why should i do a phd

• 3 . 01 . 20
• Leaving Academia

Is a PhD Worth It? I Wish I’d Asked These 6 Questions First.

• Posted by: Chris

Updated Nov. 19, 2022

Is a PhD worth it?

Should I get a PhD?

A few people admit to regretting their PhD. Most—myself included — said that they don’t ( I wrote about why in this post ).

But we often say we don’t regret stupid things we’ve done or bad things that happen to us. This means we learned from them, not that we wanted them to happen.

So just because PhDs don’t regret it, doesn’t mean it was worth it.

But if you were to ask, Is a PhD worth it, it’s a different and more complicated question.

When potential PhD students ask me for advice, I hate giving it. I can’t possibly say whether it will be worth it for them. I only know from experience that for some PhDs the answer is no.

In this post, I’ll look at this question from five different directions, five different ways that a PhD could be worth it. Then I give my opinion on each one. You can tell me if I got the right ones of if I’m way off base. So here we go.

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tl;dr It’s up to you to make it worth it. A PhD can hurt your finances, sink you in debt, and leave you with no clear path to success in some fields. But PhDs statistically earn more than their and have lower unemployment rates. A PhD also gives you a world-class mind, a global network, and a skill set that can go just about anywhere.

Should I Get a PhD?

tl;dr Don’t get a PhD by default. Think it through. Be clear about whether it’s going to help you reach career goals, and don’t expect to be a professor. A few rules of thumb- make sure you know where you want to go and whether a PhD is the ONLY way to get there, make sure it’s FUNDED (trust me), and make sure your program has strong ties into industry and a record of helping its students get there.

1. Is a PhD worth it for your finances?

My guess: Not usually

People waste a lot of their best years living on a grad stipend. To be honest, my money situation was pretty good in grad school. I won a large national grant, I got a ton of extra money in travel grants, and my Canadian province gave me grants for students with dependents. But even with a decent income, I was still in financial limbo–not really building wealth of any sort.

And many students scrape by on very small stipends while they study.

When it comes to entering the marketplace, research from Canada and the United States shows that PhD students eventually out-earn their counterparts with Master’s degrees. It takes PhDs a few years to find their stride, but most of us eventually do fine for earnings if we leave academia. Which is great, and perhaps surprising to many PhDs who think that a barista counter is the only non-academic future they have .

The challenge is not income–it’s time. If you as a PhD grad make marginally more than a Master’s graduate, but they entered the workforce a decade earlier, it takes a long time for even an extra $10,000 a year to catch up. The Master’s grad has had the time to build their net worth and network, perhaps buy a house, pay down debt, invest, and just generally get financially healthy.

While PhDs do fine in earnings in the long run, the opportunity cost of getting the PhD is significant.

The only real way to remedy this—if you’ve done a PhD and accumulating wealth is important to you, is to strategically maximize your earnings and your value in the marketplace to close the wealth gap. This takes education, self-discipline, and creativity, but it is possible.

I tried to calculate the opportunity cost of prolonging entry into the workforce in this post .

2. Is a PhD worth it for your career?

My guess: Impossible to tell

Most of my jobs have given me the perfect opportunity to see exactly where I could be if I’d stopped at a Master’s degree, often working alongside or for those who did and are further ahead. In terms of nuts and bolts of building career experience section on a resume, which is often the most important part, a PhD is rarely worth it. (Some STEM careers do require a PhD.)

However, at the start of my post-graduate educational journey, I was working part-time running teen programs and full time as a landscaper. I had an undergraduate degree. Despite my job and a half, I was still poor. My life had no direction, and had I not begun my Master’s to PhD journey I probably would have stayed there.

The PhD transformed me personally. It did this by developing my skills, or course. But even more so, it taught me that anything is possible. It took a poor kid from a mining town in northern Canada and gave me access to the world. It made my dreams of living abroad come true. I learned that anything is possible. And that will never go away.

It’s changed the course of my life and, subsequently, my career.

It’s impossible for you to know if it’s worth it for your career. But you can build a hell of a career with it.

So it wouldn’t be fair for me to say, “don’t get a PhD.” Because it worked out for me, and for some it does.

But there are a heck of a lot of people who haven’t figured out how to build a career with this thing. Which is one of the reasons Roostervane exists in the first place.

