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PhD Salaries and Lifetime Earnings

PhDs employed across job sectors show impressive earning potential:

“…[T]here is strong evidence that advanced education levels continue to be associated with higher salaries. A study by the Georgetown Center on Education and the Workforce showed that across the fields examined, individuals with a graduate degree earned an average of 38.3% more than those with a bachelor’s degree in the same field. The expected lifetime earnings for someone without a high school degree is $973,000; with a high school diploma, $1.3 million; with a bachelor’s degree, $2.3 million; with a master’s degree, $2.7 million; and with a doctoral degree (excluding professional degrees), $3.3 million. Other data indicate that the overall unemployment rate for individuals who hold graduate degrees is far lower than for those who hold just an undergraduate degree.” - Pathways Through Graduate School and Into Careers , Council of Graduate Schools (CGS) and Educational Testing Service (ETS), pg. 3.

Average salaries by educational level and degree (data from the US Census Bureau, American Community Survey 2009-2011, courtesy of the Georgetown University Center on Education and the Workforce):

The Bureau of Labor and Statistics reports higher earnings and lower unemployment rates for doctoral degree holders in comparison to those with master’s and bachelor’s degrees:

According to national studies, more education translates not only to higher earnings, but also higher levels of job success and job satisfaction:

“Educational attainment – the number of years a person spends in school – strongly predicts adult earnings, and also predicts health and civic engagement. Moreover, individuals with higher levels of education appear to gain more knowledge and skills on the job than do those with lower levels of education and they are able, to some extent, to transfer what they learn across occupations.” - Education for Life and Work (2012), National Research Council of the National Academies, pg. 66.

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Should I Pursue A Master’s or A Ph.D.?

The first step in deciding on the right graduate program for you is to figure out which degree will best serve you—a master’s or a doctor of philosophy (Ph.D.). Here are a few factors to consider.

What are your career goals?

• Professional master’s: A good choice if you want to develop a particular skill set in order to practice a particular profession. This type of degree provides coursework focused on learning and practicing skills.
• Research master’s: A good fit if you want to gain expertise in a discipline and know how to teach it. A research master’s typically includes a research project or thesis and comprehensive exams in addition to coursework and provides experience in research and scholarship.
• Ph.D. (doctor of philosophy): Consider this option if your goal is to ground yourself in a body of research and develop the ability to add to that body of knowledge. Ph.D. study includes a major research project in addition to coursework, and a Ph.D. is the highest scholastic degree awarded by American universities. Contrary to common perception, career paths for Ph.D. graduates are quite varied, not just limited to academia. Ph.D. training helps you hones skills such as writing, research, teaching, data analysis, communicating complex topics—all of which can translate into many sectors, including industry, government, nonprofit, and entrepreneurship.

See career data for Duke graduate programs' alumni

How much time do you have to pursue a graduate degree?

Master’s degrees typically take two years to complete, while Ph.D. programs generally take five to seven years ( see Duke programs' time-to-degree ). That is a significant difference in commitment and opportunity costs. It might also play a key role in deciding which factors take higher priority as you evaluate a program. How does the length of the program fit with your career and family plans? How important is the surrounding community if you are going to be there for seven years instead of two? How long are you able or willing to go on a limited income while in graduate school?

How much can you afford to pay for a graduate degree?

Consider your personal financial situation (e.g., how much savings and student loans do you have), as well as how much financial aid you can get. Master’s and Ph.D. programs differ greatly in the amount of financial aid available. Ph.D. programs tend to offer significantly more financial support than master’s programs (but often will have research or teaching requirements). 

A typical Ph.D. financial aid package usually includes coverage of tuition and fees, a living stipend, and some level of support for health insurance for a set number of years. For instance, Duke’s standard Ph.D. package covers tuition, mandatory fees, and a stipend for five years, as well as health insurance premiums for six years. 

Within an institution, the level of financial support often differs across programs, so be sure to ask your specific program about the financial aid it offers. There are also many national organizations that provide competitive fellowships and scholarships for graduate students.

Know which degree you want to pursue? Here are some key things to look for in a program .

Tips for Online Students , Tips for Students

Master’s vs PhD — These are the Main Differences

Updated: July 18, 2022

Published: October 31, 2019

The consideration between earning a master’s vs PhD is not always an easy choice. While many careers and personal aspirations may be complete with just an undergraduate degree (Associate’s or Bachelor’s), a lot of people continue their higher education to obtain graduate degrees. These include a master’s and/or a PhD.

Neither a master’s degree nor a PhD is considered to be a walk in the park. Therefore, it’s useful to understand why you would earn either and then decide how far to go.

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Definitions: master’s vs phd.

Bost a master’s and PhD are defined as postgraduate degrees, but they require different commitments and styles of learning.

1. Master’s Degree:

Mostly all master’s degrees will require the completion of an undergraduate bachelor’s degree to enroll. They generally all share the same common requirement for a thesis or dissertation to graduate.

Earning a master’s degree through a taught program will result in the completion of a Master of Art (MA), Master of Science (MS), or Master of Philosophy (MPhil). For those who earn their master’s degree through research, they will earn a Master of Research (Mre), in a tailored field of study. There are also degree-specific master’s programs like Master of Business Administration (MBA) and Master of Education (M.Ed).

After earning a master’s degree, the next step is a PhD, which entails both working and performing research at an institution. A PhD is an abbreviation for “Doctor of Philosophy.” It is the highest academic degree one can achieve. As such, it is a time-consuming pursuit that requires a lot of studying and research.

You may be wondering, “Do you need a master’s to get a PhD?”

Technically, the answer is not always. Some students skip a master’s and go straight for their PhD, but they may lack research experience. While it could save money, the transition between a bachelor’s and a PhD is incredibly sharp. It may be harder to complete a PhD without the experience from a master’s.

Yet, some institutions may allow for the possibility to earn both your master’s and PhD in conjunction with one another. This will alleviate the transition between skipping a master’s and going straight to earning a PhD.

Should You Get a Master’s or PhD?

There are many considerations to factor when deciding between a master’s of PhD. For starters, it’s useful to consider the amount of time it will take, the cost, and the benefits and disadvantages of each. It is also of utmost importance to explore your own personal goals and reasons for wanting a graduate degree.

If your desired career of choice requires a PhD, like becoming a university professor, then you have your answer. If you want to start a business and benefit by networking while in school, a Master of Business Administration (MBA) could be a good idea. Consider what you want to pursue as a career and find out the requirements first.

Another useful thing to note is that a master’s degree can be used for a shift in careers. For example, if you attended college and earned a bachelor’s degree in humanities, but now you want to pursue science, you can still earn your master’s degree in a scientific discipline. On the other hand, a PhD is tailored to your field of study and specialty, so it will require that you are sure of your direction when you first earn your master’s degree.

Length of Time

A typical master’s degree program takes about two years full-time. However, there are accelerated programs that can be completed in just a year or so.

A PhD, in general, requires five to six years of studying, teaching, and research. However, it may even take some students up to eight or nine years to graduate. With this significant investment in time, it’s necessary to know if a PhD is right for you before starting.

The cost of both programs varies by institution and enrollment status of part-time versus full-time. However, since a PhD takes longer to complete, it will end up costing more. With that said, if you look into your return on investment, a PhD could end up yielding a higher salary, and therefore end up “costing less.”

Additionally, there is also the possibility of being paid to complete your PhD. Some students may receive an academic stipend, a university fellowship or apprenticeship or a reduced fee to earn their PhD while completing research (or teaching) at an institution. It’s also possible to get financial aid through a scholarship or grant.

As tuition rates continue to rise, it’s useful to look into alternative institutions for affordable education. For example, the University of the People offers a tuition-free master’s program in Business Administration and Education. This means you can study 100% online and graduate for less than the cost of most programs.

Weighing the Benefits

When comparing the two degree types, here are some benefits of each:

• Career-oriented
• Can open the door for more job opportunities
• Costs less than a PhD
• Takes less time than a PhD
• Helps you stand out from those with only an undergraduate degree
• You can perform research in your field of choice
• You become an expert in your field
• The prefix Dr. is added to your name
• You can teach in academia at the highest level

Required Commitment and Reasons to Pursue

Both a master’s and a PhD require a huge amount of hard work and utter commitment. You must be dedicated and motivated to complete either degree. Since most careers only may require a bachelor’s degree, having a master’s or PhD will set you apart from the competition. However, this should not be the sole reason to pursue either.

You may be wondering why would you earn either degree. Here’s a look at some motivational factors:

Reasons to Study for a Master’s

• Your career requires it (see next section)
• You want to advance your subject knowledge
• You want to experience graduate school and network with peers

Reasons to Study for a PhD

• You want to contribute new research to your field of choice
• Your career requires a PhD
• You want to earn the title of Dr.

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Required degrees by career.

Most people are motivated to pursue higher education because their desired careers require they do so. Here, we will break down those fields that require the completion of a master’s degree as it’s high on the list of reasons why to get one.

