This paper examines the dynamics of completion time of master's studies and how such dynamics relate to those of doctoral studies at Makerere University, Uganda. The assessment is based on administrative data of 605 master's degree students at the University in the 2004 and 2005 enrollment cohorts. The total elapsed time from first enrollment to submission of final dissertation copy was adopted as a measure of completion time. A time-to-event approach in a Cox model was applied in the investigations. A median completion time of 3.8 years (range, 1.8-5.9) suggests a delayed completion of studies. The established associations, modeled by a range of candidate, candidature, and institutional variables including discipline area corroborate the results obtained by the analysis of doctoral completion time at the University. The findings suggest that master's completion dynamics mirror those of doctoral studies at the University.