PhD vs. MSc

[champion321]

Can you give me a detailed overview of the difference between a PhD versus a MSc, and the pros and cons of each one? I'm a junior in undergrad, and I cant decide whether I should apply for a PhD or MSc. I've been doing some digging around on google and old threads, but I've been getting mixed results, some say to stay away from phd, others saying a phd will open more doors, others saying you will be overqualified for many positions. An overview on career options for each degree, job prospects, salaries, satisfaction, etc would be great. 

[Neuro15]

Sure we can run through the pros/cons, but it really boils down to what you want to do. So let’s start there. What do you want to do with your degree/ your career? 

[champion321]

13 hours ago, Neuro15 said:

Sure we can run through the pros/cons, but it really boils down to what you want to do. So let’s start there. What do you want to do with your degree/ your career? 

I know I don't want to become a professor and teach, that I'm sure of. I enjoy doing experiments, and I am very good at doing benchwork stuff, but I don't want to stop with a bachelors and become a lab tech. I know that if I were to go on the academia route, then most likely I will have to teach, so I'm gearing towards the industry route currently. 

[biotechie]

On 2/11/2018 at 3:27 PM, champion321 said:

I know I don't want to become a professor and teach, that I'm sure of. I enjoy doing experiments, and I am very good at doing benchwork stuff, but I don't want to stop with a bachelors and become a lab tech. I know that if I were to go on the academia route, then most likely I will have to teach, so I'm gearing towards the industry route currently. 

I have a M.S. and will finish a PhD in the next few months. While I've chosen to pursue academia as my own path, there are TONS of non-teaching options for you with a PhD that will be more difficult to attain with just a M.S.

Do you want to run your own projects in the future? If so, a PhD is probably going to be a better route for you if you want to do industry. If you're happy being part of a group of scientists that work under someone else, you may be able to get by with a M.S. However, we had a lab manager a few years ago that wanted to move into industry. Even with 3 years of experience after his Master's, he still got passed over for PhDs. If you go the M.S. route, you may need lots of experience before you can get the job you want, so if it were me, I might want to do the PhD if I'm going to be spending that time getting experience, anyway.

Are you more interested in lab work or writing? My guess is lab work since you specifically state bench work, but there is lots of interest in PhDs who do science writing, both as people who will help prepare your scientific research for publication and/or prereview your grants.

Have you learned about consulting at all? Many PhDs get recruited by consulting companies, both science-based and not.

Finally, lots of PhD scientists are being recruited to lead science initiatives and promote/do science communication to the public. This ranges from science writing for news sites to being someone who designs curricula or helps secure funding from the government or private donors for scientific research.

Nobody is going to be able to tell you, "With a PhD, you can expect to make this much," because PhD scientists go on to do so many different things. The same goes for M.S. but with a shorter ladder to climb. Job prospects are a little easier to give you information on, but only after you have a general idea of what you want to do.

If you're unsure but know you want to go to graduate school, I advise you to find a school with a good career development center. While only a few years old, the Baylor College of Medicine Career Development Center is exceptional.

Edited March 4, 2018 by biotechie
Clarifying why I can't give pay grade information (because the field is too vast)