• Education Administration: To work as an administrator in an educational institution, you need to hold an advanced degree. A Master’s in Education (M.Ed) will provide you with the necessary knowledge and required skills to succeed in the field.
• Executive Level Business: A Master’s in Business (MBA) will not only place you ahead of the competition to land high-level positions in the field of business, but it can also be the jumping off point for becoming your own boss.
• Environmental Science: With issues in climate change and technological advancement, careers in Environmental Science are growing. As with most scientific careers, it requires a master’s degree where you will learn Applied Ecology, Environmental Policy, Environmental Chemistry, and more.
• Mental Health: To become a licensed practitioner and assist in mental health counseling, you will continue your education through a master’s degree in the field.
• Physical Therapy: Employers of physical therapists often prefer them to obtain a master’s degree in the discipline as the field is highly specialized.

Of course, some careers require a PhD. These careers are easy to spot because they have the prefix Dr. in front of them or the suffix like J.D. (Juris Doctor). To become a lawyer, doctor of medicine, veterinary medicine or psychologist/psychiatrist, you must obtain a PhD in the respective field.

Salary Differences Between Master’s and Ph.D. Graduates

According to a study performed by the Georgetown University Center on Education and the Workforce , the overall evidence shows that the higher the degree you have, the higher your salary potential. However, the differences vary by subject level and field.

In general, the expected lifetime earnings of those with each degree level is as follows:

• High School Diploma: $973,000
• Bachelor’s Degree: $1.3 million
• Master’s Degree: $2.7 million
• Doctorate Degree: $3.3 million

The Bottom Line

Aside from the financial cost and length of time, the opportunity to earn a master’s and a doctorate degree can offer several benefits.

However, it is an undertaking that requires a lot of dedication and motivation on behalf of the student. As such, it’s important to perform research on your desired career’s requirements, as well as your personal interest in pursuing either a Phd vs master’s.

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M.D.-Ph.D. and M.D. Degrees, Salaries and What They Really Cost

Whether you're obtaining a Ph.D. or an M.D. degree in medicine, it is no easy undertaking . Years of intensive study, research and internships yield a degree that not only allows you to put those two little letters in front of your name, but usually comes with an impressive starting salary as well. However, what is the difference between an M.D.-Ph.D. and an M.D.?

The difference between the degrees

Before you compare salaries, you should understand the difference between the degrees themselves. Someone who receives an M.D. is licensed to practice medicine and participate in patient care. Someone who receives an M.D.-Ph.D. works in research and development, such as biomedical research, immunology or biochemistry, etc., but can also practice clinical medicine. A nonmedical Ph.D. can be in just about any subject, including the sciences, and varies as widely in cost and salary as it does in subject matter. For the purposes of this cost and salary comparison, we'll stick to M.D.-Ph.D.'s and M.D.'s.

You also must make sure you compare apples to apples. Before taking salary into consideration, measure other factors, such as the cost of each degree and subsequent school debt , living expenses, and potential stipends and funding offered.

According to the AAMC, the average cost of four years of medical school is $228,006 (that's averaging together public vs. private schools and resident vs. nonresident). Of course, that's not taking into consideration the cost of living and other expenses, which will vary depending on where you go to school, for example, New York City, N.Y. vs. Bloomington, Ind.

While physicians shoulder some of the highest school debt of any profession, they also enjoy some of the highest salaries, which is helpful when they are making mortgage-sized payments for their school loans. The national average for annual physicians' salaries in the U.S. is $209,044. However, not all costs to train a medical doctor fall on the medical student. The costs that a university and society expend on each medical student are fairly exorbitant as training excellent medical professionals is highly valued in this country.

While students pay for medical school, the university hospital foots the bill for the student's residency, which includes expenses such as hospital call rooms, administrative costs and salaries for the student and supervising faculty. For specialties that take longer to train for, the costs are in excess of $1,000,000. Where tax paying citizens come in is that most university hospitals receive federal funding, some of which is used to pay for students' residencies.

M.D.-Ph.D. costs

Falling into the category of medical scientists, M.D.-Ph.D. recipients are trained in both clinical medicine and research. This type of dual degree is ideal for conducting clinical trials, as both intensive research skills and patient care involvement are required. Because this is a dual degree, the time it takes to complete it is considerably longer than the four years for just medical school. An M.D.-Ph.D. typically takes seven to eight years to complete due to the student having to attend both medical and graduate schools.

The major difference between an M.D. and an M.D.-Ph.D. is the cost of tuition. While medical school tuition and costs will run well into six figures over four years, M.D.-Ph.D. students will find that their costs are largely reduced or even eliminated through waivers and stipends.₁ The National Institute of General Medical Sciences currently funds forty-nine M.D.-Ph.D. programs through the Medical Scientist Training Program. 2

Many universities also offer full funding to M.D.-Ph.D. candidates as they leverage the exorbitant cost of educating these students against the expected scientific breakthroughs and accomplishments they'll make in the medical field. The state of health care and the increasing need to study and treat numerous diseases affecting the population have contributed to a faster than average job growth rate for medical scientists. 3

Salary is a different story, as it's very dependent on what type of work the M.D.-Ph.D. pursues. Working in just the scientific research field will yield a median annual salary of $91,510, considerably less than the mid-six-figure salaries of practicing physicians; however, those who practice medicine as well as medical research will see their salaries increase accordingly.

The application process

Both degrees carry a high level of competitiveness, and the application process can be an intensive one. There are no test-optional choices here. MCATHs are a given requirement , so start preparing as soon as you've made the decision to apply to these programs.

Submitting a strong and effective statement of purpose , personal statement and letters of recommendation are critical to getting that coveted acceptance letter from your choice schools. It’s important to keep track of what you've submitted and when, as well as deadlines and communications with program recruiters or advisors.

Choosing your path

Entering the medical field, in any capacity, is a noble and stressfully intensive undertaking. However, the effect you'll have on patients' lives or future treatments and cures for diseases makes the investment of the student, university and government well worth it. Once you've decided which medical career path you want to take, your options will become clearer.

1 MD PhD vs MD: Which is best for you? | BeMo ® (bemoacademicconsulting.com)

2 Medical Scientist Training Program (nih.gov)

3 Medical Scientists: Occupational Outlook Handbook: U.S. Bureau of Labor Statistics (bls.gov)

The Savvy Scientist

Experiences of a London PhD student and beyond

Masters vs PhD: Which is Right For You?

PhD or Masters? It’s a tricky choice to make! There’s no one simple answer as both can be great choices and there are several angles to consider. In this post we’ll look at the differences between the two and compare various factors to consider when deciding between a Masters vs PhD.

Note – This post was a reader request. If you’d like me to cover any particular topics let me know here .

Key Differences Between a Masters and a PhD

Before we delve into the details of what factors to consider in your decision, here is a brief summary of the main differences between Masters and PhD programmes:

• Typically 1 year long (in the UK)
• You’re part of a cohort with course mates studying the same things as you
• There are different types of Masters: MRes, MSc, MEng etc. Sometimes they’re fully “taught” (i.e. all lectures and exams). Other times they’re “research” (lectures and a research project) or a mixture of both. Look at the syllabus of Masters courses you’re considering for details
• They cost money – unless you manage to secure a scholarship
• 3-4 years long in the UK (and longer elsewhere)
• Always involve a significant research component: that’s all they are!
• Typically you’re not part of a cohort, the exception are CDTs (details here )
• Although PhDs cost money, it is not normal for STEM PhD students to personally pay for a PhD. Usually you’ll get funding which covers the fees plus pays a nice tax-free stipend. See my whole analysis of how PhD stipends compare to grad salaries

Factors to consider when deciding between a Masters and a PhD

Now let’s dive into some specific comparisons of a Masters vs PhD:

• Financial cost
• Potential salary boost
• Opportunity gain
• Opportunity cost

Masters vs PhD Cost

How much does a masters degree cost in the uk.

For Masters courses in the UK there are typically both tuition fees and bench fees. Bench fees are for covering costs involved with practicals and research experiments, including consumables and training.

In the UK, if you’re a home student you’ll often pay upwards of £11,500 for tuition fees. Overseas students may get charged £21,800 or higher. Bench fees can vary a lot, typically they may be around £5000.

The course page will usually list the cost of the Masters pretty clearly, see this example from Bristol:

In addition you will have living costs on top of these fees. You’ll therefore have to budget for all of this ahead of starting the Masters unless you’re planning to work while studying. If so, here are some ideas I put together for ways to make money as a student .

There are sometimes bursaries and scholarships available for Masters students so do look at your options. The university website should list the main funding options available to you. However in my experience the majority of Masters students tend to self-fund or take out a loan.

How much does a PhD cost in the UK

In theory a PhD would incur bench fees like a Masters. Yet unlike with Masters degrees, it is pretty rare to self-fund a PhD, at least in the sciences. Instead it is normal for prospective PhD students to try and secure funding.

