what phd is worth getting

Highest Paying Doctorate Degrees [2024 Guide]

We’ve identified the 25 highest paying doctorate degrees. Compare salaries and job prospects.

Completing a PhD may open up doors in terms of career advancement. Plus, it may not take as long as you think to complete if you enroll in the shortest doctoral programs.

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The following list contains the highest paying doctorate degrees along with career outlook and job growth statistics.

25 Highest Paying Doctorate Degrees

All career statistics and salary data are provided by the U.S. Bureau of Labor Statistics .

Click on the area of study you’re interested in to jump to that section.

Aerospace Engineering

Chemical engineering, pharmacology, business administration, cybersecurity, electrical engineering, data science, biochemistry, information security assurance, biomedical engineering, information technology and computer science, occupational therapy, criminal justice, engineering, organic chemistry.

While all of these industries are growing, some provide better job prospects than others.

• Annual Median Salary (Bureau of Labor Statistics): $208,000
• Job Growth: 4%

One of the more specialized high paying doctorate programs is in immunology. Immunology is the study of disease prevention and immunity. Due to the specialized nature of the study here, jobs are typically well paid and much more specific.

A person who has studied immunology may be expected to work in research or academia but is also likely to land high-paying roles within the medical industry and at hospitals. The demand for this area of expertise is also rising faster than the average job growth, meaning there should be plenty of opportunities for graduates.

A PhD in immunology is a lot of hard work and is, therefore, suited to someone who already has considerable experience working in the medical industry. Those with an academic background in medicine should consider applying for an immunology program.

• Annual Median Salary (Bureau of Labor Statistics): $129,850
• Job Growth: 7%

Of the three main sciences, physics can be the one that is the most fruitful for taking a doctorate. People who take a PhD in physics are likely to land themselves a position as either a researcher or a professor.

There are also several other high paying positions that are possible for someone who takes this career path, including more specialized roles or becoming lead physicists and consultants.

Physics is also one of the job markets that is predicted to see a considerable amount of growth for the next 10 years. Pursuing a physics doctorate can be perfect for someone who already has experience in physics or someone who already has either a bachelor’s or master’s degree in the subject combined with some practical experience.

• Annual Median Salary (Bureau of Labor Statistics): $118,610
• Job Growth: 3%

Aerospace engineering is a field that would likely attract those who already have a background in either science or engineering. It is one of the fastest growing industries in the world, and demand for jobs is expected to increase as the years roll by. So the length it takes to get a PhD should be taken into consideration so you can quickly enter this field during its booming growth.

The doctorate focuses on the engineering of various different types of spacecraft and can be incredibly demanding. According to the Bureau of Labor Statistics, the salary potential for this field is as high as $171,220.

• Annual Median Salary (Bureau of Labor Statistics): $110,860

Math may not be the glamorous subject to study at doctorate level, but it can open up a wide range of potentially lucrative career options.

Math can allow students to work in various sectors of the economy and business, and they may also work in research or as a math lecturer or professor at a top university.

• Annual Median Salary (Bureau of Labor Statistics): $109,760
• Job Growth: 5%

Taking a doctorate in management can be a logical step in the career of someone who has a history of working in business, project management, or the economy as well as several other sectors.

Earning this doctorate can open up chief executive roles within companies and roles like chief operations officer and supply chain management. It may also lead to regional and national management roles.

• Annual Median Salary (Bureau of Labor Statistics): $108,540

Another engineering-based field that presents doctorate students with some big money career options is chemical engineering. The field combines a number of different disciplines, including all of the sciences, math, and statistics, as well as engineering.

It is a complex doctorate to take, but the rewards may be worth the effort, with the Bureau of Labor Statistics showing salaries up to $168,960 available in this field.

• Annual Median Salary (Bureau of Labor Statistics): $108,350
• Job Growth: 14%

One of the most popular PhDs to take is in economics. Economics is a social science that studies and theories about the production and consumption of goods and the effect that this has on society and the economy.

Taking a PhD in economics may open up a lot of doors. Working in the financial sector is usually lucrative, and a doctorate in economics can help give you an edge over competitors in what is a notoriously feisty industry. Top earners can make around $198,230 per year.

Economics analysis is a skill that is highly sought after, especially in the medical, legal, and education sectors.

While on the face of it, some people may believe that studying economics leaves you consigned to an office for the majority of your working life, the reality is that it can open up a lot of doors in a lot of different sectors. It may also provide you with a lot of travel opportunities and chances to meet new people.

A doctorate in economics may be perfect for someone who already has some experience in the field or for someone who has studied economics, math, finance, or business to a higher level and wants to take the next step in their academic and professional career.

• Annual Median Salary (Bureau of Labor Statistics): $107,270
• Job Growth: 6%

Pharmacology is big business these days, and taking a doctorate in the subject may lead to some lucrative opportunities. It is expected that someone who wants to study pharmacology will have a background in the subject with a master’s degree being heavily preferred.

There are a lot of pre-requisites for getting onto a pharmacology doctorate program, but the Bureau of Labor Statistics is showing salaries going as high as $164,980.

• Annual Median Salary (Bureau of Labor Statistics): $103,650

Getting a doctorate in business administration can open up a lot of doors. Students who end up taking their doctorate in business administration often end up working as leading and chief executives as well as entrepreneurs and financial advisors.

According to the Bureau of Labor Statistics, salaries for someone with a doctorate in this field can be as high as $208,000. It can be ideal for someone who has a background in business or economics who wants to take the next step in their career.

• Annual Median Salary (Bureau of Labor Statistics): $103,590
• Job Growth: 31%

As the world of IT continues to grow, so does the demand for more and more cybersecurity. The field is one of the fastest-growing in the world, and getting a doctorate in the subject may land you a range of different high paying jobs.

According to the Bureau of Labor Statistics, roles like IT managers can offer doctorates a salary of up to $208,000. This sector is also constantly growing, and as such, the demand and the salaries should continue to grow as time passes.

• Annual Median Salary (Bureau of Labor Statistics): $100,830

When it comes to job demand, electrical engineering is one of the safest career paths to go down. Electrical engineering has a huge impact on our day-to-day lives.

Most of our day-to-day electrical appliances exist as a result of electrical engineering, and taking a doctorate in the field may open the door to some pretty lucrative research and project management positions. It is advised that someone who takes a PhD in electrical engineering already have practical experience in the field.

• Annual Median Salary (Bureau of Labor Statistics): $98,490

A doctorate in education can open up a lot of different career options in that sector. A lot of doctors of education end up working in either research or in top positions at schools as principals and superintendents.

According to the Bureau of Labor Statistics, the average salary for someone working in education administration with a doctorate is around the $199,400 mark. A number of doctor of education programs do not require a dissertation .

• Annual Median Salary (Bureau of Labor Statistics): $98,230

Data is quickly becoming the most valuable commodity on the planet, and as such, the demand for data specialists and researchers is growing at an impressive rate.

Data science doctorates offer a gateway into these positions, and they usually come with some pretty high salaries. According to the U.S. Bureau of Labor Statistics, salary for a data scientist can go as high as $165,230, and with this field ever-expanding, the demand for these positions should continue to increase.

• Annual Median Salary (Bureau of Labor Statistics): $94,270

Biochemists study the chemical and physical makeup of living organisms. Due to the specialized nature of the subject, research positions in this sector typically pay incredibly well.

According to the Bureau of Labor Statistics, biochemist doctorates can start out at around $67,710 but can increase up to $169,860 or more. This doctorate may suit someone with a background in chemistry or some other science discipline.

• Annual Median Salary (Bureau of Labor Statistics): $92,870

Information assurance is a new discipline that has been created as a result of the times we live in. Information assurance is effectively another type of cybersecurity that is designed to protect people’s data from third parties and other potentially dangerous sources.

A background in any sort of computer or data-related field can be ideal for getting onto an information assurance course. Due to the increasing demand for data protection, jobs in this sector can be particularly lucrative, and the demand for these jobs is expected to increase as time rolls on.

The demand for experts in this industry is very high and is only predicted to grow over the next decade.

• Annual Median Salary (Bureau of Labor Statistics): $92,620

Biomedical engineering is becoming an incredibly popular field of research. It is an ever-growing and developing industry, and as such, the demand for expertise in the area is on the rise.

Getting a PhD in biomedical engineering is likely to secure you a lucrative research job for a university or a job in a hospital or the medical industry. According to the Bureau of Labor Statistics, an average salary in this field for a senior position ranges from $127,980 to $169,860.

• Annual Median Salary (Bureau of Labor Statistics): $92,270
• Job Growth: 35%

Statistics is one of the most versatile doctorates available today. Statistics are used in a wide range of different sectors, including finance, research, business, health care, government, and many others.

A doctorate in statistics can be ideal for someone who has a background in math or business. According to the Bureau of Labor Statistics, the top salary for someone working in statistics can be as high as $150,840.

• Annual Median Salary (Bureau of Labor Statistics): $91,250
• Job Growth: 11%

The world of IT is constantly growing, and as it does, the demand for experts grows with it. Getting a doctorate in information technology and computer science can be an incredibly lucrative career move, with the Bureau of Labor Statistics showing top earners taking home as high as $208,00.

The jobs that can be accessed, such as chief technology officers or research roles within the industry, tend to be incredibly well-paid. This doctorate attracts people who have backgrounds in IT-related fields, such as computer science or computer programming.

• Annual Median Salary (Bureau of Labor Statistics): $86,280
• Job Growth: 16%

For someone who already has experience working in occupational therapy, earning a doctorate in the field can be a huge benefit. Not only can it open the door for them to move up in the industry, but it can also expand their knowledge of the subject area.

It can provide them with theory-based research while also working on their leadership and management skills. According to the Bureau of Labor Statistics, occupational therapists holding a doctorate degree may reach a salary as high as $122,670.

The job growth for this doctorate is also incredibly high, which means it may be an excellent career path to enter in terms of job security.

• Annual Median Salary (Bureau of Labor Statistics): $86,110

The number of career options that are available to someone who has a doctorate in criminal justice is typically vast. Working as a criminologist, a criminal justice researcher, or a federal law agency admin can earn graduates a lot of money.

This course of study is best suited for someone who already has real-world experience working in the criminal justice or law sector.

• Annual Median Salary (Bureau of Labor Statistics): $83,160

Engineering jobs are almost always in demand, and while there are a lot of high paying jobs available for those who have an undergraduate or master’s degree, taking a doctorate in the field can really help you advance your career.

An engineering degree is already one of the highest paying associate degrees, highest paying bachelor degrees, as well as one of the highest paying masters degrees, but the doctorate can be perfect for someone who already has experience working in engineering and wants to take that next step in their career.

A director of engineering job title and other project management positions may offer some very high salaries, about $208,000 or more, according to the Bureau of Labor Statistics.

• Annual Median Salary (Bureau of Labor Statistics): $82,180

With the stigma around mental health finally disappearing, the demand for jobs in psychology is on the rise. While a normal degree or masters in psychology may allow you to get jobs as a psychiatrist or a psychologist, higher-paying positions can become available following a doctorate.

It may also open up roles in research and as a university lecturer in the subject. The doctorate is suited to someone who already has their masters in psychology or who has a significant amount of experience working in the field.

• Annual Median Salary (Bureau of Labor Statistics): $80,790
• Job Growth: 9%

Getting a degree in philosophy can potentially lead to a surprisingly lucrative career in research or working as a lecturer. The doctorate is suited for someone who wants to work in research and who has a background in philosophy or religious studies.

According to the Bureau of Labor Statistics, salaries in this field are around $80,790 per year working in a research role, and up to $180,360 for college professors.

• Annual Median Salary (Bureau of Labor Statistics): $79,300

Organic chemistry, perhaps more than any of the other sciences, can open up a lot of different career options for doctorates. As well as research and academic positions, someone who studies organic chemistry may be able to land a job in a number of different areas, including geology, the pharmaceutical industry, and engineering.

Organic chemistry is a notoriously difficult subject to study, though, so it is vital that you have a solid background in chemistry and some work experience before attempting to join the program. According to the Bureau of Labor Statistics, salaries can go as high as $139,650 in this field.

• Annual Median Salary (Bureau of Labor Statistics): $69,000
• Job Growth: 2%

A doctorate in English can open a range of different academic doors for potential students. A PhD in English may be perfect for someone who already has an academic background in the subject and can also be perfect for qualified teachers and writers looking to take the next step in their career.

According to the Bureau of Labor Statistics, a doctorate in English may qualify you for a potential career in a lecturing position with salaries as high as $180,360, as well as positions within the publishing industry.

What Are the Different Types of Doctorate Degrees?

There are six common types of terminal degrees.

• Doctor of Philosophy (Ph.D.) – Traditionally reserved for those who want to remain in the world of academia, Ph.D. degrees focus on maximizing your ability to impart this advanced knowledge to incoming students. Outside of teaching, Ph.D. candidates also focus on pushing the limits of research and theoretical study within their chosen fields.
• Doctor of Business Administration (DBA) – The DBA experience is all about turning your terminal research in the areas of finance, marketing, accounting, and other related fields into applicable real-world skills. DBA graduates traditionally work in the corporate sector as executive officers and other ranking members of various managerial teams.
• Doctor of Psychology (PsyD) – PsyD students aim to provide clinical services within a wide range of settings, including group, familial, medical, scholastic, and even corporate environments. Earning this degree can give you the power to serve as a practicing clinician or specialized counselor.
• Doctor of Education (EdD) – Capturing an EdD degree is the first step toward a leadership role within the corporate and administrative side of the education field. Working as a principal, district supervisor, or even regional superintendent all fit into the professional path of this degree.
• Doctor of Social Work (DSW) – If you’re interested in educating others on the best practices and leading theories of modern social work and community interaction, then a DSW program could be your option. Holders of this degree research and educate others in the social work field via hands-on training in the classroom and the office, as well as provide answers and guidance in unique or exceptional social issue cases.
• Doctor of Public Health (DPH) – Like most of the other degrees in this review, earning a DPH is all about the desire to lead others in a chosen workplace environment. In this case, that means maintaining residency as an administrator or public health coordinator at a hospital or a similar clinical setting.

The type of doctorate degree you will want to earn depends on your career goals and primarily whether you want to teach the subject or continue working in your field.

