The examination of research theses has only relatively recently attracted research interest that has focused on what examiners do and how consistent they are. The research questions in this study address firstly whether PhD and research masters theses were treated by examiners as qualitatively different on 12 indicators of importance across the areas: contribution of the thesis, the literature review, approach and methodology, analyses and results and presentation. Secondly what was the examiner assessment of quality of a recently examined thesis on the same indicators and, finally, how well the indicators were reflected in a holistic assessment of thesis quality. The work reported here draws on the responses of 353 PhD and 74 research masters thesis examiners. Findings showed the examiners generally rated the relative importance of the indicators very similarly at both degree levels. Further the order of importance across indicators was essentially the same for the two levels of thesis. Anticipated differences did emerge with the examiners giving higher quality gradings for all contribution indicators for PhD as compared with research masters theses. The 12 specific quality indicators, individually and collectively were strongly related to the holistic assessment of thesis quality, particularly at the PhD level.