Is it more expensive to get a master’s or a PhD?

A master’s degree usually has a higher upfront cost, but it also allows you to start earning a higher salary more quickly. The exact cost depends on the country and the school: private universities usually cost more than public ones, and European degrees usually cost less than North American ones. There are limited possibilities for financial aid.

PhDs often waive tuition fees and offer a living stipend in exchange for a teaching or research assistantship. However, they take many years to complete, during which time you earn very little.

Frequently asked questions: Graduate school

What do I need to include in a graduate school application?: In the US, most graduate school applications require you to include:

Transcripts from previous educational institutions

Standardized test scores (such as the GRE or MCAT)

A graduate resume

2–3 letters of recommendation

A statement of purpose

Some programs may ask you to write a personal statement in addition to, or instead of, a statement of purpose. You may also be asked to an interview.

Always carefully read the application instructions for the specific program you’re applying to.
Which types of graduate programs require interviews?: Most medical school programs interview candidates, as do many (though not all) leading law and business schools.

In research programs, it depends—PhDs in business usually do, while those in economics normally do not, for example.

Some schools interview everyone, while others only interview their top candidates. Look at the websites of the schools you’re applying to for more information on whether they conduct interviews.
How do I properly prepare for a graduate school interview?: In addition to thinking about your answers for the most commonly asked grad school interview questions, you should reach out to former and current students to ask their advice on preparing and what sort of questions will be asked.

Look back through your resume and come up with anecdotes that you could use for common questions, particularly those that ask about obstacles that you overcame. If you’re applying for a research program, ensure that you can talk about the previous research experience you’ve had.

You should also read as much research in your field as possible. Research the faculty at the schools you’re applying to and read some of their papers. Come up with a few questions that you could ask them.
What are the most common graduate school interview questions?: Graduate schools often ask questions about why you are interested in this particular program and what you will contribute.

Try to stay away from cliche answers like “this is a good program” or “I got good grades in undergrad” and focus instead on the unique strengths of the program or what you will bring to the table. Understand what the program is looking for and come up with anecdotes that demonstrate why you are a good fit for them.

Different types of programs may also focus on different questions:

Research programs will often ask what topics you’d like to research and who you would like to work with, as well as specific questions about your research background.

Medical schools are interested in your personal motivation, qualities such as integrity and empathy, and how you’d respond to common ethical dilemmas.

Business schools will focus on your past work experience and future career prospects, and may be particularly interested in any experience you have managing or working with others.
At what point in life should I apply for graduate school?: Some students apply to graduate school straight from undergrad, but it’s also common to go back to school later in life. The ideal time to do so depends on various financial, personal, and career considerations. Graduate school is a big commitment, so you should apply at a time when you can devote your full attention to it.

Your career path may also determine when you should apply. In some career fields, you can easily progress without a graduate degree, while in others—such as medicine, business, and law—it’s virtually impossible to move up the career ladder without a specific graduate degree.
When are graduate school application deadlines?: Most graduate school applications for American graduate programs are due in December or January for a September start.

Some types of programs, especially law school, are rolling applications, meaning that the earlier you apply, the earlier you’ll hear back. In this case, you should aim to apply as early as possible to maximize your chances.

Medical school follows a completely separate timeline with much earlier deadlines. If you’re applying for medical school, you should speak to advisors at your university for more information.
When should I begin my applications for graduate school?: A good starting point to aim for is about 18 months before you would start the program, or 6–9 months before the applications are due.

In the first few months of the process, research programs and study for any standardized exams you might need.

You can then begin writing your personal statements and statements of purpose, as well as contacting people to write your letters of recommendation. Ensure that you give recommenders plenty of time to complete their letters (ideally around 2–4 months).
How do I apply for a master’s or a PhD?: In the US, the graduate school application process is similar whether you’re applying for a master’s or a PhD. Both require letters of recommendation, a statement of purpose or personal statement, a resume or CV, and transcripts. Programs in the US and Canada usually also require a certain type of standardized test—often the GRE.

Outside the US, PhD programs usually also require applicants to write a research proposal, because students are expected to begin dissertation research in the first year of their PhD.
Do I need a master’s degree to apply for a PhD?: This depends on the country. In the United States, you can generally go directly to a PhD with only a bachelor’s degree, as a master’s program is included as part of the doctoral program.

Elsewhere, you generally need to graduate from a research-intensive master’s degree before continuing to the PhD.
How long does it take to get a PhD?: This varies by country. In the United States, PhDs usually take between 5–7 years: 2 years of coursework followed by 3–5 years of independent research work to produce a dissertation.

