pays much better than a graduate school stipend.

The average wage premium for PhDs is 26%, which is not much higher than the master’s degree premium.

Application process

In the US, the application process is similar for master’s and PhD programs. Both will generally ask for:

Applications for both types of programs also often require a standardized test. PhDs usually require the Graduate Record Examination (GRE), which tries to measure verbal reasoning, quantitative, critical thinking, and analytical writing skills. Many master’s programs require this test as well.

Applying for a master’s

Master’s degrees programs will often ask you to respond to specific essay prompts that may ask you to reflect upon not just your academic background, but also your personal character and future career ambitions.

Application essay examples
The Harvard Kennedy School asks applicants to its Master’s of Public Policy program to write essays on five topics, including a time you didn’t meet expectations and how you plan to create positive change in the world.

Northwestern University’s Kellogg Business School requires Master’s of Business Administration (MBA) applicants write two essays, one about a recent time they demonstrated leadership and the second about their personal values.

The University of California, Berkeley asks applicants to all its graduate programs to write how they have achieved success despite past challenges, especially those related to their membership in an underrepresented group.

Who you should ask for your letters of recommendation varies by program. If you are applying to a research-intensive master’s program, then you should choose former professors or research supervisors. For other programs, particularly business school, current work supervisors may be a better choice.

Some professional master’s programs require a specific test. For example, to apply to law school, you must take the Law School Admissions Test, or LSAT. For business school, you must take either the GRE or the Graduate Management Admissions Test (GMAT).

Applying for a PhD

When applying for a PhD, your resume should focus more on your research background—you should especially emphasize any publications you’ve authored or presentations that you’ve given.

Similarly, your statement of purpose should discuss research that you’ve participated in, whether as an assistant or the lead author. You should detail what exactly you did in projects you’ve contributed to, whether that’s conducting a literature review, coding regressions, or writing an entire article.

Your letters of recommendations should be from former professors or supervisors who can speak to your abilities and potential as a researcher. A good rule of thumb is to avoid asking for recommendations from anyone who does not themselves have a PhD.

Worldwide differences
Outside of the US, the process of applying for PhDs is more time-intensive. Because PhD students enter directly into the dissertation stage, departments want to ensure that they are prepared to begin independent research immediately.

You may have to contact potential supervisors that share your research interests to see if they are open to taking you as a PhD student. You will also have to prepare a research proposal, in which you outline the research that you intend to undertake for your dissertation. This can and often does change over the course of your PhD, but departments like to see that you can come up with a coherent, original, and feasible research proposal.

Frequently asked questions about master's and PhD degrees

What is a master’s?

A master’s is a 1- or 2-year graduate degree that can prepare you for a variety of careers.

All master’s involve graduate-level coursework. Some are research-intensive and intend to prepare students for further study in a PhD; these usually require their students to write a master’s thesis. Others focus on professional training for a specific career.

What is a PhD?

A PhD, which is short for philosophiae doctor (doctor of philosophy in Latin), is the highest university degree that can be obtained. In a PhD, students spend 3–5 years writing a dissertation, which aims to make a significant, original contribution to current knowledge.

A PhD is intended to prepare students for a career as a researcher, whether that be in academia, the public sector, or the private sector.

Do I need a master’s degree to apply for a PhD?

This depends on the country. In the United States, you can generally go directly to a PhD with only a bachelor’s degree, as a master’s program is included as part of the doctoral program.

Elsewhere, you generally need to graduate from a research-intensive master’s degree before continuing to the PhD.

How long does it take to get a PhD?

This varies by country. In the United States, PhDs usually take between 5–7 years: 2 years of coursework followed by 3–5 years of independent research work to produce a dissertation.

In the rest of the world, students normally have a master’s degree before beginning the PhD, so they proceed directly to the research stage and complete a PhD in 3–5 years.

Is it more expensive to get a master’s or a PhD?

A master’s degree usually has a higher upfront cost, but it also allows you to start earning a higher salary more quickly. The exact cost depends on the country and the school: private universities usually cost more than public ones, and European degrees usually cost less than North American ones. There are limited possibilities for financial aid.

PhDs often waive tuition fees and offer a living stipend in exchange for a teaching or research assistantship. However, they take many years to complete, during which time you earn very little.

How do I apply for a master’s or a PhD?

In the US, the graduate school application process is similar whether you’re applying for a master’s or a PhD. Both require letters of recommendation, a statement of purpose or personal statement, a resume or CV, and transcripts. Programs in the US and Canada usually also require a certain type of standardized test—often the GRE.

Outside the US, PhD programs usually also require applicants to write a research proposal, because students are expected to begin dissertation research in the first year of their PhD.

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Lauren Thomas

Lauren has a bachelor's degree in Economics and Political Science and is currently finishing up a master's in Economics. She is always on the move, having lived in five cities in both the US and France, and is happy to have a job that will follow her wherever she goes.