Hi I have just finished a Master degree in Physics and I am looking for a PhD in theoretical physics. Doing this, I eventually came along with the Part III in Cambridge (also known as Cambridge Certificate of Advanced Studies in Mathematics). After reading the information given on the Cambridge website there are still some questions that remain unanswered and for which I hope that thankfully you may give me some clarification. The first question is what degree does Part III gives equivalence? Does it gives equivalence to a Master degree? They are not very precise with that. The relevancy of this question for me is related with the fact that, as I have understood, to apply for a PhD in Cambridge, one compulsorily needs to pass through the Part III. Does this mean that for doing a PhD in that university I will have to take a program that it's somewhat equivalent to a second Master degree? Since I have already a Master degree, may this bring problems to obtain funding? My second question is related with the fact that in most of the universities, the first year of the PhD program is almost entirely devoted to lectures and courses. Does the Part III gives equivalence to this first year? This concerns me a bit since (as I'm repeatedly told) the possibility of not getting a Distinction level, and thus not being admitted in the PhD in Cambridge, is very real and possible. If that happens, can I apply for a PhD in other university and jump the course's year of the program? Thanks a lot for any reply!