is doing a phd worth it reddit

• Jul 22, 2022
• 11 min read

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.

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.

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• Psychology [Psy.D. / Ph.D.]

Has anyone ever regretted getting a PhD in clinical psych?

• Thread starter AnonymousClinicalPsych
• Start date Oct 20, 2021

AnonymousClinicalPsych

Full member.

• Oct 20, 2021

Board Certified in Clinical Neuropsychology

I don't have any big regrets. I enjoy what I do, and I have a lot of leeway to change focus if I wanted to do so. Also, I make pretty good money for the time spent working, though doing IME work helps in this.  

WisNeuro said: I don't have any big regrets. I enjoy what I do, and I have a lot of leeway to change focus if I wanted to do so. Also, I make pretty good money for the time spent working, though doing IME work helps in this. Click to expand...

AnonymousClinicalPsych said: Thanks for your response! Could you clarify what IME is? I’m not familiar with that acronym. I also see that you are a neuropsychologist. How different that is from a clinical psychologist? I assume that you primarily focus on assessment? Do you do therapy at all? Click to expand...

deleted106747

I've regretted it from time to time, and liked it at others. I didn't really like it completely until I went into hospital mental health administration, so I do think you eventually can find your niche.  

Board-certified psychologist

I never regretted it and like most of my job, but I would have probably gone into contract law if I’d known that existed when I was in undergrad.  

AbnormalPsych

Board certified psychologist.

I have regretted it at times and would do it all over again others. I have peers who feel the same. Sorry I can't be more helpful. I guess I would just ask you what would you be happier doing and if you have a clear answer, that might be worth pursuing exploration of. A PhD can certainly open a lot of doors.  

Psychologist

Regret is just another way of learning. It’s the same thing as reinforcement and punishment. You can regret what you have done. You can regret what you haven’t done. If you learn from it, regret is a positive thing. There are many other professional activities you can do. There are likely many more undiscovered things. $100k is lowball. Learn how billing works. Do the math.  

PsyDr said: Regret is just another way of learning. It’s the same thing as reinforcement and punishment. You can regret what you have done. You can regret what you haven’t done. If you learn from it, regret is a positive thing. There are many other professional activities you can do. There are likely many more undiscovered things. $100k is lowball. Learn how billing works. Do the math. Click to expand...

AnonymousClinicalPsych said: If $100k is lowball then how much is reasonable? I’m genuinely asking. How do you “learn how billing works” and “do the math”? If you have more info that you feel comfortable sharing please do. It’s interesting how people are still very vague about money even when it’s anonymous. Click to expand...

AbnormalPsych said: I have regretted it at times and would do it all over again others. I have peers who feel the same. Sorry I can't be more helpful. I guess I would just ask you what would you be happier doing and if you have a clear answer, that might be worth pursuing exploration of. A PhD can certainly open a lot of doors. Click to expand...

PsyDr said: 1). Reasonable? As much as you can earn. Telling won’t help you. What will is getting you to look up the professional surveys on income. Someone is the max on that. So… between $60k-$900k. Outside of me, there are people on SDN who make less than $40k/yr, and some that can make $40k in 2 weeks. 2) Learn the CPT codes used in psychology. This is easily found on APA sites via google. Usually laziness is the barrier to this step. 3) look up CMS’ fee schedule tool. Again: google. 4) look up the expected percentage of billable hours for hours worked. Both attorneys and physicians have easily accessible numbers on this via the google. 5) multiply those numbers. Maybe search for the number of hours worked per year, less vacation and sick days. Or multiply 40hrs/wk*50weeks/yr. 6) accept that the industry is: hourly rate X billable hours worked. The options are to work longer hours, make more per hour, or find a way to multiply your hours per day. But you’re in NYC, so you can’t use technicians. And books don’t work. TL;DR: if you hustle, you’ll want to learn the business of it all. That process will teach you 50% of the business. If you can’t be bothered to teach yourself, you can’t be bothered fo earn. That’s not a knock on you or anyone else. But Wallstreet isn’t based on pikers. Click to expand...

AnonymousClinicalPsych said: Thank you! It is a good question, but I don’t know if it’s useful to think about it at this point of my life. It’s not like I can just quit my program and change career now if I figure out what I’m truly passionate about. I can’t imagine giving up all the things I’ve learned and starting from scratch. I guess I’d be happier if I know I can at least make a decent amount of money after getting this ridiculously-hard-to-get degree, even if I have to do something that I don’t like that much. Click to expand...

PsychPhDone

AnonymousClinicalPsych said: Hi everyone, I'm new to the forum and would like to get people's opinions on questions I don't feel comfortable asking people I know. I'm currently half way through a partially-funded PhD program in clinical psych, and starting to feel regretful for getting this degree. I'm not saying that I want to switch career now, that would be a reckless decision given how much I've already invested at this point. I just want to see if anyone feels the same way or differently. The main reason for my regret is that I don't enjoy doing therapy (my program is much more clinical than researchy, even though it's a PhD program) as much as I thought. Maybe that's my own fault for not figuring this out beforehand, but I feel it's really hard to know what doing therapy is really about and feels like until you actually get trained and do it. In this country at least you really don't have much opportunity to get exposed to that unless you are in a doctoral program or a license track master's program. I'm also just tired of the endless work and the amount of effort that you have to devote into getting this degree. I did prepare myself for it before going into it, but it just became so much harder after you realize that you don't actually like it AND feel disappointed by your program's quality (this is a very subjective opinion of mine). I feel like I've exhausted my will power muscle at this point. Also, by the time I can start make actual money (i.e.after completing internship, post-doc, licensure) I'll be in my early thirties, with peers who have already worked at least 7 or 8 years, probably advanced to a mid-level position in their field, and make more money than I do. In fact, I don't even know how much does an entry-level psychologist make. No one talks about that in school and I haven't been able to find a way to ask that question in a way that's not awkward or rude. Any one knows? I know it depends on a lot of different factors and the setting, but just generally speaking, how much would you be able to take home if you are in private practice or a hospital in NYC? I'm guessing around $100K?? I feel that just doesn't justify the effort required for this degree. Call me shallow or superficial, but I think money is an important thing in the end. If you just need to have a job to make a living, why not choose one that requires less education and effort but may give you the same payout. The good thing is that I don't have any debt, just because I'm lucky enough to have parents who are willing to pay for the tuition and expenses. But even with that, I question whether this is all worth it. Please share your thoughts. Thank you. Click to expand...