In the rest of the world, students normally have a master’s degree before beginning the PhD, so they proceed directly to the research stage and complete a PhD in 3–5 years.
What is a PhD?: A PhD, which is short for philosophiae doctor (doctor of philosophy in Latin), is the highest university degree that can be obtained. In a PhD, students spend 3–5 years writing a dissertation, which aims to make a significant, original contribution to current knowledge.

A PhD is intended to prepare students for a career as a researcher, whether that be in academia, the public sector, or the private sector.
What is a master’s?: A master’s is a 1- or 2-year graduate degree that can prepare you for a variety of careers.

All master’s involve graduate-level coursework. Some are research-intensive and intend to prepare students for further study in a PhD; these usually require their students to write a master’s thesis. Others focus on professional training for a specific career.
What do I say when asking for a letter of recommendation?: It’s best to ask in person if possible, so first reach out and request a meeting to discuss your graduate school plans.

Let the potential recommender know which programs you’re applying to, and ask if they feel they can provide a strong letter of recommendation. A lukewarm recommendation can be the kiss of death for an application, so make sure your letter writers are enthusiastic about recommending you and your work!

Always remember to remain polite. Your recommenders are doing you a favor by taking the time to write a letter in support of your graduate school goals.
Can I ask non-professors for a letter of recommendation?: This depends on the program that you are applying for. Generally, for professional programs like business and policy school, you should ask managers who can speak to your future leadership potential and ability to succeed in your chosen career path.

However, in other graduate programs, you should mostly ask your former professors or research supervisors to write your recommendation letters, unless you have worked in a job that corresponds closely with your chosen field (e.g., as a full-time research assistant).
Who should I ask for a letter of recommendation?: Choose people who know your work well and can speak to your ability to succeed in the program that you are applying to.

Remember, it is far more important to choose someone who knows you well than someone well-known. You may have taken classes with more prominent professors, but if they haven’t worked closely with you, they probably can’t write you a strong letter.
How should I organize a graduate school resume?: The sections in your graduate school resume depend on two things: your experience, and the focus of the program you’re applying to.

Always start with your education. If you have more than one degree, list the most recent one first.

The title and order of the other sections depend on what you want to emphasize. You might include things like:

Professional experience

Voluntary and extracurricular activities

Publications

Awards and honors

Skills and certifications

The resume should aim for a balance between two things: giving a snapshot of what you’ve done with your life so far, and showing that you’re a good candidate for graduate study.
What’s the difference between a resume and a CV?: A resume is typically shorter than a CV, giving only the most relevant professional and educational highlights.

An academic CV should give full details of your education and career, including lists of publications and presentations, certifications, memberships, grants, and research projects. Because it is more comprehensive, it’s acceptable for an academic CV to be many pages long.

Note that, outside of the US, resume and CV are often used interchangeably.
Should high school education be included in a grad school resume?: No, don’t include your high school courses and grades. The education section should only detail your college education.

If you want to discuss aspects of high school in your graduate school application, you can include this in your personal statement.
How long is a graduate school resume?: A resume for a graduate school application is typically no more than 1–2 pages long.

Note, however, that if you are asked to submit a CV (curriculum vitae), you should give comprehensive details of all your academic experience. An academic CV can be much longer than a normal resume.

Always carefully check the instructions and adhere to any length requirements for each application.
Can I submit the same personal statement with every application?: If you’re applying to multiple graduate school programs, you should tailor your personal statement to each application.

Some applications provide a prompt or question. In this case, you might have to write a new personal statement from scratch: the most important task is to respond to what you have been asked.

If there’s no prompt or guidelines, you can re-use the same idea for your personal statement – but change the details wherever relevant, making sure to emphasize why you’re applying to this specific program.

If the application also includes other essays, such as a statement of purpose, you might have to revise your personal statement to avoid repeating the same information.
How long is a personal statement?: The typical length of a personal statement for graduate school applications is between 500 and 1,000 words.

Different programs have different requirements, so always check if there’s a minimum or maximum length and stick to the guidelines. If there is no recommended word count, aim for no more than 1-2 pages.
What’s the difference between a personal statement and a statement of purpose?: A statement of purpose is usually more formal, focusing on your academic or professional goals. It shouldn’t include anything that isn’t directly relevant to the application.

A personal statement can often be more creative. It might tell a story that isn’t directly related to the application, but that shows something about your personality, values, and motivations.

However, both types of document have the same overall goal: to demonstrate your potential as a graduate student and show why you’re a great match for the program.

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