The basic difference between a Masters and a PhD is the amount of time it takes to complete your degree program. A Master’s degree can be completed in 2 years if you are attending school full time, while a PhD degree can last anywhere between 5 and 9 years.

A PhD degree program is more competitive than a Masters simply because it requires a greater amount of work and time to complete.

At the same time, doctorate degree programs are typically more expensive than a masters programs, and receive a greater amount of financial aid.

University and college professors typically earn a PhD in the subject that they teach before taking on college level courses, but there are some educational institutions which do hire professors with a master’s degree in the subject which they teach.

With Master’s degree you can teach:

• Public or private High School, full-time;
• Community Colleges, full or part-time;
• College or University, mostly part-time and rarely, full-time.

Mostly teaching freshman and sophomores.

With PhD degree you can teach:

Full-time, Tenure-Track faculty at a College or University. Undergrad and grad courses, often in field related to specialty.

Coursework in business administration for Master’s programs:

• 1-2 years coursework;
• 2 years average time to completion (Ranges 1-3 yrs).

Coursework in business administration for PhD programs:

• About 2 years coursework with MA;
• About 3-4 years coursework without MA;
• 7 years national average time to completion (Ranges 3-10+ years).

Funding opportunities for Master’s programs:

• MA (in depts. w/o PhD);
• Tuition remission;
• TA position;
• Federal student loans (subsidized and unsubsidized).

MA students in programs that also offer the PhD rarely get tuition or TA positions.

Funding opportunities for PhD programs:

• Tuition remission;
• Stipend/Fellowship;
• TA position;
• Federal student loans (subsidized and unsubsidized).