Аннотация:The goal of this article lies the examination of evolution of Master’s Degree Program in Russia, as well as determination of the promising trends of its development. The object of this research is the Master’s curricula implemented in higher education facilities of the Russian Federation. The subject is the status of Master’s Degree Program within the hierarchy of national education system that defines its effectiveness functions and types of curricula. The author assesses the quantitative characteristics of the Master’s Programs in Russian universities, and concludes that it becomes the key program for preparing the highly qualified specialists. The article also reveals the problems and typical “deceptions” in the area of implementation of the Master’s Programs regarding their succession, objective functions and academic component. The research provides the results of survey performed among the Master’s Program applicants of the leading Russian socioeconomic universities, which allow forecasting their individual educational trajectories. The author formulates the suggestions on the need for parallel development and implementation of academic and practice-oriented (applied) Master’s Programs as a promising direction of the development of Master’s Degree Program in the system of continuing education of the Russian Federation.