Psst! If you’re looking at doing a PhD because you don’t know where to go next with your career–I see you. Been there. Check out my free PDF guide– How to Build a Great Career with Any Degree.

3. Is a PhD worth it for your personal brand?

My guess: Probably

There’s some debate over whether to put a Dr. or PhD before or after your name. People argue over whether it helps in the non-academic marketplace. Some feel that it just doesn’t translate to whatever their new reality is. Some have been told by some manager somewhere that they’re overqualified and pulled themselves back, sometimes wiping the PhD off their resume altogether.

The truth is, if you have a PhD, the world often won’t know what to do with it. And that’s okay. Well-meaning people won’t understand how you fit into the landscape, and you may have to fight tooth and nail for your place in it. People may tell you they can’t use you, or they might go with what they know—which is someone less qualified and less-educated.

It happens.

But someone with a PhD at the end of their name represents an indomitable leader. So grow your possibilities bigger and keep fighting. And make your personal brand match those three little letters after your name. Do this so that the world around can’t help but see you as a leader. More importantly, do it so that you don’t forget you are.

Should I put “PhD” after my name on LinkedIn?

5 reasons you need to brand yourself

4. Is a PhD worth it for your sense of purpose?

Is getting a PhD worth it? For many people the answer is no.

PhDs are hurting.

If you’ve done one, you know. Remember the sense of meaning and purpose that drew you towards a PhD program? Was it still there at the end? If yours was, you’re lucky. I directed my purpose into getting hired in a tenure-track job, and got very hurt when it didn’t happen.

And people have vastly different experiences within programs.

Some people go through crap. But for them their research is everything and putting up with crap is worth it to feel like they have a sense of purpose. Many PhDs who are drawn into programs chasing a sense of purpose leave deeply wounded and disenchanted, ironically having less purpose when they started.

While new PhDs often talk about the PhD as a path do doing “something meaningful,” those of us who have been through entire programs have often seen too much. We’ve either seen or experienced tremendous loss of self. Some have friends who didn’t make it out the other end of the PhD program.

But there are some PhDs who have a great experience in their programs and feel tremendously fulfilled.

As I reflect on it, I don’t think a sense of purpose is inherently fulfilled or disappointed by a PhD program. There are too many variables.

However, if you’re counting on a PhD program to give you a sense of purpose, I’d be very careful. I’d be even more cautious if purpose for you means “tenure-track professor.” Think broadly about what success means to you and keep an open mind .

5. Is my discipline in demand?

Okay, so you need to know that different disciplines have different experiences. Silicon Valley has fallen in love with some PhDs, and we’re seeing “PhD required” or “PhD preferred” on more and more job postings. So if your PhD is in certain, in-demand subjects… It can be a good decision.

My humanities PhD, on the other hand, was a mistake. I’m 5 years out now, and I’ve learned how to use it and make money with it. That’s the great news. But I’d never recommend that anyone get a PhD in the humanities. Sorry. I really wish I could. It’s usually a waste of years of your life, and you’ll need to figure out how to get a totally unrelated job after anyway.

TBH, most of the skills I make money with these days I taught myself on Skillshare .

6. Is a PhD worth it for your potential?

My guess: Absolutely

Every human being has unlimited potential, of course. But here’s the thing that really can make your PhD worth it. The PhD can amplify your potential. It gives you a global reach, it gives you a recognizable brand, and it gives you a mind like no other.

One of my heroes is Brené Brown. She’s taken research and transformed the world with it, speaking to everyone from Wall-Street leaders to blue-collar workers about vulnerability, shame, and purpose. She took her PhD and did amazing things with it.

Your potential at the end of your PhD is greater than it has ever been.

The question is, what will you do with that potential?

Many PhD students are held back, not by their potential, but by the fact that they’ve learned to believe that they’re worthless. Your potential is unlimited, but when you are beaten and exhausted, dragging out of a PhD program with barely any self-worth left, it’s very hard to reach your potential. You first need to repair your confidence.

But if you can do that, if you can nurture your confidence and your greatness every day until you begin to believe in yourself again, you can take your potential and do anything you want with it.

So why get a PhD?

Because it symbolizes your limitless potential. If you think strategically about how to put it to work.

PhD Graduates Don’t Need Resumes. They Need a Freaking Vision

By the way… Did you know I wrote a book about building a career with a PhD? You can read the first chapter for free on Amazon.

