phd worth it or not

• 3 . 01 . 20
• Leaving Academia

Is a PhD Worth It? I Wish I’d Asked These 6 Questions First.

• Posted by: Chris

Updated Nov. 19, 2022

Is a PhD worth it?

Should I get a PhD?

A few people admit to regretting their PhD. Most—myself included — said that they don’t ( I wrote about why in this post ).

But we often say we don’t regret stupid things we’ve done or bad things that happen to us. This means we learned from them, not that we wanted them to happen.

So just because PhDs don’t regret it, doesn’t mean it was worth it.

But if you were to ask, Is a PhD worth it, it’s a different and more complicated question.

When potential PhD students ask me for advice, I hate giving it. I can’t possibly say whether it will be worth it for them. I only know from experience that for some PhDs the answer is no.

In this post, I’ll look at this question from five different directions, five different ways that a PhD could be worth it. Then I give my opinion on each one. You can tell me if I got the right ones of if I’m way off base. So here we go.

This is post contains affiliate links. Thanks for supporting Roostervane!

tl;dr It’s up to you to make it worth it. A PhD can hurt your finances, sink you in debt, and leave you with no clear path to success in some fields. But PhDs statistically earn more than their and have lower unemployment rates. A PhD also gives you a world-class mind, a global network, and a skill set that can go just about anywhere.

Should I Get a PhD?

tl;dr Don’t get a PhD by default. Think it through. Be clear about whether it’s going to help you reach career goals, and don’t expect to be a professor. A few rules of thumb- make sure you know where you want to go and whether a PhD is the ONLY way to get there, make sure it’s FUNDED (trust me), and make sure your program has strong ties into industry and a record of helping its students get there.

1. Is a PhD worth it for your finances?

My guess: Not usually

People waste a lot of their best years living on a grad stipend. To be honest, my money situation was pretty good in grad school. I won a large national grant, I got a ton of extra money in travel grants, and my Canadian province gave me grants for students with dependents. But even with a decent income, I was still in financial limbo–not really building wealth of any sort.

And many students scrape by on very small stipends while they study.

When it comes to entering the marketplace, research from Canada and the United States shows that PhD students eventually out-earn their counterparts with Master’s degrees. It takes PhDs a few years to find their stride, but most of us eventually do fine for earnings if we leave academia. Which is great, and perhaps surprising to many PhDs who think that a barista counter is the only non-academic future they have .

The challenge is not income–it’s time. If you as a PhD grad make marginally more than a Master’s graduate, but they entered the workforce a decade earlier, it takes a long time for even an extra $10,000 a year to catch up. The Master’s grad has had the time to build their net worth and network, perhaps buy a house, pay down debt, invest, and just generally get financially healthy.

While PhDs do fine in earnings in the long run, the opportunity cost of getting the PhD is significant.

The only real way to remedy this—if you’ve done a PhD and accumulating wealth is important to you, is to strategically maximize your earnings and your value in the marketplace to close the wealth gap. This takes education, self-discipline, and creativity, but it is possible.

I tried to calculate the opportunity cost of prolonging entry into the workforce in this post .

2. Is a PhD worth it for your career?

My guess: Impossible to tell

Most of my jobs have given me the perfect opportunity to see exactly where I could be if I’d stopped at a Master’s degree, often working alongside or for those who did and are further ahead. In terms of nuts and bolts of building career experience section on a resume, which is often the most important part, a PhD is rarely worth it. (Some STEM careers do require a PhD.)

However, at the start of my post-graduate educational journey, I was working part-time running teen programs and full time as a landscaper. I had an undergraduate degree. Despite my job and a half, I was still poor. My life had no direction, and had I not begun my Master’s to PhD journey I probably would have stayed there.

The PhD transformed me personally. It did this by developing my skills, or course. But even more so, it taught me that anything is possible. It took a poor kid from a mining town in northern Canada and gave me access to the world. It made my dreams of living abroad come true. I learned that anything is possible. And that will never go away.

It’s changed the course of my life and, subsequently, my career.

It’s impossible for you to know if it’s worth it for your career. But you can build a hell of a career with it.

So it wouldn’t be fair for me to say, “don’t get a PhD.” Because it worked out for me, and for some it does.

But there are a heck of a lot of people who haven’t figured out how to build a career with this thing. Which is one of the reasons Roostervane exists in the first place.

Psst! If you’re looking at doing a PhD because you don’t know where to go next with your career–I see you. Been there. Check out my free PDF guide– How to Build a Great Career with Any Degree.

3. Is a PhD worth it for your personal brand?

My guess: Probably

There’s some debate over whether to put a Dr. or PhD before or after your name. People argue over whether it helps in the non-academic marketplace. Some feel that it just doesn’t translate to whatever their new reality is. Some have been told by some manager somewhere that they’re overqualified and pulled themselves back, sometimes wiping the PhD off their resume altogether.

The truth is, if you have a PhD, the world often won’t know what to do with it. And that’s okay. Well-meaning people won’t understand how you fit into the landscape, and you may have to fight tooth and nail for your place in it. People may tell you they can’t use you, or they might go with what they know—which is someone less qualified and less-educated.

It happens.

But someone with a PhD at the end of their name represents an indomitable leader. So grow your possibilities bigger and keep fighting. And make your personal brand match those three little letters after your name. Do this so that the world around can’t help but see you as a leader. More importantly, do it so that you don’t forget you are.

Should I put “PhD” after my name on LinkedIn?

5 reasons you need to brand yourself

4. Is a PhD worth it for your sense of purpose?

Is getting a PhD worth it? For many people the answer is no.

PhDs are hurting.

If you’ve done one, you know. Remember the sense of meaning and purpose that drew you towards a PhD program? Was it still there at the end? If yours was, you’re lucky. I directed my purpose into getting hired in a tenure-track job, and got very hurt when it didn’t happen.

And people have vastly different experiences within programs.

Some people go through crap. But for them their research is everything and putting up with crap is worth it to feel like they have a sense of purpose. Many PhDs who are drawn into programs chasing a sense of purpose leave deeply wounded and disenchanted, ironically having less purpose when they started.

While new PhDs often talk about the PhD as a path do doing “something meaningful,” those of us who have been through entire programs have often seen too much. We’ve either seen or experienced tremendous loss of self. Some have friends who didn’t make it out the other end of the PhD program.

But there are some PhDs who have a great experience in their programs and feel tremendously fulfilled.

As I reflect on it, I don’t think a sense of purpose is inherently fulfilled or disappointed by a PhD program. There are too many variables.

However, if you’re counting on a PhD program to give you a sense of purpose, I’d be very careful. I’d be even more cautious if purpose for you means “tenure-track professor.” Think broadly about what success means to you and keep an open mind .

5. Is my discipline in demand?

Okay, so you need to know that different disciplines have different experiences. Silicon Valley has fallen in love with some PhDs, and we’re seeing “PhD required” or “PhD preferred” on more and more job postings. So if your PhD is in certain, in-demand subjects… It can be a good decision.

My humanities PhD, on the other hand, was a mistake. I’m 5 years out now, and I’ve learned how to use it and make money with it. That’s the great news. But I’d never recommend that anyone get a PhD in the humanities. Sorry. I really wish I could. It’s usually a waste of years of your life, and you’ll need to figure out how to get a totally unrelated job after anyway.

TBH, most of the skills I make money with these days I taught myself on Skillshare .

6. Is a PhD worth it for your potential?

My guess: Absolutely

Every human being has unlimited potential, of course. But here’s the thing that really can make your PhD worth it. The PhD can amplify your potential. It gives you a global reach, it gives you a recognizable brand, and it gives you a mind like no other.

One of my heroes is Brené Brown. She’s taken research and transformed the world with it, speaking to everyone from Wall-Street leaders to blue-collar workers about vulnerability, shame, and purpose. She took her PhD and did amazing things with it.

Your potential at the end of your PhD is greater than it has ever been.

The question is, what will you do with that potential?

Many PhD students are held back, not by their potential, but by the fact that they’ve learned to believe that they’re worthless. Your potential is unlimited, but when you are beaten and exhausted, dragging out of a PhD program with barely any self-worth left, it’s very hard to reach your potential. You first need to repair your confidence.

But if you can do that, if you can nurture your confidence and your greatness every day until you begin to believe in yourself again, you can take your potential and do anything you want with it.

So why get a PhD?

Because it symbolizes your limitless potential. If you think strategically about how to put it to work.

PhD Graduates Don’t Need Resumes. They Need a Freaking Vision

By the way… Did you know I wrote a book about building a career with a PhD? You can read the first chapter for free on Amazon.

So if you’re asking me, “should I do a PhD,” I hope this post helps you. Try your best to check your emotion, and weigh the pros and cons.

And at the end of the day, I don’t think that whether a PhD is worth it or not is some fixed-in-stone thing. In fact, it depends on what you do with it.

So why not make it worth it? Work hard on yourself to transform into a leader worthy of the letters after your name, and don’t be afraid to learn how to leverage every asset the PhD gave you.

One of the reasons I took my PhD and launched my own company is that I saw how much more impact I could have and money I could be making as a consultant (perhaps eventually with a few employees). As long as I worked for someone else, I could see that my income would likely be capped. Working for myself was a good way to maximize my output and take control of my income.

It’s up to you to make it worth it. Pick what’s important to you and how the degree helps you get there, and chase it. Keep an open mind about where life will take you, but always be asking yourself how you can make more of it.

Check out the related post- 15 Good, Bad, and Awful Reasons People Go to Grad School. — I Answer the Question, “Should I Go to Grad School?” )

Consulting Secrets 3 – Landing Clients

Photo by Christian Sterk on Unsplash There’s a new type of post buzzing around LinkedIn. I confess, I’ve even made a few.  The post is

You’re Not Good Enough… Yet

Last year, I spent $7k on a business coach. She was fantastic. She helped me through sessions of crafting my ideas to become a “thought

$200/hr Expert? Here’s the Secret!

Photo by David Monje on Unsplash I was listening to Tony Robbins this week. He was talking about being the best.  Tony asks the audience,

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Is a PhD worth it now in 2023? [the data]

Deciding to pursue a PhD is a decision not to be taken lightly. Whether or not it is worth it for you depends on a number of circumstances such as your career goals, financial stability, stage in life, support networks, interest in the subject, ability to self-motivate and so much more.

Arguably, for most people, a PhD is not worth it. If you want to enter academia you have no other option than to do a PhD. However, there is often a much better return on investment from other educational pathways such as master’s, professional degrees and work experience.

For some people, the act of getting a PhD is more than for financial return or reward. They have a deep connection with the subject and want to research it. They are willing to put up with the sacrifices required to do a PhD because of their drive for a particular research field.

 These types of researchers are relatively rare.

This article will go through everything you need to know about whether or not PhD is worth it in 2023 and the most important things you should consider before launching into your PhD application process.

Should I Get A PhD?

Deciding whether or not to pursue a doctoral degree is a huge life decision. It can easily take up to 7 years to get a PhD in some countries.

This is a time when others are laying the foundations of their life and have a job starting to build up experience in their professional field.

Doing a PhD delays adult life for most young PhD students.

PhD regret is a real thing and in my youtube video, I share all of the things you need to be aware of when making the decision to do a PhD.

Study referenced in the video: click here.

A doctorate requires an immense amount of work and dedication. And therefore you need to be absolutely certain it is the right decision for you.

If you have a passion for:

• teaching at a university,
• public service,
• or your job has pay scales that can only be reached with a PhD

then getting a PhD may be a perfect choice.

On the other hand, if you are looking for career advancement opportunities or increased earning potential, then it might not be right for you.

There are other options such as a Masters, graduate diploma, or work experience that could potentially open more career advancement opportunities.

If you want to know more about PhDs check out my other articles:

• How long does it take to get a PhD? Complete a PhD quickly
• How long does it take to get a PhD part time? Complete a PhD on your own time. 
• How difficult is it to get a PhD? The real doctorate struggles.

Is getting your PhD worth it for your career?

A PhD is certainly worth it for many careers, especially those in academia, research and education.

A PhD provides you with the skills to:

• perform academic research independently,
• write for peer-reviewed publications,
• present findings to peers
• manage a multi-year project with multiple stakeholders
• teach undergraduate classes
• and much more

These skills are incredibly valuable and well compensated in some careers .

It is also important to consider that a PhD can also help you develop specialized skills and knowledge that are highly valued in certain industries, such as data science and analytics.

A PhD can open up doors to new opportunities that undergraduate and masters degrees do not.

However, a PhD doesn’t necessarily mean that you are going to be compensated better in the workplace with a higher salary.

Let’s take a look at whether or not a PhD is worth it for your finances.

Is a PhD worth it for your finances? Whether a PhD will boost your bank balance. 

Whether or not a PhD is worth it for your finances highly depends on what you’re using your PhD for.

In my experience, a PhD does not guarantee higher wages upon graduation. In fact, it is often a better return on your investment to get a master’s degree and a couple of years of experience in a career to maximise your earning potential.

This is backed up with data.

You can see in the graph below that, on average, the maximum earnings someone can make is with a Masters or professional degree.

