Postgraduate education in the form of a masters of PhD degree is generally undertaken by students wanting to excel in a particular field. Having a postgraduate degree opens up more employment and career opportunities.
Employers look favourably on those who have graduated with a masters or PhD when choosing employees, and a postgraduate degree often means a higher salary.
Costs
Some masters courses incorporate a graduate certificate and diploma, and can cost between $12,000 and $35,000. The more expensive doctoral degrees can cost around $55,000.
Of course, Commonwealth supported (government subsidised) place are available for domestic students for most courses and many universities offer scholarships. The costs of a PhD depends on the research project undertaken. While some PhD students will be expected to self-fund, others will receive a grant from an academic body or industry for their work.
What is a masters degree?
A masters is a postgraduate university program that recognises a thorough understanding of a research field or area of professional practice and generally involves one to two years of full time study after an undergraduate (or bachelor) degree. It will incorporate a program of classes in your major field of study and usually require you to complete a research project or dissertation.
Graduates with a masters degree gain an advanced knowledge of a specialist body of topics and develop high level skills in analysis and critical evaluation, attributes employers view favourably.
Masters by coursework: consists of coursework and project work, as well as research.
Masters by research: consists of more research than a coursework masters and also includes a substantial thesis.
Professional masters: Undertaking a professional masters requires a relevant qualification and/or professional experience and may consist of a work-based project.
What is a PhD?
A PhD is also known as a doctor of philosphy or a doctoral degree. This can take the form of a research doctorate or a professional doctorate and usually takes 3-4 years, full time.
A doctoral degree indicates that the holder has undertaken a substantial piece of original research, with this knowledge presented as a comprehensive thesis, or in some disciplines as a creative work plus dissertation.
Not only does this show future employers an ability to plan and complete a successful project, it also demonstrates specialist knowledge in your field.
Research doctorate: involves mostly supervised research. Students require a research or part-research masters degree or a bachelor degree (honours) to undertake this doctorate.
Professional doctorate: involves both coursework and research. Usually, a student must have a combined research and coursework masters, or a bachelor degree (honours) for entry.
Substantial professional work experience is almost always required either before or during the course.