Usually PhD students will only embark upon a project once funding has been secured for the duration of the project: often 3.5 years.

Typically a PhD student will secure funding both to pay for the university fees, plus a stipend to cover their living expenses. For the 2021/2022 academic year a typical annual PhD stipend is £15,609 per year outside of London, or £17,609 per year in London. To be clear: this is money you get paid for doing the PhD, not that you have to pay! On top of the stipend all other costs relating to the PhD also get covered by the funding body.

If you want to find out more about PhD funding, see my separate relevant posts here:

• How to Find PhD Funding in the UK
• PhD Student Salary in the UK: Comparing a PhD Stipend to a Grad Salary

I lived pretty comfortably on this kind of amount of money in London, so it’s certainly possible!

Masters vs PhD Potential Salary Gain

If you’re considering a Masters or PhD to help you climb the career ladder more quickly, you may be wondering how much they could each boost your salary.

Whether or not a Masters or PhD is worth it for the potential salary gain really depends on what job you’re looking to go into. Generally, yes, the more highly qualified you are the more money you may be able to earn:

If you’re looking to boost your earning potential, from these US figures someone with a Masters could expect to earn approximately 18% more than someone with just a Bachelors degree. Furthermore, someone with a PhD may be able to earn 43% more than just a Bachelors. Therefore, on average PhDs earn 21% more than people with a Masters. There are loads of caveats though and this figure isn’t really comparing a like-for-like situation.

As a rule of thumb: if you’re going into a technical job, especially one requiring specialist knowledge you pick up from your studies, then you’re more likely get rewarded for your extra degree(s). Also notice how in the above figure across all workers the unemployment rate is lowest for those with PhDs. The unemployment for those with a Masters vs a PhD is 73% higher.

For certain companies and roles the more highly qualified you are the more they’ll reward you with a higher salary. Other companies, especially ones which wouldn’t utilise the skills from your degree, won’t pay you any higher than someone with a Bachelors degree.

There may be certain professions where getting a Masters or PhD are really beneficial for boosting your salary but I’d urge caution if this is your primary motivation for earning one of these degrees. This is especially true if you consider that instead of earning an extra degree you could spend your time gaining work experience on the job.

Consider looking up different potential employers you may be interested in working for to get a sense of whether your extra qualifications could secure you a higher salary. If the company is transparent with sharing salaries for different pay grades then you may be able to find details on their website. If not I suggest looking on glassdoor .

Masters vs PhD Opportunity Gain

What opportunities open up to you by doing a Masters vs a PhD? How beneficial could either be for your career? We’ll consider categories:

Technical knowledge

• Lab experience

Independent thinking & problem solving

Student life.

The obvious benefit to doing either degree is that you’ll gain expertise and knowledge in a certain technical topic. Not only may this be interesting to you in its own right but the degree can be used to demonstrate your technical know-how for your upcoming career. Either degree could help with your career prospects and enable you to potentially expand your horizons and go and work abroad. Though this depends a lot on your field and specific situation!

There is a quite obvious tradeoff between breadth and depth of technical knowledge between a Masters vs PhD.

A Masters degree is considerably shorter than a PhD, therefore your opportunity to pick up deep technical skills across the period of the programme is likely to be lower.

However, it is worth noting that Masters courses involve lectures, whereas in the UK PhDs don’t. Therefore it may actually be the case that with the Masters you’re picking up knowledge more quickly than the PhD. This does of course depend a lot on the skills you want to learn and how you work. Plus, you can sometimes go to lectures if you want as a PhD student. I’d say this one is a draw.

Practical lab experience

If you do a Masters involving a research project you’ll likely spend at most 4-6 months of the year in the lab. With a PhD you’ll spend considerably longer!

In the first year of a PhD you can try out different things and with the following years of a PhD you’re learning things at a much deeper level than a Masters. Though again, this depends quite a bit on what you’re trying to learn and why. For a lot of purposes you may gain enough practical experience in just a Masters project.

With either degree I think you’ll have ample opportunities to pick up new skills and challenge yourself to think independently.

A Masters is usually a little more like a Bachelors degree. By this I mean, besides your research project, the course leaders will be setting pretty well defined questions which often come with relatively well defined answers. When it comes to conducting research (for either degree) you’ll of course be answering questions for the first time and usually this will require some problem solving.

Compared to a PhD project a Masters research project is much smaller in scope and well defined. Plus, you’ll typically be paired with a more senior lab member (PhD student or postdoc) which doesn’t often happen for PhD students. There are also sometimes group projects for Masters degrees which adds another useful skill to the mix.

A PhD is the ultimate test of independence and problem solving. A lot of us see this as a fun challenge but bear in mind the importance of having a supporting supervisor. I wrote a separate post about choosing a PhD project and supervisor .

Masters Networking Opportunities

One perk of a Masters degree compared to a PhD is that you’ll always have a group of course mates with you. Not only can this be reassuring and give you social opportunities, it also means that you can network with like-minded individuals who are interested in the same topic as you. It is very easy to see how this could lead to starting a company with a course mate or business relationships later in your career.

PhD Networking Opportunities

PhDs on the other hand may be more solitary. It really depends on the group and department you join. If you join a small group with very few other PhD students it could be a much less exciting, and potentially more difficult, environment to be doing research in. Plus less people to bounce ideas off of and network with.

Some departments are very good at putting on social and networking events for their PhD students. Others less so. My PhD involved working in two different departments and each took very different approaches. One department had an annual research day and several parties throughout the year specifically for their PhD students. On top of that were lecture series’ plus Christmas and Summer parties for the whole department. The other department organised practically nothing.

PhDs do afford you more time to build connections with other researchers in the department and collaborations with other universities and institutions. In my PhD I spent time working with two other research groups in London (at UCL and the Royal Veterinary College) as well as the Natural History Museum. I doubt I’d have formed these connections through doing a Masters.

Whether it be a Masters or PhD, remember that you’ll be a student again. Therefore for either degree you can attend all student events on campus, join clubs and societies at the students’ union which could bring with it many opportunities to enrich your life. Of course a PhD gives you more time to enjoy these benefits!

Whichever degree you decide to go for, see my post about making the most of opportunities !

Also if you’re interested, I wrote: Do PhD Students Have a Social Life? Sharing My Experiences Making Friends and Avoiding PhD Loneliness

Masters vs PhD Opportunity Cost

The main opportunity cost I can think of for either is the length of time that they take. If you’re trying to decide between a Masters or PhD, or perhaps even aren’t sure about doing either, I suggest thinking about what you’d otherwise be doing and what you’d like to do afterwards.

There is no getting around the fact that a PhD takes longer to complete than a Masters. Maybe that extra time spent deep in research is well spent, or maybe you’d be better off just doing a one year Masters degree and using that remaining time to progress a career in industry, start a business or make the most of some other opportunities.

It will come down to why you’re interested in doing either degree in the first place and what you’re hoping to do with your life afterwards.

If you enjoy research but are worried that a PhD would take too long, I don’t think you should worry too much. Firstly, I think enjoying research is reason enough to do a PhD. Secondly, in comparison to your whole career a PhD doesn’t really take up much time.

I don’t think that the time you’ll have spent doing a PhD would ever meaningfully take away from other things you could do with your life:

See my whole post about how long a PhD takes .

Masters vs PhD Difficulty

How hard is a masters.

I can’t speak for all Masters courses! How difficult you’ll find a Masters will depend a lot on the specific course and how different the topic is to your undergraduate degree. Of course if you’re jumping to a different field than your undergraduate degree you’d expect to find the Masters challenging!

What I can say is that there can be a lot of content to try and cram in during a one year Masters. The pace can be fast and there isn’t much time for you to digest the content before getting assessed on it. You have to be able to learn quickly and juggle lots of things going on at once, with regular assessments throughout the year. This is all in stark contrast to the PhD where you’ll usually have ample time to ensure you understand a concept well and there are few formal assessments to deal with.

How difficult is a PhD?

A PhD involves working independently on your own project for the whole duration of your studies. With this comes having to solve problems yourself and find the motivation to keep going with the project for several years. There is a component of luck as to how your project pans out but it is safe to say that a lot of people do go through difficult parts of their PhD related to these issues.

There are very few formal assessments throughout a PhD. Typically at around 9-12 months in, then 18-24 months in there are intermediate checkmarks and then the big one, the viva, right at the end. On the upside this means that you don’t need to worry about getting assessed on assignements or exams like with the Masters, but on the flip side it can be difficult to figure out how well you’re doing.

From what I’ve observed, some people who have difficulties during the project often face them because of a poor relationship with their PhD supervisor. I personally didn’t find my PhD hard, but that in part comes down to enjoying the content, having good supervisors and treating it like a 9-5 job. No you shouldn’t need to dedicate all your evening and weekends to it, and it doesn’t need to be a hellish experience.

Yes this is anecdotal but I also worked with many other postdocs and PhD students who shared their experiences with me. Also check out the PhD Profiles series for more insights.

