I frequently ask this question when I give a seminar and one of the most surprising answer that I get is that many graduate students do not think about their doctorate degree as an investment. At least, they are not thinking about long term gains when they are applying. It is only during the mid-years when the novelty of a research project has worn off that some students begin to ponder why they entered graduate school in the first place.
Many mid-program and senior graduate students get worried when they realize how much work is required to finish their degrees, and what is waiting for them at the other side is a stressful tenure-track position, which does not even pay six figures. Curious how much professors make?
The Chronicle of Education has published a detailed summary of professor salaries by fields recently. The reality is that “alternative” non-academic career paths have become the norm lately, due to the fierce competition for the dwindling number of open academic positions. However, most graduate students consider a faculty position at least once, and it is worth checking out the expected y salaries.
I have been working with graduate students for over 5 years now and I know how many obstacles most student need to overcome to earn the three shiny letters symbolizing the highest academic degree at the end of their names. Many students lose hope, some quit, others defy all odds and manage to pull together a doctoral dissertation despite financial hardships, chronic illnesses, and crying babies. While some students worry that a PhD degree might close down some job opportunities (due to being overqualified), I have never met a PhD who regretted completing their doctorate degree.
If you are reading this blog and are thinking about going for your doctorate degree, or you are still in your junior years in a PhD program, congratulations. I really want to acknowledge you for taking the time to think about whether this incredible investment of time and money is in alignment with your personal and professional goals.
In one of my previous blogs I included more information about career paths for PhD’s, and I was relieved to read that one student who had commented on my blog was inspired to finish her degree.
So what are the reasons that people decide to finish their PhD’s?
- More interesting work – This is the top reason that most student opt for the doctorate degree. If you want to get a faculty position, a PhD is a must. But does it matter whether you get a PhD if you work in industry? I worked in biotech for over three years, but it took over 6 months to find a PhD-level position in industry. Many recruiters told me that if I had only a BS or MS they had plenty of openings, but most companies will not consider PhDs for associate scientist level positions. Even after these sobering news, I did not regret getting my PhD, because when I did get hired as a senior scientist, I felt that the job was better suited for my personality type and professional goals than the junior level positions. Of course, many junior level scientists with BS or MS degrees are incredibly bright, and after a few years in industry they get promoted to senior scientist-level positions as well.
- You are not a quitter – This is a biggie, particularly at the end. While the mid-years of graduate school are tough because you have come too far to turn back but there is still so much to do to finish, the last couple week of the thesis writing process poses its own challenges. For some reason, many students hit the wall when they are 98% there, because, to be frank, they can’t bear to look at their thesis anymore. One of my jobs as a thesis coach is to help students convince themselves that they are not quitters, and that they will pull through the last few weeks. The nice part is that once student hand in their theses, “not being a quitter” becomes part of their identity and they face challenges in the workplace with more confidence.
- Higher than average salary – PhD’s ,especially in entry-level positions, do not make a fortune, but they are not poor either. A recent article from May of this year gives a nice overview of the expected salaries in different fields with advanced degrees.
- Gain experience as a writer. After I handed in a 150 page thesis that was packed with data tables, graphs and rigorous statistical analysis, any type of writing seems like a breeze. I wrote over 60 scientific reports while I worked in industry, a thought that makes most people shudder, but each of one these reports was akin to one chapter in my thesis. Due to extenuating circumstances I had to write my thesis in less three weeks, so writing scientific reports with an expected turnaround time of 2 weeks seemed like a no-brainer.
- More respect from others – Your family will be proud of you, and your friends will look up to you for being a doctor. If, like me and many of my friends, you are the first PhD in your family, receiving your diploma for your doctorate degree will fill you with an incredible sense of accomplishment. In that moment you will know with absolute certainty that it was all worth it.
Why is it not a good idea to get a PhD?
- You do not want to be in school for so long. – This is a matter of personal preference. Some people cannot wait to enter the workplace, buy a house and start a family. The concept of another 5-7 years in school (with undefined goals and an uncertain career path), can seem scary. Other students are just the opposite, and want to continue taking courses and learning, and they view a PhD thesis as an exciting challenge (at least at first). Only you can make the decision whether spending another half a decade or longer in school is a worthwhile experience for you.
- Family considerations, especially for women in their childbearing years. I can personally relate to this as a Mom of two. While I could not have afforded children in graduate school, I certainly did not put off my bundles of joy for long after graduation. My first one came less than two years after I got my PhD, and the second one little less than two years later (I always joked with other new Moms that I had “Two babies under two for two weeks”). If you are planning to have a family (during after getting a PhD), rest assured that the tenacity that you develop through your thesis writing process will prepare you well for the challenges of parenthood. In one of my previous blogs I have described some of the key considerations for students who are thinking about starting a family in graduate school.
- Low salary for years and little disposable income to invest. It is true that after you get your PhD, your salary will be higher than average. However, if you are not able to save and invest at all during graduate school, you lose significant amount of money that would have been compounding in a retirement account for 5-7 years. Fortunately, there are retirement plans and investment options for graduate students (e.g Roth IRA’s). While most graduate students have little disposable income, many of them are able to save $50-$100 a month, especially when they learn the effect of compounding over the course of many years.
- Some career paths might be closed to you. I consider this one a myth, but it is a concern for some students. For example, I recently received a letter from a graduate student who decided that she wanted to pursue a career in university administration, and she thought that if she finished her PhD, she would not be considered for the role as they only required a Masters degree. It turns out that not only do some university administrators have PhD’s, but due to their advanced degrees they quickly work their way up to senior-level positions and earn higher salaries. I know PhD’s in a variety of career paths, including business, law, writing, politics, and a PhD degree is usually an asset, not a liability.
- A PhD is not in alignment with your professional goals. While a PhD is an asset for most professionals, sometimes it is just not a worthwhile investment. A friend of mine quit a PhD program after two years to start a company that became very successful. He was drawn to entrepreneurship, had a dynamite idea for a tech company, and his business took off very quickly. In his case, it was more important for him to continue supporting his company’s growth than to return to school to finish his degree.
Still wondering if you want to get a PhD? Or, do you already have your PhD? I look forward to your comments, questions and ideas!