Decide whether, why and what

The reason, the degree type, the destination and the full cost. Every later choice depends on these.

What: A one or two sentence statement of what the degree should change in your career, such as moving into research, gaining a specialism or working in another country.
Why: It decides the degree type, destination and budget, and it becomes the backbone of your statement of purpose.
Example: "I want to work on compilers for machine learning hardware, which needs research training my current job cannot give me" is a goal. "Better opportunities abroad" is not.

Watch out

Letting a scholarship deadline, friends or an agent choose the goal for you.

Also called MSc, MS, coursework masters, MEng

What: A masters made mostly of courses and exams, with a project or short thesis at the end, usually one or two years long.
Why: It deepens skills quickly and mostly leads to industry jobs. Admission is by the programme, not by a single supervisor.

Watch out

Assuming a taught masters prepares you for a PhD as well as a research degree would.

Also called MS by thesis, MPhil, MRes, masters by research

What: A masters built mostly around one supervised research project and thesis, sometimes with a few courses.
Why: It is more often funded, builds a research record and leads naturally to a PhD.

Watch out

Applying without contacting or naming a supervisor when the programme expects one.

Also called doctorate, doctoral degree, DPhil

What: Three to six years of supervised research that ends with a thesis of original work. In the United States it often includes two years of courses; in Europe and the UK it is usually mostly research.
Why: It is the training for research careers in universities and industry labs, and it is often funded through a salary, stipend or scholarship.

Watch out

Choosing a PhD only because it is funded, without wanting years of research.

What: Tuition plus living costs for the whole programme, health cover, visa and application fees, tests, flights, a housing deposit and a buffer, in your home currency.
Why: It is the number your funding plan, family conversation and proof of funds all depend on.
Example: A one-year masters with low tuition can still cost more than expected once a year of city rent and the visa proof of funds are added.

Watch out

Budgeting tuition and rent only, and ignoring exchange rate moves.

What: What you give up by studying: usually one to several years of salary, experience and promotions at home.
Why: It belongs in any honest return on investment calculation, especially for self-funded degrees.

Watch out

Comparing the degree only with doing nothing, rather than with working.

Also called ROI

What: Comparing the total cost and opportunity cost of a degree with what realistically changes afterwards: roles, pay and how long a loan takes to repay.
Why: It separates degrees that pay off from expensive detours, and it keeps loans at a level you can survive if plans change.

Watch out

Assuming you will be able to work abroad after graduating, when post-study rules can change.

What: How well a country's tuition, funding, language, work rules during and after study, and visa process suit your goal and budget.
Why: Destinations trade money, time and work rights differently, and the right one depends on your reason for going.

Watch out

Relying on rules someone described years ago instead of the official page today.

Also called family plan

What: An agreement with the people funding or affected by your studies on the budget, who pays, the risks and the backup plan.
Why: It prevents pressure to accept a bad offer or take on a loan nobody can repay.

Watch out

Committing family savings or property before admission, funding and visa are settled.

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