So if you’re asking me, “should I do a PhD,” I hope this post helps you. Try your best to check your emotion, and weigh the pros and cons.

And at the end of the day, I don’t think that whether a PhD is worth it or not is some fixed-in-stone thing. In fact, it depends on what you do with it.

So why not make it worth it? Work hard on yourself to transform into a leader worthy of the letters after your name, and don’t be afraid to learn how to leverage every asset the PhD gave you.

One of the reasons I took my PhD and launched my own company is that I saw how much more impact I could have and money I could be making as a consultant (perhaps eventually with a few employees). As long as I worked for someone else, I could see that my income would likely be capped. Working for myself was a good way to maximize my output and take control of my income.

It’s up to you to make it worth it. Pick what’s important to you and how the degree helps you get there, and chase it. Keep an open mind about where life will take you, but always be asking yourself how you can make more of it.

Check out the related post- 15 Good, Bad, and Awful Reasons People Go to Grad School. — I Answer the Question, “Should I Go to Grad School?” )

Consulting Secrets 3 – Landing Clients

Photo by Christian Sterk on Unsplash There’s a new type of post buzzing around LinkedIn. I confess, I’ve even made a few.  The post is

You’re Not Good Enough… Yet

Last year, I spent $7k on a business coach. She was fantastic. She helped me through sessions of crafting my ideas to become a “thought

$200/hr Expert? Here’s the Secret!

Photo by David Monje on Unsplash I was listening to Tony Robbins this week. He was talking about being the best.  Tony asks the audience,

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Should I Do A PhD? 16 Reasons Why, And Why Not

If you found your way to this article, chances are you are unsure if you want to study for a PhD degree. This is normal – a PhD is a significant commitment. 

To make your life easier, I list here 8 reasons why you should do a PhD, and 8 reasons not to. Take a look at it, and see where you stand. Let’s go.

Reasons To Get a PhD, and Not To

Yea – a phd degree shows expertise.

Earning a PhD showcases unparalleled expertise in your field, marking you as one of the world’s leading authorities.

This doctoral journey transforms you, deeply immersing you in research skills and original exploration.

As a PhD student, you collaborate closely with your supervisor, often on a PhD project that pushes the boundaries of knowledge. It’s worth noting, the path isn’t just about the dissertation.

Many PhD holders find their career prospects enhanced, not just in academia but also outside, where a doctorate signals top-tier problem-solving and analytical skills.

Yea – A PhD Program Develops Your Research Skills

Pursuing a PhD equips you with unparalleled research skills, vital for many career paths, not just within academia.

During your PhD journey, you’ll tackle original research that often extends the boundaries of your field. This process involves not just working in the lab or pouring over computational data but also learning how to frame questions that push forward the understanding of complex subjects.

Many PhD students find themselves collaborating closely with their supervisors, diving deep into their chosen research area. It’s a rigorous process, requiring you to think carefully and critically, often leading to insights that may be the first of their kind.

These skills are highly valued, not just in academic positions but also in industries keen on innovation. 

Yea – A PhD Student Contributes to Knowledge

Getting a PhD is not just an academic pursuit; it’s a commitment to advancing knowledge.

PhD students usually work on a specific research project that often challenges and extends the current boundaries of their field.

This contribution to knowledge isn’t confined to dusty theses that sit on university shelves. Instead, these discoveries often lead to real-world applications, influencing everything from policy to technology.

Consider a PhD in materials science, where your work might uncover new sustainable materials, or a computational PhD, where your algorithms could revolutionize data analysis.

It’s about pushing the envelope, with each dissertation adding a unique piece to the vast puzzle of human understanding. 

Yea – Getting A PhD Expands Your Professional Network

As a PhD student, you’ll collaborate closely with your supervisor, a key figure who often introduces you to a broader network of academics and professionals. You will also meet influencers and future colleagues in:

• conferences, 
• seminars, and
• research collaborations

Many PhD holders recall these networking opportunities as pivotal moments in their careers. The relationships forged during these years often lead to collaborations, job prospects, and even lifelong friendships. 

It’s not just about the people you meet; it’s about joining a community of thinkers and innovators, making your PhD period an enriching chapter in your professional life.

Yea – Getting A PhD Helps With Career Path & Job Prospects

Earning a doctorate can significantly shape your career path and enhance job prospects. This is not just about academia or aiming to become a professor; many PhD holders find rewarding careers outside of universities.

