Is it Worth the Risk of Going into Debt for a Masters Degree Versus a PhD? I realize that this sort of question has been asked before and I have read through some of the other threads but I figured I'd see if there are any more perspectives out there. I am currently a research embryologist for a small fertility clinic with a Bsc in molecular biology. I have about 2 1/2 years of experience and have been accepted into an Masters in Bioinformatics program. I am very excited to begin taking classes but l have recently begun second guessing whether I should have tried to get into a PhD program. I will not be able to continue working at my current job while I am in school so I will likely be paying for school with loans unless I'm able to find a job after I relocate.

Those of you who have Masters degrees, would you do it again or go for a PhD? From what I have found searching around the site many people say PhDs are more academically focused while Masters degree holders tend to find more positions in industry. Is concern over the cost of a Masters degree a good reason to consider a PhD instead or do most of you find you were able to offset your education costs with the job you eventually found? Any advice would be greatly appreciated!

Thank you in advance!
When I was studying for my MBA I also thought about this choice. However, a PhD is long and I was looking forward to working with my new-found knowledge sooner than a PhD would allow. For me, I prefer to balance practice with theory. That is, I did not want to wait for longer than I had to before being able to use my knowledge in the 'real world.'

That said, I'm now looking seriously at a PhD and I certainly do not regret my decision. I could work while I was studying during my MBA. Now, I do understand that one can take some time off during a PhD but I wasn't really looking forward to starting something which would likely require a break. I prefer the clean completion which the master gave me.

Since I could work while studying my MBA, finances were not much of an issue. The cost of my education was easily offset by the higher salary which came with the degree. The payback period (considering the increase in my income directly related to my additional qualification) in my case was less than 18 months.

It is a little different from your situation in that many people who study business for work in the real world do not go beyond an MBA. I will, but I also teach.

In short, I'm glad I got my MBA before pursuing a PhD.