So, you want to know what a master’s degree is? Well, buckle up, because by the end of this article, you'll be a master of understanding master’s degrees—no thesis required!
The Basics of a Master’s Degree

When you ask, “What is a master’s degree?” it's helpful to break it down into its core components:

• Eligibility: A master’s degree is at a higher educational standard than a bachelor’s degree. It falls under the postgraduate category of degrees which means that entry typically requires graduation from a related bachelor’s or undergraduate degree, or at least five years work experience in a related field.
  
• Educational standard: A master’s degree is ranked at AQF 9, with only a Doctoral degree ranked higher at AQF 10. See this UniCosts article for more information about the AQF qualification system in Australia.
  
• Duration: Most master’s degrees take about two years to complete if you're studying full-time. However, this can vary depending on the program, the institution, and how many courses you take per semester.
  
• Types: The two most common types of master’s degrees are the Master of Arts (MA) and the Master of Science (MS). The MA typically focuses more on humanities and social sciences, while the MS is more geared toward natural sciences and technical fields.
  
• Specializations: When pursuing a master’s degree, you'll choose a specialization or concentration, which is the main subject area you'll focus on. This could be anything from business administration to biomedical engineering, depending on your interests and career goals.
  

What is a Master’s by Coursework or Research?

There are two types of master’s degrees:

• A master’s by coursework: is the most common type of master’s degree in Australia. It focuses on attending structured classes, completing assignments and exams in a similar way to most bachelor’s degrees. If decide to continue onto do a PhD after completing this degree you’ll need to do an additional a conversion research course before you can commence the PhD.
  
• A master’s by research: involves conducting an independent research project and submitting a substantial thesis as the primary assessment, with significantly less structured coursework. It enables graduates to continue straight onto a PhD.
  

Why Pursue a Master’s Degree?

Now that we've covered the basics of what a master’s degree is, let's dive into why you might want to pursue one. Here are a few reasons:

• Career Advancement: Many jobs, especially in specialized fields, require a master’s degree. Having one can open doors to higher-level positions and make you more competitive in the job market.
  
• Higher Earning Potential: On average, individuals with a master’s degree earn more than those with only a bachelor’s degree. This can be a significant factor when planning your future.
  
• Personal Growth: Graduate school is not just about academics; it's also a time for personal development. You'll have the opportunity to meet new people, delve deeper into your field of interest, and gain new skills.
  

Choosing the Right Program

When deciding on a master’s degree program, consider the following:

• Location: Do you want to study close to home or are you looking for an adventure in a new city or even a new country?
  
• Cost: Tuition can vary widely, so think about your budget and look for scholarships and financial aid options. Have a look at this helpful article about how to find a scholarship.
  
•  Accreditation: If you have a specific career in mind, make sure the program is accredited by the appropriate professional bodies. See the UniCosts careers articles for information on which courses are accredited for each profession and how to check with the appropriate accrediting body.
  
• Support Services: Check if the institution offers support services like tutoring, career counselling, and mental health resources.
  

How Much Does a Master’s Degree Cost?

The cost of a master’s degree can be a significant factor in your decision-making process. In Australia, more and more Commonwealth Supported Places (CSP) are becoming available for postgraduate courses which means the fees can vary significantly depending on the course, the education provider and if the place is subsidized or not. See this UniCosts article for more information about how CSP and HECs works.

• Domestic students fees for a master’s degree can range from $4,500 for a one year master’s degree with a Commonwealth Supported Place such the Master of Disability Studies at Macquarie University to $134,000 for full fee paying place in a double master’s degree such as the Master of Information Technology / Master of Commerce degree at UNSW.
  

• International students are required to pay the full fee, and an international master’s degree can range between $22,800 AUD for a Master of Theology at Charles Sturt University to $284,730 AUD for a Master of Architectural Engineering at The University of Melbourne.
  

Given such a range in fees for master’s programs it’s vitally important to do your research and use the UniCosts course comparison tool to compare fees.