Across all of the different subject areas, it is often better to get a professional degree that is directly related to your career rather than pursue a PhD.

It takes many more years to get a PhD and quite bluntly – it does not make financial sense to do a PhD.

For many, the stipend associated with being a PhD student can help to pay for grad school and other expenses during their studies but there is a huge shortfall compared to the wage if you had started a job.

Even if you don’t go into academia, many companies recognize the value of having a PhD but may not offer a financial benefit.

Why is a PhD a bad idea for most people?

Arguably, a PhD is a bad idea for most people because it requires a tremendous amount of time, effort and money to complete, and there are very few job opportunities in academia available.

Also, as we have seen above, it is quite often not financially sensible to pursue a PhD.

Many students embark on a PhD program with the expectation that they will get an academic job upon completion of their studies, but this is not guaranteed. And, is in fact, the exception.

The competition for postdocs and other academic jobs is high and there is no guarantee of job security once you get one.

Having an undergraduate degree already makes you eligible for many jobs outside academia so getting a PhD may not be the best use of your time or resources.

For all these reasons, many people opt out of getting a PhD and pursue alternative career pathways.

What are the Risks of Getting a PhD?

Earning a PhD can be costly both in terms of time and money, and it may take several years to complete a successful doctoral program.

Also, there are many other risks and costs associated with getting a PhD that are not talked about.

These include:

• return on investment
• opportunity cost
• reduced earning potential in early years
• reduce networking with professionals
• and many more.

In my YouTube video below I talk about whether or not get a PhD is worth the effort:

Furthermore, there are risks associated with getting a PhD. One risk is that the long timeframe of earning a PhD may lead to burnout or fatigue for the PhD student.

Another risk is the fact that the value of a particular Ph.D may fluctuate over time, so it’s important to consider whether or not the Ph.D will be worth it in the long run.

There’s always a risk that humanity’s understanding of certain fields could change suddenly, rendering an individual’s doctoral degree obsolete or less valuable than anticipated.

For these reasons and more, individuals considering getting a PhD should evaluate their options carefully before making such an important commitment.

Have you thought realistically about your job prospects?

Some people can get very excited thought of doing a PhD. However, this excitement is incredibly short-lived once they realize that there are no job prospects upon graduation.

When considering job prospects, it is important to think realistically about the opportunities available for when you graduate.

For many PhD students, the dream is to secure a tenure-track position in academia. However, this can be difficult with so many PhDs vying for limited positions in universities and colleges.

Therefore, it is important to consider other options outside of academia as well. This isn’t something that many young PhD students want to hear – but it is where most of them will end up.

Many PhDs have found success in fields such as healthcare, finance, and technology.

Additionally, some PhDs have even gone into non-traditional fields such as teaching English abroad or starting their own business.

I chose the pack of starting my own business and have had a much more fulfilling life and satisfaction from that than I ever did during my years in academia.

No matter what path you choose after completing your PhD, it’s important to remember that there are many opportunities out there for PhD students – both inside and outside of academia.

They may not be obvious at the beginning – just keep searching into you find one that excites you.

PhD Degree Alternatives

There are many alternatives to getting a PhD that can still lead to successful career paths in different fields.

Sure, they may not be as prestigious. They may not even be particularly exciting – but for your career, they offer a much better return on your investment both in terms of time and money.

 We have seen, above, that it is actually much better to settle into a career with a Masters and then upskill with various professional degrees until you reach your desired earning potential.

It PhD is not a guaranteed ticket to a higher-paying job – building up credibility and experience in a particular role is.

There are many other degree alternatives including:

• graduate diplomas
• professional degrees
• vocational courses
• a much more

that can help boost your earning potential.

However, there truly is no alternative to a PhD if you want hard-core research experience and to open up the career pathway to lecturing and research.

For people that want to enter academia I often say that they should have a fallback plan so that when their ideas of becoming a researcher fall away they have a comfortable and realistic backup plan that they would enjoy.

You’ll be amazed how many people don’t know what they would do if they won’t in academia. In today’s highly competitive world that is not good enough.

It is important to explore all of one’s options before committing to pursuing a PhD degree so that they can make an informed decision about their future career path.

Wrapping up

This article has been through everything you need to know about whether or not a PhD is worth it now and all of the important questions you need to ask yourself.

You need to look at your career goals, the financial gains you expect to make with a PhD and what other opportunities open up upon graduation.

However, there are some extreme costs that come with letting a PhD including reduced earning potential for many years, stressing and anxiety, reduction in professional experience, and many others which will need to be addressed if you decide to go down the postgraduate PhD route.

Whatever you decide I hope that this article has provided you with enough formation to help make a decision one way or another.

Dr Andrew Stapleton has a Masters and PhD in Chemistry from the UK and Australia. He has many years of research experience and has worked as a Postdoctoral Fellow and Associate at a number of Universities. Although having secured funding for his own research, he left academia to help others with his YouTube channel all about the inner workings of academia and how to make it work for you.

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Is a PhD Worth It? [2024 Guide]

Is a PhD worth it? How you answer may depend on your definition of rewards. The title “Ph.D.” means “doctor in philosophy” or simply “authority in learning.” In other words, the title, dating back to the middle ages, was not specific to the branch of study we now know as “philosophy.”

Today, a PhD can be obtained in just about any field…but it still involves “philosophy”—a “love of knowledge.”

Editorial Listing ShortCode:

When considering whether or not this is what you want, the intangible pleasures associated with lifelong learning and academic inquiry may be a big part of your calculation, alongside the more earthly rewards commonly referred to as jobs and salaries!

Is a PhD Worth It?

Yes, a PhD is worth it for many students. With evidence of increased job security overall — the Bureau of Labor Statistics projecting 5% job growth in education, training, and library occupations over the next 10 years, there are some real pragmatic reasons getting a PhD might be worth it, in addition to the intellectual satisfaction.

Common careers in this field include teaching at the university level, educational leadership and administration, corporate or government consulting, and cutting-edge science or public-policy research and advocacy.

Keep in mind that the Bureau of Labor Statistics data on postsecondary teaching also includes many lower-paid jobs at vocational and technical schools as well as higher-paying jobs at four-year colleges and in graduate degree programs.

Also keep in mind that the high demand for college teachers (due to a wave of retirements) never really materialized over the past two decades.

But, if the Bureau of Labor Statistics is forecasting accurately, the next ten years could be different. Indeed, a growth trend of 9% for college professors is much higher than the average across all other occupations.

The downside of launching a job search with your newly won PhD degree is that you’re probably going to be looking for a job that aligns with very specialized knowledge.

Sometimes finding a really on-target job opportunity within such a narrow focus of expertise can be challenging, regardless of broader workforce trends—something to keep in mind as you decide what’s right for you.

How to Decide Whether a PhD is Right for You

Let’s face it, learning more, in general, has its rewards for many people. But it’s worth thinking about whether you really like sustained study and have the deep intellectual curiosity that drives independent research, private reflection, and academic writing.

Also, a PhD in a humanities field such as literature, history, political science, or linguistics, well, it won’t necessarily position you for lots of job options, for great geographic mobility, or mega earnings. In fact, it may take some measure of luck to find and land a college teaching job that fits your specialized area of research.

The big upside is that if you do find a good job, you’ll likely experience a high level of satisfaction working in an institution of learning that rewards your intellectual curiosity and expertise with a comfortable salary, job security, and prestige, and where you can continue academic inquiry alongside other specialists who share similar intellectual passions.

Here are some ways to think about whether getting a PhD is right for you:

1. you simply want to be an expert in your field of interest.

For many people inclined to get a PhD, the very idea of being “stuck” in school again for five to eight years is a key reward in itself! It’s true—this is because a PhD-seeker is usually motivated by a life-long love of academic learning.

In most traditional or online PhD programs , you will spend significant time working closely with an advisor who is highly specialized in your area of research, and you’ll learn to do your own ground-breaking research, write a dissertation, and then, maybe, author an academic book or articles.

Plus, most schools offer part-time PhD programs for those who would like to continue working during the day, or for those who simply don’t want to commit full-time.

2. You want to teach at a college or university

Some people, whether they work in a humanities field or in science and technology fields, simply love research and teaching more than anything else.

If you are in a humanities field, a college teaching job may be one of your best options. If you study a technical field, you’ll probably have more career options. Postsecondary teaching jobs may or may not pay as high as some jobs in the for-profit sector.

3. You want to be a policy researcher, leader, and authority

If you want to be a high-level policy expert or a distinguished authority in a specific area of investigation (historian, policy analyst, investigative journalist, or scientific or engineering researcher), you’ll probably need the kind of intensive study and research training that only a PhD program is likely to provide.

Studying for your PhD can not only help you learn a lot about your field of interest, but it can also help you gain deep insights into present knowledge gaps and the areas of greatest potential for new groundbreaking investigation.

5 Things You Can Do with a PhD Degree

A PhD degree may put you on a pathway to a range of jobs based on your interests and aptitudes.

1. College Professor

This is a career path fueled by intellectual curiosity and the satisfaction that comes from helping new generations of students develop their knowledge and become innovative thinkers in their own right.

As a postsecondary teacher, you can get paid to study and teach about a subject you love. Depending on the kind of postsecondary school you work in, you might spend more time teaching or more time researching and publishing.

You may also travel periodically, attending professional conferences, for example, or doing a teaching stint or research fellowship at another college. If you want to teach at a community college, technical school, or vocational adult school, you may find a range of part-time and full-time opportunities, but perhaps for less pay.

2. Educational Administration

At most colleges and universities, the administrators running the school often have resumes with advanced academic degrees and several years of postsecondary teaching experience, even though these qualifications may not directly relate to their administrative office.

As a school system administrator, you may support curriculum development or student services, or you may be in charge of hiring and facilitating staff development efforts or overseeing departmental budgets.

At the highest levels of higher education leadership, you may help envision system innovations, direct public relations campaigns, and influence overarching spending priorities. In pubic K12 systems, a PhD is not required for getting a teaching job but may earn you salary stipends and put you on track for district-level jobs down the road.

3. Policy Analyst

Ever thought about being part of a think tank or inter-governmental research panel? If you want to move into senior-level policy research and advocacy, then a PhD and a documented trail of specialized publications can help you qualify.

In this kind of job, you will likely collaborate with other experts on creating reports, gathering and interpreting data, and making formal presentations to governments or business groups. You may also contribute to publishing findings and recommendations in scholarly journals.

4. Scientific Researcher

These jobs may give you a chance to use the specialized knowledge and the advanced research skills you developed in a science- or technology-related PhD program to conduct lab-based, statistical, or clinical research.

This kind of work may be public-interest focused or have commercial applications, may land you a job in a government agency, a research university, or in a business entity doing research for product development or for commercial patents.

5. Consultant

If you are an expert in your field of research, you may want to market your knowledge and expertise as an independent contractor or by working with a small or large consulting firm.

As a consultant, you may come alongside other busy professionals who need help with evidence-based planning and decision making and want ready-made tools and data sets for modeling, forecasting, and implementing change-focused initiatives, for developing business strategies, or for improving governance structures or organizational processes.

PhD Degree Alternatives

Whatever your thoughts about getting a PhD, you may want to consider professional degrees as an alternative. According to the Bureau of Labor Statistics, professional degrees often offer above-average earnings, comparable to those earnings attributable to holding a PhD.

Here are some examples of professional degrees based on different occupational fields:

• Juris Doctor or Doctor of Jurisprudence (JD) . If you are interested in law but want to practice in a law firm or seek a judgeship, a JD may be a good alternative.
• Medical Doctor (MD), Veterinarian (DVM), Pharmacist (DrPH), or Dentist (DDS) . If you want to work in one of these lucrative medical professions, professional degrees may provide the best option in many cases.
• Doctor of Education (EdD) . If you love teaching, but are interested in moving up into a leadership position in public K12 school system administration or policy, the most practical route in many cases may be to pursue an EdD, rather than a PhD.

In short, for high-level careers in humanities fields, there are few substitutes for the PhD since you’ll probably want a college teaching career.

In more regulated or commercial fields, such as medicine, law, publishing, finance, accounting, public health, and public education, you may often find professional degrees make more sense, unless your sights are set primarily on jobs in academia.

PhD Careers & Salaries

According to the Bureau of Labor Statistics , getting a PhD can help you get a job that allows you to teach and continue researching in your field of interest and often allows for a good salary.

As you can see, for some professionals, it’s probably worth getting a PhD, but the commitment it takes pays off, in many cases, only in part by how much you can boost your earnings…the other rewards are likely to be intellectual curiosity and professional status.

Getting Your PhD Online

For students who are ready to turn an intellectual passion into a life-long intellectual pursuit, advancing from a masters and getting a PhD from an accredited institution is worth it for many students. In fact, you may even want to consider an online PhD program.

Getting a PhD online may provide you more options than you imagine. Think about it before you leap… but if you’re feeling bored at your desk and longing for a return to college life and intellectual growth… well, getting a PhD may be just what the doctor ordered!

