This all sounds so weird coming from germany since here you do you bachelors degree, then your masters degree and then optionally your PhD. While the usefullness of the PhD and its duration vary between subjects (in IT it takes 3-5 years and is not really worth it money-wise if you go in the industry afterwards, while in medicine it can be done in a year or even less and is basically necessary). Also while you do your PhD you are usually employed by the government (since universities are public institutions) and paid well. A PhD earns you social prestige and prestige in the industry since - besides in medicine - nearly no one has one.