AnonymousClinicalPsych said: I do appreciate the info you provided. But it feels that you are very quick to judge that people are just dumb and lazy. I’d appreciate your help even more if it wasn’t delivered in such a condescending manner ) Click to expand...

Sanman said: What's a decent amount of money? Click to expand...

AnonymousClinicalPsych said: I guess I'd be fine with a $100K starting salary and the potential to earn up to $150k-200k as the years go by, given that I live in NYC where everything is more expansive than the rest of the country. I have friends with a masters degree in another field who earn roughly $100k after 2 years of experience and those with a PhD in another field have a starting salary of $140K. I guess what I'm asking is not ridiculous? Click to expand...

Sanman said: That's because no one is laying out a free step by step playbook on how you can compete with them. We have all spent years figuring this out. There are a lot of ways to make money. Many tips are all around these boards on old threads. Do some reading. Figure out how you want to make money. If you want the medical school $300k job offer from a random hospital upon graduation. That is not going to happen. Click to expand...

PsyDr said: I can understand the perception. Information is insufficient to earn money. You’d think it’s condescending for me to say, “go to Harvard law, get a federal judge clerkship in finance, work for Brewster, and earn 7 figures”. That advice does nothing to help you earn. Earning money is NOT only about information, or even ability. It requires effort, and a lot of humility. If you’re not willing to put that effort in, there’s nothing that can help you. It’s like me. I spent time trying to help you. But since my effort is met with negativity, I regret giving you any information. Click to expand...

Clinical PhD Student

I'd also think about money/hours worked or money/stress when looking at other industries, especially since you're in NYC. I used to live there and work at a hedge fund, and I can promise you that most people there who made obscene amounts of money 1. were miserable and 2. had next to no time to spend their money because they were always working. Totally agree that money is a valid concern, but the dollar value itself isn't the whole picture.  

Dazen said: I'd also think about money/hours worked or money/stress when looking at other industries, especially since you're in NYC. I used to live there and work at a hedge fund, and I can promise you that most people there who made obscene amounts of money 1. were miserable and 2. had next to no time to spend their money because they were always working. Totally agree that money is a valid concern, but the dollar value itself isn't the whole picture. Click to expand...

AnonymousClinicalPsych said: I feel that we are talking about a different thing now. I might have misunderstood your previous post, but that doesn't matter now. "Regret is just another way of learning."--PsyDr Click to expand...

AnonymousClinicalPsych said: It’s not like I can just quit my program and change career now if I figure out what I’m truly passionate about. I can’t imagine giving up all the things I’ve learned and starting from scratch. Click to expand...

AnonymousClinicalPsych said: I was asking if people have information on the general salary that an entry-level psychologist make in NYC. I did do some reading on old threads but that specific information is hard to find/search on internet Click to expand...

singasongofjoy

Try looking up vocation, salary by region on Occupational Network (Google O*Net) if you want some numbers.  

AbnormalPsych said: Yes. You can. People do it. I've seen it. Also the reverse, with people in their 40s quitting prior careers and coming into PhD programs to start a new journey. Just cause you have difficulty imagining it doesn't mean anything. This information is on the APA website. In fancy colorful charts and graphs too. It is a couple years old at least since I last looked at it. I would be surprised if they took it down. Click to expand...

AnonymousClinicalPsych said: lol thank you for your optimism. Yes I can. In theory I can do anything I want. But the question is whether it is realistic. I can go to an acting academy and be an actor and potentially earn millions of dollars. But that's not a realistic plan for life. I'm really not considering to have all those years and money spent in my education wasted and do something else, which may take even more time and cost more money, when I'm not 15 years old. Please don't take it the wrong way. I'm not trying to bash you, I just want to be realistic. My original intention was to see if people feel the same way, so that I can get some validation and feel less unhappy. Or if people feel differently, what their point of view is so maybe I can learn from that. Click to expand...

• Oct 21, 2021

I ended up changing directions after finishing my PhD. I was always more research focused than clinically focused. I don't so much regret the decision to pursue a PhD, but the career lost a lot of luster during postdoc and I figured my skills would be more lucrative in the business world. I also wanted to have a more normal schedule and have time to spend with my partner, raise a family, and engage in other hobbies. At the end, psychology was just a job, one that didn't pay all that well as a post-doc/early career psychologist, and I could imagine doing a lot of other things with my skills. After internship and two post-docs I pivoted to becoming a business analyst. My background in stats, research methods, and clinical skills have been an asset for researching business processes, gathering requirements for projects, project management, people management, etc. I still do a lot of data analysis, which I love, and do a lot of problem solving as I am housed in an IT department. All that being said, I still miss psychology and some of what I used to study, the writing, and sometimes the clinical issues, which is why I still lurk here...haha. There are good things and bad things with every job, you just have to decide if you want your time, values and skills going towards something in psychology or something else. A PhD prepares you well for other paths, and having a PhD on your resume can quickly give you a leg up regardless of what you do.  

AnonymousClinicalPsych said: I was asking if people have information on the general salary that an entry-level psychologist make in NYC. Click to expand...

AnonymousClinicalPsych said: I feel what I'm asking is reasonable giving the effort that's required for the degree. Click to expand...

cotn_psych said: I ended up changing directions after finishing my PhD. I was always more research focused than clinically focused. I don't so much regret the decision to pursue a PhD, but the career lost a lot of luster during postdoc and I figured my skills would be more lucrative in the business world. I also wanted to have a more normal schedule and have time to spend with my partner, raise a family, and engage in other hobbies. At the end, psychology was just a job, one that didn't pay all that well as a post-doc/early career psychologist, and I could imagine doing a lot of other things with my skills. After internship and two post-docs I pivoted to becoming a business analyst. My background in stats, research methods, and clinical skills have been an asset for researching business processes, gathering requirements for projects, project management, people management, etc. I still do a lot of data analysis, which I love, and do a lot of problem solving as I am housed in an IT department. All that being said, I still miss psychology and some of what I used to study, the writing, and sometimes the clinical issues, which is why I still lurk here...haha. There are good things and bad things with every job, you just have to decide if you want your time, values and skills going towards something in psychology or something else. A PhD prepares you well for other paths, and having a PhD on your resume can quickly give you a leg up regardless of what you do. Click to expand...

