This sounds like a British study where most people, like here, do not go beyond the undergraduate degree which is classed as a professional qualification. The use of the PhD would be very limited outside universities circles or very senior management perhaps, and the Master's degree would be treated as a very high qualification. The Master's degree is often a dissertation only degree. Masters are sometimes given to those who do not complete the PhD for some significant reason for the work done. People do not necessarily go to university for professional qualifications. They often achieve them via professional board examinations. If it is a UK study, I'm not sure how applicable it would be elsewhere.