The most prestigious degree that a student can earn from a university is the doctorate degree. It is a fact that students with this degree earn $15,000 more yearly on average than graduates with just a master’s degree, but is the process worth the trouble? Most would argue that there is too much risk involved.
To begin with, it is essential for students planning on a PhD to know if this fits with their overall plan. This is important because participating in a PhD program is extremely costly and can be economically draining. The total debt that the average student accumulates during the four-year doctorate program is about $33,000. A second concern is the scarcity of jobs available to PhD earners. One could easily be fooled by the low unemployment rate for this group, but the reality is that these students often don’t find their desired jobs, which are usually positions at top research schools, and they have to settle for temporary low-paying jobs. Lastly, the workload is extremely rigorous and many students drop out due to being mentally drained or being asked to leave due to a failure to meet their requirements. Only 57% of PhD students succeed in earning their degree within ten years of starting grad school.
Unless you are exceptionally passionate about a subject, have a solid plan, and are willing to take a risk regarding your salary, it might not be the best option to get a PhD. CBS notes, “If you are smart enough to earn a PhD, you are smart enough not to pursue one.”
I agree with how much work it is to get a PhD. Most people planning on getting their PhD don't really know what they are getting into. It's good to have knowledge about what you want to do first, before spending so much money. I also liked the last quote in the last sentence.
ReplyDeleteI agree with what you are saying and I found myself writing a similar topic about whether it is worth getting a professional degree which relates to one particular subject. Based on the information that you gained from your sources and the input you gave, I believe that the people that pursue a PHD should be the ones that are certain that it will be beneficial. They have to ensure that the career that they want will have jobs available so that the hard work pays off.
ReplyDeleteI agree that it may not necessarily be "worth it." However, undeniably, a PhD can immensely help towards certain careers. I think people would really have to think about whether it is helpful for their specific future because it does come with a lot of work. Personally, it would be difficult for me to attend an extra eight years of college if I was already making decent money, but it is a great option for those willing to go above and beyond.
ReplyDeleteI never realized how difficult receiving a PhD was. I figured the only reason they are a rarity in our society was because students refused to go back to school. Complacency with a bachelor's degree was the deterrent I had in mind but instead it is the difficulty to obtain such a degree. How many CEOs of companies have PhDs, are the leaders of the world the most educated or are the bachelor's degrees in charge of the PhD holders?
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