What is the core difference between M.Phil and PhD ?

M.phil is an intermediate degree between MS and Ph.D. We can take advantage of both in one knowledge bundle of M.phil. Most M.phil programs are funded like a Ph.D. in which we also get a stipend. Your study totally depends on the thesis. Industrial opportunity is almost equal in both fields. M.phil is less advanced qualification than Ph.D. M.phil dissertation is normally shorter than a Ph.D. thesis.

Master of Philosophy is a master's program for research work in advance manner. Ph.D. stands for the toppers degree awarded by the university. Ph.D. is detailed research on any topic. The best of both of them are Ph.D. as it is very good in all aspects of students. Ph.D. is a  doctorate degree as the name suggest and it is basically for those students who have an interest in academics a lot.

M.phil's degree is not necessarily a researched degree. but Ph.D. is must be having research. Both degrees are best but far from both the degrees are similar. M.phil's degree leads to a master's degree and a Ph.D. degree leads to a doctorate degree. M.phil is a 1-2 year duration degree but Ph.D. is at least 3-4 year duration and many more.

After Masters and before Ph.D., we can do M.phil, but Ph.D. can do only after Masters, after bachelors in some cases. M.phil does not include any kind of training under experienced teachers but in Ph.D. we can do training under the guidance of experienced teachers. In Ph.D., the students get stipend through which they can not suffer financially. 

Nowadays many people want to step up higher in their career and this is possible only with good qualifications. Therefore both degrees have their own importance bu in comparison of values then Ph.D. is having higher importance instead of M.phil from an academic point of view.