Programmes at ISCED level 7, or Master’s or equivalent level, are often designed to provide participants with advanced academic and/or professional knowledge, skills and competencies, leading to a second degree or equivalent qualification. Programmes at this level may have a substantial research component but do not yet lead to the award of a doctoral qualification. Typically, programmes at this level are theoretically-based but may include practical components and are informed by state of the art research and/or best professional practice. They are traditionally offered by universities and other tertiary educational institutions. (see ISCED 2011 Manual, paragraph 241)
ISCED 2011 http://uis.unesco.org/sites/default/files/documents/international-standa...