Ph.D. programs are generally more difficult to get into than master's programs, though both have loftier standards than general college or university admission. Students must generally show excellent performance in their selected fields to proceed with more education in the topic.
Master's and Ph.D. students are both likely to have a shot at high profile management careers, though jobs that require research and original contributions are more likely to go to those with a Ph.D. Additionally, Ph.D. students have the opportunity to teach at the highest level and gain notoriety as an expert in their chosen field. Both master's and Ph.D. students can focus on specific subjects to narrow their career focus.
Master's and Ph.D. programs both require a great deal of study and determination. A master's degree usually takes two extra years of schooling beyond a bachelor's degree, while a Ph.D. can take as many as nine additional years. Master's classes usually focus on an intensified version of the subjects studied as an undergraduate, while Ph.D. classes ask students to contribute new ideas and to conduct their own research.
Whether students get a master's degree or a Ph.D., they are likely to be eligible for higher paying positions than applicants with less education. While the money students can earn is higher, so is the cost of the education. Because these degrees take longer, they also require additional tuition. A Ph.D. is more expensive to obtain than a master's degree because it necessitates additional years of tuition. Both master's and Ph.D. students sometimes get the opportunity to teach to help offset tuition costs. Additionally, both degrees are demanding and do not leave a lot of time for gaining work experience and money through a job.