masters degree vs phd

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Master’s vs. Ph.D.: What’s the Difference and Which One to Choose?

If graduate school is on your radar, one of the first things to consider is what type of degree you should pursue . While a bachelor’s degree is required for any postgraduate study, many people think you need a master’s to pursue a Ph.D., but that isn’t always the case. While there are benefits to receiving your master’s degree before your Ph.D., it’s not always necessary or required. However, there are important differences to note when deciding which type of program to apply to.

Master’s degree

A master’s degree usually takes about two years to complete full time. There are programs that allow a student to attend on a part-time basis, but that of course extends the completion time. Many master’s programs require a thesis to be completed, but not all. A thesis is a research project that is completed during the final year of a master’s program under the guidance of your program chair or advisor.

Under the master’s umbrella, there are quite a few specific degrees you can obtain. Your professional path will determine which of these you pursue.

• Master of Arts (MA) is given for disciplines in the arts and social sciences.
• Master of Science (MS) is given for sciences, health, engineering and statistics.
• Master of Research (MRes) is focused on training students to become researchers. This is advantageous to a student if they’re pursuing a research-based career or planning to apply for a Ph.D. program.
• Master by Research (MPhil) is similar to a MRes but is more advanced and focuses on research topics to be explored in depth. It’s often considered a precursor to a Ph.D. program.

Specialized master’s degrees

There are numerous specialized master’s degrees that are categorized by profession. These are often (not always) preceded by some professional experience prior to undertaking these types of advanced degrees.

• Master of Business Administration (MBA)
• Master of Library Science (MLS, MLIS, MSLS)
• Master of Public Administration (MPA)
• Master of Public Health (MPH)
• Master of Social Work (MSW)
• Master of Laws (LLM)
• Master of Education (MEd, MSEd, MIT, MAEd, MAT)
• Master of Engineering (MEng)
• Master of Architecture (MArch)
• Master of Fine Arts (MFA)
• Master of Divinity (MDiv)

Ph.D. (Doctor of Philosophy)

There are many Ph.D. programs and, in general, it’s considered the most advanced type of research degree you can obtain. Ph.D. candidates are required to complete a dissertation to obtain their degree. Unlike a thesis, a dissertation is longer and consists of original research conducted throughout the entire doctoral study. In some cases, students may be awarded a stipend, or pay, to complete the doctoral program and dissertation.

Ph.D.’s take a considerably longer time to complete than a master’s, five to eight years on average, and they carry a rather high rate of noncompletion due to time and financial commitments. Many Ph.D. programs have stipends available, so it’s important to inquire about that when researching a particular program.

Specialized doctorate programs

As with master’s degrees, there are several specialized doctorate programs specific to different disciplines and areas of study:

• Doctor of Business Administration (DBA)
• Doctor of Engineering (EngD/PhD)
• Doctor of Education (EdD/D.Ed)
• Doctor of Social Science (DsocSci)
• Doctor of Professional Studies (DProf)
• Doctor of Architecture (DArch)
• Doctor of Theology (Th.D)
• Doctor of Divinity (DD/DDiv)
• Doctor of Science STEM (Dsc/ScD)
• Doctor of Science Arts & Humanities (DLitt/LitD)

When deciding which one to get, consider your immediate or long-term career goals — which degree would serve you best? In some cases, you can obtain a Ph.D. with just a bachelor’s degree, but often it’s recommended you get a master’s first for the research experience that will be required for a Ph.D.

As with anything, there are exceptions. Students in law school obtain a J.D. (Juris Doctor) but can then further obtain a master’s in a sub-specialty like tax or immigration law. The health care occupations of physical therapist and pharmacist are also doctorate programs obtained post undergrad.

Making your choice

As with any decision, weigh your options, list pros and cons, and go from there. Once you’ve narrowed your options , you’ll have a precise list of programs and institutions generated for your specific goals.

• Masters vs PhD – Differences Explained
• Types of Doctorates

The decision of whether or not to pursue a Masters or PhD (or both) after you complete your undergraduate studies is not necessarily a straightforward one. Both are postgraduate degrees but are different in terms of the academic experience and the career paths taken afterwards.

In short, a Masters degree involves a year of study, primarily through taught lectures and a final dissertation research project, whilst a PhD (also referred to as a doctorate degree) is a three-year commitment of independent research on a specific subject.