Is it a good time to be getting a PhD? We asked those who’ve done it

Researcher, College of Nursing and Health Sciences, Flinders University

Postdoctoral Research Associate, College of Nursing and Health Sciences, Flinders University

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Career Sessions was sponsored by a grant from Inspiring SA ( https://inspiringsa.org.au/ ).

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The number of Australian PhD graduates reached around 10,000 a year in 2019, twice as many as in 2005. However, the number of PhDs has been exceeding the available academic positions since as early as the mid-1990s. In 2020, universities purged around 10% of their workforce due to the pandemic, and many university careers are still vulnerable .

Given these statistics, you might wonder if doing a PhD is still a good idea. Based on our discussions with PhD holders, there are still plenty of very good reasons, which is good news in 2021.

Read more: 2021 is the year Australia's international student crisis really bites

In June 2020 we interviewed 12 PhD holders from multiple disciplines for our podcast Career Sessions to investigate the question: why do a PhD?

Why do a PhD?

The PhD is a mechanism for developing high-level research skills, learning about rigours of science or the development of theory. It sets you up with project management, problem-solving and analytical skills that are meaningful within and beyond academia.

“It just taught me all those transferable skills, project management, and also now starting businesses. I’m amazed at how close starting a business is to doing a science project.” – Dr Andy Stapleton

For our interviewees, the PhD is an opportunity to dive deeply into a topic they are passionate about. They also considered contributing new knowledge to be a privilege. The process taught them to be better thinkers, critical thinkers, and to view the world through new eyes.

“The mental fitness to work at a high level, to be able to think at a high level, to be able to write it […] The topic is less important.” – Dr Gareth Furber

The PhD is a voyage of discovery to a better understanding of how things work. It gives them a credible platform from which their voice can be heard and respected, and they can contribute to change.

“I think it’s definitely like a springboard or something. It launches you into a whole other place and it gives you […] more of a voice. It’s a political act for me. It’s about making change.” – Dr Elizabeth Newnham

The PhD is a tough and sometimes painful journey, but ultimately rewarding. The extraordinary was tempered by frustration, and the experience shaped their lives, increasing self-confidence and leading to new self-awareness.

Read more: PhD completion: an evidence-based guide for students, supervisors and universities

When asked whether they would they do it again, no-one hesitated in saying “yes”.

“You will never stretch your brain in a way that a PhD forces you to.” – Professor Kate Douglas.

The PhD is not necessarily a golden ticket to an academic career, but the experience and skills you develop will be meaningful for your future.

“What I’d done in my PhD gave me a lot broader sense than just my own personal experience. There were a lot of people that have heard me speak and a lot of that’s been informed by the PhD. So it might not be direct, but it’s informed who I am.” – Dr Susan Close

Advice from our guests

Keep both your eyes and your mind open. Pick a topic you are passionate about. Speak to people both within and outside academia to find out where this could lead. Think about whether you actually need a PhD to get to where you want to be.

You’ll have to make some judgement calls about how a PhD can fit into your life.

And find the right supervisor! They are the most important relationship you will have throughout your candidature, and they are a solid reference for what comes next. Finding the right supervisor will always enhance your PhD experience .

Read more: Ten types of PhD supervisor relationships – which is yours?

A PhD isn’t right for everyone. Ask yourself, is it the right time for you and your research interests? Are you resilient? Mental health among PhD students is poor

Our podcast guests have witnessed PhD students’ struggles. The pathway of a PhD candidate is not linear. There are many ups and downs. You will meander in many unplanned directions and often take wrong turns.

When you have completed your PhD, the hard work is really just starting. It is a gateway, but there are a lot of PhDs out there. It is what comes next that really counts.

“It’s a gateway. You’re learning how to do research. But if you really want to be successful afterwards, you need to apply that, and be diligent about that as well, and have a good work ethic.” – Dr Mark Krstic

Read more: 1 in 5 PhD students could drop out. Here are some tips for how to keep going

A PhD in any field is an achievement. Even the most niche topics will contribute knowledge to a field that is important for many people. The reward is intrinsic and only you can identify how doing a PhD will contribute to your life. It gives you a great toolkit to identify the doors that are appropriate for you.

“The first paper was the most exciting thing. […] at that time I thought of papers as like a version of immortality. My name is on something that will last forever. I think this is my legacy.” – Dr Cameron Shearer

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• Is Doing a PhD Worth It?
• Finding a PhD

Undertaking a PhD shouldn’t be a light decision. In fact, it’s one of the most challenging academic journeys you could embark on. This begs the question: Is a PhD worth it?

A PhD is the highest globally recognised postgraduate degree that higher education institutions can award. The degree, which is awarded to candidates who demonstrate original and extensive research in a particular field of study, is not only invaluable in itself, but can lead to improves job prospects, a higher salary on average, and sets you up for invaluable skills and traits. If you are a graduate student considering undertaking doctoral studies, read our guidance to help you make an informed decision.

Career Prospects

Although a full time PhD takes on average three to five years to complete, that doesn’t mean you shouldn’t have a long-term goal, especially with the possibilities that come with it. It’s a common misunderstanding that PhDs only open the door for educational based roles such as university lecturers and training providers. Although obtaining a PhD does lend itself to an academic career, the opportunities extend far beyond the traditional academic job. In fact, recent data from the UK’s Higher Education Statistics Agency (HESA) indicates only 23% of PhD graduates take a position in educational roles. This low percentage is primarily because PhD graduates have a wide range of skills that make them suitable for a broad spectrum of roles. This is being seen first hand by the increasing number of PhD graduates who are entering alternative roles such as research, writing, law and investment banking.

Percentages aside, one of the most desirable post-doctoral fields is working within independent Research and Development (R&D) labs and new emerging companies. Both industries, especially R&D labs, have dedicated groups of PhD graduates who lead research activities, design new products and take part in crucial strategic meetings. Not only is this a stimulating line of work, but the average salaries in R&D labs and emerging start-ups are incredibly lucrative. In comparison, an undergraduate with five years of experience within their given field will, on average, likely earn less than a new PhD graduate taking on an R&D position. Completing an advanced degree programme demonstrates that you have developed a knowledge base in your research area which gives you a head start over other candidates who many only have an undergraduate degree or masters degree.

Pursuing your Interests

One factor to consider when asking ‘is a PhD worth it?’ is what your interests are. A doctoral degree is a fantastic opportunity to spend time learning about something that appeals to you. Having an interest in your research area as a PhD student is a massive advantage as you will always be motivated to push the boundaries of your research. Possessing an advanced degree in a field your are genuinely interested in can also help shape your career path and help you land your dream job.

Transferable Skills

PhD students are widely in demand for their wide range of skills they develop during their studies. Not only do these skills extend beyond that obtained by an undergraduate counterpart, but the transferability of the skills is what makes them stand out amongst employers.

Professional Networking

To successfully undertake a PhD, it’s paramount to have a good working relationship with your PhD supervisor and other students in your laboratory, workshop, or department. This relationship will also extend to undertaking short-term collaborative projects, delivering joint conferences and co-authoring research papers. The modern doctorate needs to demonstrate effective team working, collaboration and networking to be successful in their chosen field. This skill is highly sought by all employers, as open and effective communication is key to any project.

Publication

Although publishing isn’t a requirement of all PhD projects, all students will have the opportunity to produce technical or informative texts, regardless of whether it’s in the form of reports or academic journal articles.

The preparation, research, writing, and editing of such texts demonstrate your ability to amalgamate information and communicate complex ideas. Regardless of an employer’s field, the ability to record and summarise essential information is a fundamental skill they look for. Demonstrating you’re capable of delivering factual documents will help set you apart from colleagues, which will help make strides in your career.

Research Skills

One of the most valued skills you’ll gain during your PhD study is the ability to undertake original research. Not only does this demonstrate you are able to think independently, but also that you are prepared to take on responsibility and can contribute original ideas to the workplace. In undertaking a PhD, you will prove yourself as a professional expert in this area, making you a suitable candidate for research jobs.

Data analysis

A PhD programme, in particular a STEM PhD project, is likely to involve identifying, managing and analysing large amounts of complex information. In addition to this, you could be required to assimilate this information in an appropriate and understandable format. Because of this a data driven doctorate degree is highly desirable in numerical industries such as banking and engineering.

Public Speaking

In today’s industries, excellent oral communication skills are becoming more and more essential. Although many individuals struggle with this skill, as a PhD graduate, you’re more likely to excel in this area. This is because of the many public speaking opportunities you’ll be exposed to during your course. Through conference talks, presentations, and posters, you’ll learn to become confident and engaging when speaking to a broad audience. You’ll also showcase to future employers that you know how to present complex ideas and defend them.

Project management

Even if your career goal isn’t to become a project manager, all jobs require some project management. Fortunately, PhDs are a project management exercise. To complete your thesis, you must design a project, establish a realistic timetable, manage stakeholders and overcome failures. While attempting to achieve the long-term goal set out by the PhD, you must also set, manage, and achieve short-term goals to make progress.

This scenario accurately represents any modern workplace. You’ll be given the autonomy to manage your projects and workload and be expected to do so at a competent level. With this in mind, PhD holders can show they are more than capable of managing a team, and in doing so broaden their career options when entering the job market.

Critical Thinking

Every doctoral student will gain unparalleled skills in exercising critical thinking. This is due to having been trained to address problems, identify connections and analyse information to come to sensible conclusions. A critical thinker is exceptionally beneficial for any industry.

Co-operation

Nearly all careers place a strong emphasis on team working and interpersonal skills. Although producing a PhD thesis is an individual task, to complete your doctoral degree you’ll need to collaborate with others, whether it be to conduct experiments, collect data, operate as part of a larger research group or co-write manuscripts. To complete these tasks, you must know how to divide the task, share with others, communicate effectively, and resolve conflicts. All these skills carry over to any workplace, not just those in an academic position. By demonstrating that you can work as part of a team, you’ll significantly increase your desirability for any role.

Many prospective PhD students see a future in academia. Strong communication skills are essential in this line of work as in addition to giving lectures you may be involved in the supervision of graduate students during their final year projects.

As a graduate student you will have spent the last few years in university and likely have some student debt. A doctorate programme is a further large financial commitment, in particular if you self-fund your studies which can take 3-5 years to complete as a full time PhD student. Even if you secure a funded PhD, the available living stipend will comparatively be less than you would potentially earn if you had gone into employment instead. Part time PhD programmes also worth looking at for PhD candidates, as they allow researchers to work during their PhD course who can then spend their earnings towards their living costs and tuition fees.

In analysing the career prospects and transferable skills gained in undertaking a PhD degree, it is clear that pursuing a PhD is an extremely worthwhile venture.

You will develop deep knowledge in your research area which gives you an advantage when applying to academic jobs (for example a professor or research advisor/PostDoc). During your doctoral years you’ll also gain many skills valued in any career path, from problem solving, to managing tasks and communicating complex ideas. Possessing a PhD correlates to higher median salaries, and can aid career progression as a PhD holder can use their specialist skills to seek out unique opportunities in industry. These skills, combined with the new roles that open up for doctorate holders, such as working within innovative Research and Development teams, presents an exciting and prosperous future.

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Why doing a PhD is often a waste of time

The disposable academic.

The Economist

This article originally appeared in the 2010 Christmas double issue of The Economist.

On the evening before All Saints’ Day in 1517, Martin Luther nailed 95 theses to the door of a church in Wittenberg. In those days a thesis was simply a position one wanted to argue. Luther, an Augustinian friar, asserted that Christians could not buy their way to heaven. Today a doctoral thesis is both an idea and an account of a period of original research. Writing one is the aim of the hundreds of thousands of students who embark on a doctorate of philosophy (PhD) every year.

In most countries a PhD is a basic requirement for a career in academia. It is an introduction to the world of independent research — a kind of intellectual masterpiece, created by an apprentice in close collaboration with a supervisor. The requirements to complete one vary enormously between countries, universities and even subjects. Some students will first have to spend two years working on a master’s degree or diploma. Some will receive a stipend; others will pay their own way. Some PhDs involve only research, some require classes and examinations and some require the student to teach undergraduates. A thesis can be dozens of pages in mathematics, or many hundreds in history. As a result, newly minted PhDs can be as young as their early 20s or world-weary forty-somethings.

One thing many PhD students have in common is dissatisfaction. Some describe their work as “slave labour”. Seven-day weeks, ten-hour days, low pay and uncertain prospects are widespread. You know you are a graduate student, goes one quip, when your office is better decorated than your home and you have a favourite flavour of instant noodle. “It isn’t graduate school itself that is discouraging,” says one student, who confesses to rather enjoying the hunt for free pizza. “What’s discouraging is realising the end point has been yanked out of reach.”

Whining PhD students are nothing new, but there seem to be genuine problems with the system that produces research doctorates (the practical “professional doctorates” in fields such as law, business and medicine have a more obvious value). There is an oversupply of PhDs. Although a doctorate is designed as training for a job in academia, the number of PhD positions is unrelated to the number of job openings. Meanwhile, business leaders complain about shortages of high-level skills, suggesting PhDs are not teaching the right things. The fiercest critics compare research doctorates to Ponzi or pyramid schemes.

