2026 Master’s vs. PhD: Explaining the Difference

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

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What are Master’s and PhD degrees?

Master’s and PhD degrees are advanced academic qualifications pursued after completing a bachelor’s degree. It is important to first acquire this credential since it is a common prerequisite for advanced degree programs. 

If you have not yet obtained an undergraduate degree due to issues with your grades, you can check out what colleges have low GPA requirements and will give you the qualifications to apply for a master’s or PhD degree program. 

A Master’s degree provides in-depth knowledge and practical skills in a specialized field. It is usually highly career-oriented, preparing graduates for specialized roles, career advancement, a change in profession, or further study. 

A PhD, or Doctor of Philosophy, is the highest academic degree, focusing on original research, critical analysis, and academic expertise. PhD graduates often pursue careers in academia, research, and high-level specialist roles, contributing new knowledge to their field.

In summary, a master's degree is about mastering existing knowledge and skills for a profession, while a PhD is about creating new knowledge and becoming an expert researcher. 

Advanced or graduate degrees, which encompass master’s programs and PhDs, have remained popular in the past few years. According to enrollment data from the National Student Clearinghouse Research Center, Graduate degrees increased by 1.5% in Spring 2025 from the previous year. 

Furthermore, the number of enrollees for graduate programs in the last three years is as follows:

• 2025 - 3,114,726
• 2024 - 3,068,969
• 2023 - 2,979,730

How long does it take to complete a Master’s vs a PhD degree? 

The duration of graduate programs is highly variable, but there is a clear distinction between a Master's and a PhD.

• A Master’s degree typically takes one to three years to complete. Accelerated and part-time options exist, which can shorten or extend this timeframe. 
• Some schools offer tracks, such as alternative routes to get a master's in education, where enrollees can complete a bachelor’s, certification, or licensure and a master’s concurrently.
• A PhD degree usually requires four to seven years, with average doctoral completion around five to seven years due to coursework, comprehensive exams, and dissertation research. Some students finish faster if they enter with a master’s degree or have prior research completed.
• Research complexity, advisor relationship, financial and personal circumstances, part-time vs full-time enrollment, field of study, and institutional requirements all impact duration.
• Online and hybrid graduate programs offer flexibility, allowing students to balance work and life commitments while achieving the same credentials as traditional programs. 
• In the U.S., many PhD programs admit students directly from a Bachelor's degree. If a student completes the first two to three years of coursework and qualifying exams but decides not to continue with the dissertation, they are often awarded a Master's degree (or "Master's by the way") and exit the program.

The number of master’s degrees conferred in 2021-2022 was 880,250. Statista projects the figures will go down to about 860,000 in 2024 but will reach 1,000,460 by 2031-2032. 

Meanwhile, the number of research doctorate recipients reached 58,131 in 2024, according to the National Center for Science and Engineering Statistics (NCSES). The trends indicate a steady growth in the past three years. 

How much coursework vs independent research is in a master’s compared with a PhD?

The distinction between a Master's and a PhD lies fundamentally in the balance between structured coursework and independent research. A Master's degree is typically coursework-heavy, intended to deepen expertise. A PhD is overwhelmingly research-heavy, aimed at generating original knowledge.

Here are estimates of the typical balance for each degree, though it can vary significantly by program type:

• About 60% of a Master’s program is coursework-based, focusing mainly on classes, practical assignments, and examinations. Around 40% focuses on a thesis or research component, which is less extensive than a PhD dissertation.
• The primary objective of some master’s degrees, such as a Master of Arts (MA), Master of Science (MS), or a Master of Business Administration (MBA), is professional preparation and applied skills, and they will be more coursework-based. 
• These programs will also often include a capstone project or a major research paper, which is a smaller, often applied, report that does not require a novel contribution to knowledge. 
• A Master’s in Research (MRes) primarily focuses on academic specialization and preparation for a PhD, and will typically require a master thesis. This is a significant, sustained independent study, often taking six to 12 months to complete. 
• In a PhD degree program, the shift from coursework to research is a major milestone in the program.
• Typically, PhD programs begin with concentrated coursework at the start, and about 15% to 40% is dedicated to this phase. This includes required courses to ensure a broad base and specific research skills, and ends with comprehensive or qualifying exams. 
• The final and longest phase in a PhD program focuses on independent research, original discovery, and creation. This stage consists of research design, data collection, analysis, writing, and defending the dissertation or thesis. 

For students comparing the structure of academic doctorates with other professional doctorates such as medical programs, the MD vs PhD distinction illustrates the broader divide between practice-based and research-based pathways—one prepares practitioners, the other produces scholars.

How much do master’s programs cost versus PhD programs?

Here is a comparison of the costs of Master’s and PhD programs: 

• Data from the College Board on published prices of higher education institutions (HEI) for 2024-2025 shows an average tuition and fees cost of $12,270 for doctoral programs and $9,560 for master’s degrees in public four-year schools.
• Meanwhile, the tuition and fees at a private nonprofit four-year HEI cost an average of $51,940 for a doctorate and $31,930 for a master’s. 
• When it comes to room and board, learners pursuing a master’s program can expect average costs of about $11,700 to $14,200.
• For doctoral students, housing and food budgets will be around $13,400 to $17,500. 
• Online master’s programs tend to be more affordable, and public universities often offer lower tuition.
• Many PhD programs provide tuition waivers and stipends in exchange for teaching or research assistantships, significantly reducing out-of-pocket costs.