Psycycle said: I've regretted it from time to time, and liked it at others. I didn't really like it completely until I went into hospital mental health administration, so I do think you eventually can find your niche. Click to expand...

MCParent said: I never regretted it and like most of my job, but I would have probably gone into contract law if I’d known that existed when I was in undergrad. Click to expand...

AbnormalPsych said: This information is on the APA website. In fancy colorful charts and graphs too. It is a couple years old at least since I last looked at it. I would be surprised if they took it down. Click to expand...

AnonymousClinicalPsych said: Do you mind telling me why you would have gone into contract law? Click to expand...

MCParent said: I’m doing an MBA right now and the business law class I took was amazing. Contract law combines my passions for being petty and punishing people for not attending to details. Seriously though it is super fascinating to me and there are ways to help people from getting screwed over by predatory contracts. Click to expand...

WisNeuro said: Like 50/50 reimbursement splits and overly broad/unenforceable non-compete clauses? Click to expand...

Sanman said: That's why I plan to offer prospective employees a 30/70 split. 50/50 seems much too generous. Click to expand...

WisNeuro said: I plan to forgo expensive and unnecessary health insurance plans and instead offer them a sit/stand desk instead. Click to expand...

Therapist4Chnge

Neuropsych ninja.

I regret going to a poorly funded program. My mentors were all older and out of touch w. the application process (this was pre-SDN), so I had no idea there were balanced Ph.D. programs...they all went to hardcore research programs in the midwest. I found the grad school book for clinical psych at a bookstore, but I didn't really understand all of the other things I should have considered. I made the most of it and I generally enjoy what I do, but it took a lot of time and sacrifice to get here. If I could do it again, I'd either do behavioral neurology or skip healthcare all together and work in finance / stock market. I'd be on my 2nd vacation home by now like some friends and family.  

Therapist4Chnge said: I regret going to a poorly funded program. My mentors were all older and out of touch w. the application process (this was pre-SDN), so I had no idea there were balanced Ph.D. programs...they all went to hardcore research programs in the midwest. I found the grad school book for clinical psych at a bookstore, but I didn't really understand all of the other things I should have considered. I made the most of it and I generally enjoy what I do, but it took a lot of time and sacrifice to get here. If I could do it again, I'd either do behavioral neurology or skip healthcare all together and work in finance / stock market. I'd be on my 2nd vacation home by now like some friends and family. Click to expand...

borne_before

AnonymousClinicalPsych said: Hi everyone, I'm new to the forum and would like to get people's opinions on questions I don't feel comfortable asking people I know. I'm currently half way through a partially-funded PhD program in clinical psych, and starting to feel regretful for getting this degree. I'm not saying that I want to switch career now, that would be a reckless decision given how much I've already invested at this point. I just want to see if anyone feels the same way or differently. Click to expand...

AnonymousClinicalPsych said: The main reason for my regret is that I don't enjoy doing therapy (my program is much more clinical than researchy, even though it's a PhD program) as much as I thought. Maybe that's my own fault for not figuring this out beforehand, but I feel it's really hard to know what doing therapy is really about and feels like until you actually get trained and do it. In this country at least you really don't have much opportunity to get exposed to that unless you are in a doctoral program or a license track master's program. Click to expand...

AnonymousClinicalPsych said: I'm also just tired of the endless work and the amount of effort that you have to devote into getting this degree . I did prepare myself for it before going into it, but it just became so much harder after you realize that you don't actually like it AND feel disappointed by your program's quality (this is a very subjective opinion of mine) . I feel like I've exhausted my will power muscle at this point. Click to expand...

AnonymousClinicalPsych said: Also, by the time I can start make actual money (i.e.after completing internship, post-doc, licensure) I'll be in my early thirties, with peers who have already worked at least 7 or 8 years, probably advanced to a mid-level position in their field, and make more money than I do. Click to expand...

AnonymousClinicalPsych said: In fact, I don't even know how much does an entry-level psychologist make. No one talks about that in school and I haven't been able to find a way to ask that question in a way that's not awkward or rude. Any one knows? I know it depends on a lot of different factors and the setting, but just generally speaking, how much would you be able to take home if you are in private practice or a hospital in NYC? I'm guessing around $100K?? I feel that just doesn't justify the effort required for this degree. Call me shallow or superficial, but I think money is an important thing in the end. If you just need to have a job to make a living, why not choose one that requires less education and effort but may give you the same payout. Click to expand...

borne_before said: Don't fall for the sunk cost fallacy! But, I suspect there is something else going on here... What don't you like about therapy? Are you hella self-conscious? Are you doing therapy that just isn't a great fit for your style? What are your placements? Are you taking therapy too seriously? Are you not vibing with your supervisors. There are many psychologists who just don't like doing therapy. It's often not my favorite thing, either. So I focus more on assessment of the neurodevelopmental disorders and behavioral consultation with parents (aka parent management training, aka sticker charts and time out 101). Or you can just be a dirty academic, all smug up in the ivory tower, doing research or just teaching. There is nothing wrong with that route. But, you might want to start building that side of it. This feeling is called burnout! I think it's very normal midway through your doc program. I'm also wondering if maybe some depression has snuck up on you. COVID has sucked... Did you move from your support system? Are you the first grad student in your family? Do you ever get some damn sunshine on your skin? Are you exercising regularly? Do you live on hoth and the short cold days are getting to you? Also, slow down bro. You don't have to have everything figured out and mapped perfectly. Set short term goals. Like just focus on getting to Christmas. Is there anyway to increase your involvement in the program so you feel more connected to it? I had this same feeling. I was 32 when I got licensed. I talked with my dad about it and he said, "are you gonna be 32, either way?" BTW - my parents were like yours, I never took loans, they helped me a ton. Money is important. I currently make more than anyone in my graduating class. But no one really gets wealthy by doing therapy. They get wealthy by making smart financial decisions, minimizing expenses, and finding other routes to income. For instance, you could run a private practice or start an ABA clinic or something. Don't worry about the money too much. The degree, if it doesn't kill your soul, will be the best investment you'll ever make. Grad school is supposed to suck. Its part of the experience. But, I'm wondering if maybe, the old black dog hasn't crept up on you and maybe a little good ole fashioned Prozac and therapy will help Click to expand...

