The joint supervision of Research Higher Degree (RHD) students by an industry and university supervisor is likely to increase in forthcoming years with a rise in the number of university-industry collaborations. Research students may become involved in these collaborative arrangements for a variety of reasons and may launch into their RHD without considering how they will serve two masters, and how this complex relationship will affect their RHD experience. Moreover, little research has been conducted to assess the impact of these arrangements on current RHD students' experiences. The experiences of students with academic and industry supervisors were, therefore, explored in a survey of confirmed RHD students at an Australian research-intensive university. This paper investigates whether RHD students conducting research in traditional academic settings have a different experience to students working on industry-related projects in industry settings, specifically in regards to supervision and institutional access and engagement. (Contains 2 figures and 6 tables.)