Current Issues

In an article found in The Economist, PhDs have become the “disposable academic” as a result of diminishing returns to investments in education. Professionals in similar fields with master’s degrees make comparable salaries over their lifetimes, and bachelor’s degree holders often find that the time and money investments outweigh the benefits of obtaining a PhD.

Proponents for the PhD argue that the research process and experience completing a dissertation is invaluable. Furthermore, job opportunities for PhD remain as some of the most lucrative career options available today. This article will provide resources and statistics covering the costs and benefits of obtaining a PhD.

Resources

  • The Disposable Academic

    The Economist’s article covering the lackluster benefits of obtaining a PhD. Despite gaining expertise in a field of study, the financial benefits of the PhD is typically not worth the investment.

  • We Ignore The Economist

    A direct rebuttal to The Economist’s article devaluing the PhD. Points out that income is a poor measure of the PhD and instead offers other metrics in measuring the true benefits of obtaining the degree.

  • Burleson Consulting

    Analyses the financial benefits of obtaining different PhD degrees. Uses a net present value approach to calculate the current value of the extra wages from earning a PhD.

  • How Much is a PhD Worth?

    A blog post quantifying the financial returns from a PhD. The authors use regression analysis to measure the variables that affected overall salaries the most and found that a PhD is worth about $17,000 per year.

  • What is a PhD

    An article appearing in Nature analyzing the worth of a PhD. A qualitative overview of the benefits and issues to keep in mind when deciding to work towards a PhD.

  • What’s a PhD Worth?

    Nature infographic on the happiness and salaries of PhD holders. Finds that PhD holders are not much happier nor do they make much more money with a PhD.

  • The PhD Might Not Be Worth It

    Argues that the number of PhD holders far outweighs the demand. This reduces the amount of tenure track positions available for PhD graduates.

  • PhD and Non-Academic Employers

    A discussion on how a PhD may have a negative effect on employment opportunities. An analysis of both the reluctance of employers to hire PhDs and graduates who cannot apply their skills to their industry.

  • Grad School: Is It Worth It?

    A CNN Money article that advocates for working towards an MBA instead of PhDs due to the higher earning potential. When considering programs, conducting the research to find your best fit is the most important aspect.

  • Doctorate or Not?

    A discussion on the employment opportunities for PhD holders. Illuminates the opportunities that PhDs might lose (entry-level positions) upon graduating with the degree

  • £100K price tag for a PhD

    An article in the Guardian illuminating the costs of a PhD. Takes into account the opportunity costs of working towards a degree (foregone wages, etc).

  • PhD Graduate Salary

    Salary information for a wide range of PhD graduates. Includes a trend graph showing the changes of overall PhD salary rates over time.

  • Your PhD: What Next?

    An overview of the benefits of obtaining a PhD. Presents key facts and salary information which helps individuals decide if the PhD is a worthy investment.

  • Guides to Graduate School and Beyond

    Provides an overview of several resources for helping students through the graduate school process. Includes resources covering finding funding opportunities and finding jobs in the private sector.

  • Career Outcomes of Political PhD Recipients

    Study following political science PhD graduates, who tend to gravitate towards academic jobs. Of the surveyed graduates, 80% reported that obtaining the PhD was “definitely worth it