http://www.economist.com/node/17723223?spc=scode&spv=xm&ah=9d7f7ab945510a56fa6d37c30b6f1709
This article discusses the fact that earning a PhD might not be worth the time and money that it requires in today's society. One reason is because of the declining job outlook for those with doctoral degrees. Another issue is the fact that those with PhDs are not earning very much more in the workforce than those with master's degrees but they spend much more time earning their degrees. It is noted that too many PhD students are being produced for the amount of jobs available to them. It seems that those with PhDs should be prepared to spend their lives in academia. It might be a better option for those interested in furthering their education in order to increase salary opportunities to consider earning their master's degree rather than a doctoral degree.
5 comments:
I know that in Labor Econ we researched how much more a person can make by getting a masters degree according to the March Supplement on Data Ferret, but we did not look at PhD degrees. It would be interesting to see if that data agrees with this article or not.
It has always seemed to me that the reason people get a PhD degree does not have anything to do with expectations in monetary returns. Rather, it is a mix of many reasons e.g. the satisfaction of being called a doctor (not the kind that helps people) or for a chosen career.
While the the returns on successive academics degrees are probably diminishing, I would think that there are still both economic and non-economic benefits to receiving a PhD. I also agree with Linh that sometimes earning potential is not the only reason people pursue a doctorate. As a society, we still benefit from an increase in the numbers of people receiving higher and higher levels of education. Less financially lucrative? Maybe. Less useful? Probably not.
I personally feel that if you do end up getting a Phd your destined for a future in teaching. It seems as though it have become even harder to get employed with a Phd. A couple of years ago it was a huge advantage to have one. I find it interesting how things change over the years.
I think another factor to consider is the subject area of the PhD. For example, one might find it more advantageous to get a PhD in chemistry rather than Sociology in trying to get a job outside of academia.
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