I have similar situation as you last year. My personal take on this is that it depends. I mean if you are looking for a job then a master will be more than enough. I am doing a master now and I found that the PhD courses are difficult to handle unless you have a firm understanding of analysis and statistics. They are highly theoretical and involves high level mathematics. On the other hand, master courses will give you a working knowledge enough for any real world applications. Masters are easier to get into anyway. As for computing, as long as you have R, you will be fine anywhere.