See my much longer analysis about PhD difficulty here: How Hard is a PhD?

Masters vs PhD: What did I do?

My own path from undergrad to PhD was made slightly more simple because I did a combined four-year undergraduate engineering degree which took me straight to a Masters qualification (MEng). Even so, I still wasn’t exactly clear on whether I wanted to a PhD or what topic it might be in. Therefore after graduating I worked for a few years whilst also putting out applications:

This gave me an opportunity to build up my experience and work in different fields, all while getting some more research outputs which were useful for PhD applications. If you want to read more about my journey, check out my PhD profile here . While you’re there, look at other PhD students’ journeys in the other PhD Profiles too.

Whether you should do a Masters or PhD really comes down to: why are you interested in further study?

I would urge caution in getting extra degrees just to try and boost your salary. There are cases where this can pay off but consider what other work experience you could be getting outside of the university. A Masters for example will typically cost you money, whether it be eating up savings or through a loan, so do think carefully if you’re doing the degree for financial reasons.

If on the other hand you’re motivated to take on either degree because you’re interested in the topics and simply want to learn then go for it!

A Masters can be a nice introduction to a field, especially if you’re transitioning from a different Bachelor’s degree. Having lectures covering a wide variety of topics can get you up to speed and you can spend a few months on a research component if that’s what you fancy.

If you actively enjoy doing research and like the idea of spending three or four years exploring one topic then doing a PhD could be a nice option. Though I would suggest that for many people a PhD may be overkill and that for most career purposes a masters is probably enough!

If you’re wondering whether or not you need a Masters to do a PhD, see my separate post exactly about that topic here: Do You Need a Master’s To Do a PhD? TLDR: No you don’t necessarily need one in advance, and CDTs are another option to consider which combine the benefits of both . See details about CDTs here . If you are interested in research, and already know what kind of topic you’d like to spend several years studying, then I’d consider applying for a PhD without a Masters.

I know it can be difficult making these choices. Remember though that you don’t need to rush your decision. There is nothing wrong with working for a few years then coming back to do a Masters or PhD. That is what I did!

It might feel like you need a clear plan but you really don’t so please don’t let it stress you out too much! Whatever you decide I wish you all the best for your career.

I hope this post has been useful if you’re trying to decide between a Masters vs PhD! If you have any other questions, feedback or suggestions be sure to let me know and I’ll try my best to help.

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4 Comments on “Masters vs PhD: Which is Right For You?”

Great article! I completed my MEng in Mechanical from Cardiff in 2018 and am now looking for an Industrial PhD (I think it’s also known as an EngD or DEng?). As I’d like to pursue an academic role in future but after a PhD I’d like to go into industry to really test the knowledge I gain (or maybe start a company).

I’d like to learn more and become a specialist who really understands and grasps all aspects of Mechanical Engineering. Plus, I really like the calculation side of things, but have had difficulty finding jobs, so I think a PhD would be a significant benefit to me. Though, I found it interesting that you state that having a PhD doesn’t increase salary expectations necessarily; I thought salary rise would be a bonus (from other articles) but I guess this depends on the companies that appreciate PhDs and whether you apply to the right ones.

Do you have an article showing how to make your PhD applications stand out?

Keep it up!

Kind regards, Y

PS Just a minor detail the last section on which is right for you (first line) has a typo: Masters of PhD… should be Masters or PhD.

Thanks very much for your comment and for pointing out a typo! Hey, mech eng MEng and Cardiff, nice! Yep I’ve known people doing EngDs and they look like a nice option.

As per the bar chart in the article, on average a PhD leads to higher salaries but in the article I wanted to temper salary expectations and make it clear that it is not necessarily a great idea to do a PhD if earning more money were the main motivation: not only may a PhD prove frustrating if someone doesn’t actually enjoy the research but it’s also pretty inefficient since in a lot of cases simply spending those 3-4 years gaining experience in a job could likely lead to equivilant or larger promotions over that period. Yeah it really depends on the company and industry. As per the article you could have a look at the companies advertising positions in a subfield of mech eng you’re interested in and check the candidate requirements and associated compensation to get a sense of what a PhD could add.

An article I’m actually currently drafting for June is about how I managed to get a PhD scholarship which includes lots about making your application stand out, so I suggest check back later in the month!

Best wishes and good luck,

By the way I forgot to add that each candidate in the PhD Profiles series answers the question of what made their PhD application stand out, you can find the series here: https://www.thesavvyscientist.com/category/phd-profiles/

Thanks Jeff, I think I’ve got a lot of research to do as I’m quite open as to what I want to apply to. After reading your profile I think I have a similar interest in the medical field as I did a placement at Olympus medical and really enjoyed it. Plus working with professional engineers to a specific deadline is quite fun. I might choose to go a similar route to you by emailing the scientists/engineers who are running the PhD(s) I’m interested in and getting work experience until I’m certain of the topic I want to explore. There’s just so many options! Thanks for writing these blogs! Kind regards Yusuf

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Calculating ROI: Getting Your Master’s vs. PhD in Economics

No matter what field they study, prospective graduate students should always consider the value of their degree.  As a potential graduate economics student, you’re likely familiar with the term return on investment or ROI — the ratio used to calculate the efficiency of an investment or compare the efficiency of several different investments.

Though there’s no cut-and-dry way to determine the value of a graduate degree , there are some important numbers and factors to consider when determining which degree will be most valuable to you.  

The overall ROI of any graduate degree comes down to:

• the type of job you want,
• the school you attend,
• the degree you pursue,
• your program length
• and available financial assistance.

Want to know more about graduate funding opportunities at SMU? Learn how the Moody School of Graduate and Advanced Studies is reducing financial barriers to earning a graduate degree thanks to a $100 million commitment from the Moody Foundation. 

PhD in Economics Salary

The most important factor to consider first is the type of job you want. Most of the time, a Master’s degree opens the door to more advanced positions in the same types of jobs you can get with a Bachelor's degree. But, a PhD opens the door to jobs in the private sector, academia, government, think tanks and international organizations. Remember, on average, a PhD economist has a 34% higher salary than a Master’s economist.

Next, you need to consider cost. Economics PhD students, including our SMU students, have a full tuition waiver and a stipend to cover living costs. So, the only cost is lost wages from the job you would otherwise have. On the other hand, an Economics Masters's degree takes 2 years or less but the average cost of a master’s degree in the U.S. is $66,340.

You need to weigh up these costs and benefits to know the return on investment for you of pursuing an advanced degree in economics. 

What Can I Do with a PhD in Economics?

Earning a PhD in Economics means you have completed the highest level of education in the discipline, thereby creating nearly unlimited opportunities for any job in a related field. 

Economics PhDs specialize in areas like labor economics, macroeconomics,  industrial organization, or international economics and pursue careers within that specialization. For example, institutions like the World Trade Organization (WTO) — the international trade body —  the International Monetary Fund (IMF) or the World Bank might seek to hire economists who have specialized in international economics.

• The Federal Reserve Bank system hires lots of PhD macroeconomists.
• Government agencies like the Federal Trade Commission hire PhD economists specializing in industrial organization.
• The Census Bureau hires lots of PhD economists specializing in fields like labor economics.

These complex, high-profile positions are often found in the corporate sector or government and frequently involve exploring regulatory, strategic or public policies.

In addition to jobs in government and industry, academic economists play leading roles in the development of new ideas in economics and hold faculty positions in a variety of academic settings.

Explore Economics at SMU

The Department of Economics at Southern Methodist University (SMU) is highly ranked among economics departments in the United States and offers comprehensive coverage of the major fields in modern economics. For more than 55 years the department has prepared PhD candidates for careers as economists in both academic and non-academic positions.

Ready to find out what you can do with a PhD in Economics?

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Choose Between a Master's, Ph.D. in Engineering

A doctorate in engineering requires a love of research and patience for several years of challenging study.

Weigh a Master's, Ph.D. in Engineering

Students who pursue a graduate degree in engineering will be more competitive in the job market than those with just a bachelor's, experts say.

When it comes to employment, graduates with a bachelor's degree in engineering are on solid footing, relatively speaking. With high salaries and some of the best odds of finding full-time work , they can escape the career angst that often plagues their peers with freshly-minted English or history diplomas.

Still, many engineers may find themselves wondering what a graduate degree could do for their career. 

"With the economy improving, significant numbers of job postings are now requiring higher levels of expertise," says Ken Little, senior graduate career development adviser at  Georgia Institute of Technology . At the same time, high-tech jobs are becoming more globally competitive, drawing applicants from all over the world, he says. 

Students looking to get a graduate degree in engineering can choose between a master's program and a Ph.D. It's a big decision, experts say, and one that can significantly affect a student's career. 

Learn why engineers may be more

Before choosing what kind of graduate degree to pursue, students should think about what they want to do with their lives after graduation, experts say.

