Most master's degrees can be completed in two years if a full-time course load is taken. A doctorate, on the other hand, typically takes five to six years of course work and another year or more to produce an original research project and a paper typically referred to as a "dissertation."
Both a master's degree and a doctorate require a significant financial commitment. A doctorate is more expensive, however, simply because it takes longer to accomplish. An important factor to consider if you are trying to decide which academic path to pursue is the fact that many schools offer more financial assistance for doctoral students because the longer time commitment makes the financial commitment considerably higher.
Both a master's and a doctorate require more intellectual energy than a regular college degree. Generally speaking, graduate schools are more competitive than undergraduate schools. Additionally, the purpose of a graduate degree is to obtain a particular mastery of a special area of expertise. Therefore, "getting by" is not an option in the case of either a master's degree or a doctorate. The concluding project for a master's degree is either a thesis paper with an academic focus or a project that allows students to apply what they have learned to a practical situation. The concluding project for a doctorate, however, is a dissertation, which is a significant piece of original research.
Master's degrees are generally more career-oriented, so the coursework and research requirements tend to be more hands-on and practical. The intellectual energies spent on a master's degree have more immediate real-life implications. This is not to say that it is not intellectually challenging. Students in a master's course have to expend tremendous intellectual energy to explore theories and apply those theories to practical situations.
To achieve a doctorate, on the other hand, requires original questioning based on more intense theoretical studies. Again, the time factor plays into this as well. The depth of study accomplished in a two-year period for the master's degree is expanded upon and probed even further during the doctorate study. The intensity of intellectual demands is persistent throughout the full period of six or more years.
Master's degrees are meaningful to anyone in the traditional arts, sciences and humanities disciplines. Most master's degrees offer two directions--academic or professional. The academic approach emphasizes original research and field investigation. The professional master's degree is often referred to as a "terminal" master's because it is the highest degree possible in a particular field. Examples of a "terminal" master's degree are the MSW (social work) and MFA (fine arts). A doctorate on the other hand, is designed to train research scholars. In professional fields, a doctorate is awarded in business (DBA) and education (Ed.D). Most doctorate degrees are in academic disciplines and lead to positions as college professors.