<p>The title is pretty self-explanatory. Masters degrees usually cost a lot whereas PhDs are typically fully funded. Why do people get masters degrees?</p>
<p>In some fields its all you need. MBA. Masters of Social Work. Masters in Counseling Psychology. Masters in Electrical Engineering. Often, but not always, its more of a vocational than academic degree. </p>
<p>There is a concept in academia called the “terminal degree”. At research schools like UCLA they offer terminal degrees in the fields listed above, meaning you can enroll to get a Masters in that field but plan to study no farther. For most academic subjects like History, Economics, etc. you can enroll either to get an undergrad degree or a PhD; they do not have a plan for you to enroll with the intention of just getting a Masters. The way you get a Masters at a school like this is to be kicked out of the PhD program; if you have completed enough grad units they hand you a Masters diploma and say goodbye.</p>
<p>If you’re getting a PhD then its often optional whether or not they give you a Masters, and that can be given along the way or when you graduate. But you’re in the fully-funded PhD program the whole time. Here is an example of what I said above:
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<p>As the above poster alluded to, this is field specific. In the biomedical sciences, there are masters programs but they tend to be very specific in their goals- professional master degree in biotechnology is designed for individuals in careers in the biotech field who want to advance their careers. Alternatively, there are master degree programs that make individuals from less well known schools become more competitive for Phd admissions. However, the vast majority of graduate students in the biomedical sciences go from undergrad directly to a Phd program (or as is becoming more common, working as a technician for a couple of years and then going to a Phd program). The Phd programs are along the lines of an entry level job with a salary, health insurance and professional development infrastructure. The criticisms of Phd programs in the biomedical sciences focus on the length of training and the deficiency of professional opportunities. That is, nearly all Phd students work for several years as postdoctoral fellows after graduate school.</p>
<p>Some masters degrees are also funded, some are not. Same with PhDs. It depends.</p>
<p>Back to the original question: The answer is no, meaning that if you want to apply for a PhD program, you do NOT need a Master’s degree first. So the choices for grad school are:</p>
<ol>
<li>Bachelor’s ==> Master’s</li>
<li>Bachelor’s ==> PhD</li>
<li>Bachelor’s ==> Master’s ==> PhD</li>
<li>Bachelor’s ==> PhD Program ==> Master’s (dropping out of PhD with enough credits for the Master’s Degree)</li>
</ol>
<p>Regarding the second part of the question: Why a Master’s vs a PhD…? Master’s involve (usually) one-two years of study; a PhD can take up to five years or more in many areas. It is also MUCH harder to be admitted to a PhD program than a Master’s program.</p>
<p>Do most PhD programs grant you a masters after a certain period of time?</p>
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<p>Not necessarily. Many admit you into the Ph.D. program with only a Bachelor’s degree, and you pursue the Ph.D. until you finish, usually 5 years or so. If you don’t finish the Ph.D.—and many people don’t because it’s such a long grueling slog—they may award you a Master’s as a kind of consolation prize, if you’ve complete the requirements for the Master’s by then. But if you have a Ph.D., no one cares whether you have a Master’s.</p>
<p>Here’s one big difference: many top gradate programs will fully support their Ph.D. candidates with fellowships and/or employment (which may require work as a teaching assistant or in a research capacity). Support for Master’s candidates is much spottier. But with money scarcer in academia and with the academic job market very tight for newly minted Ph.D.s in many fields, many schools are shrinking their Ph.D. programs. They’re happy to maintain Master’s programs, however, as the Master’s candidates usually represent a net inflow of tuition dollars.</p>