Master's degrees prepare students for careers in industry that don't have a research focus, says Babatunde Ogunnaike, dean of the college of engineering at the University of Delaware . "If you want to work in research either in industry or in academia or for a government research lab, you need to get a Ph.D.," he says.

Eddie Machek, who is earning a master's degree in civil engineering from the  University of Akron  and who will start a doctoral program in engineering at Georgia Tech this fall, explains the difference between the degrees this way: "At a bachelor's level you are going to go out and do what's been done. At the master's level you are going to be in charge of the people who are doing that stuff. In a Ph.D., that's a whole other thing because you are doing the new stuff. You are in a lab." 

Master's degrees in engineering can be a great fit for recent graduates who want to specialize within engineering or for those already in the field who want to switch their focus, experts say. The degrees can be research-based, which is the more common option, or professional, which lack a research component.

“It opens the door for more specialized opportunities in the workforce," Craig Menzemer, associate dean for graduate studies and administration at the University of Akron, said through email. "For example, a civil engineer with a bachelor’s degree may be expected to do a variety of day-to-day tasks, but a civil engineering major with a master’s who specialized in structures will have opportunities to work on structural-specific projects." 

Discover the

Aditya Srinath, who earned his  master's in industrial engineering from Purdue University in 2014, says he opted for the credential because it helped him bolster his professional skills rather than research skills. "A master's strikes a good balance between having more education than a bachelor's and not as much as Ph.D but still having a more rounded-out profile," says Srinath, who works as a project engineer at 3M, which manufactures a wide array of products, including Post-it Notes. 

Engineering Ph.D.s provide even more specialization than master's degrees, and a higher earning potential, but they also come with significant risks, experts say. 

Research jobs within government labs and industry are quite competitive, and tenure-track faculty positions are notoriously hard to come by, says George Haritos, dean of the college of engineering at the University of Akron. What's more, sometimes employers in industry won't hire Ph.D.s because they fear they are overqualified and would have to pay them too much, he says. 

Doctoral programs require students to put in a great deal of time and effort, experts say. Not everyone finishes the programs, and those who do are both gifted and passionate about their subject. 

Scottie-Beth Fleming, who is earning a doctorate in aerospace engineering from Georgia Tech, says she enjoys the independence that comes with a Ph.D. 

"With the master's, a lot of times, your research is driven by the government or someone who is giving money and there is an expectation of what you are going to do," she says. "In a Ph.D. you don’t have that expectation. You get to explore an area that maybe nobody else would explore." 

Before making a final decision about what kind of advanced engineering degree to pursue, students should also look into the requirements of their field, says Susan Fisher, director of graduate programs at Purdue University's engineering school.

For example, chemical engineering and biomedical engineering have more employment opportunities for Ph.D. students, she says. Civil engineering, on the other hand, has more employment openings outside academia for those with master’s degrees than for those with doctorates.

One way students can gauge whether they are ready for a Ph.D is to take a few research-focused courses either in undergrad or while in a master's program, experts say. 

"The goal is to find out what you are truly passionate about and find a good way to apply that to the world," Srinath says. 

Searching for an engineering school? Get our  complete rankings  of Best Engineering Schools.

Tags: education , engineering graduate school , graduate schools , STEM education , STEM , students

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Masters vs PhD in Counseling Psychology Salary

Helping others is one of the primary reasons most people go into psychology. While the field also lends itself well to research and academics, working with patients to help them improve their lives, get closer as families, find more success at work or escape trauma is a major motivator for many.

If that describes you, it’s possible you’d make a good counseling psychologist. Whether you already have a bachelor’s degree in psychology or are just considering this career path, your options are wide open. Before you can work as a counseling psychologist, however, you typically need to earn either a master’s degree or a doctorate. Which one you go for will depend, at least partially, on the salary options.

Before discussing salary differences, we’ll take a look at exactly what a counseling psychologist is and does, and what specific degree programs may meet the requirements. Then we’ll discuss salaries, student loans for school and paying back debt. Time to get started.

What Is a Counseling Psychologist?

According to the American Psychological Association , counseling psychology “focuses on how people function both personally and in their relationships at all ages. Counseling psychology addresses the emotional, social, work, school and physical health concerns people may have at different stages in their lives, focusing on typical life stresses and more severe issues with which people may struggle as individuals and as a part of families, groups and organizations.”

Counseling psychologists may address physical, mental, social or emotional issues, or some combination of them. Working with patients is geared toward helping them improve their wellbeing, resolve issues and move on with a better life. This isn’t to say that counseling is a one-and-done process, however; some counselors will work with patients for months, years or life.

What Do Counseling Psychologists Do?

A counseling psychologist’s duties and daily undertakings will depend on their specific focus. For instance, they may work only with children, with the elderly, with families, with women or within corporations. However, there are a few general services counseling psychologists typically offer:

• They work to bring out the healthy behaviors and strengths their patients inherently possess, and sharpen them.
• Working with patient history and reports, they aim to identify situational and environmental triggers, and create healthier responses to them.
• They help people work through issues of disability, diversity, poverty or other jeopardizing situations.
• They assist people in developing careers and working toward goals.
• They may work with families or couples to help resolve misunderstanding and heal relationships.

Of course, the above are just samples of what counseling psychologists do. If you want to know more, talk to your specific program director about what else is available. Let’s turn our attention to that next.

What Degree Do You Need to Be a Counseling Psychologist?

If you want to be a counseling psychologist, you usually need to start by earning a four-year bachelor’s degree. Some students may be able to apply to master’s or doctoral programs without a bachelor’s degree in psychology, but will have to complete a wide range of prerequisites first. If given the choice, you should definitely opt for the bachelor’s degree in psychology.

After that, there are three basic routes to working as a counseling psychologist:

• Obtain a Master of Psychology and begin working, with is acceptable in some states and institutions
• Earn a Doctor of Psychology instead, which will qualify you for almost any job as a counseling psychologist
• Earn a master’s and then a doctoral degree

The last route is best for people who earned a master’s before they decided they wanted to work as a counseling psychologist, and now must obtain extra schooling in order to get the job they want; ideally, though, you only have to earn one. Many universities offer both master’s and doctoral degrees in psychology, so before deciding which route is best for you, talk to the university you’d like to attend.

Note that many counseling psychology jobs do require a PsyD, or Doctor of Psychology Degree, but you can find out more about this by asking institutions for whom you would like to work what they require.

Average Salary for Psychologists

Hard numbers for counseling psychologists with doctorates versus master’s degrees are hard to get, notably because most counseling psychologists need doctorates to work, and therefore there aren’t that many people working as counseling psychologists who only possess master’s (which is not to say it can’t be done). Plus, the job requirements and attendant salaries vary greatly according to institution, location and specialty.

That said, according to the Bureau of Labor Statistics, psychologists made an average of $72,580 per year. The breakdown of salary for actual jobs is a little different, according to Payscale : people with doctoral degrees working as psychologists made an average of $125,000, while those working in academic institutions made $62,500. If we average these numbers, psychologists with a doctorate make on average about $93,750.

Considering the BLS statistics incorporate average salaries for those holding bachelor’s, master’s and doctoral degrees, we can assume it’s a rough average of what someone holding a master’s might make. Therefore, those holding doctorates would make significantly more than those holding master’s degrees. Note, however, that these are averages , which means it isn’t likely you would hit these figures at the beginning of your career, but instead numbers you would hit after practicing for years or decades.

Student Loans for Psychologists

Before you can make that big salary, though, you need to first make it through school. If you’re looking for student loans, here’s the basic progression of where to find them:

• Through the government, by filling out a FAFSA
• Through your university, by checking their website and specific program departments (scholarships as well as loans)
• Through private institutions

As soon as you’ve been accepted to school, make sure you find out more about which loans you’re eligible for, and apply.

Paying Back Debt

Attending school is expensive for everyone, and the costs can really add up when you attend for a master’s degree and then a doctorate. In fact, considering that master’s degree programs are typically 1-2 years and most Doctorate in Psychology programs require an additional 4-5 years of study, students can leave school with soaring levels of debt: close to $89,000 for those holding graduate degrees and a whopping $160,000 for those with doctorates, according to Nathaniel Mills .

Making a good plan to pay back debt is crucial, especially if you compare the average salaries you can expect to make with the amount of debt you’ll likely leave school with. Use the 6-month grace period that follows graduation to set money aside, where possible, and establish a standard of living that meshes with the amounts of debt you’ll have and the job you land. Getting out in front of your debt will help ensure it doesn’t catch you by surprise, for which you will be very grateful later.

At the end of the day, most people find working as a counseling psychologist rewarding and satisfying. While the job does bring its difficulties – among them having to see people in tough situations, paperwork, and working long hours, evenings or weekends – it lends a sense of satisfaction to your everyday to see the good you do. If you’re interested in this profession, consider embarking on either a master’s or doctoral program today.