Campus or Online: Which One Is Right for You?

It’s no big secret that whichever doctorate route you choose, you will most likely be rewarded for your hard work and research via ample compensation. However, you can make this process a little easier on yourself by focusing on a path – either online or on-campus – that suits your unique needs and daily requirements.

While the appeal of the traditional college experience is the major selling point for the on-campus approach, working on your degree from home is a flexible alternative that can shape and mold itself to your current personal and professional schedule by allowing you to work on your research and coursework at your own pace.

Adding in that these doctorate programs often waive Graduate Record Examination (GRE) minimum scores based on your GPA, as well as reduce or completely remove residency requirements, is further proof that this approach is at least worth your consideration as you plan out your academic future.

Questions Related to Earning a Doctorate

Here are our answers to a few more questions you might have.

How Much Do PhD Graduates Earn?

PhD Graduates make on average close to $100,000, with some job positions paying nearer the $70,000 mark and others going well about $208,000 (Bureau of Labor Statistics).

There may be some who question whether it is worth taking the time to invest in a PhD. Doctorate programs require a lot of time and effort, but studies suggest that PhD students typically earn more and find it easier to attract higher-paying jobs than those with just an undergraduate or a master’s degree.

What Are the Highest Paying Degrees?

A lot of degrees can lead to well-paying jobs. The more specialized a degree is in a certain field, the higher the chances are that it will be well paying. These degrees currently tend to be those in the engineering sector, as these are the ones that offer the most in-demand jobs.

What Is the Highest Paying PhD Degrees?

Once again, this one will depend on how specialized your PhD is and how in-demand that expertise is at a given time. Engineering PhDs tend to be evergreen, while there is an increasing demand for those with PhDs and knowledge in computer science and other IT related subjects.

PhDs usually provide those who have them with a lot of the highest paying jobs opportunities.

Are There Any Degrees Higher than a PhD?

No, there are no higher degrees than a PhD.

A PhD, also regularly referred to as just a doctorate, is as high as you can go academically. It is a specialized research doctorate that demonstrates a high level of expertise in a field. Most people who obtain their PhD tend to stay on at universities as either a member of a research team or as a lecturer.

Do you need a masters to get a PhD ? While many PhD programs require you to earn a masters first, it is possible to earn your PhD without having earned a masters. These are the direct entry bachelor’s to PhD programs offered by some universities.

Getting Your Doctorate Degree

It is important that you take the time to do your research into what doctorate will help your career the most. Once you have done this, you can begin to find the right university and program for you and begin the next step in your academic and professional career.

Now that you understand your career prospects and doctorate opportunities, it’s time to lay out the blueprint for a successful future.

Outside of conducting research on each of the areas that interest you, feel free to use the search tool below to find accredited universities that offer online doctoral programs in your chosen field.

When paired up with the rest of what you’ve learned here, there’s nothing that can stop you from finding the right school – and program of study – to fit your personal and professional goals moving forward.

Career Planning

Is a phd worth it t..., is a phd worth it the pros and cons of getting a doctorate.

To get a PhD or not to get a PhD? That is the question.

• Updated 22 Jul 2022
• 11 min read

Valerie David

Lifestyle and Career Expert

Reviewed by Hayley Ramsey

Entering the job market for the first time can be a stressful experience, especially if you don't feel completely prepared. When deciding how to take those first steps toward your ultimate career , and how to give yourself a chance at the best jobs, you may find yourself asking: “Should I do a PhD?”.

While academics looking forward to a life of learning may consider this a no-brainer, there are important factors for everyone to consider. Finances, job prospects and quality of life issues can greatly affect the success of furthering your education.

To help you decide if the time and effort of a PhD is worth it, here are the major benefits and disadvantages of getting that doctorate.

After four or more years of intellectual pursuits, adding a PhD may seem like overkill. Before you make your choice, let's look at all the benefits that are exclusive to earning the most advanced degree.

1. You can contribute new knowledge to the world

Embarking on a PhD programme means delving into your preferred subject in a much deeper way than you have in any of your previous studies. The beauty of this advanced degree is that it allows you to sail in uncharted waters. Your goal is to find new information, draw new conclusions and, hopefully, make a significant contribution to your field.

Your intensive research, travel, collaboration and study will lead you on an unpredictable path to telling a story that no one has heard before. For some students, this pursuit of knowledge and discovery is enough to make all the hard work of earning a PhD worth it.

2. You'll have access to more prestigious jobs

One of the key benefits of a PhD is that it opens doors to careers at the highest levels. This can include leadership positions in science and engineering, government roles in economics and political science, and prestigious teaching posts for English and arts majors. Even if an advanced degree isn't required for the job you want, that PhD can give you an extra air of authority in your field and an edge over other candidates.

Another obvious upside to continuing your postgraduate studies is that landing these powerful positions can lead to large financial rewards. Some areas of study, like medicine and the law, tend to be more lucrative, but it can also depend on the type of job. For example, a university professor or researcher post can pay well for a wide variety of disciplines. Check out sites like the Bureau of Labor Statistics and the National Careers Service to investigate potential salaries.

3. Employers look for candidates with your superior writing skills

A study arranged by the National Commission on Writing discovered that blue-chip businesses (long-standing companies with stable stock growth) are spending more than $3 billion a year on remedial writing course for current employees. This includes staff with undergraduate degrees.

So, when a hiring manager peruses your résumé and sees that you've earned a PhD, they'll know immediately that you've spent years honing your skills at compiling research, organizing mountains of data and writing about your results in a cohesive and persuasive way. This will clearly set you apart from your competition, while landing your dream job will prove that pursuing that advanced degree was worth it.

4. You'll improve on all your soft skills

While pursuing your undergraduate degree, you likely noticed that you were learning more than just the subject matter taught in each class. Completing your studies also required time management skills , focus and problem solving .

Getting a doctorate degree requires even more of the soft skills that employers look for in applicants . Your intensive study and finished thesis should lead to improvements in your problem solving, critical thinking , patience and adaptability . These desirable skills won't just help you land a job but also excel in whatever career you choose to pursue .

5. You'll collect an extensive network of professional colleagues

When weighing the pros and cons of earning a PhD, consider all the professional contacts you'll make during the course of your studies. Working closely with professors, department heads, experts in your field, as well as fellow researchers, helps you develop an important resource. This network of colleagues can provide continual assistance with references, job leads, career advice and collaboration.

6. You can wait for a more favorable job market

Job prospects may not look that promising when you've completed your undergraduate degree, or even after you've been in the workforce for a few years. While there's no guarantee things will improve after a delay, some students may appreciate the benefit of a steady graduate assistant salary while they work on enhancing their résumé with a doctorate.

If you couldn't get a good internship during or after your undergrad studies, the PhD work also gives you the time to build that professional network . These contacts could prove to be the key to breaking into a specialized or highly competitive field.

You may still be thinking about all that time and commitment and wondering, “Is a PhD worth it?”. While there are always positive results from improving your education, there are some downsides to getting your doctorate.

1. It's expensive

This is a substantial factor for many students when weighing the merits of pursuing a PhD versus entering the job market right away. If you already have student loans , continuing your education will just increase your burden and add substantial pressure when you eventually begin your job search.

If cost is a concern, investigate graduate assistant jobs that help with expenses. Some programmes offer tuition assistance in return for teaching or research work. For those who already work full time and are hoping a PhD will help them advance in their career, consider keeping that job and pursuing your studies on a part-time basis.

2. Getting a PhD can be a lonely experience

Despite your interactions with professors and other students, pursuing a doctoral degree is ultimately a solitary pursuit. Your thesis topic is unique to you, and you'll spend a lot of time alone doing research and writing. Your social life can suffer, especially if you're also working in addition to your studies.

Career experts often talk about the necessity of work-life balance for physical and mental health, and this is just as important for PhD students as anyone else. It may take you a little longer to complete your degree, but it's worth taking the time to visit family and hang out with your friends. These positive interactions can help you stay motivated through the most tedious parts of your work.

3. You'll experience extreme stress and frustration

Pursuing a PhD may seem like a noble and interesting endeavor, and extended life as a student can appear more attractive than wading into the job market. You must be aware, however, that getting a doctorate can be a very stressful and frustrating experience.

A topic that seemed intriguing at first may not live up to years of scrutiny, causing boredom at best or requiring a complete thesis change at worst. Not all programmes are well-run, either, and you may have a supervisor who is too critical, offers poor advice or is just unavailable and unhelpful.

The difficulties of a PhD programme lead to rather substantial dropout rates. In the US alone, only 57% of PhD students obtained their degree within a decade of enrolling. If you want to be in the successful half of those stats, take extra time to review your choice of supervisor and topic focus. Ask every professor you have for advice on making the right decisions and talk with current graduate students to see what their experience has been.

4. There may be limited job openings

While getting a PhD can qualify you for better and higher-paying jobs , it can also put you in a position where you're competing for an extremely limited number of job openings. This is especially true of university jobs, where the number of advanced degree graduates far outpaces the need for full-time instructors, researchers and administrators.

Earning your PhD with a very obscure thesis in a niche speciality can also limit your options. When there are only a handful of jobs that suit your expertise, and they're already occupied, it can make you feel that your doctorate was a waste of time. Consider the job market before you make decisions about getting another degree. If you're determined to study in a niche area, think ahead of time about related fields or industries where your knowledge and skills will also prove useful to employers.

5. There may be little to no financial reward

While most studies concur that having a PhD increases your income potential substantially over the lifetime of your career, it's not a guarantee of job security or a financial windfall. A study by the Organization for Economic Co-operation and Development (OECD) found that 5 years after earning their doctorates , 45% of grads in Germany were still on temporary contracts and 13% ended up in lowly occupations.

Other European countries, including Slovakia, Belgium and Spain, had similar results. In the US, in fields like engineering, the difference in pay scales between employees with a master's degree and a PhD was a mere 7%. When that small bump in salary is weighed against the amount of debt taken on in order to get your degree, you may decide it's not worth it.

6. You could lose out on valuable job experience

New forms of technology continue to change how organizations operate, and those changes can happen fast. If you've already spent several years in school, toiling away in solitary study of obscure subjects can cause you to fall further behind in learning the skills you'll actually need for a future career.

Before you invest in getting a PhD, research your chosen field and learn which type of degree will give you the most value. Many scientific, financial and computing careers rely more on skills acquired on the job, rather than in coursework that can quickly become outdated.

Questions to ask yourself

You’ve listed out the pros and cons, but that still may not be enough to help make your decision. When it comes to a life-altering change like getting a doctorate, it’s okay to take enough time to ask yourself specific questions to ensure you’re making the right move. Consider asking yourself the following:

• Why do I want to get a PhD?
• Do I have the pre-requisites to move forward to a PhD?
• What are my strengths and limitations?
• Am I financially prepared?
• Am I mentally prepared?
• How will this affect my relationship with my family or friends?
• Where will I study?
• What am I trying to achieve?
• What jobs will be available to me after I get my PhD?
• Are there other options or avenues to consider?

Unfortunately, you may not have the answer to every one of these questions, because let’s face it, you don’t know what you don’t know. You might not know how it will affect your relationship with family or friends, but why not ask them? Reach out to those closest to you and see how you pursuing this degree could trickle down to them and allow that to play into your decision. Evaluate the answers to these questions and use it to help you make an educated decision on your future moving forward.

The best PhD degrees

If you’ve weighed out the pros and cons, asked all the important questions, and now you’re set on getting your PhD, congratulations! To help you along the way, let’s look at a list of the most valuable PhD programs to start you on your way to this degree.

• Criminal Justice
• Engineering
• Cybersecurity
• Business Administration

These fields are rapidly growing and are among the highest-paying doctorate degrees in 2022 , so they might be worth considering as you start your journey.

Key takeaways

Pursuing your PhD requires an incredible amount of commitment, and it's important to take the necessary time to make the decision. As you’re evaluating a doctorate degree, remember the following:

• Evaluate the pros and cons list right from the beginning to ensure you’re weighing out both sides of the coin.
• Ask yourself the necessary questions. A doctorate degree commitment can affect more than just you, so be sure you’re factoring that into your decision.
• Review specifically which PhD would be best for you and your field progression.
• Research your chosen field carefully and evaluate the job market before you finalize your degree choice.
• Once you’ve selected your degree, stay focused and stay driven. It’s going to be a hard few years, but it will be worth the work!

Who knows, this may prompt you to move on to postgraduate study — never stop achieving!

Have you decided to pursue your PhD, or are you still considering your options? Join us in the comments below and let us know what’s stopping or encouraging you from getting a PhD.

Originally published on July 24, 2019. Updated by Shalie Reich.

Continuing Education

Courses and Qualifications

• 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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Should You Earn A Ph.D. In Higher Education? What To Know

Updated: Dec 8, 2023, 12:31pm

Are you serious about learning and making a difference? Are you passionate about impacting the future of academia? Do you aspire to tackle the most pressing issues in higher education, including maintaining educational standards, keeping costs low and improving student success?

A Ph.D. in higher education prepares students for all of the above. Learners leave higher education Ph.D. programs ready to improve university efficiency, aid in student success and lead at higher learning institutions. This degree can qualify graduates for abundant career options, including in-demand jobs that pay higher-than-average wages.

Use our guide to learn whether a Ph.D. in higher education is right for you.

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What Is a Ph.D. in Higher Education?

A Ph.D. in higher education is an academic credential that prepares students for careers in senior leadership at colleges and universities. Learners develop the skills to manage academic departments, conduct education-related research and manage other academic professionals. The degree is terminal, meaning it is the most advanced educational credential in the field.

Students can typically complete a higher education doctoral program in three to five years, with programs usually requiring between 60 and 72 credits. Coursework concentrations may include integrated studies, higher education administration, innovative teaching and learning and the economics of higher education.

In addition to classes, higher education Ph.D. candidates complete a dissertation. This process involves several project milestones, like crafting a research proposal and completing a dissertation defense. Dissertation topics in this field explore a diverse array of higher education-related issues.

For example, recent graduates at Harvard University conducted research about the characteristics of dual-language learners in the U.S. and the experiences of first-generation undocumented immigrant university students.

Graduates of these programs work in various higher education careers , including at all levels of college and university administration. They find jobs as professors, provosts, assistant deans, education consultants and policy advisors. They often write monographs, book chapters and journal articles.

