The Doctor of Philosophy, or PhD, is the highest degree you can earn. It is a research-based degree offered in a wide range of academic fields. The most obvious reason to get a PhD is if you’d like to become a professor.
For postsecondary teachers, a PhD is practically required. Many schools would prefer to see progress toward a PhD, even for those who may find teaching jobs with only a Masters.
In the increasingly competitive job market of today, a PhD may also be beneficial outside of academia.
Many companies look for highly qualified individuals in a variety of fields, such as engineering, information technology, or many others, who have demonstrated intelligence, perseverance, and the ability to learn.
The Master’s Degree: What Is It?
Masters degrees are second-cycle academic degrees and the first level of graduate studies, which means they come after a Bachelor’s degree and before a PhD.
With a Master’s degree, you can specialize within a field to focus your studies on a particular aspect of a topic in-depth. If you have worked in a particular field for a while and are hoping to qualify for a leadership position, pursuing a master’s degree can be a smart choice.
Changing careers can also be achieved through a Master’s degree. In case your education or career hasn’t led you in the direction you’d like, a Master’s degree may provide you with the opportunity to start in a new direction by gaining new skills and knowledge.
Master Vs PhD: What is the best option for you?
You should pursue a PhD if:
- You intend to become a professor at a university or another type of professional researcher.
- Your passion for research drives you to discover the answer to a specific question.
- Even if you run into a lot of dead ends and roadblocks, you are willing to spend years pursuing your research.
If any of the following applies, a master’s degree is the better option:
- Although you are interested in continuing studies in your field, you are not yet committed to a career as a researcher.
- Professional skills are needed for a specific career.
- It is worth paying a higher upfront cost if it means that you will finish with your degree (and therefore be able to work) much faster.
- Working while studying part-time is important to you.
Pros and Con of Masters and PhD Degree
Pros of Masters Degree
- Less expensive and time-consuming than a PhD
- PhDs are more career-oriented than master’s degrees
- Makes you stand out from those with only a Bachelor’s degree
- Opportunities for employment may be greater
- Increased career advancement may result
Pros of PhD Degree
- In your field, you will be respected as an expert
- Learn critical reasoning, problem-solving, and in-depth analysis skills to enhance your transferable skills
- Contribute to the field’s knowledge and research
- Enhance your analytical abilities
- Dr. may be included in your title
Cons of Master’s and Ph.D Degree
Cost: The cost is high, someone may not be able to afford it.
Time: You have to get/dedicate time to achieve
Course Work: Course work is definitely long and needs much time.
Research Work: Either its Masters or Ph.D degree you can’t run from this. You have to accomplish it to meet requirements.
Differences in salaries between Ph.D. and Master’s degree holders
The Georgetown University Center on Education and the Workforce conducted a study that found the more education you have, the higher your salary potential. These differences, however, depend on your field of expertise.
Accordingly, the expected lifetime earnings of those with each degree level are as follows.
- $973,000 for a high school diploma
- $1.3 million for a bachelor’s degree
- $2.7 million for a master’s degree
- $3.3 million for a doctoral degree
