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Phd
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For more on marking an answer as the "Best Answer", please visit our FAQ.I think basically the main criterion is that of the awarding body, ie the university that employs you, in wanting to keep you by offering you more money. Professorships almost always incur a pay scale higher than that of lecturers (who get paid relatively little for the work they actually do). It stands to reason that if you are very good in your field the university would want to keep you on to ensure continued research funding. However this also means that if you have a lecturer who is 55, quite good, but not a leader in his field, you may give him a professorship just to keep up the funding stream.
There is, in my opinion, a small proportion of professors who are really 'leaders in their field.'
a PhD is a 'Doctor of Philosophy' in which a person must provide a thesis that should embody the results of research which make a distinct contribution to scholarship of their chosen subject matter (basically write a book). You can also get an MPhil which is a Master of Philosophy and goes slightly further.
A professor is usually a senior scholar in university or equivalent institution, or have attained senior positions and established reputations in industry, commerce or the professions. To become a professor, you normally apply to a university for a visiting professorship and you are then required to spend at least one month (or the equivalent) in an academic year participating in an appropriate teaching or research post at that university.
Following this, you can obtain Professor Emiritus and Honorary roles such as Hon.Professorship, Hon.Reader or Hon.Senior Lecturer which are generally awarded by uni's in recognition of your industry or academic achievements.