People with a higher education Ph.D. may fundraise for their institutions, present research at professional conferences and sit on editorial boards of academic publications.

Coursework teaches learners about research design and data analysis. Classes also build skills like resource management, data analysis and communication—all marketable outside of academia.

While enrolled, Ph.D. students can work as research assistants and collaborate with their advisors. Unlike master’s programs in higher education , doctoral degrees in this field often allow more individualized curricula and self-directed learning.

Career growth projections are positive for graduates of Ph.D. in higher education programs. For example, the U.S. Bureau of Labor Statistics projects that employment for college administrators and professors will grow 4% and 8%, respectively, from 2022 to 2032.

Admission Requirements for a Doctorate in Higher Education

Specific admission requirements vary by program, but many schools ask for similar materials, which we explore below. Though standardized test scores were once a common application requirement, fewer schools ask for them now.

• Application and fee: Prospective students usually complete an online application. Schools often charge application fees of $50 or more.
• Résumé and work experience: Applicants must provide a current résumé or CV containing work and education history. Programs may require several years of professional or research experience and a master’s degree.
• Letters of recommendation: Prospective students usually need two to three letters of recommendation. These documents should come from people who can speak to applicants’ professional and academic qualifications—students should not ask family members or friends.
• Personal statement: Learners applying to higher education Ph.D. programs often submit a personal statement. This statement usually addresses subjects like academic interests, professional goals and life experiences relevant to the program.
• Admissions interview: Finalists in the application process often complete an interview with admissions committee members or a program director.

Common Courses in a Higher Education Ph.D. Program

Though exact course offerings vary among schools, you might see the following courses in a higher education Ph.D. program.

History and Philosophy of Higher Education

This class examines the development of higher education in the United States. Coursework covers cultural forces, important events and schools of thought that shape higher ed. Students analyze the implications of these movements and consider the future of academia.

Policy Studies in Higher Education

This course covers the development, implementation and enforcement of policies in higher education. Learners study the various layers of policymaking, including state governing boards and the federal government. Coursework explores how policy impacts student outcomes and institutional management.

Organization and Administration of Higher Education

Students in this class learn the theoretical principles of leadership, organizational behavior and institutional culture. Coursework also examines the administrator roles in higher ed.

Legal Aspects of Higher Education

This course explores the legal issues that affect higher ed institutions and their administrators. Topics include civil rights, notable court decisions and procedural and substantive due process.

Ph.D. in Higher Education vs. Ed.D. in Higher Education: What’s the Difference?

Though a Ph.D. in higher education is somewhat similar to an Ed.D. ( doctor of education ) in higher education, each program prepares graduates for different careers.

Ph.D. programs generally have a more academic focus, so graduates often pursue teaching and research positions rather than administrative roles. Ed.D. in higher education programs usually offer a more practical focus, so graduates typically pursue leadership positions in academia, government and nonprofit organizations.

What Can You Do With a Doctorate in Higher Education?

Workers with a Ph.D. in higher education can qualify for various careers, including some jobs outside of the university setting. We sourced salary data for this section from the U.S. Bureau of Labor Statistics and Payscale in December 2023.

Median Annual Salary: $80,840 Minimum Required Education: Doctorate; master’s degree in education or a related field may suffice Job Overview: College professors teach students in higher education institutions, including community colleges, professional schools and four-year institutions. They develop lesson plans and assess student progress. In addition to teaching, professors conduct research and publish their findings in academic journals. To learn more, see our guide on how to become a professor .

Postsecondary Education Administrator

Median Annual Salary: $99,940 Minimum Required Education: Master’s degree in education administration or a related field Job Overview: Postsecondary administrators manage various functions of colleges and universities, like student services, admissions, registration, athletics, student housing and multicultural services.

Education Researcher

Average Annual Salary: $67,375 Minimum Required Education: Bachelor’s in education or a related field Job Overview: Education researchers assess instructional systems, curriculum and academic evaluation strategies. They analyze academic departments to help institutions run more efficiently and effectively. Education researchers develop instructional methods through qualitative and quantitative classroom research with students and teachers. They frequently coordinate with instructors, university officials and fellow researchers.

College President

Average Annual Salary: $156,616 Minimum Required Education: N/A Job Overview: College presidents are the top administrative officials at higher learning institutions. They plan initiatives, lead schools and participate in fundraising. They also set goals, manage budgets, meet with various stakeholders—often outside regular business hours—and represent the institution at events.

Chief Learning Officer

Average Annual Salary: $156,339 Minimum Required Education: Bachelor’s degree Job Overview: Chief learning officers (CLOs) oversee the training and development of organizations’ employees. They assist with onboarding new staff members and update training materials. Many CLOs work at corporations.

Frequently Asked Questions (FAQs) About Ph.D. in Higher Education Programs

What does a ph.d. in higher education do.

A Ph.D. in higher education prepares a person for leadership positions in higher education. It is the highest degree a person can receive in this field. People with this credential often teach, perform research on effective teaching methods and act as consultants to nonprofits, governmental organizations and private companies.

How long is a Ph.D. in higher education?

The length of a Ph.D. in higher education depends on students’ enrollment status—full- or part-time—and the specific institution’s degree requirements. Learners typically complete coursework in two to three years, then spend another two to three years conducting research and completing their dissertation.

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Garrett Andrews is an adjunct faculty member in the Department of Political Science at Portland Community College where he teaches State and Local Government.

• Is a PhD Worth it?

Written by Mark Bennett

Whether a PhD is worth it or not entirely depends on what you want to get out of it. If you want to enter academia, then you'll likely need a PhD. However, those who don't need the degree for their career still find that doctoral study helps them gain and refine useful skills benefitial to industry.

This page will help you to define the value of a PhD degree and understand how much a PhD is worth (and to who).

On this page

Phd careers and employment prospects.

One of the first ways you might decide if a PhD is worth it is by working out whether it will improve your career prospects. So, how employable are PhD graduates – and what jobs do they actually do?

You may be surprised how diverse the answers to these questions are.

PhD employment statistics

Data suggests that PhD students are very employable, with the majority finding work or going on to further training (such as a ‘PostDoc’) after graduation.

As you can see from the table below, a PhD can make a difference to your employment prospects when compared with a taught Masters qualification.

For more information and statistics on this, check out our guide to PhD employability .

What's a PostDoc?

A PostDoctoral Fellowship (or 'PostDoc') is often the next step in an academic career, after a PhD. PostDocs are short-term paid positions that usually focus on a specific research project. You can find out more about PostDoctoral projects and opportunities at FindAPostDoc.com

What can you do with a PhD? – typical careers

The modern PhD is a surprisingly versatile qualification that develops a wide range of transferrable skills. Universities also support students within broad doctoral programmes that focus on developing employable PhD graduates.

All of this means that the job market for PhD students is quite diverse.

Many students do go on to careers in higher education, but these include administration and leadership positions as well as academic posts.

Others take their research and teaching expertise into other professions – including secondary and further education, industry or public administration.

What else do PhD graduates do?

A PhD does far more than prepare you for a career in higher education. Read our guide for more information on popular non-academic careers with a PhD – and how to get started with one.

Assessing the value of a PhD to you

Whether a PhD is worth it very much depends on your individual aspirations and plans.

It’s common for students to set out on a PhD with an academic career in mind – inspired by a passion for their subject at undergraduate and Masters level.

There’s nothing wrong with this, but you should also spend a bit of time considering the higher education job market – and learning a little about what an academic career involves.

Our Pulse survey shows that there’s almost an even split between those of you interested in doing a PhD because you want a career in academia, and those of you that aren’t interested in going down the academic route. We dug a little deeper into the survey and around 5% more of those interested in going into academia are interested in Arts and Humanities academic roles. There’s also around a 10% difference between those interested in studying STEM and those interested in AHSS when it comes to subject interest, with STEM being more motivated to study due to subject interest.

The vast majority of university researchers and lecturers in countries like the UK do have a PhD. But that doesn’t mean that the majority of PhD graduates go on to become university researchers and lecturers. In fact, many don’t.

If you are pursuing a PhD as the next step in an academic career, that’s great. Academic work is incredibly rewarding (and potentially very well paid). But it it’s prudent to understand the profession you’re preparing for – and to keep your options open.

Do you want to be an academic?

If you are pursuing a PhD as the next step in an academic career, that’s great. Academic work is incredibly rewarding (and potentially very well paid). But it’s prudent to understand the profession you’re preparing for – and to keep your options open.

Do you have another career in mind?

For some, a PhD is enough to scratch their ‘research itch’ and they decide to take their skills and experience into other careers . Others find that the academic job market is very competitive or that an academic job doesn’t appeal to them. And an increasing number have a completely different career in mind.

The modern PhD is a versatile qualification offering the transferrable skills described above as well as the chance to acquire incredibly advanced expertise.

There are plenty of careers that benefit from the kind of diverse CV a PhD develops. And, even if you want to be an academic, it’s worth thinking about a few of them before you start.

Will funding be available?

PhD fees aren’t actually that high. They’re a lot lower than undergraduate fees and usually less than those for Masters degrees.

But the full cost of a PhD needs to take into account more than just tuition fees. You’ll need to support yourself for at least three more years of study.

That’s three years in which you won’t be earning very much and during which your career development will probably be on hold. So there’s an ‘opportunity cost’ involved in PhD study – the earnings or career progress you might otherwise have made.

The simplest way to offset this is by acquiring funding for your PhD. A range of options are out there, from pre-funded projects to individual scholarships and doctoral loans.

Set aside some time to find out what kind of support might be available for the kind of project you want to complete. Researching research funding may not be exciting, but it could well be worth it.

Are you committed enough to see the project through?

You may decide that a PhD is definitely worth the cost, but will it be worth the hard work?

This may seem like an odd question to include here. Surely your dedication to further study and the value of the qualification you gain are two different things?

Well, not quite. For the simple reason that, whatever the worth of a completed PhD, an uncompleted one is worth a lot less.

It doesn’t matter what you plan to do with your PhD or how much it ends up costing you: if you don’t finish your project you’ll have little to show for whatever time and money you have invested.

That’s not to say that failing to complete a PhD will ruin your life. Some students do exit their programmes early and go on to have productive careers. Some even submit for alternative qualifications such as the MPhil .

But failing to complete a PhD is rarely a desirable or ideal outcome. So go into the process with your eyes open and make sure you know what’s involved. Our advice on doing a PhD is a good place to start.

Transferrable skills – what else does a PhD teach you?

PhDs are highly specialised qualifications. In fact, they’re the most specialised qualifications available. By its very nature every PhD is a unique project, focussing on a topic no one has researched before.

But PhDs aren’t just about specialisation. Successfully completing a three-year research project means developing many more general skills, all of which are highly transferrable.

There are relatively few non-academic careers based on the theological significance of eighteenth-century lyric poetry or the effects of altitude on arboreal biodiversity.

But there are lots of careers out there for self-motivated project managers with excellent organisational skills, experience of public speaking and event planning plus the ability to effectively analyse and communicate large amounts of complex information.

Those people are very employable. And your PhD could make you one of them.

The following are some of the core transferrable skills you’re likely to develop during a PhD.

Project management

This one is fairly obvious, but it’s probably more significant than you give it credit for.

A PhD requires you to complete an extended research project and to do so almost entirely independently. You’ll have support from your supervisor, but the day to day management of your time, resources and objectives is down to you.

You’ll need to assess the demands of specific tasks, plan ahead to ensure the availability of key materials and solve a wide range of problems (both anticipated and unforeseen).

You might also be responsible for managing expenses and keeping your project within the limits set by its own funding – or that of the research group you’re working within.

Even a self-financed PhD involves managing a budget – and potentially securing additional investment for your work.

Professional networking

Successful managing a PhD project can also mean successfully managing your relationships with other people.

You’ll need to maintain a productive relationship with your supervisor and with fellow students within your laboratory, workshop or department.

Looking further afield, you’ll need to identify and connect with researchers working on similar topics at other universities. And, if you present at conferences yourself, you’ll become experienced in sharing information within an expert network and discussing ideas with your professional peers.

It’s also highly likely that you’ll work more closely with other researchers at some point during your PhD. This could be part of a short-term project, or whilst organising a conference or other event (see below).

So don’t be misled by the image of the solitary scholar: collaboration, team-work (and team building) are also important parts of a modern PhD.

Teaching and mentoring

Academic teaching is another part of the typical PhD experience. Most universities provide at least some opportunity for postgraduate researchers to lead classes, demonstrate experiments or mentor undergraduate students.

This is important training for an academic career, but it’s not just limited to work in the university sector.

Teaching experience is obviously useful if you’re interested in working in other branches of education – such as a secondary school or sixth form college. Showing that you can communicate your specialist subject knowledge is a great way to leverage a PhD for these careers.

Academic teaching also tends to involve coursework assessment, feedback and one-to-one tutorials. These skills can transfer out of purely educational contexts as you develop experience in mentoring others and providing leadership.

Publication

Academic publication isn’t part of every PhD, but many students do have the opportunity to author journal articles or produce other records of their research.

This kind of publication is obviously different to ‘commercial’ or ‘popular’ publishing (we’re not suggesting it’s a short-step from a Nature paper to winning the Man Booker Prize). But some of the skills you’ll gain are common to all forms of publication.

Preparing, copy-editing and proofing a professional manuscript is necessary to publication in all contexts: whether you’re authoring a journal article, a novel, an industry whitepaper – or a website.

And proficiency in composing and communicating complex ideas is valuable in many careers – even the ones that don’t actually involve ‘publication.’

Public speaking

You might think it strange to think of PhD research as an opportunity to develop skills in oral communication, but the presentation and discussion of your ideas will play an important role in their development.

The majority of students speak at academic conferences at some point during their doctorates. This is an important means of making the academic community aware of your work and of receiving expert feedback.

In the process you’ll also become a capable public speaker, with the ability to select and shape material for a presentation and the confidence to deliver that presentation professionally and effectively.

And remember, the topic of a presentation isn’t important. It doesn’t matter if you’re speaking about economic history in front of an audience of academics or about market research in front of an audience of clients. Both scenarios require you to present specialist information, effectively, to other specialists.