borne_before said: Don't fall for the sunk cost fallacy! But, I suspect there is something else going on here... What don't you like about therapy? Are you hella self-conscious? Are you doing therapy that just isn't a great fit for your style? What are your placements? Are you taking therapy too seriously? Are you not vibing with your supervisors. There are many psychologists who just don't like doing therapy. It's often not my favorite thing, either. So I focus more on assessment of the neurodevelopmental disorders and behavioral consultation with parents (aka parent management training, aka sticker charts and time out 101). Or you can just be a dirty academic, all smug up in the ivory tower, doing research or just teaching. There is nothing wrong with that route. But, you might want to start building that side of it. This feeling is called burnout! I think it's very normal midway through your doc program. I'm also wondering if maybe some depression has snuck up on you. COVID has sucked... Did you move from your support system? Are you the first grad student in your family? Do you ever get some damn sunshine on your skin? Are you exercising regularly? Do you live on hoth and the short cold days are getting to you? Also, slow down bro. You don't have to have everything figured out and mapped perfectly. Set short term goals. Like just focus on getting to Christmas. Is there anyway to increase your involvement in the program so you feel more connected to it? I had this same feeling. I was 32 when I got licensed. I talked with my dad about it and he said, "are you gonna be 32, either way?" BTW - my parents were like yours, I never took loans, they helped me a ton. Money is important. I currently make more than anyone in my graduating class. But no one really gets wealthy by doing therapy. They get wealthy by making smart financial decisions, minimizing expenses, and finding other routes to income. For instance, you could run a private practice or start an ABA clinic or something. Don't worry about the money too much. The degree, if it doesn't kill your soul, will be the best investment you'll ever make. Grad school is supposed to suck. Its part of the experience. But, I'm wondering if maybe, the old black dog hasn't crept up on you and maybe a little good ole fashioned Prozac and therapy will help. Click to expand...

LCSW, private practice

• Oct 22, 2021

I can't answer your questions about regret because I don't have a Ph.D., but just as one data point about private practice income, I'm an LCSW in NYC in and my net income is around $12,500 a month and climbing. I currently see about 23-25 clients a week after cancellations. I also write and consult, but that doesn't usually bring in more than an additional $10K or so a year (so I guess about $160K total). That said, I have some niche skills, am licensed in two states, and have built a great referral network in the year I've been practicing privately. My therapist friends whose fees are lower, who don't have sought-after specialties, or who don't have a knack for self-promotion seem to make less. Also, I like what I do. I don't think I'd stay in the field if I didn't. The stress of running a solo practice is manageable, but the stress of doing that and disliking the work would make my life a living hell. Think about that as you consider alternative career paths. It might be worth shaving a bit off your income to, y'know, be happy.  

Qwerk said: I can't answer your questions about regret because I don't have a Ph.D., but just as one data point about private practice income, I'm an LCSW in NYC in and my net income is around $12,500 a month and climbing. I currently see about 23-25 clients a week after cancellations. I also write and consult, but that doesn't usually bring in more than an additional $10K or so a year (so I guess about $160K total). That said, I have some niche skills, am licensed in two states, and have built a great referral network in the year I've been practicing privately. My therapist friends whose fees are lower, who don't have sought-after specialties, or who don't have a knack for self-promotion seem to make less. Also, I like what I do. I don't think I'd stay in the field if I didn't. The stress of running a solo practice is manageable, but the stress of doing that and disliking the work would make my life a living hell. Think about that as you consider alternative career paths. It might be worth shaving a bit off your income to, y'know, be happy. Click to expand...

Sanman said: We should post this for everyone who says an LCSW can't make any money and they need a third rate doctorate. Publicly funded MSW FTW! Click to expand...

WisNeuro said: But...but, I really want to be a Dr! Click to expand...

AnonymousClinicalPsych said: Haha you are not a real doctor if you don't have an MD. Not my opinion. Most people in this country tend to think that. Click to expand...

Sanman said: MSW + $10 in color printing charges at Kinkos for doctoral diploma PDF downloaded of the internet+$40 frame? Click to expand...

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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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Is a PhD worth it? ( self.academia )

submitted 1 year ago by [deleted]

What are your thoughts and perspectives, I am considering to pursue a PhD in computational biology/neurogenetics but not sure it it worth it in long run (also for jobs after finishing PhD program)

• 14 comments

Want to add to the discussion?

Post a comment!

[–] DangerousBill 9 points 10 points 11 points 1 year ago *   (2 children)

If you stop at a bachelor's or master's, your eventual boss might have a PhD. The advanced degree isn't for everyone, but it opens up depth and variety in your career options.

My PhD took me into six different specialties at five different employers ranging over government, industry, and academia.

A friend of mine worked on a single enzyme for his entire career, ending up as president of his university. Anything is possible.

[–] [deleted] 0 points 1 point 2 points 1 year ago   (1 child)

True, thanks for the insight. Your career path is really amazing, in what field was your PhD?

[–] DangerousBill 1 point 2 points 3 points 1 year ago   (0 children)

Biochemistry, but post docs in virus genetics and enzymology.

[–] [deleted] 2 points 3 points 4 points 1 year ago   (2 children)

40-60% of graduate students don’t finish their PhDs. The only reason to do a PhD is if you are sufficiently passionate about a field that you want to devote 4-5 years to mastery of a highly specific component of it. If you don’t have that level of passion, you won’t finish. As for career prospects: it’s a crapshoot.

[–] _XtalDave_ -1 points 0 points 1 point 1 year ago   (1 child)

Woah, where are you where the drop out rate is so high? Here in the UK the combination of failure and drop out rate is ~20%

[–] [deleted] 1 point 2 points 3 points 1 year ago   (0 children)

[–] DeepSeaDarkness 4 points 5 points 6 points 1 year ago   (1 child)

Do you want to do research as a career?

[–] [deleted] 0 points 1 point 2 points 1 year ago   (0 children)

Yes, but doing research is also possible in companies for example so that’s why it seems difficult to decide

[–] FOXO1_IGMBC 1 point 2 points 3 points 1 year ago   (0 children)

If you have to ask, you already know the answer. Once you start, you will continue to ask that question every year, and it will get harder and harder to justify the answer. Many will talk about the benefits after but you need to remember that you have to finish first, and if your asking this question as a graduate student the answer for just yourself is inevitably no.

[–] CptNemo55 0 points 1 point 2 points 1 year ago   (2 children)

Well, it depends, what is the reason you want to get a PhD?

