Reproduced in full from Gizmondo as it is damned amusing (with credit to Tavi in Estonia for the link) :

What Exactly Is a Doctorate?

Ever wondered what getting a doctorate really means? Matt Might, professor of Computer Science at the University of Utah, explains it perfectly in this graphic presentation that starts with a simple circle.—JD

Every fall, I explain to a fresh batch of Ph.D. students what a Ph.D. is.

It’s hard to describe it in words.

So, I use pictures.

Read below for the illustrated guide to a Ph.D.

Imagine a circle that contains all of human knowledge:

By the time you finish elementary school, you know a little:

By the time you finish high school, you know a bit more:

With a bachelor’s degree, you gain a specialty:

A master’s degree deepens that specialty:

Reading research papers takes you to the edge of human knowledge:

Once you’re at the boundary, you focus:

You push at the boundary for a few years:

Until one day, the boundary gives way:

And, that dent you’ve made is called a Ph.D.:

Of course, the world looks different to you now:

So, don’t forget the bigger picture:

Keep pushing.