Rich pickings

For most of history even a first degree at a university was the privilege of a rich few, and many academic staff did not hold doctorates. But as higher education expanded after the second world war, so did the expectation that lecturers would hold advanced degrees. American universities geared up first: by 1970 America was producing just under a third of the world’s university students and half of its science and technology PhDs (at that time it had only 6% of the global population). Since then America’s annual output of PhDs has doubled, to 64,000.

Other countries are catching up. Between 1998 and 2006 the number of doctorates handed out in all OECD countries grew by 40%, compared with 22% for America. PhD production sped up most dramatically in Mexico, Portugal, Italy and Slovakia. Even Japan, where the number of young people is shrinking, churned out about 46% more PhDs. Part of that growth reflects the expansion of university education outside America. Richard Freeman, a labour economist at Harvard University, says that by 2006 America was enrolling just 12% of the world’s students.

But universities have discovered that PhD students are cheap, highly motivated and disposable labour. With more PhD students they can do more research, and in some countries more teaching, with less money. A graduate assistant at Yale might earn $20,000 a year for nine months of teaching. The average pay of full professors in America was $109,000 in 2009 — higher than the average for judges and magistrates.

Indeed, the production of PhDs has far outstripped demand for university lecturers. In a recent book, Andrew Hacker and Claudia Dreifus, an academic and a journalist, report that America produced more than 100,000 doctoral degrees between 2005 and 2009. In the same period there were just 16,000 new professorships. Using PhD students to do much of the undergraduate teaching cuts the number of full-time jobs. Even in Canada, where the output of PhD graduates has grown relatively modestly, universities conferred 4,800 doctorate degrees in 2007 but hired just 2,616 new full-time professors. Only a few fast-developing countries, such as Brazil and China, now seem short of PhDs.

A short course in supply and demand

In research the story is similar. PhD students and contract staff known as “postdocs”, described by one student as “the ugly underbelly of academia”, do much of the research these days. There is a glut of postdocs too. Dr Freeman concluded from pre-2000 data that if American faculty jobs in the life sciences were increasing at 5% a year, just 20% of students would land one. In Canada 80% of postdocs earn $38,600 or less per year before tax — the average salary of a construction worker. The rise of the postdoc has created another obstacle on the way to an academic post. In some areas five years as a postdoc is now a prerequisite for landing a secure full-time job.

These armies of low-paid PhD researchers and postdocs boost universities’, and therefore countries’, research capacity. Yet that is not always a good thing. Brilliant, well-trained minds can go to waste when fashions change. The post-Sputnik era drove the rapid growth in PhD physicists that came to an abrupt halt as the Vietnam war drained the science budget. Brian Schwartz, a professor of physics at the City University of New York, says that in the 1970s as many as 5,000 physicists had to find jobs in other areas.

In America the rise of PhD teachers’ unions reflects the breakdown of an implicit contract between universities and PhD students: crummy pay now for a good academic job later. Student teachers in public universities such as the University of Wisconsin-Madison formed unions as early as the 1960s, but the pace of unionisation has increased recently. Unions are now spreading to private universities; though Yale and Cornell, where university administrators and some faculty argue that PhD students who teach are not workers but apprentices, have resisted union drives. In 2002 New York University was the first private university to recognise a PhD teachers’ union, but stopped negotiating with it three years later.

In some countries, such as Britain and America, poor pay and job prospects are reflected in the number of foreign-born PhD students. Dr Freeman estimates that in 1966 only 23% of science and engineering PhDs in America were awarded to students born outside the country. By 2006 that proportion had increased to 48%. Foreign students tend to tolerate poorer working conditions, and the supply of cheap, brilliant, foreign labour also keeps wages down.

A PhD may offer no financial benefit over a master’s degree. It can even reduce earnings

Proponents of the PhD argue that it is worthwhile even if it does not lead to permanent academic employment. Not every student embarks on a PhD wanting a university career and many move successfully into private-sector jobs in, for instance, industrial research. That is true; but drop-out rates suggest that many students become dispirited. In America only 57% of doctoral students will have a PhD ten years after their first date of enrolment. In the humanities, where most students pay for their own PhDs, the figure is 49%. Worse still, whereas in other subject areas students tend to jump ship in the early years, in the humanities they cling like limpets before eventually falling off. And these students started out as the academic cream of the nation. Research at one American university found that those who finish are no cleverer than those who do not. Poor supervision, bad job prospects or lack of money cause them to run out of steam.

Even graduates who find work outside universities may not fare all that well. PhD courses are so specialised that university careers offices struggle to assist graduates looking for jobs, and supervisors tend to have little interest in students who are leaving academia. One OECD study shows that five years after receiving their degrees, more than 60% of PhDs in Slovakia and more than 45% in Belgium, the Czech Republic, Germany and Spain were still on temporary contracts. Many were postdocs. About one-third of Austria’s PhD graduates take jobs unrelated to their degrees. In Germany 13% of all PhD graduates end up in lowly occupations. In the Netherlands the proportion is 21%.

A very slim premium

PhD graduates do at least earn more than those with a bachelor’s degree. A study in the Journal of Higher Education Policy and Management by Bernard Casey shows that British men with a bachelor’s degree earn 14% more than those who could have gone to university but chose not to. The earnings premium for a PhD is 26%. But the premium for a master’s degree, which can be accomplished in as little as one year, is almost as high, at 23%. In some subjects the premium for a PhD vanishes entirely. PhDs in maths and computing, social sciences and languages earn no more than those with master’s degrees. The premium for a PhD is actually smaller than for a master’s degree in engineering and technology, architecture and education. Only in medicine, other sciences, and business and financial studies is it high enough to be worthwhile. Over all subjects, a PhD commands only a 3% premium over a master’s degree.

Dr Schwartz, the New York physicist, says the skills learned in the course of a PhD can be readily acquired through much shorter courses. Thirty years ago, he says, Wall Street firms realised that some physicists could work out differential equations and recruited them to become “quants”, analysts and traders. Today several short courses offer the advanced maths useful for finance. “A PhD physicist with one course on differential equations is not competitive,” says Dr Schwartz.

Many students say they are pursuing their subject out of love, and that education is an end in itself. Some give little thought to where the qualification might lead. In one study of British PhD graduates, about a third admitted that they were doing their doctorate partly to go on being a student, or put off job hunting. Nearly half of engineering students admitted to this. Scientists can easily get stipends, and therefore drift into doing a PhD. But there are penalties, as well as benefits, to staying at university. Workers with “surplus schooling” — more education than a job requires — are likely to be less satisfied, less productive and more likely to say they are going to leave their jobs.

Academics tend to regard asking whether a PhD is worthwhile as analogous to wondering whether there is too much art or culture in the world. They believe that knowledge spills from universities into society, making it more productive and healthier. That may well be true; but doing a PhD may still be a bad choice for an individual.

The interests of academics and universities on the one hand and PhD students on the other are not well aligned. The more bright students stay at universities, the better it is for academics. Postgraduate students bring in grants and beef up their supervisors’ publication records. Academics pick bright undergraduate students and groom them as potential graduate students. It isn’t in their interests to turn the smart kids away, at least at the beginning. One female student spoke of being told of glowing opportunities at the outset, but after seven years of hard slog she was fobbed off with a joke about finding a rich husband.

Monica Harris, a professor of psychology at the University of Kentucky, is a rare exception. She believes that too many PhDs are being produced, and has stopped admitting them. But such unilateral academic birth control is rare. One Ivy-League president, asked recently about PhD oversupply, said that if the top universities cut back others will step in to offer them instead.

Noble pursuits

Many of the drawbacks of doing a PhD are well known. Your correspondent was aware of them over a decade ago while she slogged through a largely pointless PhD in theoretical ecology. As Europeans try to harmonise higher education, some institutions are pushing the more structured learning that comes with an American PhD.

The organisations that pay for research have realised that many PhDs find it tough to transfer their skills into the job market. Writing lab reports, giving academic presentations and conducting six-month literature reviews can be surprisingly unhelpful in a world where technical knowledge has to be assimilated quickly and presented simply to a wide audience. Some universities are now offering their PhD students training in soft skills such as communication and teamwork that may be useful in the labour market. In Britain a four-year NewRoutePhD claims to develop just such skills in graduates.

The interests of universities and tenured academics are misaligned with those of PhD students

Measurements and incentives might be changed, too. Some university departments and academics regard numbers of PhD graduates as an indicator of success and compete to produce more. For the students, a measure of how quickly those students get a permanent job, and what they earn, would be more useful. Where penalties are levied on academics who allow PhDs to overrun, the number of students who complete rises abruptly, suggesting that students were previously allowed to fester.

Many of those who embark on a PhD are the smartest in their class and will have been the best at everything they have done. They will have amassed awards and prizes. As this year’s new crop of graduate students bounce into their research, few will be willing to accept that the system they are entering could be designed for the benefit of others, that even hard work and brilliance may well not be enough to succeed, and that they would be better off doing something else. They might use their research skills to look harder at the lot of the disposable academic. Someone should write a thesis about that.

Written by The Economist

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The Pros and Cons of Getting a PhD

Getting a doctorate is a decision that will impact both your personal and professional life for many years to come. In this blog, we explore the benefits and drawbacks of attaining a doctoral degree, aiming to provide you with an unbiased view to help you make an informed decision.

Why Consider A PhD?

The benefits of a phd.

When it comes to enhancing your knowledge and contributing to your chosen field, few pathways can match the depth of a PhD. The benefits of a PhD extend beyond mere academic gains – they permeate each dimension of your professional enhancement.

1. Mastery in Your Field A PhD equips you with comprehensive knowledge about a specific area, amplifying your analytical, critical thinking and research skills to a level far beyond what a bachelor’s or a master’s degree could offer.

2. Opportunity for Ground-breaking Research As a PhD student, your primary role is to create new knowledge. The sense of fulfillment derived from contributing something novel to your field can be incredibly rewarding.

3. Networking Opportunities During your PhD program, you'll attend conferences and seminars, presenting you with opportunities to mingle with like-minded individuals, renowned academics and industry professionals, expanding your professional network substantially.

4. Enhanced Career Prospects With a PhD, a broader horizon of career opportunities opens up. You become a university professor, a leader in research organizations, or even a policy-maker influencing critical decisions in your field.

Practical Reasons to Get a Doctorate Degree

1. Societal Impact PhD holders can influence policy, promoting changes that positively impact society at various levels.

2. Teaching Opportunities For those passionate about educating others and impacting future generations, a Doctorate degree is often a prerequisite for higher-level academic positions.

3. Potential Higher Earnings A direct benefit of a PhD is the possibility of higher earnings over the course of your career, although this can vary considerably depending on the field.

The Flip Side: Challenges of a PhD 

Just like any significant endeavor, getting a doctorate comes with its fair share of challenges.

The Cons of a PhD

1. Time and Financial Commitment A typical PhD can take 4-7 years to complete. Not only does this require a substantial investment of your time, it can also strain your finances. While scholarships and stipends may alleviate some costs, there is the foregone income to consider as well.

2. Pressures and Stress Levels The demands of a PhD — meticulous research, endless writing and frequent presentations — are often high. The intense pressure can lead to stress and burnout.

3. Work-Life Balance The long hours often required to complete a PhD can lead to a blurring of lines between work and personal life.

Practical Disadvantages of a Doctorate Degree

1. Over-Qualification Depending on your field, you might find potential employers outside academia who view you as overqualified, thus narrowing your pool of job opportunities.

2. Limited Practical Experience Dependent largely on theoretical work, a PhD sometimes lags in offering industry-specific training, which some employers may seek.

3. Opportunity Costs You should consider alternative achievements you might forego during the years spent on your PhD. This includes work experience, career progression, or even personal life events.

Making an Informed Decision: PhD or Not?

Deciding whether or not a PhD is worth it for you is a deeply personal decision, highly dependent on your long-term career goals and current life situation.

Evaluate your reasons to get a doctorate degree. 

• Are you genuinely passionate about research?
• How essential is a PhD for your career aspirations?
• Are you ready for the financial implications?

Have you considered the opportunity cost? 

Seeking advice from PhD holders, mentors, and career advisors can offer valuable insights in answering these questions.

The decision to pursue a PhD is undoubtedly complex and multifaceted. It requires careful consideration of both the benefits of a doctorate degree and its potential disadvantages. Ultimately, though, it is a personal decision. What is very clear is this: when used as a stepping stone for specific career goals, a PhD can be an exceptionally powerful tool.

learn more about what it takes to get a PhD

Explore our guide How to Get a PhD: A Guide to Choosing and Applying to PhD Programs. 

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Experiences of a London PhD student and beyond

Is a PhD Worth It? Should I Do a PhD?

It’s been almost a year since I was officially awarded my PhD. How time flies! I figure now is a good time to reflect on the PhD and answer some of life’s big questions. Is a PhD worth it? Does having a PhD help your future job prospects? Am I pleased that I did a PhD and would I recommend that you do a PhD?

In this post I’ll walk through some of the main points to consider. We’ll touch on some pros and cons, explore the influence it could have on your career and finally attempt to answer the ultimate question. Is a PhD worth it?

