Students who enroll in a master's degree program do so sometime after they've received their bachelor's degree. The program generally lasts two years, and students typically end the last year by preparing a thesis paper, which is a long research project that is verbally presented before a committee prior to graduation.
The doctoral degree program lasts seven years on average and unlike the master's degree, doctoral students may have to travel out-of-state for research. Doctoral study is often more intensive and analytical than the master's programs. Doctoral students must complete a dissertation, which is longer than a thesis.
Getting a master's degree is beneficial because it provides a means to learn new skills that will advance a career. However, there are some fields where having a master's degree wouldn't make a huge difference in salary. For example, according to PayScale.com, teachers with a master's degree in education earn a median salary of between $44,000 and $47,000, which is similar to those with a bachelor's degree.
The doctoral degree enables those possessing it to teach at universities and have research-based careers. The disadvantage is that those with a doctoral degree may be considered overqualified for certain career fields.
When deciding to enroll in a master's or doctoral program, research different schools and see if the courses they offer match your personal or career goals. You should also look at the schools' financial aid options.