Master's versus PhD research programs

This page breaks down the differences between Master's and Doctoral degrees specifically for research-based (non-practice) fields of psychology

Note: Doctoral programs usually accept students straight out of undergrad, and you get your Master's degree and automatically continue on to your Doctorate.

	Master's	Doctorate
Subjects	Often "General Psychology", similar to the structure of the undergraduate degree.	Highly specialized. You are admitted to a specific division (e.g. developmental, social, cognitive, etc.), and your courses are largely limited to that area.
Time	2-3 years	5-7 years (if entering directly from undergrad). You usually get your Master's along the way.
Cost	$10k-30k/year	free-$40k/year. Many PhD programs are fully-funded, including tuition waiver and a liveable stipend.
Acceptance rates	Higher	Very low, especially in programs that are fully-funded. Depending on the program, they may take only 2-5 people per year.
Career options	Lots! Especially if the program is a bit more specialized	Even more! You'll need a PhD if you want to teach at most colleges or universities or if you want to lead a research lab/group
What are the benefits?	Easier to get into and shorter. Can be a stepping stone toward a PhD if your undergrad grades weren't great	Often free, and you have more career options