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• Second Master’s or PhD? – A Comparison
• Types of Doctorates

A second Master’s degree is best suited for those who want to work in industry, but first either want to acquire additional knowledge in their current field or move to a new one. A PhD is best suited to those who want to gain advanced research skills and expertise in their current field and pursue a career in research or academia.

Introduction

It’s common for Master’s students to be plagued by the thought of what they will do next as they near the end of their current degree. Whether it’s taking a gap year, starting their career or continuing education, one thing is clear: there are many possibilities.

If you decide to stay in education, you’ll likely at some point consider whether it’s better to do a second Master’s or a PhD. You’d be right to give this serious thought, as the two degrees have significant differences, from their costs and durations, to the career paths they offer.

This page explains the differences between a second Master’s and a PhD, the pros and cons of each, and will help you to decide which of the two degrees is best for you.

Second Master’s vs PhD

Level of specialisation, master’s.

A Master’s degree, regardless of whether it’s an MSc, MRes or MPhil, aims to provide you with targeted knowledge that builds on what you would have learnt from your undergraduate degree. Although each type of Master’s degree has its own focus, such as an MSc on practical knowledge and an MPhil on research skills, the specialisation they offer isn’t as in-depth as that offered by a PhD. This is because they have a wider curriculum and usually utilise several teaching methods, including lectures and tutorials, which provide a range of knowledge around several closely related subjects.

PhDs are the highest form of academic qualification you can obtain and offer more specialised knowledge than any Master’s degree. Unlike Master’s degrees, which are based on a mixture of teaching methods and curriculum, PhDs are purely research degrees and focus on a specific research question.

A second Master’s degree will provide you with specialist knowledge in various subjects in your field. A doctoral degree will provide you with research skills and expert knowledge in a single topic within your field.

Programme Duration

Most Master’s courses take one year to complete, with an MPhil two years. However, the exact duration will depend on your specific course, type of Master’s and university.

A PhD lasts on average three to four years , with part-time studies lasting up to eight years.

Since a doctorate lasts several times longer than a Master’s, it requires a much greater commitment.

Programme Cost

The cost of a second Master’s degree will vary depending on its type, subject and host universities. Based on an analysis by FindAMaster’s , which summarises tuition fees from the International and Postgraduate Fees Survey 2019 , the average academic tuition fee per year for a Master’s degree in the UK is:

The average tuition fee per year for a PhD in the UK is £4,407 for home/EU students and £19,600 for international students .

There are other fees associated with doctoral research projects that aren’t present with Master’s studies. These include bench fees, travel costs for collaborations and conferences, and potential writing up fees for late thesis submissions.

Annually, a second Master’s degree is twice as expensive than a PhD for home/EU students, and slightly cheaper for international students. However, considering the typical duration of these programmes, a PhD becomes significantly more expensive; twice as expensive for home/EU students and four times as expensive for international students:

Notes: (1) The tuition fee values for the second Master’s is based on the average fees for an MSc. (2) The above table assumes a second Master’s duration of 1 year and a PhD duration of 4 years. (3) The fees and durations are indicative – the exact values vary depending on the course and university.

It’s also important to bear in mind that many PhD programmes come with funding which covers the cost of their fees. Many funding packages also include a living allowance (known as a stipend) which is comparable to a low salary. It is usually much more difficult to secure non-repayable funding for a Master’s programme unless it’s integrated with a PhD programme.

Employability

The skills and knowledge gained through a Master’s degree are general enough to apply to other relevant disciplines. For example, a Master’s degree in statistics would enable you to work in finance, medical analysis, and specific engineering fields etc. Due to this, a second Master’s could help make you suitable for an even wider range of professional fields.

Because a PhD focuses on advanced research methods and a specific research question as opposed to the broad field, your career path is usually refined to the more advanced positions which require expert knowledge. This doesn’t mean that you cannot apply your skills elsewhere, but most PhD holders remain in their field after completing their studies.

It’s worth noting, however, that there is a growing trend for PhD holders to use the transferable skills they acquired during their degree to successfully reposition themselves in careers outside of academia. In fact, STEM PhD holders are particularly sought after in the financial sector because of their proven ability to perform complex tasks under strict deadlines.

Both a second Master’s and a PhD offer excellent employment opportunities. However, a second Master’s usually offers greater career flexibility across industries, especially at the beginning of a career. A doctorate opens up the more demanding positions within a field, but can sometimes make it more difficult to change industries.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

Advantages and Disadvantages of a Second Master’s

Improving skills:  A second Master’s can strengthen your skills within your current field. For example, suppose you have an MEng in Biomedical Engineering. Here, you know of the technical aspects and their application, but you do not necessarily know how to innovate and develop them further. You could fill this skills gap with an MRes or an MPhil that would provide you with complimentary research and investigatory skills. Improving your skills won’t only help you advance faster in your career faster but may also open up future roles that would not otherwise be available to you.

Career change:  After completing your first Master’s degree, you may decide that the field is no longer suitable for you. In these scenarios, a second Master’s degree can facilitate career changes. This will have obvious limitations, for example, you shouldn’t expect to be able to do a Master’s in Biomedical Engineering with a Master’s in Classical Literature, however, if you already have a Master’s in another type of engineering, this transition would be possible.

Bridge between different Industries: In STEM subjects, there is extensive interaction between different industries. Although this interaction has always existed, it has grown steadily as more industries try to innovate and tackle more ambitious projects. There’s an obvious need for multidisciplinary roles, and a second Master’s degree in a relevant subject can make you desirable for this reason.

Disadvantages

Perception: If you carry out a second Master’s in a field unrelated to your first, even if to facilitate a career change, it can lead to potential employers perceiving you as unfocused. Although this shouldn’t be the case for large multidisciplinary organisations, it may deter the more specialised companies.

Salary: While a second relevant Master’s in the same subject field may increase your earning potential, a second unrelated Master’s is unlikely to. Although an unrelated second Master’s isn’t a disadvantage if being used to facilitate a career change, it will probably be an unnecessary use of time and money if you intend to stay within your current career path.

Advantages and Disadvantages of a PhD

Establishing yourself as an Expert: Any individual who holds a doctorate is considered an expert in his or her field. Therefore, a PhD has not only a prestigious status but also opens up roles in advanced research and academia.

Commitment: A PhD shows your willingness, commitment and motivation to learn. This makes you highly desirable for employers, as a strong passion for continuous learning usually correlates with the potential to become industry leaders.

Less freedom:  Taking three to four years to complete, a PhD is a huge commitment. As a result, many feel pressured to stay in their field to ensure that their PhD was ‘worth’ it, even if they no longer feel that the field is the right one for them. Although it is still possible to change paths after your doctorate, and many do so successfully, many feel ‘locked’ into their path after they finish their studies.

Over-qualified: You may find it difficult to find a job outside of research or academia, as employers may consider you over-qualified and therefore believe that you will quickly leap from the role to a more challenging one. They may also believe you lack practical work experience compared to your counterpart, who has a Master’s degree and has been working in the industry whilst you were working on your academic studies.

Cost: While PhD programmes can come with funding that helps to finance tuition fees and living costs, the funding usually covers only the first 3.5 years of full-time programmes and the first seven years of part-time programmes. You may be determined to complete your doctorate within this timeframe, but it is not uncommon for students to experience setbacks in their research that take them beyond the period for which they’re funded for. This means they have to pay the rest of the fee themselves, which can be a significant burden for some, especially if they lack the savings to do so.

Deciding between a second Master’s and a PhD may seem like a tough decision, but ultimately it depends on what your career goals are. Therefore, the first thing to do is to ensure you’ve thought about your future and have a good idea of where you want to go after your education.

A second Master’s is best suited to those who want to either gain more specialised knowledge in their current industry or make a job change by transitioning into a new industry. A PhD is best suited for those who want to gain advanced research skills and knowledge in their field and pursue a career in research or academia.

Either way, both options offer great opportunities and will open new doors for you. Which of the two degrees is better for you depends on which door you would like to open.

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Masters vs. Doctorate in Clinical Psychology

Know the facts when deciding between a master's or doctorate in clinical psych..

Posted June 13, 2016 | Reviewed by Ekua Hagan

In choosing a career related to clinical psychology, there are a lot of decisions that must be made. In a previous post we discussed the Ph.D.-PsyD decision. Today, we want to explore another tough decision: Master's (e.g., MA/MS in Psychology, Marriage , and Family (Counseling) Therapy , Mental Health Counseling or MSW) versus Doctorate (Ph.D. or PsyD).

Let’s start with some basic characteristics of each type of degree. First, a Master of Psychology can be in clinical (best suited for those with an interest in psychopathological populations and behavioral health), counseling (best for those interested in vocational and career processes, human diversity, and professional training) or educational (provide counseling services to students, including those with a learning disability or those with behavioral or social problems).

Second, a Master's of Social Work (MSW) degree can be in a clinical direct practice track, or a macro-practice track (i.e., focus on political advocacy, community organizing, policy analysis and/or human services management ).

