The master's degree is reviewed in terms of its current status and rate of conferral, its diversity, standards, and the dominant program models. Changes in the patterns of master's degrees conferred, by discipline, are examined, and problems associated with the proliferation of degrees are noted. Diversity in curricular models is cited as a source of concern because it makes comparison of programs, fields, and credentials difficult. It is suggested that the master's degree may be becoming the first professional degree, reflecting contemporary society's increased interest in more utilitarian and measurable objectives. Issues in assessment of program quality are addressed, including the roles of accreditation, state oversight, and institutional self-study. Major issues in program design are outlined, the principal one being the balance of theory and practice. Other issues include specialization and multidisciplinarity, admission and degree requirements, access and standards, and modes of instruction and delivery. Factors motivating and inhibiting change in the master's degree are examined. It is concluded that the master's degree must be approached as a class of degrees rather than as a generic model, and as a credential sought increasingly for its own merits rather than in relation to the bachelor's or doctoral degree. (MSE)