There’s more to it than that, however – read on for more information.

What Is a Masters Degree?

A Masters degree is the next level of education after the completion of an undergraduate degree, commonly known as a Bachelors.

These degree levels are often referred to in terms of cycles so that a Bachelor’s is a first-cycle degree, a Masters is a second-cycle and finally, a PhD is the third-cycle of higher education (and the highest).

Masters degrees demand an intense period of study, usually centred around a core series of lectures and taught modules, coupled with coursework assignments and exams, followed by the completion of a contained research project usually taking students 3-4 months to complete.

These types of degrees are attractive to recent graduates who want to delve deeper into their specific field of study, gaining some research experience and more specialised knowledge beyond what an undergraduate degree can offer.

Equally, some pursue a Masters degree program in a subject that is only tangentially related to their Bachelors degree, helping them gain a broader depth of knowledge.

These degrees also serve as a significant stepping stone for those already in employment who want to progress their current career development and earn a higher salary. They can also be an excellent method for helping in changing careers completely by learning new skills and subject knowledge.

What Is a PhD Degree?

A Doctor of Philosophy (PhD) is the highest academic degree that can be awarded and is the third and final cycle in the progression of higher education.

A doctoral degree is earned on the basis of producing a significant, independent and novel body of work (a Thesis) that contributes new knowledge to a particular research topic.

These are research degrees that are a significant investment of a candidate’s time, resources and energy and are all but a pre-requisite for anyone considering a career in academia, such as eventually becoming a professor.

There are some exceptions to this, such as those with a medical background who may earn an MD (Doctor of Medicine), which is the equivalent of a PhD.

Doctoral degrees can also have a significant positive impact on career development outside of academia, especially in fields such as engineering, business and finance that have a high demand for highly qualified and capable people.

A graduate student engaged in PhD study is commonly known as a PhD student, PhD candidate or doctoral student.

What are the Benefits of a Masters Degree?

There are several reasons one might consider doing a Masters degree rather than a PhD in their graduate education. These include:

• It takes approximately a third of the time to do compared to a doctorate degree and costs less too.
• It’s a good way to differentiate yourself from those that hold only an undergraduate degree without having to commit to a substantial research degree.
• The end goal is more career-focused as opposed to research-focused. For example, it is practically an ‘easier’ route to changing or progressing your career if that aligns with your professional goals.

What are the Benefits of Doing a PhD?

You may continue on into a doctoral program after a Masters or you may even dive straight in after completing your undergraduate studies. So, what are the advantages of completing this third-cycle?

• You’ll have developed a wealth of transferable skills at graduate school, such as effective communication of complex concepts, multi-tasking time-management and the ability to adapt to and solve unexpected problems.
• A doctorate helps to establish you as an expert within your chosen subject area; your work will hopefully have furthered the knowledge in this.
• It will open up career paths and teaching positions within academia that may otherwise be very difficult to get a hold in (although these career paths will still be very competitive).
• You can add the title ‘Dr’ in front of your name!

Which Degree Is More Impactful: A Masters or a PhD?

On paper, the answer should be clear: A doctorate degree is the highest degree you can earn, so has more impact than a Masters, which in turn has more impact than a Bachelors.

The reality is that the size of the impact (if any) really depends on the subject area and the career path you choose (if the measure of impact is how it positively improves your career prospects, that is).

For someone with aspirations of becoming a professor, a PhD will be of greater value than a Masters alone.

Equally, it’s also possible that someone with a PhD entering a different field or one that doesn’t require a PhD may find that their degree has no bearing on their career or in some cases may even be seen as a ‘negative’ with a concern of the person being ‘over-qualified’ for a position. There are many scenarios in which professional experience would be more valuable to an employer than a doctorate degree.

Check out the links below to our interviews with Prof. Debby Cotton and Dr Nikolay Nikolov to read their experiences of when a going through a PhD program has had a clear benefit (Prof. Cotton) and when it hasn’t been helpful (Dr Nikolov).

Do You Need to Have a Masters to do a PhD?

This really depends on the university, department and sometimes even the project and supervisor.

From a purely application process perspective, some institutions may formally require you to hold a Masters degree relevant to the subject of the PhD project before you can enter their doctoral program.

In another scenario, most universities are unlikely to accept candidates that were awarded below a 2:1 (in the UK) in their undergraduate degree but may consider someone who has ‘made up’ for this with a high-grade Masters.