Third, a PsyD is a Doctor of Psychology degree that is best suited for those with an interest in psychopathological populations and behavioral health, and places greater emphasis on the practice of psychology and less emphasis on research. Finally, a Ph.D. (a Doctor of Philosophy degree) can be obtained in the same domains as a Master’s degree, and puts greater emphasis on research than a PsyD.

The time frame for completing each of these graduate degrees is MSW: 2 years, MA: 2 years, PsyD: 4-6 years, and Ph.D.: 5-7 years. During these years of study, it is important to note that (in general) only Ph.D. students will receive support (tuition paid and a stipend) during their years in graduate school.

Of course, there are funding exceptions, especially in cases where a university only has a Master’s program. In addition, scholarships are sometimes available to MSW, MA and PsyD students, but this is generally rare. Support during graduate school might be very important for you, because you can rack up literally tens of thousands of dollars each year in financial assistance, and the amount of money you will earn with your graduate degree may not be as high as you imagined.

Master’s and PsyD programs, in general, are unable to provide the same type of support as a Ph.D. program. Part of this is tied to the fact that typically only Ph.D. students serve as Teaching Assistants or Research Assistants. Also, because Ph.D. programs have far fewer graduate students than PsyD programs, schools are able to afford to support their Ph.D. students.

As far as deciding to go Master or Doctorate degree, there are several issues to keep in mind. First, the general state of affairs for graduate school acceptance is that there is a hierarchy, with Master's programs being easier to get into than PsyD programs and Ph.D programs being the hardest to get into. For the sake of this post, ease of being accepted is defined in terms of grades and GRE scores, although other factors (e.g., clinical and research experience) do come into play. Of course, there are exceptions to this hierarchy, and you may decide to seek a degree at a for-profit school where grades and GRE score are not deemed as important as a non-profit public or private institution.

Our point is simply that your decision about going for a Master’s or Doctorate degree in a graduate program may be a function of what type of program your grades can get you into. We are not saying this is fair, but we hope you understand that schools need some way to pare down the number of students they will accept, with grades and (especially) GRE scores are seen as two important criteria to make these decisions.

We want to add one more point about all of this. It may be the case that your undergraduate academic record is not strong enough to get into a Doctoral program, but you can get accepted into a Master’s program and you do very well in this program. This can work to your advantage if you still want a Doctorate. The thinking here is that if you do well in the Master’s program, you show a Doctoral program that your undergraduate academic record was not indicative of your true potential. However, your stellar record in your Master’s program can show you have what it takes to continue your education in a Doctoral program.

The second issue to think about is the length of time you will be in graduate school. As stated above, the time in graduate school is shorter for a Master’s student than a Ph.D. student. Of course, this means a typical Master’s student can be earning a real salary a few years before a Ph.D. student. Although this is true, one must keep in mind (1) a Master’s degree leads (on average) to a lower salary than a PhD, and (2) a Master’s student will typically have some debt incurred during their two years in school. Let me add that to find out tuition costs for any APA-accredited graduate program, go to their website and look for the link that says “Student Admissions, Outcomes and Other Data.” I think you will be very surprised to see the tuition costs at graduate programs—they’re pretty high. As stated earlier, a Ph.D. student will typically not have any tuition debt hanging over their head. Thus the extra salary for a Master’s student in the time they are out of graduate school working compared to the stipend of a Ph.D. student will probably be offset by the debt the Master’s student must repay.

Third, whether you go for a Master’s or Doctoral degree, you need to consider issues of accreditation of your graduate program and (for Doctoral degrees) your clinical internship. The reason for this is that graduating from an accredited program will offer a greater range of job opportunities. In fact, some employers will only hire those from accredited graduate programs (e.g., the Veterans Administration). If a school does not indicate that it is accredited (e.g., from the American Psychological Association) it should be viewed with caution. With all of this in mind, you should know that to be licensed (certified to practice by a state) in your chosen field it is often the case that you need an accredited graduate degree or internship. Also, note that licensure requires supervised professional experience, an examination at both the state and national levels. Specific courses may be required if a state deems it necessary.

Fourth, as discussed earlier, you must be clear about the issue of job opportunities and salary. In general, it is the case that Master’s degrees lead to fewer job opportunities and lower salaries than Doctoral degrees. One could argue that this is a function of the amount of training--employers are looking for potential employees who have more experience and supervised training. Some might argue that in this regard, a Doctoral student has a stronger foundation of training than a Master's student.

Fifth, you need to decide how much research training versus clinical practice training you want. If you are hoping for the former, then a Ph.D. is definitely for you. A Master’s in Psychology degree may include some research experience. An MSW and a PsyD will likely offer the least research training. One must keep in mind, however, that regardless of the clinical degree you pursue, there will always be some discussion of research, since the basis of diagnoses, testing, therapeutic techniques, etc. is based on research. The key point here is that certain clinical degrees do not require you to be actually conducting research.

Finally, give some thought to how much independence you want to have when you graduate. This all revolves around the issue of licensure that was raised earlier, and it gets very complicated because every state has its own laws regarding licensure for psychology-related degrees. Make sure you understand the laws for the state where you will practice. Of course, you might not know where you will end up, but you must be aware that the state where you end up living may have very different laws than what you expected or from where you originally were working. An important point to keep in mind about licensure is that once you are licensed, if you decide to go into private practice, your fee schedule is typically market-driven.

With all of this in mind, licensure issues require you to consider the following (also check out this info from the APA ):

You need to see what are the licenses your state approves. For a PsyD and PhD, this is not a problem, because all states will have a license for a Psychologist. The issue gets tricky when you have a Master's degree, because states tend to have different types of licensure for these individuals.

• If your state does not have a license that meets your background, what requirements are needed to get a license in a different area? For example, your Master’s degree may not allow you to be licensed as a Psychologist, but after meeting additional requirements you might get licensed as a Licensed Clinical Counselor.
• You need to be clear which licenses require you to be supervised (by a colleague with a certain license) and which allow for autonomous functioning (i.e., functioning on your own). Keep in mind that an employer typically likes an employee to be autonomous—they do not like paying for two hours of supervision (your time and that of your supervisor).
• When you apply for a license that will eventually allow autonomous functioning, what are the requirements to ultimately receive this license (e.g., supervision hours, direct service hours) that you must fulfill?

In presenting these important factors to think about with regard to a Master's vs. Doctoral degree], we, of course, understand that each individual has unique circumstances that must be taken into account. Still, we hope that presenting these factors gives you some food for thought as you consider your ultimate career path in clinical psychology.

Please note that the comments of Dr. Golding, Dr. Lippert and the others who post on this blog express their own opinion and not that of the University of Kentucky.

Want more? Check out our website for more psychology-related career information.

Jonathan Golding, Ph.D. , is a professor of psychology at the University of Kentucky. Anne Lippert, Ph.D. , is a post-doctoral fellow at the University of Kentucky.

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Master’s vs PhD Salary for Applied Behavior ABA Therapist

Students with an interest in psychology may want to earn an advanced degree in applied behavior analysis. This degree typically is offered at the master’s and Ph.D. levels. These programs can help the working professional to obtain the rigorous academic requirements  needed to become a Board Certified Behavior Analyst (BCBA).

Applied behavior analysis or ABA is a mode of therapy that focuses on improving certain behaviors, including social skills, reading, communication and academics. Also covered are adaptive learning skills, including fine motor dexterity, grooming, hygiene, job competence and domestic capabilities. ( PsychologyToday.com ).

Students are able to hone skills that help to bring positive change in the lives of adults and children with behavioral disorders, such as autism. ( Capella.edu ). It is reported that ABA can help the client to have better social interactions, learn important skills, and keep their behaviors positive. ABA also can help the patient to transfer skills and behavior from one context to another. This can lead to controlling a situation where a  negative behavior happens and minimize it. Having these advanced applied behavior skills can put you in high demand across the country. And, you may be able to command a higher salary and receive multiple job offers.

If you have interest in studying a master’s or Ph.D. in applied behavior analysis, it is good to understand what your possible salary could be in psychology and in this specific field. Below is detailed information about salaries that are possible with these advanced degrees, as well as the coveted BCBA credential.

Salary Outlook for Psychologist Overview

The general salary outlook for psychologists according to the Bureau of Labor Statistics is excellent. BLS states the median salary for all in the field is $77,000 in 2017. The bottom 10% earned $42,000 and the top 10% earned more than $124,000. Generally, those with a bachelor’s or master’s degree earn towards the lower end of the scale, and those with a Ph.D. earn the most. ( BLS.gov ).

Payscale.com states the average salary for all psychologists is $74,500, with a range between $46,000 and $112,000. ( Payscale.com ).