Before we get into the details, if you’re considering applying for a PhD you may also want to check out a few other posts I’ve written:

• How Hard is a PhD?
• How Much Work is a PhD?
• How Much Does a PhD Student Earn? Comparing a PhD Stipend to Grad Salaries
• Characteristics of a Researcher

Are you seated comfortably? Great! Then we’ll begin.

The Pros and Cons of PhDs

When I have a difficult decision to make I like to write a pros and cons list. So let’s start by breaking down the good and bad sides of getting a PhD. Although I’ve tried to stay objective, do take into account that I have completed a PhD and enjoyed my project a lot!

These lists certainly aren’t exhaustive, so be sure to let me know if you can think of any other points to add!

The Good Parts: Reasons to Do a PhD

Life as a phd student.

• You get to work on something really interesting . Very few people outside of academia get to dive so deep into topics they enjoy. Plus, by conducting cutting edge research you’re contributing knowledge to a field.
• It can be fun! For example: solving challenges, building things, setting up collaborations and going to conferences.
• Being a PhD student can be a fantastic opportunity for personal growth : from giving presentations and thinking critically through to making the most of being a student such as trying new sports.
• You are getting paid to be a student : I mean come on, that’s pretty good! Flexible hours, socialising and getting paid to learn can all be perks. Do make sure you consciously make the most of it!

Life As A PhD Graduate

• The main one: Having a PhD may open doors . For certain fields, such as academia itself, a PhD may be a necesity. Whilst in others having a PhD can help demonstrate expertise or competency, opening doors or helping you to leapfrog to higher positions. Your mileage may vary!
• You survived a PhD: this accomplishment can be a big confidence booster .
• You’ve got a doctorate and you can use the title Dr. Certainly not enough justification on it’s own to do a PhD, but for some people it helps!

The Bad Parts: Potential Reasons Not to Do a PhD

• It can be tough to complete a PhD! There are lots of challenges . Unless you’re careful and take good care of yourself it can take a mental and physical toll on your well being.
• A PhD can be lonely ( though doesn’t have to be ), and PhD supervisors aren’t always as supportive as you’d like them to be.
• Additionally, in particular now during the pandemic, you might not be able to get as much support from your supervisor, see your peers or even access the equipment and technical support as easily as in normal times.
• You might find that having a PhD may not bring the riches you were expecting . Have a certain career you’re looking to pursue? Consider trying to find out whether or not having a PhD actually helps.
• Getting a job with a PhD can still be tough . Let’s say you want to go for a career where having a PhD is required, even once you’ve got a PhD it might not be easy to find employment. Case in point are academic positions.
• Even though you’ve put in the work you may want to use your Dr title sparingly , it certain industries a PhD may be seen as pretencious. Also, use your title sparingly to avoid getting mistaken for a medic (unless of course you’re one of them too!)

Is a PhD Good For Your Career?

If you’re wondering “Should I do a PhD?”, part of your motivation for considering gaining a PhD may be your career prospects. Therefore I want to now dive deeper into whether or not a PhD could help with future employment.

It is difficult to give definitive answers because whether or not a PhD helps will ultimately depend a lot upon what kind of career you’re hoping to have. Anyway, let’s discuss a few specific questions.

Does a PhD Help You Get a Job?

For certain industries having a PhD may either be a requirement or a strong positive.

Some professions may require a PhD such as academia or research in certain industries like pharma. Others will see your qualification as evidence that you’re competent which could give you an edge. Of course if you’re aiming to go into a career using similar skills to your PhD then you’ll stand a better chance of your future employer appreciating the PhD.

In contrast, for other roles your PhD may not be much help in securing a job. Having a PhD may not be valued and instead your time may be better spent getting experience in a job. Even so, a PhD likely won’t have been completely useless.

When I worked at an engineering consultancy the recruitment team suggested that four years of a PhD would be considered comparable to two or three years of experience in industry. In those instances, the employer may actively prefer candidates who spent those years gaining experience on the job but still appreciates the value of a PhD.

Conclusion: Sometimes a PhD will help you get a job, othertimes it wont. Not all employers may appreciate your PhD though few employers will actively mark you down for having a PhD.

Does a PhD Increase Salary? Will it Allow You to Start at a Higher Level?

This question is very much relates to the previous one so my answer will sound slightly similar.

It’ll ultimately depend upon whether or not the industry and company value the skills or knowledge you’ve gained throughout your PhD.

I want to say from the start that none of us PhD-holders should feel entitled and above certain types of position in every profession just for having a PhD. Not all fields will appreciate your PhD and it may offer no advantage. It is better to realise this now.

Some professions will appreciate that with a PhD you’ll have developed a certain detail-orientated mindset, specialised knowledge or skills that are worth paying more for. Even if the position doesn’t really demand a PhD, it is sometimes the case that having someone with a PhD in that position is a useful badge for the company to wave at customers or competitors. Under these circumstances PhD-holders may by default be offered slightly higher starting positions than other new-starters will lower degree qualifications.

To play devil’s advocate, you could be spending those 3-4 (or more) years progressing in the job. Let’s look at a few concrete examples.

PhD Graduate Salaries in Academia

Let’s cut to the chase: currently as a postdoc at a decent university my salary is £33,787, which isn’t great. With a PhD there is potential to possibly climb the academic ladder but it’s certainly not easy. If I were still working in London I’d be earning more, and if I were speficially still working at Imperial in London I’d be earning a lot more. Browse Imperial’s pay scales here . But how much is it possible to earn with a PhD compared to not having one?

For comparison to research staff with and without PhDs:

As of 2023 research assistants (so a member of staff conducting research but with no PhD) at Imperial earn £38,194 – £ 4 1,388 and postdoctoral research associates earn £43,093 – £50,834 . Not only do you earn £5000 or more a year higher with a PhD, but without a PhD you simply can’t progress up the ladder to research fellow or tenure track positions.

Therefore in academia it pays to have a PhD, not just for the extra cash but for the potential to progress your career.

PhD Graduate Salaries in Industry

For jobs in industry, it is difficult to give a definitive answer since the variety of jobs are so wide ranging.

Certain industries will greatly reward PhD-holders with higher salaries than those without PhDs. Again it ultimately depends on how valuable your skills are. I’ve known PhD holders to do very well going into banking, science consultancy, technology and such forth.

You might not necessarily earn more money with a PhD in industry, but it might open more doors to switch industries or try new things. This doesn’t necessarily mean gaining a higher salary: I have known PhD-holders to go for graduate schemes which are open to grads with bachelors or masters degrees. Perhaps there is an argument that you’re more employable and therefore it encourages you to make more risky career moves which someone with fewer qualifications may make?

You can of course also use your PhD skills to start your own company. Compensation at a start-up varies wildly, especially if you’re a founder so it is hardly worth discussing. One example I can’t resist though is Magic Pony. The company was co-founded by a Imperial PhD graduate who applied expertise from his PhD to another domain. He sold the company two years later to Twitter for $150 million . Yes, including this example is of course taking cherry-picking to the extreme! The point stands though that you can potentially pick up some very lucrative skills during your PhD.

Conclusion: Like the previous question, not all industries will reward your PhD. Depending on what you want to go and do afterward your PhD, it isn’t always worth doing a PhD just for career progression. For professions that don’t specifically value a PhD (which is likely the majority of them!) don’t expect for your PhD to necessarily be your ticket to a higher position in the organisation.

Is a PhD Worth it?

What is “it”.

When we’re asking the question “is a PhD worth it?” it is a good idea to touch on what “it” actually is. What exactly are PhD students sacrificing in gaining a PhD? Here is my take:

• Time . 3-5 (more more) years of your life. For more see my post: how long a PhD takes .
• Energy. There is no doubt that a PhD can be mentally and physically draining, often more so than typical grad jobs. Not many of us PhD students often stick to normal office hours, though I do encourage you to !
• Money. Thankfully most of us, at least in STEM, are on funded PhD projects with tax free stipends. You can also earn some money on the side quite easily and without paying tax for a while. Even so, over the course of a PhD you are realistically likely to earn more in a grad job. For more details on how PhD stipends compare to grad salaries read my full analysis .
• Potential loss of opportunities . If you weren’t doing a PhD, what else could you be doing? As a side note, if you do go on to do a PhD, do make sure you to take advantage of the opportunities as a PhD student !

When a PhD Could Be Worth It

1. passion for a topic and sheer joy of research.

The contribution you make to progressing research is valuable in it’s own right. If you enjoy research, can get funding and are passionate about a subject by all means go and do the PhD and I doubt you’ll regret it.

2. Learning skills

If there is something really specific you want to spend three year or more years learning then a PhD can be a great opportunity. They’re also great for building soft skills such as independence, team work, presenting and making decisions.

Do be aware though that PhD projects can and do evolve so you can’t always guarantee your project will pan out as expected.

If there is the option to go into a career without a PhD I’d bet that in a lot of cases you’d learn more, faster, and with better support in industry. The speed of academic research can be painstakingly slow. There are upsides to learning skills in academia though, such as freedom and the low amount of responsibility for things outside your project and of course if you’re interested in something which hasn’t yet reached industry.

3. Helping with your career

See the section further up the page, this only applies for certain jobs. It is rare though that having a PhD would actively look bad on your CV.

When a PhD May Not Be Worth It

1. just because you can’t find another job.

Doing a PhD simply because you can’t find a job isn’t a great reason for starting one. In these circumstances having a PhD likely isn’t worth it.

2. Badge collecting

Tempted by a PhD simply to have a doctorate, or to out-do someone? Not only may you struggle with motivation but you likely won’t find the experience particularly satisfying. Sure, it can be the icing on the cake but I reckon you could lose interest pretty quickly if it is your only motivation for gaining a PhD.

Do I Feel That My Own PhD Was Worth It?

When I finished my undergrad I’d been tempted by a PhD but I wasn’t exactly sure about it. Largely I was worried about picking the wrong topic.

I spent a bit of time apprehensively applying, never being sure how I’d find the experience. Now that I’ve finished it I’m very pleased to have got my PhD!

Here are my main reasons:

• I enjoyed the research and felt relatively well fulfilled with the outcomes
• Having the opportunity to learn lots of some new things was great, and felt like time well spent
• I made new friends and generally enjoyed my time at the university
• Since I’d been interested in research and doing a PhD for so long, I feel like if I’d not done it I’d be left wondering about it and potentially end up regretting it.

In Summary, Is a PhD Worth It?

I’ve interviewed many PhD students and graduates and asked each one of them whether the PhD was worth it . The resounding answer is yes! Now of course there is some selection bias but even an interviewee who had dropped out of their PhD said that the experience had been valueable.

If you’ve got this far in the post and are still a little on the fence about whether or not a PhD is worth it, my advice is to look at the bigger picture. In comparison to your lifetime as a whole, a PhD doesn’t really take long:

People graduating now likely won’t retire until they’re in their 70s: what is 3-4 years out of a half century long career?

So Should I Do a PhD?

Whether a PhD is worth all the time and energy ultimately comes down to why you’re doing one in the first place.

There are many great reasons for wanting to do a PhD, from the sheer enjoyment of a subject through to wanting to open up new career opportunities.

Nevertheless, it is worth pointing out that practically every PhD student encounters difficult periods. Unsurprisingly, completing a PhD can be challenging and mentally draining. You’ll want to ensure you’re able to remind yourself of all the reasons why it is worth it to provide motivation to continue.

If you’re interested, here were my own reasons for wanting a PhD.

Why I decided to pursue a PhD

Saying that, if you’re interested in doing a PhD I think you should at least apply. I can’t think of any circumstances where having a PhD would be a hindrance.

It can take a while to find the right project (with funding ) so I suggest submitting some applications and see how they go. If you get interesting job offers in the meantime you don’t need to commit to the PhD. Even if you start the PhD and find you don’t enjoy it, there is no shame in leaving and you can often still walk away with a master’s degree.

My advice is that if you’re at all tempted by a PhD: go for it!

I hope this post helped you to understand if a PhD is worth it for you personally. If it is then best of luck with your application!

Considering doing a PhD? I have lots of other posts covering everything about funding , how much PhD students earn , choosing a project and the interview process through to many posts about what the life of a PhD student and graduate is like . Be sure to subscribe below!

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4 Comments on “Is a PhD Worth It? Should I Do a PhD?”

Hi Thanks for the post . I have been struggling to make a decision regarding doing a PhD or doing a second masters . I’m currently doing an msc civil engineering online (because of covid) so for my research I am not able to conduct lab experiments. Therefore my research is more of a literature review / inductive research. So I feel I’ll be at a disadvantage if I were to apply for a phd program especially at high ranking universities like oxford , imperial etc What are your thoughts?

Hey Esther,

I completely appreciate that it’s not an ideal situation at the moment so thanks for reaching out, it’s a great question. A few thoughts I have:

• If you are already tempted by a PhD and would do a second masters simply to gain lab experience, there is no harm in applying for the PhD now. At the very least I suggest considering reaching out to potential supervisors to discuss the situation with them. The universities realise that current applicants won’t have been able to gain as much research experience as normal over the last year. Practical lab experience has halted for so many people so don’t let it put you off applying!