Lastly, some universities now offer PhD programmes that incorporate an additional year of study in which you would complete a Masters degree before carrying directly on into a PhD project. As you’d expect, even if a university doesn’t formally require you to hold one, a Masters degree can help separate you from other applicants in being accepted on the project.

Check out our detailed guide to doing a PhD without a Master’s .

Why Do a Masters before Your PhD?

Even if you don’t need to have one, it could still be beneficial to begin your postgraduate study by doing a Masters first before you embark on your doctorate journey.

As mentioned previously it’ll help you stand out from applicants that don’t have one, but beyond that, it’ll give you a taster of what research life could be like, especially if you stay at the same university and department for your PhD.

The one-year commitment (in the UK at least) of carrying out a Masters first, and in particular your research project, will help you better understand if this is truly something you want to commit the next three or more years to.

You’ll learn some of the skills of independent research, from performing detailed literature searches to more complex, analytical writing.

At the end of it, you should be in a stronger position to consider your options and decide about whether to continue into a PhD at graduate school.

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

How Long Does It Take to Get a Masters Degree?

In the UK, a full-time Masters degrees take students one calendar year to complete: The programme of study usually starts in September, the final research project the following April and final project viva around August. Part-time degrees are usually double the time.

How Long Does It Take to Get a PhD?

In the UK, most PhD projects take 3-4 years to complete , as reflected by the majority of funded projects offering stipends to cover living expenses of about 3.5 years.

For many reasons, projects may end up taking longer to complete, however. This might be because of difficulties in collecting enough data, or if the project is being done part-time.

Which One is More Expensive to Do?

As you’d expect, as a PhD takes three times as long to complete as a Masters degree, it will cost you more to do as far as university fees are concerned.

Another thing to consider is that many PhD projects come with some level of funding equivalent to a low salary, which may cover the cost of tuition fees and living expenses, whilst it is usually more difficult to obtain funding for Masters study.

Conversely, a Masters graduate may progress into a higher (versus PhD funding) salary sooner whilst a PhD student will endure three years of a comparatively low income.

A Masters vs a PhD: Conclusion

If you’re considering continue further graduate study after your undergraduate degree, the question of doing a Masters vs a PhD is likely to come up. They are both considered an advanced degree, each with their own advantages.

There are benefits to doing either of these graduate programs or even both of them; your decision here can be easier if you have an idea of the career you want to follow or if you know you have a love for research!

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Popular Posts

Master's vs Doctorate: Which Degree is Right for You?

Graduate degrees are becoming increasingly popular. 

According to the world’s largest and most sophisticated database of labor market and talent data from Burning Glass Technologies, 19% of U.S. job openings in the year 2018 requested a graduate degree. And that trend isn’t changing any time soon. In fact, the Bureau of Labor Statistics expects master’s-level occupations to grow by 17% by 2026. Employment for doctoral- and professional-level degree is also projected to grow by about 13%. Both of these projections are much faster than the 7% average for all occupations. 

The demand for both master’s and doctorate degrees is high. But how do you know which level of educational attainment is right for you? Does your industry or career aspirations necessitate one degree or another? Will you personally benefit more from a master's or doctorate?

We’ll show you how to take all these factors into consideration to help choose if you should get a master’s degree, or if you should complete your master's and go on to pursue a doctorate degree.

Master's vs Doctorate: What are typical program requirements?

Whether you pursue a master’s degree or doctorate degree program, it’s a significant commitment of time, energy and finances. Before you choose, you should understand the requirements for not only getting into a program, but also completing your master’s or doctorate degree.

Now that you have an understanding of what committing to a master’s degree or doctorate degree entails, compare the focus of the program and coursework. 

Master's vs Doctorate: What’s the difference in content and coursework?

The focus of master’s degrees and doctorate degrees is different. 

A master’s degree is designed to deepen career-oriented knowledge and skills. A doctorate degree is a heavily research-based degree, designed to develop critical research,analytical and writing skills in an effort to fill industry knowledge gaps.

Because of these different goals, the makeup of the coursework and content is also distinct.

Master’s programs feature three different types of courses:

• Core courses: These courses are required to complete your master’s degree and are considered essential knowledge to advance your industry expertise.
• Electives: These are a selection of courses that allow you to further specialize your degree with concentrated knowledge in specific areas. They can also be used to broaden your experience in related subject areas.
• Capstone course (or thesis): The culmination of a master’s degree, a capstone course or thesis usually involves conducting research and presenting your findings.