Salary Overview for Applied Behavior Analysis

If you earn a master’s degree in applied behavior analysis, Payscale.com reports a median salary of $56,000. ( Payscale.com ). With that degree, the website reports these salaries for specific positions:

• Board Certified Behavior Analyst: $57,300
• Behavior Analyst: $54,400
• Clinical Director: $71,000
• Clinical Supervisor: $64,200
• Behavior Specialist: $45,600
• Clinical Coordinator: $57,500

According to Salary.com, an applied behavior analyst with a master’s degree in the US earns a median salary of $57,100, but the range is between $50,100 and $61,900. According to their data, this position is most commonly occupied by a professional with a master’s degree. ( 1Salary.com ).

Payscale.com does not report salaries for Ph.D.s in applied behavior analysis. However, the site does report salary potential for a Ph.D. in general psychology. The average salary is $86,000 per year. ( Payscale.com ). Specific job salaries are:

• Psychologist: $89,500
• Behavior Analyst: $82,800
• Clinical Psychologist: $76,200
• Research Analyst: $67,699
• Professor – University: $79,500
• Research Scientist: $79,900
• Director of Operations: $125,800
• Market Research Manager: $87,500
• Research Director: $88,300
• Clinical Educator: $106,700

Salary With BCBA Credential

Once you have your graduate degree in applied behavior analysis, you can take a national examination to earn the BCBA credential. According to ZipRecruiter, the national average salary with this credential is $86,400. ( ZipRecruiter.com ). That source also finds the salary for this the BCBA and the profession can go up as high as s $154,000. Based upon earlier data, you may see a salary bump with a Ph.D., but it may not be enough to make the years of extra work and expense worth it.

SEE ALSO:  Salary Outlook with BCBA

Job Outlook

The Bureau of Labor Statistics states the employment of all psychologists, including applied behavior analysis specialists, will rise by 14% from 2016 to 2026. This rate is faster than average for all occupations. Also, employment for clinical, counseling and school psychologists will grow by 14% from 2016 to 2026. It is anticipated more demand for psychological services in hospitals, schools and mental health centers will drive demand, and this applies to applied behavior analysis jobs, as well. ( BLS.gov ).

The occupation of school psychologist could be an important one for professionals earning their master’s or Ph.D. in applied behavior analysis. Employment of school psychologists for people with advanced degrees will continue to grow because of the higher awareness of connections between mental health and learning, as well as the higher need to treat autism and related conditions in schools.

Annual demand for behavior analysts has increased by 4,209% from 2010 to 2020, with rises seen in most states. The demand for professionals with this credential is highest in California, Massachusetts, Texas, Florida, and Georgia. ( BACB.com ).

More Demand for Psychologists Reflects Increasing Healthcare Job Trend

The reason we are seeing more need for applied behavior analysis-trained psychologists is in part because of the greater need for all healthcare services in the United States. It is anticipated by the Bureau of Labor Statistics there will be a major rise in healthcare jobs – 18% through 2026. At least 2 million new jobs will be added, and there should be plenty available for professionals with an advanced degree in applied behavior analysis. ( BLS.gov ).

Earning a master’s or Ph.D., in applied behavior analysis can be a great positive for your future career and earning power. From our research, the majority who work in applied behavior analysis have a master’s degree. But if you do have a Ph.D., you may be able to command a higher salary, based upon the above salary data.

• Applied Behavior Analysis. (2017). Retrieved from  https://www.psychologytoday.com/us/therapy-types/applied-behavior-analysis
• Psychologist Salary. (2017). Retrieved from  https://www.bls.gov/ooh/life-physical-and-social-science/psychologists.htm#tab-5
• Master’s in Applied Behavior Analysis. (n.d.). Retrieved from  https://www.capella.edu/online-degrees/masters-applied-behavior-analysis/
• Psychologist Salary. (n.d.). Retrieved from  https://www.payscale.com/research/US/Job=Psychologist/Salary
• Behavior Analyst Salaries. (n.d.). Retrieved from  https://www1.salary.com/Behavior-Analyst-Salaries.html
• Highest Paying Psychology Careers in 2019. (2019). Retrieved from  https://psydprograms.org/top-highest-paying-psychology-careers/

University of Wisconsin nursing deans lobbied for money to graduate more nurses. Then DEI questions arose

Nursing school deans across the state were hopeful around this time last year. They were working with a Republican state senator on a plan to increase student enrollment and graduate more nurses.

But concerns about diversity, equity and inclusion, or DEI, became a sticking point in the process and played a role in the plan stalling out, according to recently released emails obtained by the Milwaukee Journal Sentinel.

The records offer another example of how DEI is influencing the legislative process and reshaping how higher education leaders respond.

Leading the failed effort were state Sen. Rachael Cabral-Guevara, R-Appleton, and Kim Litwack, dean of the University of Wisconsin-Milwaukee School of Nursing. Litwack told the other UW nursing school deans last June that Cabral-Guevara had the votes in the Senate to give the six UW nursing schools $1 million each, as well as $3 million to private institutions with nursing schools.

There was a caveat.

"IF … we can somehow separate UW nursing from the UW DEI issue that Robin Vos is hot about," Litwack wrote to the other nursing deans, referring to the Republican Assembly speaker who last year launched a campaign against DEI programming on UW campuses. "He is willing to support the nursing initiative IF we can find a way, truthfully, to talk about our way of doing things."

The Legislature never took up Cabral-Guevara's proposal to get nursing schools more money. The records don't show why the plan didn't pan out. Vos did not return requests for comment, nor did Senate Majority Leader Devin LeMahieu, R-Oostburg.

Cabral-Guevara's office declined an interview request. Her chief of staff, Ryan Retza, said DEI "was not the sole reason the proposal did not come to fruition." Other nursing-related budget priorities "were given emphasis," such as a nurse educators program that Republicans continued funding at $5 million per year but declined to increase to $10 million annually as Democratic Gov. Tony Evers requested.

“This is one budget project that just simply was not able to pan out successfully,” Cabral-Guevara said in a statement to the Journal Sentinel about her plan. “The proposal would have supported our nursing students and schools, boosting retention and improving access to programs.”

UW nursing deans discuss DEI policies within their schools

Emails show Cabral-Guevara reached out to Litwack in March 2023 about nursing education legislation she was crafting. The state senator is a nurse practitioner who previously taught at the UW-Oshkosh College of Nursing.

Modeling by the state Department of Workforce Development shows Wisconsin is expected to be short by about 20,000 nurses by 2040.

Litwack asked the other deans at UW-Madison, UW-Oshkosh, UW-Green Bay, UW-Eau Claire and UW-Stevens Point for feedback on Cabral-Guevara's proposal. The records, which were part of a broader Journal Sentinel request that took the UW System nine months to turn over, show the deans agreed on a plan to increase enrollment by 10% over two years.

In mid-June, Litwack told the other deans Cabral-Guevara told her she had enough votes in her chamber but DEI remained a concern for Vos. Litwack said she explained to the senator how nursing colleges' accrediting bodies encourage a holistic admissions process that considers factors beyond GPA, how hospitals prioritize diversifying their workforce and how health outcomes improve when patients identify with their caregivers.

"I explained and Rachel being a nurse gets it," Litwack wrote, but she asked the deans for help explaining their position. She also asked them to confirm whether their schools gave extra points for diversity in the admissions process or employed their own diversity officer.

UW-Green Bay nursing dean Christine Vandenhouten thanked Litwack for "taking on this behemoth of an issue" and answered Litwack's questions.

"Good luck," Vandenhouten signed at the end of the email.

Litwack then asked about schools' pronoun policies and mandatory diversity statements. She said UWM didn't require students to designate their pronouns but respected students who made their own requests.

Seon Yoon Chung of UW-Oshkosh confirmed the nursing college has no personal-pronoun requirement, no diversity statement mandate and no diversity officer.

Vandenhouten weighed in again, saying UW-Green Bay also didn't require students to declare personal pronouns or sign a diversity statement. "Good grief," she wrote.

"This is all coming from RV, not Rachel," Litwack emailed back, referring to Vos.

Litwack did not respond to an interview request. UWM referred the request to the UW System. UW System spokesperson Mark Pitsch in a statement offered appreciation to Evers and the Legislature for past nursing program funding and said additional money would "help us increase our capacity to train the next generation of nurses our state desperately needs."

DEI dispute entangled University of Wisconsin for months

Three days after the email exchange among the deans appeared to end, the GOP-controlled budget committee cut the UW System's budget by $32 million , the estimated amount spent on salaries of DEI employees. Republican lawmakers said campuses shouldn't force students to view the world through a racial lens.

The temporary cut launched a six-month budget standoff that ended when Vos reached a deal with UW System President Jay Rothman and UW-Madison Chancellor Jennifer Mnookin last December. The agreement required campuses to restructure 43 DEI positions, among other provisions.

The deal also reversed the $32 million cut but redirected the money toward workforce development initiatives. Under this plan, nursing schools received $4.5 million more, but the UW System's overall budget held flat.

Contact Kelly Meyerhofer at  [email protected] or 414-223-5168. Follow her on X (Twitter) at  @KellyMeyerhofer .