BBTBR SPINOZA
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Theravadan aims for Arhatship, so that's the equivalent of a Bachelors Degree. It's the fundamental groundwork, the other two schools need this as the foundation.
Mahayana aims for Buddha hood though the Bodhisattva path, so being a Bodhisattva is a Doctorate. In China, the Theravadan schools were initially in ancient China, but the local Confucian and Tao frameworks of morality worked as the Precepts groundwork, so the Agamas were not given much attention. They still had to supplement it with the Mahayana Precept framework though (Ten Virtuous Deeds and Bodhisattva Precepts). So Doctorate into an eventual PhD.
Vajrayana, is straight to Buddhahood. As per his explanation, you need to practice in the defiled world, resisting the temptations while strengthening your cultivation. You don't avoid the challenges, you jump right into them. So if you succeed, Buddha. If you fail, usually hell (because you got snared by the pleasures and gave up all your progress). PhD or bust.
At least, this is what I heard from Master Chin Kung.
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