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<p>Not strictly true. For a coursework master’s, this is 100% all you need. For a thesis-based master’s, technically you just need to “fulfill the requirements”, but the point at which you have done enough to write your thesis is not set in stone and will come down to a consensus between the student and the advisor (read: whenever your advisor thinks you have successfully built up the quality/quantity of work to write your thesis). For a PhD, you will be doing research long after your classes end. When you are finished with that is the same sort of situation as for a thesis-based master’s.</p>
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<p>Most programs have a time limit. That time limit though is usually around 10 years, not 6. If the time limit was 6, then probably 30% of PhD students would flunk out. It is quite common to take 6+ years.</p>