I want to get it as it allows for my research to have more societal impact, and the focus lies more on the research than just profit and money which can be the case in companies. And I enjoy going to conferences and am passionate about the topic

[–] CptNemo55 0 points 1 point 2 points 1 year ago   (0 children)

Ok, all good reasons. What do you plan to do for a job after you have PhD?

[–] sbby31 0 points 1 point 2 points 1 year ago   (0 children)

I think that, unfortunately, it is a personal decision. Your career aspects in that field are probably decent with or without a PhD. You can definitely get yourself into a role that supports research (research that greatly benefits society, if you are lucky) with a bachelors/masters degree, and many people are very happy in that kind of role.

I assume you are relatively young (20s-ish). Doing a PhD will rob you of the experience of having money pretty early in life, and that is a dealbreaker for some (no judgement, there is no right or wrong answer). The job market for PhDs is no longer a "sure thing" that guarantees you wealth/tenure later in life.

I got my PhD in a roughly comparable field- I did it mostly because I wanted the option to lead research efforts or teach afterwards. I do not think I would be happy in a bachelors level role working under PhDs who lead the research efforts, or in an industry role where I have very little autonomy, and I stand by that decision. I decided that was important to me and endured 5 years of BS getting another slip of paper. I am not far along enough in my career to know if a PhD was the right call, but so far it has worked out well for me and I am glad I did it.

[–] marcopoloman 0 points 1 point 2 points 1 year ago   (0 children)

I did my PhD a few years ago. It did get me a much higher paying teaching position.

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

Researcher, College of Nursing and Health Sciences, Flinders University

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

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

Flinders University provides funding as a member of The Conversation AU.

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

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

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

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

Why do a PhD?

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

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

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

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

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

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

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

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

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

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

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

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

Advice from our guests

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

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

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

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

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

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

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

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

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

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

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

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Is PhD worth it when considering your career in industry

I'm a beginning doctoral student in the field of Machine Learning and I've been given several contradicting opinions on whether a PhD is worth it or not. I don't want to spend the rest of my life in front of a desk doing research, but I would like to deepen my understanding on my field. I am interested for a career on industry. Some people say I'm wasting my time for doing the PhD and some people say it is worth it. My plan at the moment is to finish PhD as fast as possible and then continue my career in industry when I'm still young. Any opinions or recommendations on what I should do? :)

I want to add to this that I have already 2,5 years of work experience on industry (IT) already. For example I designed and implemented an online language skill tester for my university and have worked as a software engineer. So I wouldn't be entirely newbie in programming after I finish my PhD...

My subject is about applying the techniques of Machine Learning on Big Data.

Thank you for any suggestions and guidelines :)

• career-path

• 2 related, not necessarily a dupe academia.stackexchange.com/questions/11149/… –  user7130 Commented Aug 20, 2013 at 9:53
• 2 If you do a PhD in a more practical side of Machine Learning, something related to Big Data, then this surely would be beneficial to a career in Industry. –  Dave Clarke Commented Aug 20, 2013 at 10:15
• 1 You might have an answer here workplace.stackexchange.com/questions/13191/… –  zzzzz Commented Aug 20, 2013 at 13:44

6 Answers 6

You haven't really defined what you mean by "...when considering your career" in the subject of this post. On the one hand, you say,

I would like to deepen my understanding on my field.

If your goal is to deepen your understanding, one way to do that is to get a PhD. You can also do this on your own, without getting a PhD, but you'll find a more structured path and (possibly) more resources if you go down the PhD route.

On the other hand, you say,

I am interested for a career on industry.

Are you interested in industry because of the money? If that is the case, you're most likely better off earning a full income and "moving up the ladder" during the time you would spend in graduate school, which means you should forego getting a PhD to concentrate on the money.

If you're interested in a career in industry because of reasons outside of financial considerations, then you have to think about what kinds of jobs you're looking to take in industry. If you're satisfied that your current skills and educational level will make you competitive for the jobs you want, you should probably reconsider the PhD, and to "deepen your understanding" in a different way. Then again, a certain percentage of people want to get a PhD for the challenge and for strictly personal reasons, removed from the job details themselves.

If the jobs you want to get are generally given to PhDs, then you have your answer already -- get the PhD to make yourself competitive for those positions.

I suggest writing down all of your long-term goals, and then weighing them against the time and cost (and opportunity costs) of getting your PhD. If after all that you still don't have a good answer, you might consider continuing with your program for another year and just postponing the decision until then. Eventually, either you will get your PhD, or you will be convinced that it is better off that you stop the program (but the decision may get harder the closer you are to finishing).

It is impossible to answer your question unless you tell in which country you intend to work in the industry.

In France, for example, a PhD is not very highly considered by industry, where the one important criteria is which engineering school you did. This is slowly evolving.

I heard that in Germany, a PhD is highly valued in industry, even if its content has nothing to do with the job.

I have little knowledge for other countries.

• 4 Re: Germany. It is. The idea is that a PhD holder has at least managed one large complex project till the very end: his/her own PhD project. –  Oleg Lobachev Commented Jul 21, 2018 at 23:03

I completed my PhD recently and I am currently working in the industry. Mine is a PhD in CS and my thesis was on development of newer techniques for real time prediction. Before PhD, I had 5 years of work experience in the analytics sector. Personally, I found the entire experience of the PhD to be intellectually satisfying and worth the effort. Yes, I had to forgo 4 years of income or earning opportunities and survived on an adequate stipend. But I believe PhD in a technical field like Machine Learning will always be in demand in the industry. Post PhD, I got the job as a data scientist with the largest online retailer. I think it varies from individual to individual and one should find their own way. In my country, PhD is not that highly valued in the industry. But I guess one should do a PhD in an area for which they have some passion so that they can develop the skill sets that will make them competitive in the job market.

This is not an 'official' answer, but one of a revelation of sorts I have had recently.

One thing that occurred to me as I complete my PhD (submit in the next fortnight), is that my PhD is a very practical and successful application of existing technology into very specific scientific functions that the technology was not designed to do. This, and the community benefit aspects have formed the basis of the papers that I have been able to get published. If you can make a focus on practical applications alongside the theoretical constructs - then the PhD may be of benefit of both you and a future employer.

However, this varies from discipline to discipline (as the answers in my other thread linked in the comments suggest).