Doctorate programs are broken down into four distinct parts:

• Coursework: These advanced courses are required knowledge for passing your comprehensive exam. 
• Research Core: These courses impart essential research, analytical and writing skills to prepare you to complete your dissertation.
• Comprehensive exam: The comprehensive exam tests your understanding of key concepts learned through your coursework. Passing your comprehensive exam is essential to beginning your dissertation.
• Dissertation: You work with a dissertation committee to identify a research topic. Then you complete in-depth research, analysis, and writing before you defend your original research to your dissertation committee. 

As you consider these degrees, decide which better fits your academic and professional goals, as well as your personal interests and learning style.

Master's vs Graduate: How much will the degree cost?

We know that cost is a top concern for individuals deciding what degree to pursue. Unfortunately, it’s also one of the most difficult questions to answer. Cost estimates for a master’s degree can be anywhere from $30,000 to $120,000—and costs for doctorates can range just as widely. 

If you’re trying to evaluate the cost of a master’s vs doctorate degree you need to look at important factors like:

• Type of institution: Whether you choose a public, private nonprofit or for-profit school will impact how much you pay in tuition. The reputation and rankings of a university also affect the cost of tuition. 
• Time to graduation: How many courses you take at one time and the total number of credit hours you need to graduate affect the cost of both master's and doctorates. Doctorates depend highly on an individual’s time and commitment to completing the research and writing of an original dissertation. Also, keep your other personal and professional commitments in mind when estimating how long it will take to earn your degree (and how that will impact cost).
• Transfer credit: If you have a professional certification, or have earned graduate-level course credit, you may be eligible to transfer credit toward your degree. Getting transfer credit can significantly reduce your total cost.

Remember: To complete a doctorate degree you must first complete a master’s degree. So if cost is a top concern, evaluate which institution and program will give you the best value. In some cases, you may even be able to complete both a master’s degree and doctorate degree at a lower cost than a master’s degree at a school with high tuition. 

Earning a doctorate is challenging and rewarding, but do you know what to really expect? Download this free guide for tips and insights to help you prepare for success.

Master's vs doctorate: what are the outcomes of each degree.

When it comes to the outcomes of a master’s or doctorate degree, you should look at three key factors: skillset, career prospects and salary expectations. Let’s dive into the differences between the outcomes of these two types of graduate degrees.

• Skillset: Master’s degrees focus on the expert command of industry-specific skills, while working to develop critical-thinking and problem-solving skills. On the other hand, doctorate degrees are nearly the inverse—they heavily focus on research, analysis and writing in support of developing transferable skills that can be used to fill gaps in industry knowledge.
• Career prospects: Career advancement is a primary goal for people who pursue master’s and doctorate degrees. Master’s degrees are seen as career-oriented degrees that prepare you for management and leadership positions. More and more, doctorate degrees are becoming the norm for top executive positions, as well as opportunities to transition your career into academia.
• Income: Both master’s degrees and doctorate degrees significantly increase your salary expectations and lifetime earning potential. But which is worth more? According to the BLS, a master’s degree has the power to boost your earnings by 17% when compared to a bachelor’s degree, while a doctorate degree can bring in a salary 30% higher than a bachelor’s degree. According to the U.S. Census Bureau, an individual with a master’s degree can also earn more than $2.8 million in their lifetime, while a doctorate degree can earn you over $3.5 million.

Comparing the Benefits of Master's vs Doctorate Degrees

There are a lot of factors that go into choosing a master's vs doctorate degree. But as you evaluate all of the different aspects of these programs, make sure to keep your long-term goals in mind. We’ve outlined four key ways to compare the benefits of master's vs doctorate degrees against your goals.

Master's vs Doctorate: Popularity meets possibility with online degrees

As demand increases for advanced degrees, professionals are looking for ways to make getting their graduate degree more attainable. That’s why online master’s and doctorate degrees are more popular than ever. Online degrees offer working professionals the opportunity to get their degree without stalling their career.

Getting your master’s degree or doctorate degree is a lifetime achievement that can help you advance your career. If you’re considering your options for a master’s or doctorate degree, explore Franklin University’s online master’s degrees and online doctorate degrees to find a program that can help you take your career to the next level.  

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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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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 .