Is Getting a PhD Degree Worth It? (In-Depth Guide)
A PhD, or Doctor of Philosophy degree, represents the highest level of academic achievement.
It typically takes 5-7 years of intense study and research to earn a PhD.
Pursuing a PhD is an enormous commitment that involves significant personal and financial sacrifices.
So is it ultimately worthwhile to embark on the long, challenging road to a doctorate?
There are good arguments on both sides.
By evaluating all these factors, you can make an informed decision on whether the high demands of PhD programs align with your professional and life goals.
Career Prospects
A major reason people pursue PhDs is to advance their careers, especially in academia or research.
However, the job market and career trajectories for PhDs vary greatly by field.
Academic Job Market
The academic job market is infamously tough across most disciplines. Tenure-track professor positions are extremely competitive, with hundreds of applicants per opening.
PhD graduates far outnumber available faculty jobs. Only 20-30% of PhDs ultimately end up as tenured or tenure-track professors.
The oversaturation of PhDs applies to both sciences and humanities. However, academic prospects do differ by field:
- Sciences: Research-focused careers in industry, government agencies, think tanks, or private R&D labs provide reasonable alternatives to faculty positions.
- Humanities/social sciences: There are relatively few non-academic jobs where a humanities or social science PhD is expected or required.
Overall, most PhDs will not achieve tenure-track professorships like they envisioned. Be prepared for a competitive job hunt or alternative career options outside academia.
Non-Academic Careers
While academic jobs are scarce, PhDs can impart useful transferable skills for industry positions:
- In-depth expertise in a specialized field
- Research, data analysis, and critical thinking abilities
- Project management from overseeing long-term dissertations
- Perseverance through difficult objectives
- Communication from teaching, presentations, and publishing
However, simply having an advanced degree does not guarantee better job prospects outside academia. Pursuing a PhD solely for non-academic careers is risky without substantial industry experience.
You need to intentionally develop hard business skills. Network extensively. Seek internships and learn to translate your expertise to practical real-world applications.
With deliberate efforts to prepare for industry jobs, PhDs can thrive in sectors like:
- Business/Finance: Data science, analytics, management consulting
- Government: Policy research, intelligence analysis, science advisor roles
- Non-profits/NGOs: Program evaluation, grant writing
- Writing/Journalism: Freelance subject matter expert
- Law: Patent attorney, education law
- Technology: Research scientist, UX research
If considering a PhD for non-academic advancement, research job prospects in your specific field first.
Assess whether the time investment is justified by the career boost for your goals.
Financial Considerations
Between tuition and living expenses, PhD programs require a major financial commitment.
However, most STEM (science, technology, engineering, math) PhDs in the US receive funding.
Humanities/social science funding is less common but also available at many universities.
PhD Funding Packages
Typical PhD funding provides:
- Tuition remission
- Stipend for living costs (~$25k-$35k annually)
- Health insurance
Funding comes from universities, government grants, or research fellowships. PhD candidates receive funding in exchange for teaching or research duties.
Full PhD funding vastly mitigates financial burdens. But it’s still important to budget carefully and manage expectations after graduate school.
Post-PhD Salaries
It takes 8+ years post-undergrad to complete a PhD program and potentially a post-doc.
While PhDs earn more on average than those with bachelor’s degrees, you forego years of earning potential while in school.
Salaries vary based on your field and type of position:
- Tenured professor: $60k – $130k
- Industry research scientist: $80k-$150k
- Government analyst: $60k-$120k
Consider whether modest salary bumps justify the long PhD timeframe compared to earning a master’s and gaining experience.
Also, academic salaries remain fairly flat throughout careers. Professors earn far less than industry PhDs over time. Carefully weigh earning potential in decision-making.
Other Financial Factors
Other monetary considerations around pursuing a PhD include:
- Lost retirement savings: Less ability to contribute to retirement funds during PhD program.
- Student loan debt: Potential debt financing if funding is inadequate for all costs.
- Opportunity costs: Foregoing income from full-time jobs.
- Family obligations: Possible strain from providing for dependents.