Event management and organisation

PhD students don’t just speak at conferences: they often have the chance to organise them. This can range from running small seminar events to planning and arranging large international conferences.

The challenges involved in this – booking venues, setting up facilities, advertising, registering, taking care of delegates – aren’t unique to academia. They also crop up in a range of professions where large conferences and events are a regular occurrence – from politics to trade fairs.

Branches of some careers – such as marketing or entertainment – actually focus entirely upon events management.

One of the most valuable skills you gain with a PhD could, quite simply, be the ability to do research.

The task of identifying, managing and analysing large amounts of complex information isn’t simple. Nor is it easy to digest that information and re-present your conclusions in an appropriate and useful format.

As a PhD student, you’re going to become an undisputed expert in doing all of this. Because, if nothing else, your doctorate will make you a professional researcher.

And professional researchers don’t just work in academia. All sorts of careers draw upon these skills, from public administration, government and politics to public relations management, marketing and journalism.

Ready to do a PhD?

Search our project listings to find out what you could be studying.

We've answered some of the most frequently asked questions about PhDs, covering course types, applications, funding and the benefits of further study.

Will a PhD help you get a job or earn a better salary? And what are your career prospects in and outside of academia?

Everything you need to know about part-time and full-time work as a student or recent graduate in the USA.

Everything you need to know about part-time and full-time work in Germany as a student or recent graduate in Germany.

Everything you need to know about working in France during and after your postgraduate degree, including French work visas, job opportunities and popular industries.

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Mark joined FindAPhD to develop our first ever advice articles in 2013 and now serves as our Director of Audience & Editorial, making sure our websites and information are as useful as possible for people thinking about Masters and PhD study. He has a PhD in English Literature from the University of Sheffield, as well as Bachelors and Masters degrees from the University of Kent and the University of South Wales.

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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.”

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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!

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Is Getting a PhD Worth It?

Perhaps you’re finishing up a bachelor’s or master’s degree, or maybe you’ve hit a wall in your career. Now you’re wondering: Should I get a PhD? In the long run, is this the best choice for my career and personal goals? 

You may have friends who have completed doctorate programs or even observed coworkers or professors excelling with PhDs but wondered if it’s the right fit for you. There’s usually a series of roadblocks between the initial daydreaming and enrolling. You hesitate, wondering if this is the right time, if it will pay off, or if you’ll be able to succeed. 

The short answer: Yes. Most PhD students will tell you the time and effort are worth it. The long answer? Ultimately, only you can decide that but the pros outweigh the cons. 

What benefits are there to earning a PhD?

Well, most importantly, you’ll get two new letters in front of your name: Dr. Knows A. Lot.

Reputation Building

Jokes aside, earning a PhD earns you credibility . Employers, whether within academia or off-campus, understand the discipline, knowledge, and tenacity required to complete a doctoral program. 

In most cases, completing a PhD program is enough for others in your field to consider you an expert. Pursuing and completing a PhD shows all future employers you know your industry and you have the fortitude to work hard.

Return on Investment

It’s not always easy to calculate the monetary value of a PhD, but many PhDs will tell you that the return they’ve received on their investment (ROI) was more than worth it. When it comes to ROI , it matters where you get your PhD. 

Depending on your field and the school you choose, the ROI on a PhD is made significantly higher if you don’t have to pay tuition. Many schools, SMU included, offer fellowships and stipends for PhD students, often in addition to a full tuition waiver. This isn’t meant to convince you that PhD students are raking in cash — just a reminder that tuition isn’t necessarily a burden for doctoral students. PhD students do get paid

Pursuit of Passion

You may have experienced the dread that comes with a job search where you’re under qualified. You see the posting. You notice the employer and job title. Wow, this is your dream job . You skim the description and think, “I could probably do that!”. You get to the bottom, “Preferred Qualifications”. Yikes. You’re not quite there. Your PhD will open those doors, remove the barriers, and welcome you to the highest level of your career. Gone are the days of being under qualified. This is your time to shine.

Remember those doors that were closed before? Your PhD helps you find a network of people who can help you open them. Your classmates turn into colleagues, your professors into trusted friends, and those barriers start to fall down as you surround yourself with people who share your passion. 

Oh yeah, that little thing. Your passion. The subject and field you’ve been dreaming about since you were a child. Or maybe just since undergrad. It’s become part of your personal identity. Pursuing a PhD allows you to learn more, dig deeper, and climb higher in the field that you already enjoy. Even if you’re not looking to stay in academia forever, the PhD in your chosen field gives you the ability to stay a while longer and decide how best to use your skills.

What are the Reasons Not to Get a PhD?

Getting a PhD has a lot of benefits, but there are risks to consider, too.

The time commitment : this may take years. PhD programs take an average of 6 years to complete. 

The financial commitment: if you’re not in a fully-funded program, this may cost a lot. Not only in tuition, but in “lost wages,” too. Most PhD students don’t have time to work on top of earning their degree. 

But, the financial commitment is often offset by the earning potential of a PhD. On average, PhDs make over $30,000 more annually than those holding only a bachelor’s degree, but keep in mind that number varies between the humanities, business, and science industries. 

The energy commitment: earning a PhD can be hard work. The good news is you’re not in it alone at SMU. We offer a robust career services office and dedicated student support services for PhD students like housing, counseling, and community connections.

The risk: what if this doesn’t work out? But what if it does? 

Have you ever considered that in pursuing a PhD, you’ll be the expert on your chosen topic? You’ll have your classmates to lean on, but your thesis is specific to you. Your dissertation, though a lot of work, will put you as the thought leader of that specific topic. Combining your passion, credibility, network, and dreams to launch into your next phase of life. 

So, is a PhD worth it? We think so.

Learn more about

doctoral degrees at SMU, and how you can choose the right program and thrive in it, in our Guide to Getting a PhD.

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Is A PhD worth it now in 2024? [the data]

Deciding to pursue a PhD is a decision not to be taken lightly. Whether or not a PhD 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, and so much more. Is a PhD worth it?

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. To these people, they will always answer yes to the question is a PhD worth it

These types of researchers are relatively rare.

This article will go through everything you need to know to answer the question – Is a PhD worth it? We will also look into 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. Many also undertake PhD part time, while working.

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.

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:

Is Earning A 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?

To some, the answer yes to the question “Is a PhD worth it?” So they put in the effort and graduated with one.

However, 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, and is a PhD worth it.

Furthermore, there are risks associated with becoming PhD holders. 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. Age is also a factor, especially if you are considering a PhD later in life.

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 path if you want hard-core research experience and to open up the career pathway to lecturing and research.

You will need a PhD to get good, secure academic positions most of the time.

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 don’t make it into 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 project so that they can make an informed decision about their future career path.

Get Your PhD – It May Be Worth It

This article has been through everything you need to know about to decide on the question – is a PhD worth it. We also explored 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.

In short, is a PhD worth it? It is completely up to you to decide.

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

Is A PhD Worth It?

For most people, a PhD is not worth it. It may be useful to enter academia, but for those in industry, other certifications may help better.

When Is A PhD Worth It?

A PhD may become worthy if you intend to enter academia, or you are passionate about your subject you are willing to put years of research into it.

Do All PhD Graduates Get Academic Job?

Generally no. Not many will, due to the competitiveness of the academia job marketplace. This is when many starts to question the value of their PhD.

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.

Thank you for visiting Academia Insider.

We are here to help you navigate Academia as painlessly as possible. We are supported by our readers and by visiting you are helping us earn a small amount through ads and affiliate revenue - Thank you!

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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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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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Why a PhD is Worth it!

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• Introduction

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Diverse range of research roles, transferable skills, gain some 'gravitas'.

Considering a PhD ? It could be the best decision you ever make, both in terms of your career and personal development . Here's why...

Okay, let's start with the arguments against. First: who wants a PhD degree when you can earn a six-figure salary with an MBA or a professional degree in much less time? Imagine watching your friends drive off to work in their expensive cars while you're still stuck in the library or lab.

Let’s accept it, doing a PhD can be intellectually challenging, physically tiring and emotionally draining. So, why should anyone do a PhD? And is it worth the effort?

To begin with, PhDs are an essential part of the knowledge economy. Completing a PhD is all about creating fresh knowledge, discovering new things and developing new skills.

It is a degree meant for those who seek greater depth of knowledge in a specific area. With a PhD, ‘one can make a difference’, says Professor Paul KH Tam, Pro Vice Chancellor and Vice President (Research), University of Hong Kong. “A PhD is about pursuing knowledge for the passion of acquiring knowledge. If one is fortunate, one’s discovery/invention may even change society,” he adds.

Although academia is considered to be the most obvious path for any PhD holder, the degree also paves way to a career in industries centered on research and innovation.

“In developing countries, where there is a gap in higher-education sector, but where government as well as society realize and pursue a policy to develop knowledge-based economy, there is an across the board need for increased PhDs both in academia and in industry,” says Prof Tam. 

He adds that PhDs are required for the discovery of new drugs to satisfy the health needs of an ageing population, to continue making communication technology (iPhone, iPad) as one of the major driving forces of economic activities in modern society and to develop the understanding of humanities as society faces the challenges of coping with the side-effects of science and technology.

“Areas with high demand for very specialized and high level research skills demand PhDs. In the current economy, these areas may be biotechnology, information systems and medical and environmental engineering.

"That said, a PhD in liberal arts discipline is likely to be a passport to employment in any number of areas from media to political advising to independent research work,” says Dr Emmaline Bexley, Melbourne Graduate School of Education, University of Melbourne, Australia.

Sectors such as manufacturing, scientific research and development, health and social work and business activities all welcome PhD holders.

Besides this, a PhD degree helps you develop valuable transferrable skills, which are held dear by the employers. The very nature of the degree teaches candidates to be team players, problem solvers, have great presentation and communication skills apart from having an analytical mind and perseverance.

“Employers value the transferrable skills which PhD candidates bring to the table and they take on PhD holders from a variety of disciplines. The process of doing a PhD is often recognized as a training in creativity, critical inquiry, negotiation skills, professionalism and confidence,” says Dr Nathalie Mather-L’Huillier, Postgraduate Recruitment and Admissions Manager (Research), University of Edinburgh.

Dr Harry Kelly, Chemistry Operations Manager, GlaxoSmithKline, says that many view a PhD as an excellent means to acquire theoretical as well as practical skills. He says, “Together with high levels of innovation, creativity and ability to solve complex problems…PhD…enhances transferable skills such as communication skills and the ability to work in a team, both of which are critical to the achievement of our drug discovery programmes.”

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Doing a PhD is not as much about ‘patience or persistence’ as much it is about ‘quality and preparation’ according to Professor Richard Anthony Strugnell, Pro Vice Chancellor (Graduate Research), The University of Melbourne.

That is why those who earn the degree are held in high esteem. It wouldn't be wrong to say that a PhD degree gives gravitas to one’s social standing. “In society, a PhD in any field still stands for something,” says Professor Thomas Vogel, Pro Rector for Doctoral Studies, ETH Zurich.

However, it is also a degree to be pursued by only those who are truly driven to do something original, create a new knowledge base and be prepared to discover the unknown. “One of the hardest things to do in the world in educational terms is the PhD, but the rewards are amazing. The self-fulfilment and satisfaction you achieve from it pushes you to go through all the hard work and toil,” says Prof Andrew George, Head of Graduate School, Imperial College London.

But he also adds, “You should only do a PhD if you are really interested in it, not if you can’t think of doing anything better.” Point taken!

• More about the benefits of completing a PhD >

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What Is a PhD? Definition, Types of PhDs, and How to Get One

What is a PhD and is it really worth my time? This is a common question among professionals across a variety of fields, both within and outside academia, who contemplate grad school at some point in their journey. If you’ve ever wondered what a doctorate is and whether you should pursue one to advance your career and gain access to better job opportunities, read on.

This comprehensive guide will walk you through key definitions, including what a PhD actually is, the common requirements you need to complete a PhD degree, and the best degree programs available for a wide range of industries. It will also discuss the main benefits of becoming a Doctor of Philosophy, as well as the most common ways to fund your studies.

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What is a doctorate.

A doctorate is a research-based academic degree. It is considered a terminal degree in most disciplines, meaning it represents the highest level of education a student can obtain in their chosen field.

A doctorate is awarded to students who have undergone a lengthy research process and made a significant contribution to the body of knowledge in their field of study. It takes multiple years to complete, during which students work closely with a supervisor and focus on a specific dissertation topic. Completing a doctorate might also involve teaching and comprehensive examinations.

A doctorate serves as solid proof of a person’s level of knowledge and expertise. It demonstrates that you have mastery over your chosen subject, and helps establish you as an expert. This level of expertise comes with top-tier job opportunities and the potential to earn top salaries in your chosen profession.

Doctorate vs PhD: Key Differences

While many people use the terms doctorate and PhD interchangeably, there are key differences between the two. These differences have to do with the application of these degrees. However, both terms refer to terminal degrees, so they hold the same value.

A Doctor of Philosophy degree, or PhD, is a research-oriented degree that demonstrates a person’s ability to contribute new knowledge to their chosen field. A student who pursues a PhD usually does so to answer a specific question, conduct original research to provide an answer, and use their findings to advance their field.

On the other hand, the term doctorate is broader and typically refers to a professional or clinical degree. This means that a person who obtains it has demonstrated an ability to apply advanced knowledge in a particular field in their professional life. Professional doctorates of this kind are awarded, for instance, to medical doctors or doctors of juridical science.

PhD Requirements: How to Get a PhD

While each PhD degree program will have unique requirements depending on the school and field of study, there are some common requirements you need to complete to get a PhD. Keep reading to find out about the most common requirements to earn your advanced degree.

PhD Statement of Purpose

A PhD statement of purpose is a document that clearly outlines your goals for your PhD, your academic credentials, and the reasons why an academic committee should approve your project. It is typically between 500 to 1,000 words long and gives prospective students an opportunity to explain how their research project will make a relevant contribution to their field.

How Many Credits Is a PhD?

Typically, it takes between 90 and 120 credits to complete your PhD studies. However, this number can be as low as 60, depending on the degree type, area of study, and state, regional, or institutional requirements. Credit hours for graduate students are usually divided between course work, research hours, and dissertation work.