The chart below illustrates the difference in published prices for the tuition and fees of a master’s and a PhD degree. 

If you’re deciding between advanced academic or professional credentials, comparing MBA vs PhD cost structures can be helpful. While MBA programs emphasize shorter, high-return investments, PhD programs often offset costs with stipends but demand a longer time commitment.

Can you skip a Master's degree and go straight to a PhD program, and is it recommended?

You can skip a master's and go straight to a PhD program, particularly in North America. However, pursuing this path and completing this track depends heavily on your background, field of study, and career goals.

Direct Entry to a PhD

Direct entry is common in North American academic systems where the PhD degree structure is designed to integrate master's-level training into the first few years of the doctoral program.

• Qualifications: Many U.S. universities accept students with only a bachelor’s degree, allowing them to earn a PhD without completing a separate master’s.
• Structure: These programs are typically longer (five to seven years) because the first one to two years are dedicated to intensive coursework and foundational training that would normally constitute a master's credential
• Degree Award: Students often earn an "internal" master's degree along the way, either by passing comprehensive exams or by submitting a small thesis-equivalent project before advancing to Ph.D. degree candidacy.
• Field Variation: Direct entry is most common and generally expected in Science, Technology, Engineering, Math (STEM) fields, as well as many Social Sciences. It is less common in some humanities fields.
• Prerequisites: Successful direct-entry applicants typically have a very strong undergraduate record, substantial research experience (e.g., honors thesis, lab work), and high test scores (if required).

This path is recommended for well-prepared students with robust research experience, but it may not be the best path for everyone. I suggest carefully assessing your academic goals, research experience, and career plans when considering this option. 

Students in behavioral sciences often weigh similar decisions when comparing masters vs doctorate in psychology—some benefit from completing a terminal master’s first for licensure and work experience, while others move straight into doctoral study for research or clinical specialization.

Is it easier to gain admission to master’s or PhD programs?

Generally, it’s easier to gain admission to a master’s program than a PhD, as master’s degrees have broader entry requirements and accept larger applicant pools. PhD programs are more competitive due to limited funding, faculty supervision availability, and research focus.

• PhD degree programs usually have a limited number of slots available based on faculty capacity and grant money. 
• The faculty of PhD programs must dedicate years to mentoring and funding each student, leading to extremely selective admissions.
• PhD admissions are often more competitive, requiring strong research experience, higher academic performance, and a clear research proposal.
• Master’s programs generally have less stringent admission requirements, focusing on undergraduate GPA, relevant coursework, and sometimes work experience.
• Both require transcripts, letters of recommendation, personal statements, and sometimes standardized test scores, such as GMAT scores for top MBA programs.

Can work experience substitute for academic prerequisites in master’s or PhD admissions?

• Some Master’s programs, especially professional or applied degrees, may accept relevant work experience as a substitute or complement to academic prerequisites, especially if you are trying to demonstrate capability and overcome academic shortfalls from years ago.
• If you are switching careers and want to pursue a master’s, your professional experience in a related field can demonstrate maturity, motivation, and practical skills.
• In a PhD degree program, work experience is only beneficial if it is directly related to research and helps demonstrate your capacity for independent, original work.
• Some valuable professional experiences include working as a Research Assistant, Predoctoral Fellow, or roles in an industry research and development (R&D) lab, particularly if it results in patents or publications.

While professional experience helps, it is not the only factor that determines gaining admission to graduate programs. I find it is best to look into the requirements for each degree program as well as do a bit more research on the mission, culture, and priorities of each school. 

This can help you create an application portfolio that is more in line with what the college and faculty look for in applicants, and, hopefully, increase your chances of getting accepted.

The 2024 Graduate Enrollment and Degrees report from the Council of Graduate Schools (CGS) highlights how the interest in pursuing advanced degrees remains high. The data shows that applications to graduate programs in Fall 2023 reached 2.7 million. 

Moreover, more than 1.9 million applications were for master’s, and about 817,000 were for doctoral programs at research institutions. 

From the millions of applications, 50.6% of master’s/other applicants and 21% of doctoral applicants were accepted for admission. These figures further emphasize how competitive the application process can be for master’s and PhD degree programs. 

This approach—valuing professional experience as part of the application—also applies to applied fields such as construction or business. When students ask is a degree in construction management worth it, the same reasoning applies: professional background enhances but doesn’t replace formal academic preparation when aiming for advanced credentials.

Do PhD programs offer more financial aid options than master’s programs?

Yes, PhD degree programs offer more significant and comprehensive financial aid options than Master's programs, particularly in research-focused fields. 