• If you don’t get in on the first go, I don’t believe it looks bad to apply again with more experience. I applied for PhDs for three years, it doesn’t need to take this long but the point is that there’s not much reason to give it a go this year and stand a chance of getting accepted.

• Although we can be optimistic, even if you were to do a second masters it may not be guaranteed that you can gain as much lab experience as you’d like during it: even more reason to start the ball rolling now.

I hope that helps, let me know if you’d like any other further advice.

Best of luck. 🙂

Funny, every one i have talked to as well as myself when we asked ourselves and others whether the PhD was worth it is a resounding ‘No.’

I guess it comes down to a Blue or Red Pill, LoL.

Hi Joe, thanks for sharing this. I’ve spent enough time on the PhD subreddit to see many other people who haven’t had good experiences either! On the flipside many people do have positive experiences, myself included. There is perhaps an element of luck as to what your research environment turns out to be like which could somewhat dictate the PhD experience, but ultimately I do think that answering whether or not a PhD has been worth it really depends a lot on why someone is pursuing a PhD in the first place. I’m keen to make sure people don’t have unrealistic expectations for what it could bring them. I really welcome hearing about different experiences and if you’d fancy sharing your perspective for the PhD profiles series I’d love to hear from you.

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Is a Ph.D. Worth It Anymore? Cont'd

We’ve heard from many readers scrutinizing and outright disparaging the long and uncertain path toward a Ph.D. Here’s reader David with a more positive outlook:

Thanks to The Atlantic for several recent articles on this topic, and for the continued discussion in Notes. They really struck a nerve with me. I want to point out two major elements that are missing from this discussion. First, as I experienced it, there were two distinct cultures in the academic world, starting in grad school. There were “writers” and there were “teachers,” and the writers were supposed to be the elite. Teaching was slightly beneath the writers. The writers were expected to do original research, publish articles in leading journals, publish books, and publish at least one “master” work, hopefully winning the Pulitzer Prize. I have no doubt that these people provide the highest and most stimulating work in our profession. However, some of us just prefer to teach. Secondly, there was no mention of jobs at private colleges, community colleges, or state colleges. This omission betrays a prejudice in our professional culture.

At some point the writers expect to achieve a senior position at an elite university with limited teaching responsibilities. This seems entirely right to me. However, as several people pointed out, these positions are elusive and highly competitive. My experience was different. From my first semester in college I knew I wanted to be a teaching professor. I eventually realized that my life goals could only be achieved by finishing a Ph.D. The Ph.D. was the only way to join the intellectual community, answer the big questions, and sustain a teaching career. A senior graduate professor recruited me after I had my Masters degree and he offered me a prestigious Ph.D. fellowship to work with him. When I arrived on campus I was given two choices: Research Assistant  or Teaching Assistant. As an RA I would assist a professor in the research and writing of an article or a book.  This position would prepare me for a writing career. As a TA, at least in my department, I would meet weekly with a mentor, teach my own survey classes, prepare tests, and give grades. I took the TA option. As I imagined my life goals, this was the best choice for me. I realize now how fateful that choice was. After three semesters of doctoral seminars, and research papers, and teaching duties, I was hired as a professor at a nearby private college on the condition that I continue and finish the Ph.D. The college was impressed by my experience as a TA. My college paid me well enough, including benefits. They also provided some tuition assistance and a reduced teaching load while I finished the Ph.D. (I believe that many teaching colleges have similar policies.) When I informed the university of my new job, and resigned the fellowship, several professors expressed their disappointment that I had “left” the academic life. I continued to teach through the Ph.D. When I graduated I received a promotion and a hefty pay raise from the college. I loved teaching five classes with no more than thirty students. Any extra time and energy that I had did not go to research or writing. I stayed current with my academic field, I attended academic conferences (subsidized by the college), and I invested in the life of the college community—exactly as I had imagined it as a college freshman years before. After 14 years at the private college, I accepted an offer from the local community college (now a four-year state college). I missed the community of a residential campus, but there are advantages to working for the state. I am paid well, I have good benefits, I have good students (which is all I ever cared about), and the administration treats its professors like royalty.   After 14 years at the state college, I have now completed 29 uninterrupted years as a professor. None of this was possible without the Ph.D. Was it worth it? Every penny.

If you also have a positive experience and something new to add to the thread, drop us a note and I’ll do my best to add it. Update from Brandon, who offers an optimistic outlook and some advice:

I don’t think this is really a question of “Is a PhD worth it?” Instead, the question should be “When is a PhD worth it?” I think a PhD is worth it when two things are true: (1) the student enjoys teaching and/or research (loving both isn’t necessary), and (2) the student gets a good academic job. You have to love either teaching or research, as other readers have noted. Loving both is a bonus but not necessary. Plenty of faculty love research and view teaching with indifference, and vice versa. This is something that’s up to you to decide. An unwavering belief that what you’re doing is interesting and worthwhile will help you through the inevitable rough times. I focus most of my attention on the second criterion here: A PhD is worth it when you can get a job. Consequently, factors that make it easier to get a job make a PhD more worthwhile. There are two important points that haven’t been addressed in this discussion: mentorship and discipline-specific academic job markets. First, mentoring. As many students can tell you, PhD advisors have a disproportionate impact on not only students’ emotional well-being, but also their careers. If your advisor doesn’t care about you, or doesn’t provide you opportunities to develop, a PhD is absolutely not worth it. Why? Because in order to get a job, you must have good publications . This is true even at teaching-focused universities nowadays. In order to get good publications, you must have good supervision. Without it, your life will be very, very difficult. This point is especially salient when your research is expensive to conduct. When you are dependent on funding and expensive equipment to publish research, you are also dependent on your advisor to secure that funding. As noted, agencies typically aren’t shelling out six-figure grants to graduate student PIs. Unfortunately, not all advisors take this responsibility seriously. They are under tremendous pressure themselves to publish or perish, and training PhD students is a lot of work. In my opinion, faculty should be more explicitly rewarded for mentorship to incentivize better supervision. Second, the nebulously-defined academic job market. It bothers me to hear the countless headlines about how terrible the academic job market is ( including this NYT piece just this week ), when that simply isn’t true across the board. There are many different academic fields, and perhaps unsurprisingly, the job market isn’t the same in all of them. This figure illustrates the point clearly ( more context here ): Bureau of Labor Statistics If you are in a field that churns out a ton of PhDs, you will have a very difficult time finding a job. However, not all academic disciplines are oversaturated with new PhD graduates. If the figures on this graph seem low, consider the fact that not all tenure-track faculty work in departments with PhD programs. To give a balanced perspective, it’s also worth noting the trend where tenure-track positions are more and more often being turned into contract positions (i.e., not tenure-track) after tenured faculty retire. Overall, getting a PhD is a calculated risk. Different factors will make it easier or harder for you to get a job. These points lead to a few concrete recommendations for those weighing the merits of graduate school. These points won’t be equally relevant to every discipline. 1. Find out what the job market looks like before going to graduate school. Talk to newer faculty in your department that just went through the search process, talk to faculty that were on search committees, etc. Use the internet. Does your field do employment surveys? Find them online. 2. Find a good mentor. They are worth their weight in gold. When looking at PhD programs, look at the faculty CVs. Are they publishing regularly? Are they publishing with students enrolled in the program? Does the department have a history of placing PhD graduates in academic jobs? If so, they usually aren’t shy about advertising it. When/if you go for a campus visit, talk to the current students. How are they doing? If you can put yourself in a field that’s hiring with a mentor that’s publishing, you’ll probably be in very good shape. This isn’t a comprehensive list of course, but in my experience, these are two major points. If you can make it through to the other side with a tenure-track job, it’s absolutely worth it. My wife and I are tremendously lucky, so maybe my advice should be taken with a grain of salt. We were in graduate school when the economic recession hit, and we left school after the recovery. We work in a disciple that is not oversaturated with PhD students going into academia. We both have PhDs and both have tenure-track jobs that are within one hour of each other. Our jobs are fulfilling, challenging, and flexible. We’ve paid our dues and are finally seeing the dividends. We finally have enough time and money to make other (non-academic) things a priority in our lives. Our research is up to speed and 60-hour workweeks are a thing of the past. We make enough money to pay both the mortgage and our student loan debt comfortably. If I could go back in time and choose a different career path, I wouldn’t even consider doing things differently.

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Is a phd worth it, published by steve tippins on may 26, 2020 may 26, 2020.

Last Updated on: 30th August 2022, 04:22 am

Is a PhD worth it? That depends on who’s asking. If you’re talking about the educational benefits, the opportunity to make new discoveries, or the chance to make a difference, then the answer is almost always a resounding “yes.” However, if you’re talking about purely economic benefits, the answer is almost always “no.” A combination of them both? It depends.

In this article, I’ll explore two answers to the question, “Is a PhD worth it?” and the reasons for each. Ultimately, whether a PhD is worth it for you depends on your reasons for getting it. So let’s dive into those.

A PhD is worth it when what you gain–by way of knowledge, experience, credentials, and opportunities–is more valuable to you than what you gave up in order to get it. In terms of time, money, cost to relationships, and stress, a PhD costs an incredible amount. So what makes it worth the cost? Let’s explore that below.

When a PhD Is Worth It

Here are some of the reasons a PhD is worth it for some people.

Is a PhD worth it if you’re motivated by learning? Absolutely. A PhD program is one of the most intense learning opportunities available anywhere. If you are passionate about a certain subject and want to work at a high level in the field, then a PhD program is the right bet. 

As one former PhD candidate said to me, “There’s so much learning that happens. I didn’t finish but I still think it was worth it to do the program because of all the things I learned about my subject area and about research and about myself. All the things I learned about how I related to the topic.”

Critical Thinking

When you go through a PhD program, you become a much better consumer of information–and not just academic information. You begin to question, “where did that come from? What’s the source?” This includes advertisements, news, and anything else you may be reading or listening to.

You also understand what studies are actually saying. You’re better able to understand research and consider its implications and shortcomings.

Respect 

Just having a PhD affords you a level of respect and assumed expertise that is difficult to come by. We used to have calling cards–that was the way people introduced themselves to a new place, which would come along with recommendations from friends. Now a PhD takes the place of that. 

Generally, people have positive assumptions about you if you have those letters after your name. You’re controlling what people think about you just by having those three letters after your name. 

For example, If you want to publish a book, having a PhD in the field you’re writing about you’re much more likely to be published. And once you’re published, more likely to be promoted, interviewed about your book, etc. Having a PhD can also open you up to grant opportunities, giving you credibility for these types of opportunities.

Social Change

For better of for worse, having this credential is one of the ways that people run the world. It gives you more social capital and economic power. If used for the betterment of the community, this can be a huge opportunity to affect positive social change. It puts you in a position to make changes to some things. In education, it can put you into leadership positions.

Besides being recognized as an expert, having a PhD can also give you the confidence to go out and do things that you wouldn’t have done before. As one of society’s experts, you are trusted to be on the cutting edge of your area of expertise. Whether that means starting a business or non-profit, writing a book, giving talks, or something entirely different, you can make great strides. It’s not just because society trusts you, but having a PhD increases your trust of yourself–and your moral responsibility to use the power of your position to benefit others.

Ability to Get Through Anything

A PhD program is one of the most challenging experiences you can put yourself through . By going through the rigorous process of getting a PhD, you gain the confidence and experience necessary to handle challenges in just about every other area as well.

Academic Career

If you want an academic career today, you’ll pretty much need a PhD. Community colleges used to hire people with master’s degrees. Now when they’re searching, they pretty much ask for a PhD. While a PhD can’t guarantee an academic career, it is a prerequisite. 

Non-Academic jobs

If you want more flexibility in the work that you do, a PhD helps. Many PhDs go on to do consulting work in their field.

A lot of organizations need people with PhDs for accreditation purposes. This is true of colleges, of course. But there are also other organizations, like consulting firms. They need a high number of people with PhDs to give the organization credibility.

Intrinsic Reward

A PhD program is a level of rigor that not many people get to. Finishing it produces an intrinsic reward that comes from accomplishing something extremely difficult. There’s a feeling of accomplishment that you don’t get with anything else. It’s not an easy thing to do, and there’s some reward in that. 

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When a PhD Is not Worth It

The rewards for a PhD may be great, but it can also cost an incredible amount, in all areas of your life. Let’s consider these costs.

The Cost of Not Finishing

Fifty percent of the people who start a PhD program don’t finish. Nobody goes into it thinking “i’m not going to finish,” but half of them don’t. It’s incredibly expensive to not finish since you don’t get the payoff that comes with the degree. 

“I got a lot of psychic rewards, but I’m still paying lots of money in student loans and will be for the rest of my life–and will be for the rest of my life,” said one former PhD candidate who did not complete her program. 

Will you be totally devastated financially or otherwise if you don’t finish? That’s a very real possibility, so it’s important to consider what the consequences would be, even if you fully intend to finish. You have to ask yourself that question, is it worth it if I don’t end up with a degree? 