Other Common Requirements for a PhD

• Coursework. While coursework is not the main focus of a PhD, students will usually have to enroll in a few core courses during their first or second year of grad school. They might also have the opportunity to enroll in elective courses, which offer a chance to learn about other fields of study.
• Qualifying exams. A common component of many PhD programs is a set of qualifying exams. Students must successfully pass these comprehensive exams toward the end of their degree in order to demonstrate their level of competence in their field. These tend to be oral exams.
• Teaching. Many PhD programs include a teaching component. Students are required to teach basic courses, typically to fresh undergrad students, which helps them develop teaching skills.
• Research. Conducting original research on a particular subject is typically the main component of a doctorate program, and takes up the bulk of doctoral candidates’ time.
• Dissertation. Throughout their program, PhD candidates need to complete a dissertation based on the original research they’ve conducted. Graduate students do this under the guidance of a qualified faculty member.
• Dissertation defense. Once the dissertation is approved, PhD students need to successfully defend their research in front of a panel of experts in their field before they are awarded their degree. This is the final step in the dissertation process.

How Do PhD Programs Work?

Typically, PhD degree programs work based on a mix of coursework and research conducted over three to four years, although this can last longer depending on the program and the pace at which a student completes their research. Coursework is typically completed towards the beginning of the program, and towards the end, the dissertation or thesis becomes the main focus.

In addition, students must fulfill other program requirements throughout this period. This might include teaching undergraduate students, completing a residency, passing qualifying exams, or attending conferences or colloquia. The final step is usually an oral defense in front of a panel of experts, who are selected to evaluate the quality of the research and the value of the results obtained.

Do You Need a Master’s to Get a PhD?

No, a master’s degree is not always required to pursue PhD studies. Many programs in the US allow students to apply to a PhD program straight after completing their bachelor’s degree. Other programs offer dual degrees, meaning that you will obtain a master’s degree while you work toward your doctorate.

What Comes After a Doctorate Degree?

In many fields, the usual step after a doctorate degree is a postdoc. This is an option for those wishing to pursue a career in academia and continue doing research in their field. However, an academic career is not the only option. Because a doctorate is a terminal degree, graduates can easily move on to professional positions in other types of organizations in their chosen field.

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PhD Dissertation vs Thesis

The main difference between a dissertation and a thesis is the scope of the research being conducted and the type of degree you are awarded after completing it. Often, the terms are used interchangeably, or they can hold different meanings in European countries, which causes some confusion regarding their nature. Keep reading to understand the differences between a PhD dissertation and a thesis in the US.

What Is a PhD Dissertation?

A PhD dissertation is a piece of scholarly work that presents the original research carried out by a doctoral student during the length of their program. It discusses the scope, methodology, results, and conclusions of the research at length. The end goal of a doctoral dissertation is to produce results that help advance human knowledge in a given field.

PhD Dissertation Defense

A PhD dissertation defense is the process in which a PhD candidate defends their research in front of a panel of experts in their field. During the defense, members of the panel ask questions regarding the information presented, providing the candidate an opportunity to back up their work and demonstrate the level of expertise they’ve achieved after years of dedicated work.

What Is a PhD Thesis?

In the US, as opposed to some European countries, the term thesis refers to a shorter academic paper that is usually presented for the completion of a master’s degree. It can also sometimes be a requirement for honors students completing a bachelor’s degree. The information presented in a thesis is usually drawn from existing sources, rather than from original research conducted by the student.

PhD Thesis Defense

A thesis defense is usually not a mandatory requirement for master’s students, although this varies according to your school and department. The thesis is still an in-depth piece of scholarly writing and serves as a testament to a student’s mastery of a given subject, and a defense serves as an opportunity to engage a panel of experts and defend the contents of your paper.

How Long Does It Take to Earn a Doctorate?

Most doctoral programs are designed to be completed in four to six years. However, it can take up to seven and a half years to earn a doctoral degree from the start of graduate school, according to data presented by the National Science Foundation.

A number of factors can affect how long it takes students to earn their PhDs. They include the structure of their chosen program, the type of research being conducted, and the support provided by the institution. On average, students completing doctoral programs in science and engineering fields finish faster than their counterparts in non-science and engineering fields.

How Hard Is It to Get a PhD?

It can be very hard to get a PhD. Working for several years on a particular dissertation topic can be very trying. Aside from the time commitment, the depth of research that is part of the dissertation process can also be challenging. Admissions to a top education institution can be extremely competitive, as usually there are only a handful of positions available for hundreds of applicants.

What Is the Easiest PhD to Get?

PhDs in the humanities, social sciences, and education are typically regarded as the easiest to obtain. However, this truly comes down to how interested you are in your chosen dissertation topic and your level of commitment to making a relevant contribution to human knowledge, both of which can greatly influence your perception of the difficulty of the degree.

How Much Does a PhD Cost?

According to data from the National Center for Education Statistics, the average yearly cost of graduate programs in the US is $19,792. Data from the QS World University Rankings suggest that the yearly cost of a PhD in the US ranges from $28,000 to $40,000. The total cost of a PhD can greatly vary depending on the university, length of the program, and funding options available for doctoral study.

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Benefits of a Doctoral Degree: Why Do a PhD?

There are many concrete benefits to completing a doctorate, such as career advancement opportunities, expertise in your field, and the chance to earn better salaries. Keep reading to find out about some concrete reasons why you should do a PhD to advance your career.

Career Advancement Opportunities

Holding a doctorate can provide you with great opportunities to advance your career. Many top-tier jobs in various industries require applicants to be experts in their field. For instance, a PhD in Business Administration can make you a strong candidate for senior, managerial, or executive positions in world-class companies in the public or private sector, or help you launch an independent career as a consultant.

Even for jobs where this type of formal training is not required, you may still find yourself in fierce competition with other applicants. A PhD can help you stand out as a candidate, as it demonstrates your ability to conduct research, work independently, and succeed in pursuing your long-term goals.

Increased Earning Potential

One of the top benefits of completing your doctoral degree is the potential for earning better salaries. For example, the average yearly income for a professional with a Master’s Degree in Physics is $99,000, while someone with a PhD in Physics can expect to earn up to $119,000 yearly.

Expertise in Your Field

Earning a doctorate helps solidify your status as an expert in your field. If there is a topic that you are deeply passionate about, your PhD is your chance to fully immerse yourself in it. Through this process, you will be making important contributions and developing groundbreaking practices in your area.

Transferable Skills

Aside from your ability to work independently and conduct research in your area of expertise, you will also develop a variety of transferable skills that will be useful to you no matter what you choose to do after graduation.

Throughout your program, you will be participating in committees, teaching, organizing conferences, publishing your work, and meeting other experts. As a result, you will develop multipurpose skills, including time and project management, communication and interpersonal skills, and leadership skills.

While you pursue your academic degree, you will be participating in academic conferences, workshops, seminars, and colloquia. This, in turn, means you will have ample opportunities to connect with other doctoral students in your field and in other areas of knowledge. The connections you make through your PhD can lead to career opportunities and expand your social circle in new and interesting ways.

How to Earn a Doctoral Degree

So, how do you earn a doctoral degree? While there is work to be put in, the process is actually quite straightforward. Keep reading to find out how you can embark on the path toward your PhD.

The first step to earning your doctorate is to complete a bachelor’s degree at the undergraduate institution of your choice. Depending on your chosen field, you might need to obtain a degree in a specific discipline, which can then pave the way for your graduate studies.

If a bachelor’s degree is not an option right away, you can start by obtaining an associate degree , which can even be done through the best online community colleges . While you obtain your undergraduate degree, make sure to seek out career advice from experts who can help you decide how to best use your time and embark on the right academic path.

While earning a master’s degree is not mandatory to apply to a PhD program, doing so can offer you a competitive advantage. It will give you a chance to deepen your knowledge on a particular topic, connect with professors and gather recommendations, and test the waters regarding your chosen field.

In order to successfully apply to a master’s degree program, you will have to provide your GPA, letters of recommendation, and sometimes standardized test scores. For instance, if you’re interested in pursuing a Master’s Degree in Mathematics , you will need to prep for the GMAT and submit your scores. Be sure to check the requirements of your chosen school and department.

Whether you have completed your master’s or are applying straight after your bachelor's, make sure to spend some time choosing your specific research area and the type of PhD you wish to pursue. This is also an excellent time to assess funding opportunities and contact potential supervisors to gauge their interest in and ability to support you during your studies.

In order to enroll in a doctoral program, you will need to provide quite a few documents with your application. Every school is different, but the most common requirements are transcripts, letters of recommendation, and a strong statement of purpose. Make sure you check the specific requirements of your chosen program, and prepare to be interviewed by faculty members.

After being accepted into a doctoral program, you should outline what the next few years will look like. What requirements do you need to complete to earn your PhD? Spend time crafting a realistic timeline that can help you stay on track and complete every step successfully. This includes teaching, participating in conferences, and successfully completing your qualifying exams.

The final step to obtaining your PhD is to successfully complete your research and compile your results in your dissertation. Once it is reviewed and approved by your supervisor and readers, you will have to defend it as well. It can be a trying process, but the results will be worth it.

How to Choose a PhD Program

In order to choose a PhD program that is right for you, there are several factors you should consider. A PhD is a strong commitment both in terms of time and money, so the decision shouldn’t be made lightly. Keep reading to find out how to choose a PhD program.

PhD Acceptance Rates

The PhD acceptance rates of a university give you an idea of how likely you are to be admitted to your chosen program. This number is a reflection of how competitive a program is and the funding the department receives. Use this information to orient yourself to the selection process, as applying to a variety of programs with different acceptance rates can increase your chances of being accepted into one of them.

Keep in mind that acceptance rates are usually measured by department, not university. For instance, Columbia University has an acceptance rate of four to six percent for its psychology PhD program , and an acceptance rate of five to seven percent for its history PhD .

PhD Dropout Rates

PhD dropout rates are important to consider, as they give you an idea of how supported students are in a particular program and how likely you are to complete your doctorate. In the US, PhD attrition rates, or dropout rates, can range from 40 to 50 percent , so take your time to find a university and program with a high success rate to ensure you will be able to finish and obtain your degree.

Faculty Members

One of the key relationships you will have during your time as a PhD student will be with your supervisor. You will also be working closely with other members of your department. As such, make sure to research the faculty to ensure that their interests and research projects align with your own. During the research stage, you can even reach out to them to find out about the department, ask about funding opportunities, and receive relevant career advice.

Funding Opportunities

A PhD can be costly, but there are many ways to offset those costs to make it more manageable. Be it scholarships, grants, or work opportunities, make sure to research all funding opportunities available so you can select a program that aligns with your financial situation. Many universities offer fully-funded programs to outstanding students, so do your homework and find a program that doesn’t leave you financially crippled in the long run.

When you commit to a PhD, you are also committing to several years of work. Unless you are planning to complete your program fully online, you should take into account the place where you will be moving to continue your studies.

Do you prefer big cities or small college towns? Which part of the country would you be willing to relocate to? Take some time to reflect on your preferences so you can choose the best location according to your needs and preferences.

Best Online PhD Programs

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What Can You Get a Doctorate In?

You can get a doctorate in a wide variety of topics. Below is a list of common fields in which you can pursue this type of degree:

• PhD in Psychology
• PhD in Education
• PhD in Nursing
• PhD in Social Work
• PhD in Economics
• PhD in Business
• PhD in Computer Science
• PhD in Data Science
• PhD in Business Administration
• PhD in Accounting
• PhD in Mathematics
• PhD in Statistics
• PhD in Engineering
• PhD in Cyber Security
• PhD in Information Systems

Best PhD Programs and Their Potential Jobs

The best PhD programs offer you the training you need to succeed in your field and access top jobs in your industry. Keep reading to find out about common programs in a variety of fields, both in-person and online, as well as the jobs you’ll have access to once you finish.

A PhD in Psychology provides you with the formal training required to conduct scientific research in the field, practice professionally with patients, or both. With a PhD in Psychology, you will be able to advance human knowledge on behavioral disorders, strategies for diagnosis, and treatment plans that are on par with the latest scientific discoveries.

Psychology PhD Programs

• PhD in Psychology at Stanford University
• PhD in Psychology at University of California, Berkeley
• PhD in Experimental Psychopathology & Clinical Science at Harvard University

Online PhDs in Psychology

• Online PhD in Psychology at Liberty University
• PhD in Counseling & Psychological Studies at Regent University  
• PhD in Counseling Psychology at Loyola University Chicago

PhD Psychology Jobs 

• Organizational Development Director | Average Salary: $118,140
• Research Director | Average Salary: $107,634
• UX Researcher | Average Salary: $88,914

PhD Psychology Salary 

According to statistics presented by PayScale, the average base salary of a professional with a PhD in Psychology is $95,000 per year. This can vary depending on your location, company, position, and level of experience.

A PhD in Education prepares students to conduct education research and is typically chosen by those interested in pursuing a career path in academia. Holders of this type of PhD are qualified to work as curriculum specialists, policymakers, teacher educators, instructional leaders, and, of course, education researchers.

Education PhD Programs

• PhD in Teaching and Learning at New York University, Steinhardt
• PhD in Education Policy at the University of Pennsylvania
• Doctor of Philosophy in Education at Harvard University

Online PhDs in Education

• PhD in Education – Educational Technology and Online Learning at Regent University
• PhD in Education at Concordia University
• Doctor of Education at the University of Illinois at Urbana Champaign

PhD Education Jobs 

• Elementary, Middle, and High School Principals | Average Salary: $98,420
• Postsecondary Education Administrators | Average Salary: $96,910
• Postsecondary Teachers | Average Salary: $79,640

PhD Education Salary 

The average annual salary for a professional with a PhD in Education is $82,000, according to PayScale. Those with jobs as professors in postsecondary or higher education can expect a range between $56,000 and $188,000, while professionals in executive positions can make up to $171,000 per year.

A PhD in Nursing is a perfect option for nurses seeking to work in academia or conduct research. It is the highest degree that can be obtained by professionals in this area who have opted to advance their field from the lab instead of doing so in a clinical setting.

