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Masters or Ph.D. Program: Which Graduate Degree Is Right For You?

Masters or Ph.D.: Which Online Graduate Degree Is Right For You?

Guide to Online Education > Online Education Trends > Guide to Online Graduate Degrees > Masters or Ph.D. Program: Which Graduate Degree Is Right For You?

So you know you want to get an online graduate degree but you're unsure whether to pursue a online masters degree or an online doctoral degree?

Well, here's some things to consider while making your decision.

Time

Online master degrees require less time than online doctoral degrees.

Typically a full time student can acquire a Masters degree in about two years. A Ph.D. student however will complete her graduate degree in about five to nine years, depending on the subject area.

Money

The old adage of 'time = money' was never so true as with online graduate programs.

Since a Ph.D. takes longer to complete, it also requires more money. (Not that a Masters degree is cheap either!) The flip side to this is that a Ph.D. may yield a higher salary upon completion and is therefore worth the increased cost long term.

With both graduate degrees, school costs money (tuition, fees, books, etc.). In addition, however, there is also a significant loss of money if the student is not working or is earning low wages through assistantships or part time employment. Many people find they must either live a Spartan lifestyle for many years, or they find themselves strapped with huge loans when they graduate.

Commitment

Put simply, online graduate programs take work.

Many students who drifted through college are surprised to find that graduate school requires a much larger commitment in terms of work and intellectual energy. In fact, graduate schools and their online graduate programs are frequently very competitive. Students who are taking a full course load as well as teaching often find themselves overwhelmed. And of course, the many years of school required for a Ph.D. require perseverance on a scale above and beyond what undergraduates must contemplate.

The difference between college and graduate school lies in the ability of the student to focus on their field and the subjects that most interest them. While online graduate programs requires more work, most students find the work enjoyable since it involves an area in which they are very interested.

Pros and Cons

So we know that online graduate programs requires time, money and commitment for both a Masters and a Ph.D. So which should you choose?

If all you want is a raise, a Ph.D. is probably not the road to choose. If you love learning in and of itself, and you want to pursue a career as a professor then the work required for a Ph.D. may be worthwhile. Masters degrees tend to be more career-oriented while Ph.D.'s tend to be more research oriented since they are preparing people for research-oriented careers.

A Masters degree has some definite benefits in that it requires less time and money than a doctoral degree, but will still set you apart from the crowd who only have a bachelor's. The Masters degree can allow specialization within a field. The degree works especially well for those who have been working in a particular career for some time and hope to advance or gain new knowledge that will qualify them for a different position within their field.

A Masters degree can also be an excellent method of changing careers. For those who have been in the workforce and found that their career or undergraduate education are not leading them in the direction they would like to go, a Masters degree can allow them to start in a different direction by gaining new knowledge and skills.

However, there are things that a Masters degree simply cannot do. For those who want to become professors, a Ph.D. is practically mandatory. Even for those few who can find teaching positions with only a Masters, most schools want to see progress toward a Ph.D.

A Ph.D. degree can also be helpful outside the world of academia in today's increasingly competitive job market. Businesses are searching for extremely qualified people who have demonstrated intelligence, perseverance and the ability to learn. A Ph.D. can open doors.

One of the less tangible, though very important, aspects of getting a Ph.D. consists in the ideal of creating knowledge. Ph.D. work requires original research that contributes new information to the field of study. People interested in pursuing a Ph.D. should love their studies and be excited by the prospect of meaningful contribution.

Still Not Sure What To Do?

To summarize, a Ph.D. degree may be worth it if you truly love your field, enjoy your studies, and want the benefits and prestige associated with the doctoral degree. If you are simply looking to change fields or gain a promotion or do not think you could maintain interest through at least five to six years of school, then a Masters is probably a better choice.

However, it is worth noting that you may be able to get more financial aid for a Ph.D program. Since it takes longer, schools recognize that those trying to acquire their Ph.D.'s need more assistance than those who only want a Masters degree. This adds an interesting dimension to the application process for two reasons.

First, if you think you may want a doctoral degree but still are not sure, it is probably better to apply to the doctoral program. There is no penalty for changing your mind later and deciding to leave with a Masters degree, and it increases you chances of getting financial aid.

The second consideration is that the Ph.D. program can be more competitive, and applying to it rather than the Masters degree program might decrease your chances of admission. If you are denied entrance to the Ph.D. program, you could ask them to then consider you for the Masters degree program, but that may not be allowed. Don't forget that we also offer a complete list of online graduate programs.

Courtesy of Gradschools.com

Do What's Best for You So there you have it: the major differences between a Masters and doctoral degree.. While many people have strong opinions on which is "better", remember that nothing is best for everyone – there's only the graduate degree that's right for you. Happy hunting! Fast fact: All graduate degrees listed at eLearners.com are either regionally or nationally accredited.

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