what phd is worth getting

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Is getting a phd worth it.

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

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

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

What benefits are there to earning a PhD?

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

Reputation Building

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

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

Return on Investment

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

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

Pursuit of Passion

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

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

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

What are the Reasons Not to Get a PhD?

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

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

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

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

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

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

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

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

Learn more about

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

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

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

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

For some people, the act of getting a PhD is more than for financial return or reward. They have a deep connection with the subject and want to research it.

They are willing to put up with the sacrifices required to do a PhD because of their drive for a particular research field. To these people, they will always answer yes to the question is a PhD worth it

These types of researchers are relatively rare.

This article will go through everything you need to know to answer the question – Is a PhD worth it? We will also look into the most important things you should consider before launching into your PhD application process.

Should I Get A PhD?

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

This is a time when others are laying the foundations of their life and have a job starting to build up experience in their professional field. Many also undertake PhD part time, while working.

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

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

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

If you have a passion for:

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

then getting a PhD may be a perfect choice .

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

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

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

Is Earning A PhD Worth It For Your Career?

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

A PhD provides you with the skills to:

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

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

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

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

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

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

Is A PhD Worth It For Your Finances? Whether A PhD Will Boost Your Bank Balance. 

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

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

This is backed up with data.

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

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

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

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

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

Why is a PhD a bad idea for most people?

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

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

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

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

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

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

What are the Risks of Getting a PhD?

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

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

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

These include:

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

In my YouTube video below I talk about whether or not get a PhD is worth the effort, and is a PhD worth it.

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

Another risk is the fact that the value of a particular Ph.D may fluctuate over time, so it’s important to consider whether or not the Ph.D will be worth it in the long run. Age is also a factor, especially if you are considering a PhD later in life.

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

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

Have you thought realistically about your job prospects?

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

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

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

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

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

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

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

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

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

PhD Degree Alternatives

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

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

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

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

There are many other degree alternatives including:

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

that can help boost your earning potential.

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

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

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

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

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

Get Your PhD – It May Be Worth It

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

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

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

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

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

Is A PhD Worth It?

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

When Is A PhD Worth It?

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

Do All PhD Graduates Get Academic Job?

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

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

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