• PhD students often receive comprehensive funding packages including full tuition waivers, stipends, and health insurance. Funding is typically provided in exchange for teaching or research assistantships.
• This support allows PhD students to focus primarily on research and study with less financial burden.
• For master’s students, financial aid is more limited and often includes scholarships, employer sponsorships, federal or private student loans, and part-time assistantships. 
• Some professional or online master’s degree programs may also offer tuition discounts or payment plans.

The fundamental difference is that PhD students are viewed as junior researchers/employees contributing to the university's research and teaching mission, whereas Master's students are often seen as consumers of education.

However, with the latest developments in budget cuts for scientific research, the end of Grad PLUS loans, and federal student loan limits, most individuals vying for graduate degrees are experiencing additional hurdles in obtaining financial aid for their studies. 

Thus, I strongly recommend exploring all available resources to support your educational goals instead of just relying on one or two avenues. 

Does a PhD open more career doors than a master’s?

It is more accurate to say that a PhD opens different, highly specialized career doors than a master's, rather than simply "more." The best choice depends entirely on your specific career goal.

• A master’s degree helps with career advancement and specialization, helping graduates move into management, senior analyst, or specialized roles in a specific industry.
• Your master’s degree can also qualify you for certain mid-level and management roles, such as Data Analyst, Senior Engineer, Project Manager, or a licensed practitioner in the mental health field.
• PhD degree holders can pursue a career in research and academia, becoming a faculty member or leading a research group.
• Some of the high-level research positions available to PhD graduates include Principal Scientist, Director of Research & Development, Advanced Consultant, and Post-Doctoral Researcher.
• In academia, PhD graduates can apply for tenure-track Professor positions and leadership roles in research universities; master’s degree holders are usually limited to Instructor or Adjunct Professor roles. 
• A PhD qualifies you as the ultimate expert in a narrow subfield.
• A master’s provides quicker entry into the workforce with a significant salary boost over a bachelor's.
• In 2024, the unemployment rate for those with a doctoral degree was 1.2%, and 2.2% for those with a master’s. 

It should be highlighted that certain sectors have a high demand for workers with a graduate degree, and they are worth looking into as you decide which area of specialization to pursue for your master’s or PhD. 

Using the latest figures from the U.S. Bureau of Labor Statistics, here are the top occupations with the most openings for graduate degree holders:

What is the earning potential difference of a Master's vs PhD salary?

The salary difference between a Master's and a PhD degree is significant on an annual and lifetime basis, though the calculation of which degree provides a better overall financial return is highly dependent on the field, industry, and the years spent in the PhD program.

In general, a PhD holder has a higher annual and lifetime earning potential. 

According to the BLS, median weekly earnings for full-time workers (25 years and older) show a clear hierarchy: 

• Doctoral degree - $2,278
• Master’s degree - $1,840
• Bachelor’s degree - $1,543

Payscale shows an average yearly base salary of $87,000 for a master’s degree and $113,000 for a PhD. 

Salary gaps vary widely by industry. For example, an Assistant Professor with a PhD degree earns an average of $77,567 in a year, while someone with a master’s who is Vice President of Marketing can earn an average of $166,467 in a year. 

Additionally, STEM and healthcare fields often show higher PhD premiums, while some business sectors may value master’s degrees more for management roles. 

A recent survey of hiring managers in the U.S. indicates how a master’s degree can improve your salary performance in the long run. The data shows that one in every four hiring managers says they will offer a 20% salary increase to candidates who have a master’s. 

If you are interested to learn more about the earning potential for different types of graduate degrees, check out our guide on the benefits of DNP degree and career.

How do I decide whether to get a master’s or a PhD?

Deciding between a master’s and a PhD requires evaluating both personal and professional factors to ensure your degree choice aligns with your long-term goals. Here are key considerations:

• Degree required for a certain job: In some disciplines, the required degree is non-negotiable. For instance, if you want to be a research scientist in a STEM field, this will necessitate a PhD degree. 
• Career flexibility: If you want to switch careers or earn a professional certification quickly, then a master’s will be more suitable. 
• Time and financial commitment: The difference in duration and funding can dramatically impact your financial well-being and life timeline. Remember that PhDs require more years of intensive research, writing, and possible teaching duties.
• Work-life balance: Consider whether you can commit to years of study or prefer a shorter, career-focused program that lets you reenter the workforce sooner. 
• Personal needs or preferences as a learner: Aside from looking for alternative colleges for students with unique needs, exceptional learners should also consider if their study style does better in a program that prioritizes coursework or independent research.

Another important factor should be how your desired degree can help meet the current needs of the U.S. workforce. Thankfully, current data shows that the demand for graduate degrees is projected to keep growing. The chart below provides additional details. 

What are the common challenges in pursuing a master’s versus a PhD?

Master's programs, with their structured coursework and shorter duration, often demand a swift pace and rigorous academic performance without the cushion of extensive financial support. In contrast, PhD programs require a long-term commitment to original research, publication pressures, and a reliance on competitive funding opportunities, which can add layers of uncertainty. Prospective students should assess the implications these challenges have on academic focus, personal well-being, and career timing, while also considering alternative pathways such as the best online degree to complement their skill set and professional trajectory.

Other Things You Should Know About Master's and PhD Degrees