Do a complete cost/benefit analysis before committing to a PhD’s financial impact.
Personal Fulfillment
Beyond careers and money, a major incentive for PhD study is personal edification. A PhD allows you to gain expertise in a niche topic of passion.
For the intellectually curious, a PhD can provide immense satisfaction from the pursuit of knowledge.
Following Your Interests
Spending 5+ years immersed in research and writing a dissertation on precisely the subject you love is a dream come true for some.
For example, analyzing Victorian literature or studying star formation lets you delve further into niche interests than any other path.
Doing what you love for a living provides tremendous happiness and fulfillment. PhDs enable highly specialized work aligned with your academic passions.
Prestige and Validation
Being addressed as “Dr.” conveys prestige and an immense sense of scholarly achievement. Society broadly respects the title as representing the pinnacle of academic validation.
If external validation of your intellectual capabilities matters profoundly, then a PhD offers immense personal gratification.
Additionally, being at the forefront of progress in your field generates prestige through publications, grants, conferences, and expanding human understanding.
Lifestyle Preferences
A PhD also suits certain lifestyle preferences and work styles:
- Enjoy academia: Teaching college students and participating in university culture.
- Love research: Lab experiments, writing, collecting data, analyzing results.
- Flexible hours: Academia offers flexible work schedules compared to 9-5 industry jobs.
- Work independence: PhD research requires high capability for independent planning.
Evaluate your work values and preferences.
If a PhD aligns with your vision for lifestyle and daily tasks, it may boost happiness.
Work-Life Balance
A PhD demands an immense workload. Be realistic about the high pressure and time commitments required.
Long Hours
PhD students work long hours in labs, libraries, and at home reading academic literature and writing.
Expect 60+ hours per week dedicated to PhD duties. These may include:
High Pressure
PhD milestones like qualifying exams, dissertation writing, and defending findings before a committee provoke extremely high stress.
These make or break moments determine your entire career trajectory.
Handling this pressure and uncertainty during 5+ years of intense PhD study takes an emotional toll.
Be prepared for setbacks and criticism before major achievements.
Health Effects
Between hectic schedules, work pressures, and financial anxiety, PhD students face much higher mental health issues than the general public.Studies show PhDs suffer high rates of:
- Burnout
- Anxiety
- Depression
- Insomnia
- Impostor syndrome
If you already struggle with mental health, carefully evaluate if PhD programs will exacerbate issues.
Develop strong coping strategies and self-care habits before matriculating.
Work-Life Balance
With extreme workloads and pressure, work-life balance is hugely challenging for PhD candidates and professors.
Expect high difficulty finding time for family, relationships, and life outside academia.
Consider whether the intellectual stimulation is worth sacrifices in other life realms before committing.
Alternative Options
If the costs and risks of a PhD outweigh benefits for your goals, consider alternative advanced degrees with more flexibility:
Master’s Degrees
A master’s degree allows focusing on a specific field with far less commitment. Course-based programs usually take 1-2 years. Benefits include:
- Specialized knowledge to advance career
- Higher entry salaries in many fields
- Much less pressure than PhD research
- Completed in under two years
Master’s cost is also a fraction of a PhD’s lost earning potential over 5+ years.
Master’s salaries surpass PhD pay in some industries over the long run.
If interested in academia, a master’s lets you teach community college without the PhD research rigors.
Professional Doctorates
Professional doctorate degrees like MDs, PharmDs, DPTs, JDs confer the prestigious “Dr.” title and advanced expertise for particular careers:
- Medicine
- Pharmacy
- Physical therapy
- Law
These programs take 3-4 years and focus on practical rather than scholarly research.
If you want a doctorate for status and specialized knowledge, professional programs offer alternatives requiring less research.
Self-Study
In the internet age, immense knowledge is freely available beyond formal institutions. If intrinsically driven, you can gain expertise through:
- Massive open online courses
- YouTube tutorials
- Public library books
- Encyclopedias
- Academic paper archives
Self-directed learning allows following intellectual curiosity without graduate program constraints.
