Assessing Master' V/S PHD from a funding chance perspective.
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How should an applicant go about deciding between a Master’s v/s PhD program? Two competing interests are often guaranteed funding through PhD versus the shorter time commitment of a Master’s program. Furthermore, what does “Mastering out” entail from an academic perspective since many students are increasingly seeking PhD programs primarily for funding and choosing to quit their PhDs after getting a Master’s degree.
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This is a great question! Before you decide between whether to pursue a Master’s or a PhD, it is important to understand the purpose of each program and what you stand to gain from it. The goal of a PhD program is to train students to become independent researchers whereas the goal of a MS degree is to gain deeper knowledge about a field beyond one’s undergraduate studies. Consequently, most people pursue a PhD if they want to take up jobs or positions in the future that involve some kind of research (e.g., working as a scientist at a research lab, professor at a university). On the other hand, people usually pursue Masters if they want to take up industry jobs, change fields (e.g., a management science major aiming to transition to data science), to gain more research experience (e.g., as part of MS thesis) to better assess their readiness for a PhD or to increase their chances at a better program.
The core objective of a PhD program is to train you for independent research, a journey that demands mastering a variety of essential research skills. In my perspective, these pivotal skills include: (i) the ability to find good research questions to work on, (ii) developing the knowledge and a robust toolkit of skills and competencies—such as programming, quantitative analysis, and simulations—that are needed for answering the research questions, (iii) the ability to articulate your research findings in the form of writing to different audiences, and (iv) the skill to effectively present your work. Each of these elements is critical in shaping a well-rounded researcher capable of making significant contributions to their field.
PhD programs are significantly more competitive than Master’s programs, but once accepted students are typically guaranteed funding. However, pursuing a PhD solely for financial reasons, with no genuine intent to complete the program, is not only ill-advised but also unfair to the academic institutions involved. Such actions can also negatively impact the reputation of the students' undergraduate universities if they later choose to leave the PhD program prematurely with a Master’s degree, a process known as 'mastering out.' This not only reflects poorly on the individual's commitment but also casts a shadow over the alma mater's reputation for nurturing genuinely committed scholars. In my view, except for legitimate reasons, mastering out is problematic and undermines the purpose of doctoral education.
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I would like to add that there are some essential differences between the experience of masters and PhD. Generally in the US, the PhD lasts around 5-6 years, the coursework is minimal but you are highly engaged in working on a single or multiple related research problems. You have regular interaction with your supervisor and research group. While this is a longer commitment, there is a lot of independence. There is also an inherent lack of structure as you are most likely working on problems that have not been solved yet. Due to this lack of structure, there is also a high level of associated uncertainty.
There is no guarantee that you can solve a problem in a given time frame. Had it been solvable in like 4 months, it would not have been a research problem. Many times it can take years to solve a single problem and this process requires perseverance. If you are someone who can see yourself enjoying this process, only then you should apply for a PhD. Some people even claim to understand themselves better after going through this process and it is through this highly invested nature of exploration that we are able to advance and aid the growth of knowledge in the world. If you prefer a more structured approach to how you explore what is important to you, then a masters with perhaps a year long thesis might be a better option for you. Only proceed with clarity about which process is better suited to you. Many of our students have also gone on to explore the industry to assess if they can work beyond academia and have returned to get a PhD.
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PhD is a huge decision, and you absolutely need a huge reason other than funding. It’s like being handed a fishing rod and being asked to get back with a fish nobody has ever seen before. Such is the uncertainty inherent in a PhD. The purpose of a PhD is to receive formal training in research, the goal of a PhD is to actually go through this process and produce a novel finding at the end. There is most definitely going to be a time when this need for novelty makes you desperate. It is then that you need a magical combination of passion and love for your field, and faith in the process to get you through. At times, even your advisor may not be able to get you through a specific research progress slump. This is where your grit and drive get tested to the best of your ability. A drive you’re likely to possess only if you are entering a PhD with a strong reason to begin with.
I would encourage you to first assess what the final destination in your head is. Do you want to go into academia and pursue research full time? Do you want to go into an industry that demands a PhD and high technical acumen? Do you want to pursue research within industry in their research wings? Be sure that you only pursue a PhD if your desired goal absolutely necessitates it. If you have a specific profession or dream job in mind, go meet people who do that and engage with them about their experiences and learn if you can imagine yourself having the experiences they describe. Do you actually want what they get out of their experience or not? If you still want to be like them, then investigate if a PhD is absolutely necessary to get there.
