Master's degree is a postgraduate academic degree awarded after the completion of an academic program of one to four years in duration. Master of Arts (M.A) is the degree that typically studied for in Fine Art, Humanities, Social Science or Theology and can be either fully-taught, research-based, or a combination of the two. Master of Science (MSc) is a degree typically studied for in the sciences and occasionally in the social sciences.

PhD (Doctor of Philosophy) is an advanced academic degree. In the English-speaking world it has become the most common denomination for a research doctorate and applies to graduates in a wide array of disciplines in the sciences and humanities. The PhD has become a requirement for a career as a university professor or researcher in many fields. In addition, many PhD graduates go on to careers in government departments, NGOs, or in the private sector.

Master programs, such as MSc and MA, give you profound knowledge in some specialized sphere of activities; business schools and universities al over the world offer more than 20 thousands master programs in such specializations as business, finance, management etc. Usually they last for one year. The cost of such an education varies from $30000 to $50000. Some types of them are preferable for building academic career. But some as, for example, MBA (Master of Business Administration) degree is typically practical education and intended for building career in business.

PhD (Doctor of Philosophy) is an advanced academic degree. In the English-speaking world it has become the most common denomination for a research doctorate and applies to graduates in a wide array of disciplines in the sciences and humanities. The PhD has become a requirement for a career as a university professor or researcher in many fields. In addition, many PhD graduates go on to careers in government departments, NGOs, or in the private sector.

Making decision to get a PhD is an important step in your life. It’s not the decision you make without any thinking over. Usual doctorate programs last from 5 to 7 years. Almost in all the spheres after getting a PhD students spend also from 2 to 4 years on getting experience and only after this begin their professional career.

Expenses on such an education are in average from $20000 to $40000. 70-80% of those who have got PhD degree choose academic career and only a small part of others goes into business.