I have a master's in Finance and a lot of work experience, so should I do a double master's or a PhD?
The choice depends on your career goals. A double master's usually takes two years and builds expertise across two related fields for wider industry roles. A PhD is research-intensive, typically takes 3 to 7 years, and suits an academic or research career.
The better path depends on what you want from your career. With a master's in Finance and extensive work experience, a double master's can widen your skills for varied roles, while a PhD suits you if you want to work in research or academia.
Double Master's Compared With a PhD
| Factor | Double master's | PhD |
|---|---|---|
| Best suited for | Expertise in two related fields and broader industry options | A career in research or academia |
| Typical length | Usually two years | Typically 3 to 7 years |
| Structure | Coursework from both areas, leading to two separate degrees | Research-intensive, producing original knowledge |
| Main trade-off | Strong commitment, with potentially higher tuition and administrative demands | Major time commitment and possible financial challenges |
How to Decide
- Decide first whether you want to return to industry or move into research.
- Check how each programme is funded and what it will cost you in time and money.
- Speak to people already working in the roles you want.
My Advice
Write down the job you want in five years and work backwards to see which route gets you there. If the answer is a senior industry role, a double master's is usually the more direct choice, and if it is research, go for a PhD.
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