Hi! I've been lurking in this forum for a while, either as a way to cope with my anxiety or feed it more fuel.
As offers start to come in, I'm facing a dilemma that I hope some of you might have insight into.
The gist is: what are the consequences of choosing a M.S. program vs. a Ph.D. program?
The details: I'm accepted into Iowa State's Ph.D. program with funding (1/2 time $2000/month TA position, 5 years) and also the UW-Madison's M.S. program with funding (1/2 time unspecified appointment, 2 years). Both departments seem to be well-regarded, but the UW is perhaps more prestigious. Both departments have multiple faculty members doing research that matches my interest. I ultimately want to do research, so likely that I will need a doctorate eventually.
Some questions I have:
1) Is doing the M.S. almost equivalent to doing the first two years of a Ph.D. program? Looking at the course requirements for the two degrees at the UW, they are very similar.
2) Would having the M.S. from the UW substantially improve the quality of Ph.D. programs I can get into?
3) Are there hidden benefits to being a Ph.D. student?
4) How highly should I value 5 years of guaranteed funding vs. 2?
Of course, I'll contact faculty and grad students in both departments with questions.
I appreciate any thoughts y'all might have. It's helpful just to transfer my nervous energy into writing as well.