Nursing PhD Programs

• Doctorate of Nursing at Johns Hopkins University
• PhD in Nursing at the Univerity of Washington
• Doctor of Philosophy in Nursing at the University of North Carolina, Chapel Hill

Online PhDs in Nursing

• Online PhD in Nursing at the University of Central Florida
• PhD in Nursing Science at Vanderbilt University
• PhD in Nursing at Walden University

PhD Nursing Jobs 

• Dean of Nursing | Average Salary: $113,399
• Nursing Director | Average Salary: $93,943
• Nursing Instructor | Average Salary: $64,253

PhD Nursing Salary 

PayScale estimates that the average annual salary for a professional with a PhD in Nursing is $93,000. A nursing instructor can expect an estimated salary ranging from $53,000 to $93,000, while a nursing director can expect a salary ranging from $85,000 to $156,000.

Students who pursue a PhD in social work gain the skills and knowledge to act as leaders in social work research and social work education. Graduates from these programs are prepared to become involved in the creation and analysis of social policy, planning, and administration. They can work with governments, nonprofit organizations, or in the private sector.

Social Work PhD Programs

• Joint PhD Program in Social Work and Social Science at the University of Michigan
• PhD in Social Work at The University of Chicago
• PhD Program in Social Welfare at the University of Washington 

Online PhDs in Social Work

• Doctorate of Clinical Social Work at the University of Southern California
• Doctorate of Social Work at Rutgers University
• Online Doctor of Behavioral Health – Management at Arizona State University

PhD Social Work Jobs 

• Director of Clinical Services | Average Salary: $90,983
• Executive Director | Average Salary: $81,329
• Nonprofit Program Director | Average Salary: $59,621

PhD Social Work Salary 

The average annual salary for a professional with a PhD in Social Work is $76,000, according to data presented by PayScale. A program director for a nonprofit organization can make between $49,000 and $84,000.

The best doctorates in economics prepare graduates to make decisions that increase the profitability of businesses, maximize the use of resources, and inform public policy. Over years of analyzing economic trends, deepening their knowledge of local and global economics, and conducting research, graduates will be ready to work in the public or private sector.

Economics PhD Programs

• PhD in Economics at Arizona State University
• PhD in Economics at John Hopkins University
• PhD in Economics at Syracuse University

Online PhDs in Economics

• PhD in Public Policy – Economic Policy at Liberty University
• PhD in Business Administration at the University of Maryland – Global Campus
• Doctor of Philosophy in Business Administration at Hampton University

PhD Economics Jobs 

• Financial Manager | Average Salary: $131,710
• Economist | Average Salary: $105,630
• Professor of Economics | Average Salary: $97,190

PhD Economics Salary 

According to PayScale, the average annual income for someone with a PhD in Economics is $112,000. Whether you obtain your PhD in person or through an accredited online PhD program , you’ll be able to make an impact and earn well while doing so.

A PhD in Business prepares you to become a successful professional in either the public or private sector. With this type of degree, you can go on to work in corporate finance, international business, or industrial organization. You’ll gain in-depth knowledge about markets, competition, and government regulation.

Business PhD Programs

• PhD in Business Economics at Harvard University
• PhD in Business at Stanford Graduate School of Business
• PhD in Finance at New York University

Online PhDs in Business

• Doctorate in Business Management at Atlantic International University
• Executive Doctorate in Business at Drexel University
• Doctorate of Business Education at Creighton University

PhD Business Jobs 

• Senior Director of Strategy | Average Salary: $156,566
• Chief Operating Officer (COO) | Average Salary: $144,743
• Vice President of Operations | Average Salary: $133,086

PhD Business Salary 

According to data presented by PayScale, the average annual salary of someone holding a PhD in Business is $150,000. This type of degree opens the door to top positions in various industries, almost all of which come with lucrative salaries.

The best PhDs in Computer Science are flexible degrees that open doors in a variety of fields. Whether you choose to get this degree in person or opt for one of the best online PhDs in computer science , you will gain valuable experience and deepen your knowledge of computational science theory, cyber operations, and information assurance.

Computer Science PhD Programs

• PhD in Computer Science at Carnegie Mellon University
• PhD in Computer Science at Boston University
• PhD in Computer Science at Arizona State University

Online PhDs in Computer Science

• PhD in Electrical Engineering and Computer Sciences at University of California, Berkeley
• PhD in Computer Science at Indiana University
• PhD in Computer Science at Mississippi State University

PhD Computer Science Jobs 

• Chief Data Scientist | Average Salary: $190.365
• Chief Information Officer | Average Salary: $169,334
• Senior Computer Scientist | Average Salary: $153,972

PhD Computer Science Salary 

According to PayScale, the average salary for a professional holding a computer science PhD is $131,000 per year. As with any other industry, your salary will be determined by your level of experience, your position, and your location.

A PhD in Data Science is a research-intensive degree that helps you cultivate skills and knowledge in programming, statistics, data analysis, machine learning, and artificial intelligence. With it, you can launch a successful career   

Data Science PhD Programs

• PhD in Data Science, Analytics, and Engineering at Arizona State University
• PhD in Computational Sciences and Informatics at George Mason University
• PhD in Statistics and Data Science at Yale University

Online PhDs in Data Science

• PhD in Data Science at Northcentral University
• PhD in Information Science at the University of North Texas
• Online PhD in Data Science and Technology Management at Northcentral University

PhD Data Science Jobs 

• Computer and Information Research Scientist | Average Salary: $131,490
• Mathematician or Statistician | Average Salary: $96,280
• Medical Scientist | Average Salary: $95,310

PhD Data Science Salary 

PayScale does not offer salary information specifically about data science PhD holders. However, statistics do exist for computer science PhD holders, which is a close match. They show that the average salary for a professional with a PhD in Computer Science is $131,000.

A PhD in Business Administration prepares students for successful careers leading business ventures across all industries. It is a highly interdisciplinary degree that includes aspects of marketing, economics, information systems, finance, and human resource management. Accredited online PhDs in Business Administration offer busy students the opportunity to complete their degree in a fully remote modality.

Business Administration PhD Programs

• PhD in Business Administration at Duke University
• PhD in Business Administration at Harvard University
• Doctor of Philosophy in Business Administration at George Washington University

Online PhDs in Business Administration

• Business Administration PhD at Temple University
• Doctor of Business Administration at Liberty University
• Doctor of Business Administration at the University of Maryland Global Campus

PhD Business Administration Jobs 

• Information Systems Manager | Average Salary: $159,010
• Human Resources Manager | Average Salary: $126,230

PhD Business Administration Salary 

The average salary of a professional with a PhD in Business Administration is $105,000, according to PayScale. Salaries for information systems managers with PhDs in this field can be close to $160,000 per year. On the lower end of the spectrum, university professors in the field can take home around $80,000 per year.

A Doctorate in Accounting is typically pursued by students interested in focusing their careers on research rather than the practice of their profession. This can be accomplished both in academic institutions and research organizations. Teaching is another common avenue for those who pursue this type of degree.

Accounting PhD Programs

• PhD in Accounting at the University of Colorado, Boulder
• PhD in Accoutning at Stanford University
• PhD in Accounting at the University of Pennsylvania

Online PhDs in Accounting

• PhD in Accounting at Capella University
• DBA in Accounting at Drexel University
• DBA in Accounting at Liberty University

PhD Accounting Jobs 

• Chief Financial Officer (CFO) | Average Salary: $140,445
• Corporate Controller | Average Salary: $104,674
• Financial Controller | Average Salary: $87,309

PhD Accounting Salary 

Once you obtain your accounting PhD, you’ll be able to earn a salary of $109,000 per year on average, according to data from PayScale. With jobs on the low end of the spectrum, you might earn $59,000 per year on average, while on the higher end of the spectrum you’ll be looking at an average annual salary of around $230,000.

A PhD in Mathematics can be extremely challenging to obtain, and these programs are usually highly competitive and admit only a handful of applicants each year. With this degree, you’ll be using your analytical and critical thinking skills in fields such as education and academic research, technology development and services, or the pharmaceutical industry.

Mathematics PhD Programs

• PhD in Mathematics at Columbia University
• PhD in Mathematics at Harvard University
• Doctor of Philosophy or Doctor of Science Mathematics Degree at the Massachusetts Institute of Technology

Online PhDs in Mathematics

• Doctorate in Mathematics at Atlantic International University
• PhD in Mathematics Education at the University of Wyoming
• PhD in Mathematics at Edith Cowan University

PhD Mathematics Jobs 

• Data Scientist | Average Salary: $108,660
• Actuary | Average Salary: $105,900

PhD Mathematics Salary 

The average salary for a mathematics PhD holder , according to PayScale, is $110,000. If you opt for a career as a data scientist, you can expect a salary ranging between $75,000 and $141,000. As a mathematician, that range can be between $66,000 and $135,000. 

A PhD in Statistics is useful in various fields, such as the medical industry, education, and economics. During this program, you will learn how to better understand data, calculate risk, and successfully measure uncertainty, all of which have applications across fields and in both the public and private sectors.  

Statistics PhD Programs

• PhD in Statistics at Boston University
• PhD in Statistics at Columbia University
• PhD in Statistics at University of California, Berkeley

PhD Statistics Jobs 

• Statistician | Average Salary: $96,280
• Biostatistician | Average Salary: $77,924

PhD Statistics Salary 

The average annual salary of a PhD in Statistics graduate is $116,000, according to PayScale. As a statistician, your average salary can range from $71,000 to $133,000, and as a biostatistician, you can earn a salary ranging from $66,000 to $139,000.

Depending on the university and program you choose, a Doctorate in Engineering might be a PhD, an EngScD, a Doctor of Science in Engineering, or a DEng, Doctor of Engineering. This type of degree is heavily focused on technical research and can branch out into a variety of fields, such as biomedical, electrical, or mechanical engineering. Whatever the specialization, this doctorate will teach you to understand and solve problems using your technical knowledge.

Engineering PhD Programs

• PhD in Biomedical, Computer, or Electrical Engineering at Boston University
• Doctor of Science in Engineering at Columbia University
• PhD in Engineering at the Massachusetts Institute of Technology

Online PhDs in Engineering

• PhD in Aerospace Engineering and Mechanics at the University of Alabama
• PhD in Biomedical Engineering at the University of Maine
• Doctor of Philosophy in Reliability Engineering at University of Maryland

PhD Engineering Jobs 

• Chief Engineer | Average Salary: $86,920
• Manufacturing Process Engineer | Average Salary: $77,452
• Applications Engineer | Average Salary: $74,529

PhD Engineering Salary 

With a PhD in engineering, you can earn an average salary of $147,000 , according to PayScale. As an applications engineer, you can earn a salary ranging from $67,000 to $100,000, while as a chief engineer your salary might range from $105,000 to $273,000.

Cyber security is a growing field, and the Bureau of Labor Statistics (BLS) projects that there will be a 33 percent growth rate for information security analysts over the next 10 years. A PhD in Cyber Security prepares you for senior-level cyber security jobs across various industries, as well as for research positions. 

Cyber Security PhD Programs

• PhD in Computer Science with a Specialization in Cyber Security at the University of Rhode Island
• PhD in Security at the University of Colorado
• PhD in Computer Science (Cybersecurity) at Arizona State University

Online PhDs in Cyber Security

• PhD in Cybersecurity at Capitol Technology University
• PhD of Science in Cybersecurity at Marymount University
• Online PhD in Technology and Innovation Management – Cybersecurity at Northcentral University

PhD Cyber Security Jobs 

• Chief Information Security Officer | Average Salary: $170,271
• Cyber Security Architect | Average Salary: $129,369
• Lead Security Engineer | Average Salary: $120,827

PhD Cyber Security Salary 

According to data presented by PayScale, you can earn an average annual salary of $172,000 with a PhD in Cyber Security . This type of degree grants you access to senior roles, including director of operations, education program director, chief information security officer, penetration tester, and cyber security architect.

A PhD in Information Systems provides students with the education needed to understand and solve complex information technology problems, as well as conduct relevant research to propose new solutions and innovate in their chosen field.

Information Systems PhD Programs

• PhD in Business Administration With a Concentration in Computer Information Systems at Arizona State University
• PhD in Information Systems at Dakota State University
• PhD in Information Systems and Operations Management at Emory University

Online PhDs in Information Systems

• PhD in Information Systems at Northcentral University
• PhD in Information Technology at the University of the Cumberlands
• PhD in Management With a Specialization in Information Systems Management at Walden University

PhD Information Systems Jobs 

• Computer and Information Systems Manager | Average Salary: $159,010
• Database Administrator or Architect | Average Salary: $98,860

PhD Information Systems Salary 

The average salary for a professional with a PhD in Information Systems is $141,000. As with any other industry, this figure varies according to your position, level of experience, location, and the company you work for.

Can You Get a PhD Online?

Yes, you can get a PhD online. Many reputable universities in the country offer accredited online degree programs in a variety of disciplines. This education format is ideal for students who are unable to relocate or who prefer more flexible learning modalities.

Most Affordable Online PhD Programs

• PhD ​in ​Education ​and ​Educational ​Leadership at Drexel University. Tuition: $140/credit
• PhD in Mathematics Education at University of Wyoming. Tuition: $399/credit (in state)
• PhD in Information Systems at Dakota State University. Tuition: $464.90/credit
• PhD in Information Technology at University of the Cumberlands. Tuition: $500/credit
• PhD in Media and Communication at Indiana University of Pennsylvania. Tuition: $516/credit (in state)

Free Online PhD Programs

Unfortunately, there are no free online PhD programs. However, a multitude of funding opportunities do exist to help you cover the cost of your program. These include scholarships and grants, loans, and various forms of financial aid. Fully funded PhD programs also exist in a variety of universities and fields to support outstanding students looking to obtain their degrees.

How to Pay for a PhD

PhD programs are usually quite expensive. Fortunately, there are a variety of ways you can finance your studies. Keep reading to find out about the main ways to fund your PhD.

PhD Scholarships and Grants

Scholarships and grants consist of funds provided to students so they can cover the cost of their doctoral degrees. They can either be need-based or be awarded based on character or merit. Recipients of this type of funds usually do not need to pay the money back. They can be awarded by universities or other institutions, such as charities or research foundations.

PhD Financial Aid

Universities typically offer a wide range of financial aid options to prospective and current students to help them cover the cost of their programs. This might include, but is not limited to, tuition grants, stipends, computer or equipment subsidies, and access to funds for research or travel. Make sure to consult with your department to find out what forms of financial aid might be available to you.

