In this article author investigates significant problems and contradictions of institutionalization of the master's degree in Russia. The author concluded that there are four main problems of that process: the insufficient level of preparedness of those who change their field of education by entering the master's degree program, the contradiction between the content of master's degree education and the requirements of employer, the problems of academy mobility, absence of regulations to the professional activity of Masters. The author notes that institutionalization process in modern Russia includes three elements. One of them is the formation of regulation for the student admittance to Master's program, their study and employment after graduating the university. The next is the admission to Master's program implies the ability for graduates to admit without dependence on the level of the obtained education and profession. And the last is the fact, that the training process regulated by determined quantity of learning hours and disciplines. In addition, the abilities for employment of graduates with Master's degree are not specified yet. According to all above, the author made a conclusion that the Master's degree institutionalization process is not complete. in Russia. However, the analysis of Master's degree institutionalization process in Russia let us make a conclusion, that the division of education system on independent levels implies the ability to concentrate not only on definite level, but combine them according to students needs and interest. The author recommends a number of measures for attracting of graduates to the masters level of education, for building an attractive image of the degree in Russia, and adjusting educational programs so the young professionals could properly adapt in the labor market.