You have got to look at what benefits are there for you in pursuing a PhD, both in the short and long term.

If you have an opportunity to finish your Phd then do so. Failing to continue with a Phd is something that is difficult to change your mind on later in life. In the big scheme of things what you see yourself doing just after graduating is so different from what you may find yourself doing in 10, 20, 30 or 40 years later.

You will never regret having a Phd. You may regret not having a Phd when you could have completed it!

• 1 Thank you Brian :) appreciate your help. In fact, I recently graduated as a fresh PhD :) –  jjepsuomi Commented Jul 20, 2018 at 16:21

In my opinion, the key defining feature of Ph.D. research is to understand a subject in its most fundamental aspects and push the boundary of collective human understanding and knowledge. There are some things that you only get to explore while going through a Ph.D. degree and some results you only get to publish in academia.

Consider what you have said in your post:

I don't want to spend the rest of my life in front of a desk doing research, but I would like to deepen my understanding on my field.

The question is what do you mean by deepening your understanding of your field. If by deepening your understanding, you mean, deepening your understanding of the technologies that are used in machine learning, then industry could be a good option. But if you mean that deepening your understanding of how and why things work, then perhaps the industry is not a good place for that.

My plan at the moment is to finish Ph.D. as fast as possible and then continue my career in the industry when I'm still young.

I think you should examine whether you want to get a Ph.D. solely to satisfy some requirement on a job application, and perhaps to get a higher starting salary, or do you want to create something that lasts and make a name for yourself in the research community. The key question is: "will the impact of my thesis be felt long after I finish the Ph.D. degree"? And if your Ph.D. research cannot provide a satisfactory answer to this question, then it is better to go into industry.

I have observed that there seems to be a collective rush to finish Ph.D. in machine learning and computer science departments. In my opinion, this collective habit has greatly cheaped the value of their degrees, and this can be reflected in the quality of their thesis, which consists nothing more than a few equations, some hand-wavy explanation as to why their new equations are better, and some simulations with highly controlled experiments.

I have seen the statistics; nobody cares about their research at all (view count less than some double digit number, years after publishing thesis), because everybody else is also putting up a few equations and doing their own simulation and hoping to get into industry asap - the level of toxicity is high, nobody is building upon or examining each other's work. This kind of research is unsustainable in the long run.

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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.

Browse PhDs Now

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• 3 . 01 . 20
• Leaving Academia

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

• Posted by: Chris

Updated Nov. 19, 2022

Is a PhD worth it?

Should I get a PhD?

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

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

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

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

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

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

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

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

Should I Get a PhD?

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

1. Is a PhD worth it for your finances?

My guess: Not usually

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

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

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

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

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

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

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

2. Is a PhD worth it for your career?

My guess: Impossible to tell

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

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

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

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

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

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

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

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

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

My guess: Probably

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

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

It happens.

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

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

5 reasons you need to brand yourself

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

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

PhDs are hurting.

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

And people have vastly different experiences within programs.

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

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

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

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

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

5. Is my discipline in demand?

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

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

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

6. Is a PhD worth it for your potential?

My guess: Absolutely

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

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

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

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

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

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

So why get a PhD?

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

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

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

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

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

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

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

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

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

Consulting Secrets 3 – Landing Clients

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

You’re Not Good Enough… Yet

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

$200/hr Expert? Here’s the Secret!

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

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Is it worth doing a PhD when an academic career is not the goal?

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• Is A PhD Really Worth It? Or A Waste of Time?

Some may look back 5 years or even 10 years post-PhD and say it was definitely worth it. Others may be fresh out of graduate school and have a different view/opinion or may only feel frustration.

It may be defined by the job you ended up with (or ultimately want), the opportunities that your PhD led to, or how you define success . Others may say the PhD gave them more credibility, upwards mobility, and technical expertise needed for their job. Others may have pursued a different field apart from their PhD training and claim the PhD served a much different purpose (such as self-discovery).

The skills learned during a PhD are also invaluable in many ways, but the reality is that these transferable skills still don’t seem to be enough by themselves  to land your first job in many cases (although very job and company dependent). But whether a PhD program ‘fully’ trains or prepares you for the job market or not, still doesn’t define its worth. The point is that a PhD-even if it doesn’t pay off now-certainly can (or will) later. But one very important point to make is this :

How you define the value of a PhD or if it was worth 5-7 years of your life (and time out of the workforce)-is entirely individualistic .

With that said, let’s go into this article-which is written by Michelle Capes, along with 2 other PhD’s who offer their perspective. Please keep an open mind as you read through the comments, as each PhD will have their own experiences which may be different from your own.

Is A PhD Really Worth It? – Michelle Capes

I am often asked whether my PhD was worth it. Would I do it again?

PhD programs are almost universally trial-by-fire experiences. When they’re completed, many new PhDs find out that they’re underprepared for finding jobs in anything but academia .

This should come as no surprise to any PhD . But the real question is what are you doing about it ? With the flood of articles that are heightening awareness and pitching the idea of careers outside of academia as the norm, it all becomes diluted unless you actually put it into action .

As they begin their job hunt, they run up against the “ overqualified, inexperienced ” wall with a resounding thud. They are often turned away from entry-level positions in favor of bachelors and master’s level candidates, and become disillusioned about having earned their PhD at all.

I decided to ask couple of my colleagues about their thoughts on this question before weighing in with comments of my own. This article will give you three different answers and perspectives on the question “Is A PhD Worth It?” From there, you decide (it is very individualistic).

Debbie completed her PhD in 2012 and is currently on her second postdoc . Although she had funding for another year, she realized that complacency was not an option. She got a head start on her job search by participating in frequent networking events, serving on a committee to organize biotech events in the community, and building up leadership cred by acting as president of her university’s postdoctoral association.

She is no stranger to the frustrations of the job hunt, having weathered some truly frustrating situations: being told, for example, during an informational interview with an industry scientist that she should complete a third postdoc in order to broaden her skill set, and losing out as #2 on the short list after several exhausting interviews.

At the time of this writing, Debbie has accepted a position as Associate Medical Writer at a large contract research organization.

Debbie’s response to “Was your PhD worth it?” was this:

The answer is no longer the obvious ‘yes’ that it would have been in the past. With a tough job market and increasingly high [hiring] standards, having a PhD doesn’t seem to mean as much as it did in the past. However, there is more to the picture as well. Getting my PhD ensured that I was trained to think as a scientist. It altered my whole thought process for the better and that shouldn’t be taken for granted.