Fully Funded PhD Programs

Many PhD programs are fully funded, meaning they waive tuition and associated fees entirely for outstanding students. Sometimes, the full funding can also include book stipends or funds for travel and research. While these tend to be highly competitive programs, they also offer the best option to complete your doctorate while avoiding the financial burden involved.

What Can You Do With a PhD?

With a PhD, you can gain access to senior, executive, or managerial positions in your industry. You can also have a successful career as a researcher in either the public or private sectors as you continue to expand the body of knowledge in your field. You can also choose to stay in academia and work as a college professor.

How Much Do PhD Professors Make?

On average, PhD professors earn an average salary of $143,823 per year, according to data presented by the American Association of University Professors pertaining to the 2021-22 academic year. This number can vary greatly depending on your field and whether you work for a public, private, for-profit, or not-for-profit institution.

What Jobs Can You Get With a Doctorate Degree?

• Senior Data Scientist | Average Salary: $128,060 . Senior data scientists use data to create strategies and orient the growth of organizations. They also serve as team leaders.
• Senior Software Engineer | Average Salary: $121,578 . Senior software engineers are experts in their field and are tasked with developing innovative information systems to help organizations reach their goals.
• Senior Research Scientist | Average Salary: $106,142 . Senior research scientists work in laboratory settings across various industries. They conduct research and experiments, which can have industrial, commercial, or academic purposes.
• Top Executive | Average Salary: $98,980 . The main task of a top executive, regardless of the industry they work for, is to devise strategies and policies to ensure their organization meets its goals.
• Postsecondary Teachers | Average Salary: $79,640 . Postsecondary teachers instruct students beyond the high school level. The subjects they teach depend on their academic track and areas of expertise.

Conclusion: Is a Doctoral Degree Worth It?

Yes, a doctoral degree is worth it if you want to position yourself as an expert in your field, gain access to senior, executive, or managerial positions, and enjoy higher salaries. It is also a great option if you wish to contribute new knowledge to your field by conducting groundbreaking research on a particular topic.

Completing a doctoral degree requires endurance, commitment, and an ability to overcome obstacles. It involves a strong time commitment of several years, as well as a considerable financial commitment, but it usually pays off. Whether you plan to work in academia, a private research firm, or any other public or private organization, a PhD will arm you with the skills and knowledge you need to help your career flourish.

About us: Career Karma is a platform designed to help job seekers find, research, and connect with job training programs to advance their careers. Learn about the CK publication .

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The Savvy Scientist

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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College Reality Check

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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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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PhDs and business leaders weigh in on the costs and benefits of getting your doctorate degree, and how to decide if it's the right move for your career

• A PhD can widen your career options, but you might want to consider the steep price of transitioning from corporate life to academic life before taking on an advanced degree. 
• Business leaders and PhD holders shared with Business Insider their perspectives on PhDs and why they regret or didn't regret going back to school. 
• Some experts said PhDs help you acquire research, writing, critical thinking, and presentation skills, but others believe it's a waste of time and money if you don't have long-term plans to teach or do research.
• While a PhD might be worth the investment if you want to work in science, math, engineering, or finance, the tech world is moving away from having the degree as a requirement. 
• Experts also said prospective PhD candidates should consider the emotional toll of being away from friends and family. 
• Visit Business Insider's homepage for more stories .

A PhD often brings prestige and career clout that can lead to bigger and better opportunities. 

It can also be a strong test of your resilience and aptitude. Philippe Barbe, who has a PhD in math and has served as an invited professor at Yale and Virginia Tech, said that going back to school for your doctorate "is very much like training and running a marathon, a test of your will." 

"Once you pass it, you know how far you can go," Barbe said.

But the degree also comes at a steep price. A 2019 infographic by Steve Tippins of Beyond PhD Coaching breaks down the myriad costs of a PhD, from tuition and fees to lost job opportunities and wages, reporting that PhD programs can set you back $30,000 a year on average.

Business Insider spoke with several business leaders and PhD holders to get their perspective on whether they're thankful for — or regret earning — an advanced degree. Here's what they said.

A PhD can boost your career in teaching and research and help you build transferable skills — but hold you back in certain corporate settings

In some fields, a PhD is a necessity for success. Barbe said that if you're interested in a highly technical industry, getting a PhD can open doors to an academic or research position in a renowned lab. For those in the corporate world, he added, it can help you lead "extraordinary technical teams and move toward high-level technical or non-technical management responsibility." 

But some experts opined that having the degree can actually hold you back in certain career situations.

"I have had more than one HR manager, interview panel, and headhunter tell me directly that I would be best served when applying for executive jobs in the private sector by leaving the PhD off my CV," said Klay Dyer , the president of Dyer Educational & Research Consultants Inc. who left the academic world after 20 years of university teaching. "[It can] open doors in which the credentials will add cache or validation to an organization or project, and close them on many others when the perception is of over-specialization or of taking a private-sector job as a stop-gap or stepping stone."

He added that if the goal is to acquire additional transferable skills, then it can be a worthwhile investment. "My research, writing, critical thinking, and presentation skills have been valuable assets as I transitioned from academic to corporate to consulting life," he said.

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Read more: 8 accelerated MBAs offered by top business schools that allow you to get a degree quicker than at a traditional program

PhD-holder Mark Coster, an online entrepreneur and owner of the STEM-focused websites STEM Toy Expert and Organic Chemistry Explained , agreed that the degree is more useful in some roles than others.

"When I decided I wanted to do scientific research in chemistry, I saw that college professors and industry professionals all had PhD qualifications," Coster said. "More recently, since pivoting to online entrepreneurship, I see the majority of successful people online do not have PhDs in marketing or business."

Elisebeth VanderWeil, principal consultant at Hand in the Dark Consulting and a faculty member for Government Training, LLC , got her PhD when she heeded the call to teach.

She feels that her degree studies have served her well for not only teaching and research, but also in providing a robust foundation for consulting with diverse organizations. Nevertheless, she said that if your career plans don't involve a heavy amount of teaching or research, you shouldn't "waste time and money on a PhD." 

A PhD can sometimes increase your earning potential, but comes with costs that go beyond the financial

Studies show that employees with a PhD can earn up to $20,000 more each year than those without one. Payscale reports that the average salary for those with a PhD is nearly $100,000 , and that some roles, such as data scientist and senior research scientist in biotechnology, can make north of that. 

With stats like this in mind, Grant Aldrich, founder and CEO of educational platform Online Degree , said that in industries such as science, math, engineering, or finance, a PhD is worth the investment. 

"For example, after getting a four- or five-year degree in pharmacy, you can work in a drugstore or open a pharmacy," Aldrich said. "The work you'll be doing is basic and not advanced, such as filling prescriptions. If you get a PhD in biopharmaceutical studies, however, you can have the opportunity to be an advanced scientist. Instead of merely filling prescriptions, you could be leading the synthesis of new drugs."

Aldrich said that the choice ultimately comes down to individual preference and what you want to get out of your career. 

"If you yearn for more advanced, cutting-edge work, the only way to access it is to get a PhD," Aldrich said. "Also, you could get a salary increase that would make the investment worth it monetarily."

Read more: An inside look at the first 'mobile-friendly' accelerated MBA program, where aspiring entrepreneurs and leaders can earn their degree from their phones — without paying a cent in tuition

But Brian Trotter, CEO and founder of intellectual property consultancy Bishop Rock, LLC , isn't convinced of a PhD's value.

"While a PhD can get you a higher starting salary (maybe 10-15%), that will quickly disappear — high performers will quickly reach the same level independent of their highest degree," Trotter said. "When I was managing a team of designers, my best performers were not the engineers with PhDs." 

Trotter told Business Insider that overall, he believes the tech world is moving away from the PhD as a requirement and that PhDs can have a reputation of "getting lost in the weeds in a difficult design problem."  

Another consideration is whether you can afford to take time out of the workforce.

"Especially for those studying full time, PhD students should have a 'security blanket' to fall back on for the next four to seven years," said Brian Dechesare, founder and CEO of Mergers & Inquisitions , which offers investment banking courses for careers in finance. He recommended that prospective PhD candidates calculate outgoing and unexpected costs beforehand to ensure that they don't encounter financial trouble during their academic career, which could jeopardize their qualification. 

Executive mentor and business consultant Anthony Babbitt, who's currently a PhD candidate in higher education administration and leadership, feels that time considerations are the most important factor in deciding whether to get a PhD, since the long degree can require social and familial sacrifices that may be even tougher than the financial ones. 

"PhD programs tend to last three to eight years, so it can be a long haul," Babbitt said. "Student loans are relatively easy to obtain, so financing is usually less of an issue. [But] potential students will be making an enormous time commitment requiring time away from friends, family, spouses, and children." 

Babbitt shared that for most of the people in his PhD program, this has been the hardest part. 

"I did not start my program until my children were out of our home," he said. "The time factor is one of the reasons you see many people wait until their late 30s or early 40s before beginning. This delay is incredibly helpful since people have had time to work professionally, too." 

He said he doesn't regret getting his PhD.

"Regardless of your field, a PhD will help your career in a variety of ways that do not always include more money," Babbitt said. "The people I talk with agree: The person who walks across the stage at graduation is much different than the person who entered the PhD program." 

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Is a Doctorate Degree Worth It?

Know before you read At SNHU, we want to make sure you have the information you need to make decisions about your education and your future—no matter where you choose to go to school. That's why our informational articles may reference careers for which we do not offer academic programs, along with salary data for those careers. Cited projections do not guarantee actual salary or job growth.

Earning a doctorate takes time, money and discipline. Like many things worth doing, the process is challenging but also rewarding. Becoming an expert in your subject area and immersing yourself in your chosen area of study makes the process of earning a doctorate important to many people. Certain professions require or value a doctorate for promotion potential.

In fact, career advancement, love of the subject matter and personal satisfaction are three of the top reasons why Dr. Bridgitte Kiprop '23 , Dr. Jennifer Barry ’23 and Dr. Torialyn Draper Crook earned their doctorates.

• For Kiprop '23, part of her motivation for earning a doctorate in International Business was setting an example for her six children.
• For Barry, ’23, who earned a doctor of education degree in educational leadership, part of her motivation was to prepare for success in meeting her long-term career goal to become a university president.
• And for Crook, earning her doctorate in education was a commitment that she undertook to honor her family’s legacy of valuing education.

How Difficult is Earning a Doctorate?

For Kiprop, time management was her key to success. With six children, she had to make the most of any time in the day that she could find. “If I had … five minutes, I would use the five minutes,” she said. “Other times, I was luckier (and had) two hours.”

Despite the time-management  challenges of earning an advanced degree while raising her family, Kiprop feels that the process of earning that degree was a way to inspire her children to work hard to meet their own goals.

“I really hope that my children will ... know that whatever it is they feel called to do, whatever their ambitions, their goals are achievable,” she said.

To manage the challenge of advanced studies, having the right people around you as you work on your degree is essential, according to Crook. “Surround yourself with family, friends, colleagues and mentors who can provide encouragement during challenging times,” she said.

Crook stresses that everyone’s journey to earning their doctorate is unique. She recommends being prepared for the unexpected, and remaining flexible in adjusting your path as you work toward completing your degree.

How Long Does a Doctorate Take?

Students may have family commitments, health challenges or need to work full or part-time while attending school . Many students face all of these circumstances. Crook managed to complete her doctorate in 5 years, though it wasn't easy for her. She faced a significant personal health challenge and was raising two children while also attending school.

For Barry, earning her doctoral degree is part of an educational path that started with her bachelor’s degree at SNHU (formerly New Hampshire College) in 2000. She then continued her education to earn a master's degree throughout several jobs and geographic moves.

Barry views her entire educational journey as part of the process that led to meeting her ultimate goal of earning a doctorate.

What Skills Are Needed to Earn a Doctorate?

While every academic program is different, Crook finds certain skills and competencies necessary for success, regardless of field. These skills include:

• Building relationships
• Organizational skills
• Self-motivation
• Writing skills

Crook finds building relationships particularly important. While working on her degree, the strong relationship that she developed with her dissertation chairperson proved essential. She also built positive relationships with other doctoral students, which led to a strong peer support network throughout her program.

Kiprop echoes the importance of building relationships in her field as well. For her, building new relationships is a way to open your mind to new experiences and opportunities.

Find Your Program

What types of jobs can you get with a doctorate.

While a doctorate is helpful for working in leadership roles at colleges and universities, there are many opportunities for doctoral degree holders to work at the highest levels in their profession outside of higher education as well.

Some of the top professions that require a doctoral or professional degree and have a faster-than-average predicted growth rate, according to the BLS, are:

• Astronomers* (SNHU does not currently offer graduate degrees in astronomy or physics)
• Biochemists and biophysicists* (SNHU does not currently offer graduate degrees in biochemistry or biophysics)
• Clinical and counseling psychologists* (SNHU does not currently offer doctorates in psychology, but you could start with a bachelor's in psychology , followed by a master's in psychology )
• Higher education teachers and professors — particularly business, computer science and engineering teachers*

Two more examples of areas where a doctorate can help prepare you for advancement in your career are educational leadership and international business.

A doctorate in educational leadership can be a Doctor of Philosophy degree, known as a PhD, or a Doctor of Education degree, known as an EdD. The PhD in Education Leadership typically leads to higher education roles in teaching and research. The EdD in Educational Leadership , which Barry earned, typically leads to leadership and strategy roles in an education setting that may be at the higher education or secondary school level.

A PhD in International Business  may include addressing a gap in an existing body of knowledge by conducting research. Kiprop, who earned her doctorate at SNHU, plans to use her degree to research entrepreneurship in small business finance.

Motivated by being from a developing country — Kenya — she has a personal interest in helping grow small businesses in similar developing areas. “I can also use that same knowledge at the New Hampshire level because the issues there perhaps are different but still … relevant,” she said.

Regardless of your program field, the process of earning a doctorate can help you explore ways of applying your newfound and existing knowledge that you may not have considered prior to starting your program.

Is it Better to Have a Master’s or Doctorate?

Both a master’s degree  and a doctorate offer opportunities for career advancement. Choosing which to earn, or whether to earn both, is a highly personal decision based on your personal and professional goals and aspirations, according to Crook.

