Master's or Doctorate?

You have your bachelor's degree in hand and are ready to pursue graduate school. Should you aim for a master's degree or a doctorate? That depends on:

• How much time, energy, and money you are willing to commit.
• Your career goal.

Time, energy, and money

A master's degree generally takes two or three years to complete, and a doctorate program can take four to eight years. On the other hand, more financial aid in the form of fellowships and assistantships is available to doctorate students than to master's students.

Career goals

Depending on your career, a master's degree may be the best choice for you. In general, if your goal is to increase your salary or to change careers, a master's degree is the right option for you.

In fields such as business and social work, for example, a master's degree may be required and will lead to better job opportunities and higher pay. A doctorate, however, may not be cost-effective: You will spend more money earning the degree than you will reap in a higher salary later. For other careers, such as teaching at the college level, a PhD is required. PhDs are more research-oriented.

If you're still not sure which type of degree to pursue, ask yourself these questions:

• What types of jobs do people with master's degrees and PhDs have in your field?
• How much will it cost for each degree? How much will you earn after obtaining each degree? Will the increased income be worth the cost?
• To how many years of schooling are you willing to commit?