Debbie also spoke about her sense of accomplishment:

I kept working through some tough times and finished my degree. I’m proud of that. I eventually realized that the job market is going to be tough at any level – it is what it is. No matter what level you are at, what job you are trying to get, if you apply yourself to networking and distinguishing yourself from the herd, eventually you will earn yourself a good job.

I knew Holly while I was in graduate school, when she was completing a postdoc in a neighboring lab. After the postdoc, Holly became assistant scientist in a clinical research lab , then left for a position with a global leader in the medical device industry . Her pathway toward deciding to pursue a career outside of academia sounds (unsurprisingly) familiar.

Here’s Holly’s response:

Yes, my PhD was completely worth it, although for surprising reasons. Following my decision to pursue a career in the industry, I was unsure of what to expect since I had previously been pursuing an academic track. The decision was largely due to frustration with: (1) the grant landscape  (2) the lengthy amount of time to impact patient’s lives pursuing academic research (I was interested in bench-to-bedside science). The benefit of having a PhD was realized as early as my interview. I had pursued a clinical research position and discovered that while PhD’s in the bench-science arena are very common, if not required, in clinical research, it is not necessarily expected. My PhD, along with some experience in clinical research, and the ability to communicate effectively, landed me the job . The most surprising element of my training which has given me the best advantage? My post-doctoral years. These years have set me apart from other colleagues who have a PhD. Having 1 or more post-doctoral years has shown my ability to expand my knowledge into another area , and also the ability to manage my own research ideas and projects . In my experience, research in the industry is not only about what you know – it’s also about project management and the ability to communicate across groups of people .”

Holly continues:

Another benefit of the PhD is the characterization that you are a learner . ‘Learner’ personalities love to expand and grow, which is encouraged in the industry. If [they are] going into industry, someone with a PhD should understand their value is not necessarily the knowledge they bring to the company (although that is important), but the characteristics that are needed to finish a PhD which include: (1) persistence , (2) resilience , (3) idea generation , (4) project management , and, (5) dedication . This list is not comprehensive, but gives a view into the dimensions [that] a PhD has to offer. Potential PhD students, current students and post-graduates should reflect on what their PhD experience will or has taught them, not just about the science, but the soft skills that help to set them apart – I wish it hadn’t taken me so long to figure it out; it might have paid off even sooner .

And I’m back (Michelle Capes).

For my part, I am very happy to have earned my PhD and I would do it again , although not for the original reason I had in mind when I began my program. Sure, I gained a lot of expertise in a niche area of science, and that was all very interesting. But I knew it wouldn’t sustain me for my entire professional career.

When I made the decision to leave academia, I had to capitalize on the other things I learned during grad school and my postdoc, beginning with marketing myself effectively during my job search .

I attained a position as a scientific recruiter precisely because I had a PhD. The agency prided itself on “scientists recruiting scientists,” and having that credential after my name lent credibility to their selling point. (In fact, when my first set of business cards arrived without my credentials, they were immediately re-ordered at the supervisor’s request.)

Now that I have launched my own business venture, I realize that the network I built during graduate school and my postdoc is  priceless . I have numerous contacts, both in academia and industry, who know me well and are willing to vouch for my abilities, refer potential clients, and put me in touch with additional colleagues.

It was during the PhD program that I got my first experience doing many of the things that I now offer as services through my business, including grant writing and editing, writing articles, and mentoring . When I pitch these services to prospective clients, having a PhD imparts a high degree of clout. It’s also helpful to be able to point to the successful grant applications I prepared during grad school and my postdoc.

Let’s re-visit the original question: “Is a PhD Worth It?”

I’ve related three positive responses about the value of a PhD. However, a simple Google search will turn up a plethora of negative responses, along with doom-and-gloom articles relating the poor job prospects for PhDs .

If you’re asking this question and you already have your PhD, it probably means that you’re not planning to stay in academia. It likely also means that you’ve made the realization that your training didn’t include the part about looking for jobs, writing resumes, interviewing, etc .

You’re in good company: many other PhDs are waking up to the hard reality that there simply are not enough academic positions for the 64,000-odd PhDs awarded every year in the U.S. alone. Some would make the case that this imbalance is a good thing, because more students are given the chance to succeed and to benefit from one-on-one advice from professors during their education (Source: The Wire ).

Regardless, the realization that too many PhDs were being cranked out for the number of tenured academic positions available set in as early as  the 1990’s . Way back then , PhDs were forced to search for employment in other sectors, belatedly realizing that they were woefully unprepared to transition into such careers.

That the situation has not been remediated almost twenty-five years later is reprehensible , especially now that funding crunches are forcing not only new PhDs and postdocs into the non-academic career path, but also established professors .

I recently read an article on The New York Times titled “ When Education Brings Depression .” The comments (which admittedly got off-topic) about the article ranged from personal experiences of depression in grad school to questioning the point of going through graduate school at all, with one reader (we’ll identify her as Suzanne) complaining, “If I had it to do over again, I would never have devoted all those years to a doctorate. Graduate school is definitely a total scam .”

To which “lxp19” replied the following (emphasis added):

It [grad school] is only a scam if you only went into it to get a job…if you went into it thinking it was the ticket to a job…or if you were misled by the department, who sold it as a ticket to a job. Education is about a lot more than getting a particular job. I agree that grad schools need to promote and prepare students for a broader spectrum of professional opportunities. But learning to understand the world in more depth, to develop our own ideas in more depth is not a scam. But it may be an expensive proposition that does not quickly turn into a lucrative career .

One article I came across recently provides a colorful narrative explaining that the only PhD worth getting is in economics , and pointing out the drawbacks of pursuing a PhD in other fields.  The author suggests that those who pursue a PhD in the life sciences are either “suicidal fool[s]” or “incomprehensible sociopath[s].”

Further, he cautions, “if you are considering getting a lab science PhD, please immediately hit yourself in the face with a brick. Now you know what it’s like.”

However, the author brings up several caveats, among which was my major bugaboo with the article: “if enough people read and believe this blog post, it will cease to be true. There’s a piece of economics for you: as soon as people become aware that a thing is overvalued, they will start bidding up its price.” Every time there’s a mention of a shortage in X sector, you can be reasonably sure that there will be an excess in 10 years’ time.

