Bachelor of Philosophy
The B.Phil.'s earliest form is as a University of Oxford graduate degree, first awarded in 1682. Originally, Oxford named its pre-doctoral graduate degrees the Bachelor of Philosophy (B.Phil.) (a two-year degree, partly taught and partly by research) and the Bachelor of Letters (B.Litt.) (a two-year research degree). After complaints, especially from overseas students, that this naming convention often meant that graduate degrees were not being recognised as such, the University renamed them Master of Philosophy (M.Phil.) and Master of Letters (M.Litt.). However, the Philosophy Faculty (then a Sub-Faculty) argued that its B.Phil. degree had become so well known and respected in the philosophical world that it would be confusing to change the name. In philosophy, therefore, the degree continues to be called the B.Phil. Those who pass the degree are given the choice of taking a B.Phil. or an M.Phil.; few if any choose the latter. (Note that Oxford also offers a number of other graduate degrees labeled as baccalaureate degrees: the law faculty's BCL; and the music faculty's B.Mus)
Master of Philosophy
In Finland, the regular (first) Master's degree "filosofian maisteri" translates to "Master of Philosophy". However, the term "philosophy" is to be understood to the maximum extent, because this is the name of the basic master's degree in all natural sciences and humanities. It does not imply a specialization in theoretical philosophy or even other than introductory studies. In fact, most of the students majoring in philosophy get a degree with a different name (Master of Sociology or Politics). These degrees are regular master's degrees, not special "higher" degrees (cf. Licentiate and Doctor of Philosophy). In the past, "filosofian maisteri" signified that the degree was earned through actual studying, in contrast to honorary master's degrees that could be granted by application to Bachelors.