So, Is a PhD worth all of the time and effort that goes into earning one? Is a PhD worth the countless hours spent studying, doing research, and writing? What about the income for the years spent earning a PhD? Devoting so much time to earning your PhD does not afford you with the ability to get a good job making a great wage or salary. When you finally get through all of the years of studying and hard work will having that PhD help you to get the high paying job that you want, which makes all of your efforts worth it? These are all questions that you need to ask yourself before you decide to continue your education so that you can receive that PhD.
Time Out of The Workforce
The idea of not having to go to work for five to seven years might sound like a great idea, initially. Not working for that long will also mean that you are going to be extremely tight on funds during those years unless you or your family is independently wealthy. You have to remember you will not be buying a house when other friends and people your age will be doing so. Will you be able to handle living on a shoestring budget? These are serious things to consider.
Finding Quality Work
Many people would immediately respond with, “yes, it is worth it,” when it comes to getting a PhD. It helped people get higher paying jobs without question. In the current job market, having a PhD does not necessarily guarantee a person will land the high paying job that they were dreaming of when they started. In reality, many people have a difficult time finding work. Those that do find work tend to find it in fields of academia, which do not necessarily reward a person with a high salary.
Another thing to consider is field of study. Some PhDs offer a better opportunity for high paying jobs outside of academia and research than others do. Getting a PhD in humanities does not offer the same benefits and rewards as individuals that get a PhD in engineering and science. People with those doctorates are more inclined to land high paying jobs that will make all the years of study and struggles worth it to them.
Grad School – Not for Social Butterflies
This may not be a huge concern for many but going to graduate school is not the place to be if you are a very social person. The focus for most people in graduate school is academic studies. When attending school for an undergraduate degree, there is a broader range of people and social events to enjoy. If parties, social events, and meeting many people are important, the years spent in graduate school getting a PhD may not be worth it to some people.
Whether or not a PhD is worth it will truly depend on the individual and what they are able to do once they graduate. If your goal is to earn a PhD, be aware you may never make the big money you are after and you will give up a lot when working towards obtaining it.