(Side thought: You don’t get a PhD for money. If you are-it is for the wrong reasons)

A great example of this is the purported STEM shortage touted by the Obama administration. Though the debate continues to this day as to whether that shortage actually exists, one piece of evidence stands out to me. The National Institutes of Health recently trotted out a program to help new biomedical PhDs find alternative careers in the face of “unattractive” job prospects in the field.

Regardless of the situation across STEM fields as a whole, the situation at the top seems clear: there are too many biomedical PhDs . The overwhelming numbers of resumes that flood in for nearly every industry position posted further bolsters this conclusion .

As a recruiter, I was frequently contacted by PhDs wanting to apply for positions advertized for bachelor’s-level candidates.

The conversations would go something like this: Candidate X calls to inquire about a position with Y Biotech Company. “I’m familiar with that position,” I might say, “and it’s honestly too entry-level for someone with your credentials.” I say this based on the fact that I’ve spoken personally with the hiring manager for the position to see what points they might be flexible on. Hiring a PhD to do menial tasks is not one of them.

Candidate X protests, “but I’m willing to do any kind of [grunt work] and I’m okay with the [horrible] salary. I just want to get my foot in the door in industry.” There it is. Candidate X has told me a whole lot of things about him-/herself that are not conducive to getting a job at Y Biotech .

At this point in the conversation I’m already put off. And then it happens. Candidate X drops the bomb. “Would it help to leave the PhD off my resume?”

This question has sparked numerous, sometimes heated debates—one of which has been raging on LinkedIn since 2011, with almost 400 comments (see http://ow.ly/CkDPq ). This seems like a no-brainer to me: it’s completely unethical. Starting a new position under false pretenses is never a good thing. And nobody —not even the PhDs themselves —really believes that a PhD will be happy with an entry-level industry position involving, say, calibrating lab equipment .

Employers are savvy to this strategy: candidate X will exploit valuable company resources and training to get the critical “1-2 years of industry experience” that every job description seems to require, and then pursue a better opportunity elsewhere. Trying to convince them otherwise simply will not work.

Let’s recap again. Despite my earlier positive reflections on whether getting a PhD is worthwhile, I believe (and I’m sure I’m not alone here) that there should be far, far fewer students entering PhD programs. The job market, be it in academia or industry, just can’t support such a top-heavy pool of candidates, and there are plenty of embittered, unemployed, or underemployed PhDs to prove it .

If you do decide to pursue a PhD, you should know exactly what you want to get out of it. Choose your advisor carefully : if yours is the old-school, 24/7/365 in-the-lab type of person , you will have very little opportunity to do anything other than lab work, let alone career development . When you finish, you’ll be well prepared to be a postdoc. If you decide to pursue a career outside of academia, you will have a very hard time.

Realize that you need MORE than just a PhD . You have to squeeze as many transferable/soft skills as you possibly can out of your degree program . THESE are the skills that will allow you to make a successful transition .

EDUCATE YOURSELF about other sectors and career paths where your skills apply .   A lot of PhDs I’ve spoken to have a very narrow view of career opportunities for PhDs in STEM. They are accustomed to doing research in academia, so the default answer for industry seems to be R&D Scientist.

There are so many more opportunities out there that capitalize on your PhD training ! You are severely limiting your chances of finding a job if “R&D Scientist” is the only avenue you pursue. I highly recommend checking out Toby Freedman’s book, “Careers in Biotechnology and Drug Development” to investigate the diverse career paths that are available.

Make a list of possible careers, and write down the value proposition you bring to each one. What I mean is this: just about anyone can do a Western blot or run a PCR. But do you have the sort of dynamism it takes to head up a lab, lead a project, or be effective in a customer-facing role? Did you organize seminars or conferences? Serve in a leadership role? Manage the lab? Mentor people?

Believe me : if you are up against 30 other PhD-level molecular biologists, there have to be extra qualities that differentiate you­ from the herd.

  “Was your PhD worth it?”

If you’re asking yourself this question, here’s my advice: It doesn’t matter. You got your PhD. Be proud of your accomplishment and move on: a defeatist attitude will not get you a job. Remember that YOU get to create the lens that potential employers view you through, and that starts with crafting a positive narrative to explain who you are and what you want to achieve.

Further Reading

The culture of non-responsibility must be changed

Point of view: How postdocs benefit from building a union

Hit the Ground Running: Life After Academia (The PostDocWay) 

PhD as a training of the mind

Why won’t anyone respect me for the years of work I’ve done (instead of getting ‘work experience’) and give me a job?

Enough doom and gloom Part 3: Standing upon the great infrastructure of science

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Is a PhD really worth it?

I am seriously starting to question whether doing a PhD is worth it. A lot of stress over 4-6 years on average for something that may not maximize your earning potential. Dealing with a lot of BS from the advisors and curriculum expectations. Especially if you aren't interested in being a professor( there is no guarantee you will be a professor anyway). It is like spending half of your life just to get started on a career. Any thoughts? What keeps you motivated or what do you consider a legit reason to go through extra years of education. Because a Master's degree alone can get you far in life.

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• 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.

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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?

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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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What is a Doctorate Degree?

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

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

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

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

 These types of researchers are relatively rare.

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

Should I Get A PhD?

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

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

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

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

Study referenced in the video: click here.

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

If you have a passion for:

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

then getting a PhD may be a perfect choice.

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

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

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

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

Is getting your PhD worth it for your career?

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

A PhD provides you with the skills to:

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

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

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

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

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

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

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

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

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

This is backed up with data.

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

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

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

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

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

Why is a PhD a bad idea for most people?

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

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

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

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

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

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

What are the Risks of Getting a PhD?

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

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

These include:

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

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

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

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

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

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

Have you thought realistically about your job prospects?

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

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

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

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

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

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

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

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

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

PhD Degree Alternatives

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

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

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

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

There are many other degree alternatives including:

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

that can help boost your earning potential.

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

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

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

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

Wrapping up

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

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

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

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

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

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Is a phd worth it, 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 You Shouldn’t Get a PhD

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

1. What is your motive for getting a PhD?

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

2. Have you thought realistically about your job prospects?

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

Read More: Graduate School Application Timeline

3. Can you live frugally?

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

4. Are you ready for the workload?

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

5. How do you handle pressure?

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

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

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