Family Sacrifice

Sacrifice to the family is a big reason why a PhD program may not be worth it. Some people get divorced during the process–not only because it’s so much time away from the family but also because the person getting the doctorate is very intellectually focused, and that can be hard on a relationship .

If you have children, the sacrifice can be double. You will miss baseball games, recitals, vacations, and weekends. You’ll be in your PhD program for several years, and you won’t be able to be as present in your children’s lives for that time period. While many parents do successfully complete PhD programs and manage to be wonderful, loving parents at the same time, it’s an incredibly difficult balancing act.

Foregone Earnings

When in a PhD program, you don’t get to work full time at your regular job for around 3-6 years. There are PhD programs that allow you to work while you’re doing it, but it’s very difficult. And if you have a family too? That’s incredibly difficult. There are some professions where people make enough yearly income where it’s not financially worth the lost income to get a PhD. That’s why you don’t see many Accounting PhDs.

Proving Yourself

If you’re getting a PhD in order to prove to parents or an ex-boyfriend that you have value, that’s not going to get you through it.  It doesn’t carry you through the whole degree. It might give you a lot of energy at the beginning, but it won’t last for three or six years. It won’t provide you with the resilience and fortitude necessary to make it through the toughest times. And anyway, counseling is cheaper.

Other Costs

I know from experience that getting a PhD increases your cheez-it consumption. Alright, that may just have been me. But it is important to consider what the costs will be to you in your particular situation. Give these costs serious consideration.

Is a PhD Worth It? An Economic Perspective

Will your salary go up enough to justify the cost? The answer is almost universally “no.”

If you’re going to continue working for the same company, you could ask them how much more your pay would be (if they would raise it) if you had a PhD. You could amortize that over how many years you plan to work.

However, generally speaking, the economic gains do not justify the economic costs .

If you can combine the economic and psychic reasons, it can be worth it for some people. But if you’re just doing the numbers in terms of how much you’ll make and how much you’ll pay, it’s probably not worth it.

Getting a PhD will likely boost your income and it does give you more options, but that may not justify the costs, economically speaking. Unless there are other bolstering reasons, I’d say it’s not worth it.

Steve Tippins

Steve Tippins, PhD, has thrived in academia for over thirty years. He continues to love teaching in addition to coaching recent PhD graduates as well as students writing their dissertations. Learn more about his dissertation coaching and career coaching services. Book a Free Consultation with Steve Tippins

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Is a PhD worth it?

Careers Published 8 Feb, 2024  ·  9-minute read

Studying a higher degree by research isn’t something you choose to do overnight – well, not for most people. So, to help you make this decision, we’ve reached out to some alumni and compiled some data to help you work out if a Doctor of Philosophy would be worthwhile for you.

When you’re considering such a big academic step, it’s normal to wonder: is a PhD worth it?

Anecdotal evidence and statistics both tell us the benefits of PhD study do indeed outweigh the time and effort required. Let’s explore:

• why a PhD is worth it (personal and professional benefits)
• worthwhile reasons to pursue a PhD
• the average salary of a PhD graduate (financial value of a PhD).

Is it worth doing a PhD? (Personal and professional benefits)

For UQ PhD alumni Angie Knaggs, Benjamin Jones and Brigid Lynch, answering this question in hindsight is easy – and the answer is a resounding yes . Their stories may help you make this choice without that advantage of hindsight.

My PhD is as much a part of my identity as the colour of my hair.

Angie’s PhD was a natural continuation of the theses she wrote during her honours and master’s programs, focusing on popular culture representations of masculinity in crisis. In short, she studied the connections in language, culture and communication in shows like Prison Break – rather than watching them for the drama like most of us do.

“I’ve always connected strongly with work in gender and performativity,” says Angie.

“I found the deep dive into thinking and analysis rewarding and engaging. My final thesis remains the piece of work I’m most proud of – even after a decade!”

Her career after completing her PhD was rocky at first. But, as is often the case, the hurdles in the journey ended up emphasising the successes.

“I was very focused on applying for an early-career academic role with the aim of becoming a full-time academic,” says Angie.

“I had experienced a good deal of academic success, and I had publications in top journals. I felt certain I was in a good position to achieve my dreams.

“I went to interview after interview, and it was disheartening to hear how I was almost it or not quite it . What it was, I could never quite work out, but it became increasingly clear to me that I didn’t have it .”

After tutoring and course convening at multiple universities for a while (and quickly growing bored of the constant commuting between campuses), Angie decided to apply for some roles that looked fun and interesting, even if they weren’t at traditional universities. This is how she accidentally fell into – and fell in love with – a whole new world: teaching film studies .

Angie’s new path eventually led to her current role as Senior Learning Specialist – Employability with UQ’s School of Languages and Cultures . Here, she uses her intercultural competencies and higher order thinking skills to great use, as well as publishing about her work in international journals.

“I don’t think I would have been open to following a new pathway if I hadn’t let go of the assumption that my doctorate automatically meant I would have a traditional academic career,” she says.

“Letting that go involved some deep self-work, but it was worth it.”

Now, with over a decade to reflect, Angie sees her PhD as an essential part of how she got to where she is today as well as a vital factor in all her successful career steps along the way.

“I like to think of my PhD as the ultimate employability bootcamp,” she says.

“My PhD gave me an edge – a way of thinking about problems in different ways. It taught me resilience, the ability to pivot and the ability to give and receive feedback. It has also helped get my CV to the top of the pile.”

My PhD equipped me well to move in and out of different roles until I found the one which was best for me.

Ben's career has evolved quite a lot since completing his PhD, in which he investigated the rehabilitation and revegetation of bauxite tailings. 

"I chose this topic as I'm interested in environmental science," he says. 

"I thought that mine rehabilitation was an important and in-demand area which I could contribute to." 

And he has indeed been contributing to this field – most recently in his role with the Queensland Department of Environment and Science, which has allowed him to do satisfying and technical work behind the scenes on high-profile projects. His journey since graduating has been filled with rewarding stepping stones across various positions. 

"I've worked in academia and within the private and public sector," says Ben.

"My PhD equipped me well to move in and out of different roles until I found the one which was best for me."

The benefits of a PhD have been obvious and numerous to Ben, both in terms of the career opportunities and lifestyle advantages available. But these benefits aren't necessarily things you have to wait for – you may experience some of them while studying.

"From a remuneration perspective alone, some industry PhD scholarships are quite attractive," says Ben. 

"They also offer flexible working hours, and this offers time for other commitments."

"Workplaces are becoming more competitive, especially for recent graduates. Attaining a PhD provides graduates with valuable work experience and specialist knowledge within their chosen field."

Ben recognises a higher degree by research isn't for everyone, but he also sees multiple reasons why a PhD is worth it for candidates.

"Obtaining a PhD is only one of many options, and having a PhD isn't a prerequisite for success," he says. 

"However, a PhD is a requirement for many positions within academia or research, so for people embarking on this career path, a PhD is likely essential." 

He also believes the PhD path can provide:

• a great opportunity for graduates to ease into working life while still enjoying the familiarity of university life
• a fantastic environment filled with talented and hardworking people, where graduates who haven't landed their dream job can gain work experience and improve their career prospects .

Ultimately, Ben believes the decision of whether to pursue a PhD comes down to personal circumstances and goals. 

"I think people need to weigh up their different options and decide what’s best for them."

I now get to work with some of the world's most talented and inspiring epidemiologists. I couldn't think of a better job.

Brigid completed a PhD in population health, looking specifically at how physical activity could impact quality of life for colorectal cancer patients. Her motivation and drive came from combining her previous study areas with a personal passion for the topic.

“The project brought together my undergraduate training (Human Movement Studies and Psychology at UQ) with my interest in epidemiology,” says Brigid.

“So, it was something I could really commit to for the long haul.”

Not long after finishing her PhD, Brigid received a postdoctoral fellowship from the National Health and Medical Research Council, funding her for 2 years of international work followed by 2 years back in Australia.

“Having a PhD is a passport to live and work around the globe,” she says.

“As a postdoctoral fellow, I moved to Alberta, Canada, to work with one of the world’s leading researchers in the physical activity and cancer field. After 2 years of snow and Chinook winds, I returned to Australia.

“One of my career highlights was being funded to spend 3 months working at the University of Bristol. Being able to work and study abroad has opened up a lot of opportunities for research collaboration.”

Brigid is now Deputy Head of the Cancer Epidemiology Division at Cancer Council Victoria.

As someone who continues to work in research, Brigid says the benefits of having a PhD are still obvious to her every day. However, she also recognises how a higher degree by research can help those who follow other paths – just like Angie.

“Even for people who want to work in industry or for government, I think there are very clear benefits of a PhD,” says Brigid.

“So many of the skills you develop when doing a PhD are transferrable, such as project management, critical thinking and strong communication.”

An unexpected benefit of a PhD

While Angie and Brigid’s thesis topics and PhD journeys were quite different, there’s one thing they have in common: the first thing that came to mind when asked for the highlights of studying their PhD at UQ. They both went straight to talking about the people.

“The colleagues and friends I met along the journey are a highlight,” says Angie.

“My supervisor remains one of my closest friends and a long-time mentor.”

Brigid whole-heartedly agrees.

“I met some great people along the way, many of whom I still work with in one way or another,” she says.

“I really enjoy dropping into the School of Public Health when I’m in town.”

Building a supportive network was a key benefit for Ben, too.

"My research organisation placed a high value on networking and provided opportunities to grow," he says. 

"I've remained in contact with my PhD supervisor and some of my colleagues, and this has given me a network of old friends at UQ."

Doing your PhD at UQ means you'll get to create connections with some of the most influential and highly cited researchers in the country . And yes, some of these researchers might just become your lifelong friends.

Reasons to pursue a PhD

A good way to determine whether a PhD is worth it for you is to consider your motivations – what are your reasons to do a PhD?

For Angie, this boils down to asking yourself 2 key questions:

• Why do you want to do a PhD?
• What do you want to get out of it ?

Hint from Angie: “If the answer to either question involves any person other than yourself, that’s a red flag. You should only ever do a PhD for yourself. It will be the toughest challenge you ever set for yourself – and it’s only worth doing if you’re doing it for yourself.”

Brigid suggests adding these 2 questions to your decision-making process:

• Are you passionate about your field and topic?
• Can you make a difference to the community or contribute new knowledge that could make change happen?

If your reasons to do a PhD are genuine and you have a strong vision of what you’ll study and why, this may make your decision clearer.

The financial value of a PhD

Reading Angie and Brigid’s stories may lead you to think that most candidates are driven solely by their passion for research and that the PhD starting salary is irrelevant. But this is a valid and common consideration for many people. After all, knowing what to expect from a PhD graduate salary can help you justify pursuing your doctorate and plan appropriately for your future career.

The median salary of a PhD graduate is around $96,000pa , though it’s important to note this figure can vary significantly depending on your field.

Wondering if you'll get a PhD income while you study? Find out more about living stipend scholarships .

While making decent money is an enticing perk, perhaps the more important financial benefit of having a PhD is the higher chance of getting (and staying) employed in the first place. According to QILT's Graduate Outcomes Survey , in 2022, the overall employment rate for postgraduate research students in Australia was 91.9%, with 84.7% of graduates in full-time employment.

A comprehensive report from Ribit.net and the Australian Mathematical Sciences Institute shows there is increasing demand for PhD graduates across many industries in Australia. Some of the nation’s most competitive firms are recruiting higher degree by research students from a wide range of disciplines. This further proves Angie and Brigid’s point about PhD research equipping graduates with transferrable and highly employable skills – skills that are recognised beyond the realm of academia.

So, what makes PhD graduates so employable? Well, at UQ, we expect our Career Development Framework plays a large part. This gives all our researchers access to workshops and other opportunities to capitalise on their research skills and turn them into industry practice. 

UQ is also home to UniQuest , leaders in research commercialisation. Our researchers can work with UniQuest to translate their academic discoveries into commercial products, effectively taking their research to market.

Whether you’re driven by personal passions, academic ambitions, financial goals or a combination of all these reasons to pursue a PhD, the evidence is strong: a PhD is worth it.

Start your journey today

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Are PhDs Worth It Anymore? Should You Do It?

A bachelor’s degree can make you earn more money than someone whose highest educational attainment is a high school diploma or an associate degree.

On the other hand, a master’s degree can make you make even more. And if that’s not enough, you can consider getting a PhD, although it’s something that you will have to work hard for.

PhDs are worth it for individuals willing to devote resources to the attainment of the degree that can make them experts in specific fields and open doors to more career opportunities and higher salary potential. This is especially true for those who want to pursue a career in academia or research.

Continue reading if you are thinking about enrolling in a Ph.D. program.

Below, I will try to answer as many pressing questions as you probably have in your mind about getting a PhD, thus allowing you to determine whether you should give it a go or go get employed instead.

Why Should You Do a PhD?

Getting a PhD allows one to enjoy broader career opportunities where having the highest academic degree is an advantage. Naturally, a PhD paves the way to greater earning potential. Typically, individuals who do a PhD wish to reach their full capabilities, become experts in their chosen fields and make a difference.

