So you’ve decided to pursue an advanced education.  The next major hurdle will be choosing whether to pursue a Master’s or a Ph.D. degree.  For some graduate students, the choice is obvious, while others will need to carefully evaluate their particular situation and career goals before enrolling in a grad program.

Your Chosen Career

For some people, the decision of whether to pursue a Master’s degree or a Ph.D. is pretty straightforward.  In business, for instance, the gold standard of advanced education is an MBA – the degree you’ll need to work in the field.  Conversely, if you plan to work as a college professor, you’ll need a Ph.D. degree to be considered for most positions.

However, for many careers, the distinction isn’t so clear.  If you plan to work as a marine biologist, you’ll likely be able to find work whether you hold a Master’s degree or a Ph.D.  The same goes for those in the engineering industry.  You may be able to command a higher salary or earn a more prestigious position with a Ph.D., but you’ll have to balance these rewards with the amount of money and time you’ll put into pursuing this degree.

Your Financial Situation

Unless you’re one of the lucky few to have received grant funding to pursue your Ph.D., your financial situation may determine which degree path you follow.  If you’re financing all or part of your advanced education with student loan money, you’ll need to analyze whether your potential earnings will enable you to pay off your student loan debt.

Graduate school can cost as much as $40,000/year, depending on a number of different factors including whether or not you attend an Ivy League program or choose to go to school in state.  If you pursue a Ph.D. and wind up with $100,000 in student loans, you can expect to pay $1,150/month when your loans enter repayment.  If the entry-level positions in your field pay only $30,000/year, these student loan payments will represent more than half of your monthly take-home pay.

The Time Commitment

Pursuing a Ph.D. is not a path to be taken lightly.  If you’re on the fence, thinking, “It sure would be nice to have a Ph.D.,” consider starting out with a Master’s degree.  Most Ph.D. programs take at least seven years to complete, during which time you’ll be intensely focused on your particular subject of interest.  If you aren’t sure that you’re willing to commit to this length of time, look for programs that allow you to complete a Master’s degree as part of your Ph.D. path so that you can leave the program early if you change your mind.

Your Area of Interest

Finally, if you aren’t yet decided on which degree is best for you, consider this – as a Ph.D. candidate, your entire life will revolve around a single topic.  For example, you don’t pursue a Ph.D. in microbiology; you focus on a specific sub-topic, like the commercial applications of methanotrophic bacteria.  You’ll be expected to conduct research on your topic and publish the results of your research in professional publications.  If you aren’t 100% committed to such a detailed course of study, a Ph.D. program may not be the path for you.