The best replacement for phd is md.

The best alternatives to phd are rated as following:
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★★★★★  edd
★★★★★  psyd
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★★★  masters
★★★  dba
★★★  mba
★★  ph.d
★★  jd
★  dnp
★  phd
★  dr
★  drph
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Your alternative for phd is not listed? Suggest!
Speaking about phd, one probably shouldn't forget about dissertation.

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