MA/MS
1, 2 years
Examinations in courses
Field work [depending on program]
Short thesis/research paper or none
Ph.D.
5, 6, 7, 8...years
Examinations in courses
Field or Comprehensive Examinations
Foreign Language[s]
Teaching Fellow or Research Assistant
Dissertation Proposal
Long Thesis demonstrating independent research/originality
The differences between these two lists cannot be overemphasized. The opportunity costs for getting a Ph.D. are significant. It takes more time to get one and in exchange you receive more breadth, more depth and more expertise. Even if you don't take more course work [in some of the sciences a year's worth is all you need for a Ph.D.] the time spent in independent, original research and dissertation writing is considerable; the emphasis on independence and originality as opposed to the more pragmatic focus of the majority of Master's programs is another defining characteristic. If you do not have the drive, the capacity to work on your own or the ability to delay gratification for long periods, then a Ph.D. may not be for you.
The criteria for establishing your credentials as a young scholar-researcher vary by field, but there is no getting around the dissertation as the sine qua non of Ph.D. education. While most Ph.D. holders also have M.A. or M.S. degrees that are granted on their way to completing the Ph.D., for most students the Master's is a terminal degree that marks the end of their formal education.
The academic or scholarly expectations for the Ph.D. are high. Reading knowledge of two languages other than English is still required in many disciplines. Graduate students almost always have teaching responsibilities either as section leaders for senior faculty, or they teach small introductory course under close supervision. The field examinations that pave the way for a dissertation prospectus [proposal] can take a year in the social sciences and the humanities, and as their name suggests, they usually require a student to demonstrate extensive mastery of a field. The dissertation proposal [depending upon program requirements] can be a paper of some length [more than 25 pages], and the dissertation [depending on the field] can range from 25 pages in Mathematics to 1200 pages in Anthropology. Nearly 56,000 students received Ph.D.s in 2008 [the last year for which we have statistics] and 488,000 students received Masters degrees. The Ph.D. is the entry ticket to jobs in higher education, high level research positions in various industries, and in increasing numbers, to Wall Street. The Master's is becoming increasingly important as higher levels of expertise and specialization are required for good entry-level positions in many fields, especially in the sciences and business.
Another significant distinction is that Master's candidates almost always pay tuition because universities consider these programs as revenue generating. Ph.D. programs are linked to the university's research/teaching mission and students in these programs almost always have their full tuition waived [scholarship] and have teaching or research responsibilities for which they are paid [fellowship], though if it takes too long to complete the degree it is likely that the student will have to forage for money in the final years [and during the summer], especially outside of the sciences.
Milton Kornfeld, Ph.D. is a former graduate school dean and professor and the founder of YourDean.com. His recent book, "Applying to Graduate School: Assessment and Application" is available through Kindle and Amazon. As an educational consultant he can be reached through http://www.purposefulstatements.com.
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