Before deciding which degree is right for you, consider your goals. Speaking with a career counselor  or graduate admissions counselor to learn about career options and pathways toward earning the degree can be a helpful step toward making this decision.

In many fields, a master’s degree is enough  to move forward in your career. But, earning a doctorate is an opportunity to take your career a step further, according to Crook. That step “gives one the opportunity to direct their career trajectory specifically through research and other specialized skills and knowledge,” she said.

How Valuable is a Doctorate?

A doctorate isn’t for everyone, but it can be right for you depending on your chosen field and career path.

For many people, earning a doctorate is just as important as a personal accomplishment as it is a professional one. “I (always) understood the significance of progressing in my career and staying connected to my field of higher education,” Crook said. “My doctoral journey was worthwhile as it aligned with my career goals  and personal aspirations,” she said.

For Barry, the doctorate was worth it because she believes strongly in the power of education . “You see how (education) transforms people’s lives and … gives people opportunities that they didn’t see before,” she said.

She has seen many people earn degrees only for their family members to then continue in their footsteps. “I just think that generationally, (education) is creating pathways for people,” she said.

Deciding whether to pursue a doctorate is ultimately a very personal decision, but one that can lead you to build new relationships and a new knowledge base while helping you reach or exceed your career goals.

A degree can change your life. Find the SNHU doctorate degree  that can best help you meet your goals.

*Cited job growth projections may not reflect local and/or short-term economic or job conditions and do not guarantee actual job growth. Actual salaries and/or earning potential may be the result of a combination of factors including, but not limited to: years of experience, industry of employment, geographic location, and worker skill. 

A former higher education administrator, Dr. Marie Morganelli  is a career educator and writer. She has taught and tutored composition, literature, and writing at all levels from middle school through graduate school. With two graduate degrees in English language and literature, her focus — whether teaching or writing — is in helping to raise the voices of others through the power of storytelling. Connect with her on LinkedIn .

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SNHU is a nonprofit, accredited university with a mission to make high-quality education more accessible and affordable for everyone.

Founded in 1932, and online since 1995, we’ve helped countless students reach their goals with flexible, career-focused programs . Our 300-acre campus in Manchester, NH is home to over 3,000 students, and we serve over 135,000 students online. Visit our about SNHU  page to learn more about our mission, accreditations, leadership team, national recognitions and awards.

Should You Pursue a Psychology Doctorate?

Questions to help you decide, and how to make the most of a psy.d. or ph.d..

Posted January 23, 2021 | Reviewed by Ekua Hagan

Especially in a weak job market, it’s tempting to go back to school, including all the way to a doctorate. That may be especially so in clinical psychology specialties, in which an oversupply of job candidates allows employers to ratchet-up hiring requirements. If only because a doctorate is a quite unassailable hiring criterion, it’s often used.

If your aim is private practice, a doctorate may be less helpful in getting clients. While some prospective clients will be swayed by those letters next to your name, being referred by friends, your competence displayed in an initial phone call and sessions, and, alas, marketing may be more central.

Increased employability is, of course, but one factor to consider before committing the time and money to a doctorate.

Should you do it?

Yes, most people should consider the extent to which your employability would improve. If you’re currently employed, would a doctorate get you a significant promotion and raise? How much do you care about those? If you’re unemployed, a doctorate will improve your employability but also important will be whether you’ve made the most of the program. (See this article's final section.)

It’s not all about utility. Do you think you’d enjoy the doctoral education experience, even if the first year or so will be partly or completely virtual? It’s a mistake to decide based on your past college experience, especially if it’s been a while since you’ve been in school.

On the upside, you’re likely more mature and have had more life experience onto which to hang academic learning. On the downside, many older students, even if just in their 30s, find it harder to learn and retain, in part just because they may have family, job, and other activities that take time away from studying.

So, rather than look backward, project forward into the years you’d be in graduate school. What’s your guess as to how much benefit and pleasure you’d derive from the process?

Consider the opportunity cost. If you didn’t spend the time and money on graduate school, what would be a wise use of those years and funds: self-study, apprenticing, doing your current job well, and networking to increase the chances of a more interesting career ?

Choosing where to apply

First, decide whether to go for a Ph.D. or a Psy.D. The Ph.D. of course is better known if only because it’s been around longer. That also contributes to the Ph.D. being seen by the public as more prestigious. In fact, the key differentiator between Ph.D. and Psy.D. is that the Ph.D. focuses on preparing researchers while the Psy.D. prepares practitioners. Of course, many people with Ph.D.s also practice but if your goal is to be a practitioner, all factors equal, consider trading the sizzle of the Ph.D. for the steak of the Psy.D.

Of course, all Ph.D. programs nor Psy.D. programs are alike. For example, each has a primary orientation, perhaps psychodynamic, behavioral, or physiological. Individual professors may be expert in anything from autism to zoophilia.

It’s usually wise to pick a tentative specialty before or during the process of investigating where to apply. Of course, that will ensure that you apply to schools with strength in your prospective specialization. But it will also enhance your admissibility. Most programs get many more applicants than they admit, and a key selection criterion is the extent of fit between the program's strengths and the student's desires. So if you can articulate your being a particularly good fit, your admissibility will improve.

Tip: In reviewing prospective programs, if you find a professor with a specialty of interest, read one of his or her not-technical articles, and if you continue to be intrigued by the specialty, the professor, and the overall program, write an email to the professor explaining that. Ask if you might chat during office hours to discuss the program.

At such a discussion, if it goes well, you might even say that if admitted, you'd welcome becoming that professor’s advisee or even research assistant. Many professors crave acolytes, if only because they provide free or cheap labor on their research projects. That could result in the professor recommending you be admitted.

Which school?

Among programs that admitted you, how well-suited is it to you, ideologically and geographically. Most graduates end up getting a job in that locale, so you may be there longer than just your school years. How good is the financial aid offer? What do external reviews say about the program? GraduatePrograms.com seems to have the most student ratings.

And then there's the prestige factor. Alas, we live in a designer-label society. So "Harvard" will open more career doors than No-Name State even if the latter's program is excellent and better-suited.

Making the most of the program

Your advisor is key. Perhaps as important as the professor's specialization is his or her desire and ability to mentor you and to open career doors for you. If you're not happy with your advisor, change — usually the earlier the better so there's less resentment and more time to bond with your new advisor. Try to establish a relationship with one or more other faculty members: During office hours and via email, ask thoughtful academic and career questions.

Adapt the assigned papers and projects to suit your career goal and personal interests. Usually, the professor will grant your request if it is well reasoned. And select topics for your oral and written exams and dissertation with the same care.

Fieldwork is key if you're aiming toward a clinical rather than research career. If you don't like the placement or supervisor, request a new one. Sometimes, you can even search out and propose a great fit placement that you've unearthed.

The takeaway

In a crowded field like psychology, success typically requires differentiation from the crowd. A doctorate in which you've made career-building choices can be that differentiator.

I read this aloud on YouTube.

The other articles in this series on making major life decisions can be found here.

Marty Nemko, Ph.D ., is a career and personal coach based in Oakland, California, and the author of 10 books.

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

Three more readers share their critical experiences of working toward a Ph.D. and the postdoctorate that often accompanies it. Here’s Mary:

I spent (too many) years in a prestigious PhD program. During my post-doc, I saw newly-hired Assistant Professors work 60-hour weeks to generate preliminary data in order to secure funding during lean years (early ‘90s). They spent their Saturdays in the lab, bringing their young children with them. (The kids wrote on white boards. One spouse cleaned the lab.) Quite simply, I did not possess the interest or drive for this kind of life. When my son was born, I determined that I would earn a living in a way that provided economic security, as well as time to be there for him. Initially, I was fortunate to secure a non-research position in a government agency. I later moved to the private sector. There is an arrogance about academia that is imparted to doctoral students: that the tenure-track position is “pure” research and the only honorable path for a PhD. Stuff and nonsense.

Begin with the rate at which students for a particular advisor may graduate. One per year? One every other year? In a 30-year career, a lab chief may churn out 20 PhDs. There are far too few academic positions to justify this; rather, graduate students and post-docs are inexpensive labor. I wonder about the thinking that keeps trainees believing that they will be the exceptional ones to beat those odds. I love what I do, and those 10 years were worth the opportunity cost. In my 21-year career, I have used my training, and the way I learned to think, most days. Bonus: I have a life outside work. Look around, students: The academic career is not your only, or even your best, option.

Ilya would agree, and he emphasizes the upsides of the private sector to drive scientific progress:

Bachelor’s degrees are not for all people and all walks of life, and advanced degrees all the more so. I tried to get a Ph.D. in an engineering field. Leaving with a master’s was a great decision, even though it was largely forced on me. Over the ensuing years, I watched my friends who had stayed for the long slog become increasingly bitter. Here’s why. Academic research is the right channel, if not the only channel, for strikingly original, pathbreaking work. Once a field begins to attract private investment, however, academia needs to step back. Once a field has reached a certain level of popularity and recognition, the number of strivers greatly exceeds the number of original directions available, leading to duplicate work and dissertations of little value. In fields (such as mine) that require expensive and temperamental lab equipment, a company can afford to buy the best tools and hire technicians to maintain them. Graduate students waste years fussing over obsolete instruments. And, finally, academia tends to breed faculty with outsized egos who abuse students as a source of cheap labor for their pet projects. Companies, although not perfect, are much better at aligning the interests of frontline workers and management, and at killing projects that aren’t worthwhile. A doctorate remains the minimum credential to be a professor, which is fair. In some fields, though, even companies will not consider applicants who lack doctorates. This is part fetishism, part hazing ritual. In my field, I have found a Ph.D. to be usually valued as much or less than an equivalent number of years of private-sector experience, and we’re all better off for it.

This anonymous reader, like Ilya, will probably settle for a master’s:

All of my comments are in reference to graduate school in STEM disciplines, since I do not have experience in grad school in other fields. As a graduate student considering exiting my program as a 5th year, I can tell you in all honesty that a PhD is not “worth” it—for me, at least . Too many eager students earning a bachelor’s degree in STEM are told that they cannot have a worthwhile career without entering grad school. I saw the PhD as one more hoop to jump before I could land a great job that would provide me with the challenges and stability I wanted in a career. I have learned a massive amount and I don’t regret coming to grad school, but I am increasingly regretting staying . Most of what I will take from the PhD will be things I learned in my first two years. In other words, a master’s degree would have been perfect for me. Unfortunately, master’s degree programs in STEM are not encouraged and sometimes frowned upon. The few master’s degree programs that exist do not usually cover students’ tuition or offer any sort of stipend. At top-tier universities where students can only enter PhD programs, master’s degrees are only handed out as “ consolation prizes.” In other words, a master’s degree is a mere exit option for those not able to “tough it out” through the PhD. From an institutional perspective, this makes some financial sense. Why offer a paid master’s program, where students will be novices in the lab and still refining their techniques, when a PhD student will make up for these formative 2 years by effectively “working” 3+ years after the initial phase of their training? This is certainly the case in my lab. I used to fumble with equipment and make rookie mistakes daily. I now train newer students on instruments, assist with experimental design and analysis, and manage a good deal of the lab. I don’t get credit for it, though; I have the same low stipend that I did as a first year. My experience is the norm. It’s expected that you “pay back” for your training in the form of working more and publishing. In fact, certain fellowships require that you financially pay them back if you decide to pursue work outside of academia. Keep in mind that these fellowships are a trainee’s paycheck. If I was awarded one of these postdoctoral fellowships and decided to quit an unhealthy postdoc in month 11, I would owe back 11 months’ worth of my paycheck . If this isn’t indentured servitude, I don’t know what is. Coupled with emotional distress, not knowing where I might be working in a year, the lack of benefits (will I ever be able to retire if I stick with the PhD?), and an overwhelming desire to do something that I am good at and getting compensated appropriately, I can’t see sticking around any longer. The PhD is not the route to career satisfaction that I envisioned. It is no longer a simple hoop; it’s a long, winding, and seemingly never-ending tunnel.

For further reading, Tim recommends:

This entertaining but serious essay by history professor Timothy Burke was required reading when I was at Swarthmore almost 20 years ago. It begins, “Should I go to grad school? Short answer: no.” The essay holds up today—and the job market worries he touches on have, of course, gotten incomprehensibly worse.

Update from a reader:

Big thanks to your reader who pointed out Timothy Burke’s essay on graduate school in the humanities! It led me to Timothy Burke’s blog , which has some fascinating viewpoints on current events around globalization, Donald Trump, and the like. Speaking of which, I’m intrigued that so many of the responses on the worth of graduate school are about the sciences rather than the humanities. Is this because the story in the humanities is old news by now? Whereas, in science, you get this weird disconnect between “we need more STEM majors” on the one hand, and the same old math about how many more PhDs there are than tenured posts, on the other. Do we really need more STEM majors? Because a lot of us are pretty worried about becoming unemployed, or spending our lives in badly-paid adjunct posts with no job security.

Here’s one more reader, who stands up for the Ph.D. track and brings us back to the theme of government funding that started this discussion thread:

I’m at the end of my 5th year of my PhD and will graduate in the next year. In many ways, I’m lucky. I work in food safety and microbiology. Since everyone wants to know their food is safe, government funding has been cut less, and we can usually persuade industry or trade associations to fund our applied research. However, we’ve been able to do less basic research than we would have hoped, because when funding is tighter, the government funds projects which are more likely to have immediately applicable results (applied research), and industry only funds applied research. So a lot of good basic science doesn’t get funded. Is a PhD worth it? So far, yes. As a graduate student I've had opportunities to teach, write grants and fellowships, mentor undergrads, help manage the lab, and work on international development projects. I’ve also seen mentoring failures, abusive advisers, and nasty department politics. It is a hard road to a PhD (though I think attributing “Navy SEAL-like brutality” to it is going too far), but it does offer a lot of personal growth opportunities and the joy of research along with the frustration of repeated failure and impostor syndrome. I plan to stay in academia because there is no other position I know of which combines teaching and basic research and opportunities for international development projects like academia does. So I’ve mentally given myself a few years to postdoc and try to get a tenure track job. I think I have a decent idea of what I'm getting myself into ... we shall see. Research funding is the thing which worries me the most.

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