Masters Degree vs Doctorates???

This will depend on about 1000 factors. Including what you’re interested in and what sort of grades you’ve got.

For an MD. You have to be good at science and math. You have to have really high grades. You need good MCAT scores. You have to be interested in medicine, interested in spending the next 8 years becoming a doctor, and interested in sacrificing in the meanwhile. Yes, you will earn a lot once you get the degree. You also have to have a medical viewpoint of mental disorders and you have to realize that most psychiatrists spend limited amounts of time doing actual therapy, if that is what you are interested in.

For a Phd. You have to have excellent grades and good GRE scores. You need to be willing to spend the next 7-8 years getting a Phd and becoming licensed. You need to be interested in doing research because that is what you’ll be doing on your way there (unless you get a PsyD). You will be making at least twice the amount as a masters level counselor. You’ll have a wide range of options including teaching, consulting, assessments, therapy, etc…

Unfortunately masters level counselors do not earn very much, especially in the beginning, and they are restricted in what they can do. They cant do assessments, they cant really spearhead research programs, and they very rarely achieve high promotions into clinical director type positions (not impossible, but rare). It is quick. It is on the path towards a phd in counseling psychology, but generally clinical psychology programs want people right out of undergrad.