Let’s get one thing clear: a PhD is an academic degree that takes a lot of time and money to get.

Individuals who are PhD holders, because of this, are quite rare . As a matter of fact, in the US, only around 1.2% of the entire population has a PhD — and this is why they are considered valuable.

While it’s true that completing a PhD program requires a lot of money and hard work as well as can cause stress, anxiety and many sleepless nights, it’s not uncommon for some students to still dedicate much of their resources to earning a PhD. It’s because the returns in terms of career opportunities, earnings and prestige are all worth the commitment.

What are Reasons Not to Do a PhD?

Expensive, time-consuming, requires lots of work, can cause psychological distress — these are some of the disadvantages of getting a PhD. Individuals who are not financially stable, don’t like working for several hours a week and are not fully invested in a discipline should think twice before working on a PhD.

Although there are lots of reasons for you to get your hands on a PhD, there are also some that may keep you from considering applying to a PhD program.

Leading the list is the exorbitant cost — in a few, I will talk about just how expensive a PhD is, so don’t stop reading now. And then there’s also the fact that it can take twice as long to earn a PhD than a bachelor’s degree. Typically, a PhD program can take anywhere from 4 to 5 years to complete. But for many, it can take up to 8 long years!

How long it will take for you to earn a PhD all depends on the program’s curriculum rigor and requirements.

When deciding whether or not you should push through with your plan on getting a PhD, carefully weigh the pros and cons. Dropping out somewhere in the middle of your studies can result in the wastage of both time and money.

How Many Hours Do PhD Students Study?

The vast majority of Ph.D. students spend anywhere from 35 to 40 hours per week studying and completing coursework tasks. In many instances, around 20 hours per week go to lab time or assistantship. As a result of this, enrolling in a Ph.D. program is said to be similar to having a full-time 9-to-5 job.

Undergraduate students are typically encouraged to devote 15 to 20 hours of their time per week studying in order to get good grades — for a final exam, 20 to 30 hours per week is recommended.

Since a PhD is harder, students should study twice as long (or longer) as when they were undergraduates.

During some of the busiest periods in a PhD program, such as when one is writing a dissertation, working substantially longer hours may be warranted. While a timely completion of the coursework and other tasks is obligated, however, students are free to manage their time in a way that goes with their preferences and lifestyles.

Part-time PhD students, by the way, usually work around 17.5 hours per week.

Can Students Work While Earning Their PhDs?

Although challenging, it’s possible for students to work while enrolled in a PhD program. Many working PhD students teach undergraduates at their respective universities. Some are full-time PhD students with part-time work, while others are part-time PhD students with full-time work.

First things first: earning a PhD can be hard and working on a PhD while employed can be harder. But it’s completely doable, particularly with excellent planning and time management.

As mentioned, teaching at a university is one of the most common jobs among working PhD students. But there are many other jobs available for them on and outside of the campus. Some of them are part-time jobs, while others are full-time jobs. Some have contractual work, while others take on more permanent workforce roles.

You can be a full-time employee and a part-time PhD student for better juggling of roles. But just make sure that you will be able to complete your studies within a certain period if such is a requirement at your university.

Do PhD Students Have a Social Life?

PhD students, despite all the rigorous academic and research activities they do, can have a social life. They can socialize with the members of their research group and meet new people during departmental parties and public engagement events. PhD students also have the freedom to manage their own schedule.

Everyone knows that a PhD is the highest level of degree that students can obtain. And it’s also no secret that earning a PhD is associated with a lot of time, stress and anxiety.

It’s a good thing that it’s still very much possible for you to have a social life while working on a PhD.

One of the reasons for such is that PhD students are usually allowed to follow their own schedule for as long as they get the work done. Paired with great time-management skills, you can have room to go out with friends and make new ones. Besides, there are plenty of activities PhD students attend where they can mingle with others.

However, there’s no denying that enjoying a social life can be challenging for PhD students who have to work, too. And, in some instances, one of the two tasks may fail to get ample focus and attention.

Do I Need a Bachelor’s and a Master’s to Get a PhD?

Many PhD programs require a master’s degree. However, there are some where a previously earned master’s degree is not a prerequisite. So, in other words, one may apply straight from a bachelor’s program. In some cases, however, completing a master’s program even if not a requirement can come with benefits.

Saving both time and money — arguably, this is the biggest benefit to have for completing a PhD without a master’s. And then there’s also the fact that you can flex your degree and earn money ASAP.

While there are perks that come with earning a PhD without a master’s, there are some downsides, too.

In some industries, for instance, candidates with both a master’s and a PhD may enjoy an advantage in both employability and salary potential, too. In addition, a prior master’s degree can help you decide much better on the path of your PhD studies and research for a more satisfying and fulfilling outcome.

But keep in mind that while a university may admit applicants to a PhD program without a master’s degree, it may require top-notch and impressive performance in an undergraduate program in exchange for an acceptance letter.

What are Integrated PhDs?

An integrated PhD is a combination of the taught study of a master’s program and the research element of a PhD program. It can take anywhere from 4 to 5 years to complete, depending on the program. At some universities, an integrated PhD degree is commonly referred to as an integrated master’s degree.

Earlier, we talked about the fact that you can work on a PhD without a prior master’s degree.

If the PhD requires a master’s degree or you want to earn one before applying to a PhD program, you may consider what’s referred to as an integrated PhD. As the name suggests, it’s a PhD with a master’s degree integrated into it.

Typically, a traditional PhD takes anywhere from 4 to 6 years to complete. On the other hand, an integrated PhD can take 4 to 5 years to complete — the first 1 to 2 years are for studying the master’s course and the remaining ones are for the completion of the PhD course.

But since an integrated PhD is relatively new, not too many universities offer it.

What are the Easiest PhDs to Get?

Although all PhDs require a lot of time and hard work, some are easier to obtain than the rest because of either lighter coursework and other program requirements or a shorter completion time or both. Many of the easiest PhDs to earn are available online, but only for students with the appropriate learning style.

Naturally, some of the easiest PhDs are those without dissertations, which can take 1 to 2 years to write, not to mention that most PhD students spend a couple of years conducting research and reviewing literature.

The following are some examples of Ph.D. programs minus any dissertation:

• Adult and career education
• Business administration
• Criminal justice
• Educational administration
• Grief counseling
• Human resources
• Information technology
• Nursing practice
• Public administration
• Social work

But keep in mind that different universities may have different PhD completion requirements.

Of all the easiest PhD programs, the general consensus is that most can be found online. But if you are like some students who find online learning more difficult than traditional learning, earning one can still be hard.

What are the Hardest PhDs to Get?

Some PhD programs are longer to complete and involve a lot of complex coursework and other completion requirements, thus making them some of the hardest to earn. Just like among various bachelor’s degrees, some of the most challenging PhDs to earn include those in the STEM- and healthcare-related fields.

In most instances and for most students, a PhD is harder to earn than a master’s degree. And, needless to say, it’s so much harder to obtain than a bachelor’s degree.

But some PhDs are simply more challenging to get than other PhDs.

Just like what’s mentioned earlier, STEM PhD programs are some of the hardest. Many agree that the likes of pure mathematics, theoretical physics, aerospace engineering, chemical engineering and computer science can prove to be so taxing. The same is true for healthcare PhD programs such as pharmacy, nursing and optometry.

Are PhDs Expensive?

The cost of enrolling in a PhD program amounts to $28,000 to $40,000 per year. So, in other words, a full PhD can cost anywhere from $112,000 to $200,000 or up to $320,000 (8 years). Tuition and living expenses are the primary costs of a PhD. There are ways PhD students can get funding for their studies.

Other than time, a PhD can also take up lots of money. Certain factors can impact just how much you will have to spend to get your hands on a PhD, and some of them include the university, program and length of completion.

But did you know that many PhD students don’t have to pay full price?

Because of the steep cost, it’s not uncommon for those who are enrolled in PhD programs to fund their studies through things such as studentships, research council grants, postgraduate loans and employer funding. As a matter of fact, some of them do not pay for their PhD programs — they are, instead, paid to take them.

And just like what we talked about earlier, it’s very much possible for you to be a PhD student and an employee, whether part-time or full-time, at the same time in order to earn money and fund your postgraduate studies.

Is a PhD Worth It Financially?

Without careful planning, completing a PhD program can hurt one’s finances. And if the return on investment (ROI) isn’t that substantial, it can be a waste of resources, too. For many, however, earning a PhD to secure their dream jobs or follow their true callings makes all the financial and time investments worth it.

After discussing just how much a PhD costs, it’s time to talk about if investing in it financially is a good idea.

It’s no secret that, generally speaking, the higher the educational attainment, the higher the earnings. True enough, the median weekly earning of a PhD holder is $1,909.

Doing the math, that’s equivalent to about $99,268 per year. On the other hand, the median weekly earning of a master’s degree holder is $1,574 or $81,848 per year — that’s a difference of $17,420 per year. Please keep in mind that it’s not uncommon for some master’s degree holders to make more than PhD holders.

The difference, however, becomes substantial when the average salary of bachelor’s degree holders is taken into account: $1,334 per week or $69,368 per year, which is $29,882 lower than the annual salary of those with PhDs.

Let’s take a look at the estimated annual median earnings of some PhD holders in some disciplines:

• Engineering: $107,000
• Mathematics: $104,000
• Healthcare: $98,000
• Business: $94,000
• Social science: $90,000
• Physical science: $89,000
• Public policy: $84,000
• Agriculture: $83,000
• Social work: $78,000
• Architecture: $73,000
• Communications: $72,000

Are PhDs in Demand?

PhDs are especially in demand in areas where highly specialized and very high-level research skills are important. Some of the most sought-after PhDs are those in STEM- and healthcare-related fields such as information systems, environmental engineering, chemistry, nursing and physical therapy.

As a general rule of thumb, some of the hardest PhDs to earn tend to be the most in-demand, too.

Simply put, PhDs in disciplines required for a better understanding of currently existing knowledge and challenges, development of modern-day technologies and discovery of new life-changing stuff are highly employable.

And this is why industries such as scientific research and development, manufacturing, health and social work are on the lookout all the time for promising PhD holders. Areas where PhDs are also commonly required include the education sector as well as various segments of the business industry.

Numerous transferable skills learned and developed by students, many of which are appreciated by employers across various industries, also help those with PhDs have increased job market value.

Just Before You Get a PhD

Does getting a PhD still sound great after everything you have read above? Then the smartest step for you to take next is to find the right PhD program for you and apply to it.

But keep in mind that while there are many perks that come with being a PhD holder, there are some sacrifices you will have to make before you get your hands on the prestigious academic degree. But by working hard and staying committed, it won’t take long before you are one of the country’s highest-paid and most satisfied professionals!

I graduated with BA in Nursing and $36,000 in student loan debt from the UCF. After a decade in the workforce, I went back to school to obtain my MBA from UMGC.

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Why You Shouldn’t Get a PhD

The road to a doctorate is long, arduous, and paved with abandoned scholarship. Don't start the PhD process before you consider all the obstacles (and rewards). Here's what you need to reflect on before making the leap.

1. What is your motive for getting a PhD?

Examine your true motivation for wanting to earn a PhD and how the degree makes sense within your larger plan. Despite the obstacles, people stay in doctorate programs because they enjoy learning for learning's sake. They relish the opportunity to tackle intellectual problems and explore new areas of knowledge. For some there is the added appeal of taking time out from the traditional job market as you pursue what you love. But if it's your ambition to become a professor you should be aware that the PhD track is no guarantee of a life in academia .

2. Have you thought realistically about your job prospects?

Many PhD students hope to find a tenure-track position at a good college or research university after graduating (although others do pursue satisfying careers outside of academia). The reality is that academic positions are increasingly difficult to come by. Many PhDs have to settle for temporary or non tenure-track teaching positions, which can be just as demanding as full-time work but without the salary. Be prepared to follow jobs to colleges on the other side of the country or to adjust your career expectations.

Read More: Graduate School Application Timeline

3. Can you live frugally?

Getting a doctorate is intellectually rewarding. Unfortunately, it doesn't tend to be financially rewarding, at least not in the short term. Most PhD students live on their earnings from teaching and research assistantships or other low-paying employment. So, your starving student days may not be behind you.

4. Are you ready for the workload?

Graduate courses are far more rigorous than those you took as an undergrad, and first-year PhD students usually take around three classes. Many grad students also serve as teaching assistants (TAs) and must learn how to juggle their needs along with their students. And of course, in the final three years of the PhD program, you'll mainly focus on writing the dissertation and preparing for oral exams.

5. How do you handle pressure?

Each year, some PhD candidates do not meet the requirements of their graduate programs and are asked to leave. Others choose to leave because they are burnt out, or their interests have changed. Some students who don't complete the PhD leave with a master's degree; others leave with no degree at all. You should be prepared for these scenarios by making a back-up plan.

Successful PhD students thrive in a highly intellectual environment, are willing to work very hard with only a possible payoff, love their field of study, and don't mind forgoing impressive paychecks. If this sounds like you, forge ahead!

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