A PHD candidate can apply for master's position but a masters cant apply for job that requires PHD position. Even if you have done PHD, masters or just an undergrad. 90% of time you enter the industry in a low position. But just the PHD degree will take the candidate to much more higher and better paid position. How many master's are there compared to PHD? Very very few. That itslef puts a person with PHD to a different league. May be some maters have got very good job. But many works in a small company and some are unemployed. It is very rare to see a doctor not to get a well paid job for long. Plus being called doctor itself is a matter of pride.