The Difference Between a Masters Degree and a PhD

There are four major degree levels, and the difference between an associates and a bachelors degree is vast. But the difference between a masters and a PhD is a little harder to ascertain, and many find themselves confused about what the difference really is, and what both will get them.

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What is a Masters Degree?

A masters is a graduate level degree, gained after a bachelors. It is the requirement for many who are looking to get involved in the higher levels of a position, including upper management, administration, or research. It is the degree that denotes a professional, and someone who has been fully educated in their field.

What is a PhD?

A PhD is what would be considered the ‘expert degree’. It is a doctorate, and denotes a person of high academic standing. Anyone who has been hoping to become a consultant of the highest order in their subject, or to get deep into research, university teaching, or anything at the highest reaches of the market should get a PhD.

How Much Can I Make Between a Masters and a PhD?

The differences in pay are not actually all that high, and it is more respect and necessity that makes up the reasons for pursuing one over the other. Someone with a masters in, for example, business can make hundreds of thousands a year as a CEO. However, someone in a research field with a PhD can make as little as $75,000. At the same time, someone with a PhD can make up to $114,000 as a mathematician, while with a masters the annual salary average is around $90,000.

Source: About.com

Learn more about the difference between a masters degree and a PhD now.