Many educators believe the master's degree as it has evolved is of questionable significance as a graduate research degree. Others believe the master's signifies a level of professional and academic accomplishment suitable for either the world of work or as a teaching certificate. This report reviews the history and development of the master's degree, the standards required for the earning of the master's degree and its significance, the master's degree in the fields of psychology, science and engineering, international relations, law, and public health. A review is also presented of the master's degree as it trains its recipient to teach in the community or junior college or the college and university, or to be an administrator in the elementary and secondary schools. (HS)