In STEM fields, a doctorate may open doors to leading roles in research and development within the tech industry, where your deep knowledge and research skills are in high demand.

Similarly, in fields like materials science, doctorates are sought after for their ability to innovate and drive new technologies. The rigorous research experience, problem-solving skills, and discipline you gain are valued across various sectors, including:

• higher education,
• research institutes, and even in
• policy-making roles.

Pursuing a PhD is a strategic move for those interested in positions that require high levels of expertise and analytical abilities, offering a broader range of opportunities than what might be available with just an undergraduate degree or a master’s degree.

Yea – Doctorates Get To Teach and Mentor

In academia, many PhD holders find fulfillment in shaping the minds of the next generation, guiding undergrad and grad students through their academic and research challenges.

The mentorship aspect goes beyond formal teaching; it involves:

• advising students on their career paths,
• helping them navigate the complexities of their projects, and
• inspiring them to push the boundaries of their understanding.

For those passionate about their subject and wanting to make a difference in students’ lives, a doctorate offers the perfect platform to transition into roles that combine research with teaching.

This dual role enriches both the mentor’s and the mentees’ experience, creating a dynamic learning environment where ideas flourish and innovations are born.

Yea – PhD Degree Gives You Global Perspectives

Pursuing a PhD can open up a world of global perspectives, enriching your academic and personal life.

Many doctorate students collaborate with international research groups, bringing diverse viewpoints to their projects.

This exposure to different cultures and methodologies enhances your ability to think globally and work across cultural boundaries.

It’s not uncommon for doctorates to attend conferences worldwide, presenting their research and networking with peers from various backgrounds.

Such experiences are invaluable, offering insights into global challenges and innovations.

Whether you’re in a STEM PhD program, exploring computational models, or delving into social sciences, the doctoral journey encourages a broadened outlook, preparing you for a career that transcends geographical and disciplinary limits.

This global engagement not only broadens academic horizons but also opens up a multitude of international job prospects, making the pursuit of a PhD a gateway to a truly global career.

Yea – Exemplifies Lifelong Learning

A PhD program is a testament to the commitment to lifelong learning. Beyond the mastery of a specific subject, it cultivates a mindset geared towards continuous inquiry and adaptation.

Doctorate students often find themselves at the forefront of their fields, tasked with answering complex questions that require not just depth but a breadth of knowledge.

This process inherently involves:

• learning new methodologies,
• technologies, and
• theoretical frameworks,

often leading to interdisciplinary exploration.

The journey doesn’t end with a doctoral degree; many PhD holders continue to engage with new research, technologies, and teaching methodologies throughout their careers.

This ethos of lifelong learning is what makes doctorates valuable in rapidly evolving fields, as they are adept at navigating the unknown and are equipped with the skills to learn and adapt continuously.

Nay – Getting Your PhD Takes A Lot Of Time

Deciding to pursue a PhD is a significant life decision that demands a substantial time commitment. For many, this involves dedicating four or more years to deep, concentrated study and research.

This duration can be even longer in some fields, where the path from grad school to earning your doctoral degree stretches beyond the initial estimate.

During this period, PhD students often find themselves immersed in their dissertation, spending countless hours in the lab or poring over:

• reports and
• literature.

It’s a period of intense focus, where personal sacrifices are common.

Balancing this commitment with other life responsibilities can be challenging. You want to think carefully about whether dedicating such a significant portion of your life to a PhD aligns with your broader career goals and personal circumstances. 

Nay – Brings Financial Strain

Studying for a PhD can pose a significant financial challenge. Many PhD students rely on stipends that often cover just the basics, making it a tight squeeze, especially in cities with high living costs.

The financial strain doesn’t end there. Unlike peers who start careers after undergrad or master’s degrees, PhD students may forego several years of potential earnings.

This opportunity cost, coupled with limited job prospects in some academic fields, prompts a hard look at the financial implications of a doctorate. While some fields may offer lucrative postdoc positions, this is not the case across the board. 

Nay – May Cause Career Uncertainty

Venturing into a PhD program comes with its share of career uncertainties. Despite the advanced knowledge and research skills gained, the academic job market is notoriously competitive, with tenure-track positions being particularly elusive.

This reality means many PhD holders may need to consider careers outside their initial research area or academia altogether.

While a PhD can open doors to various roles in industry, government, and non-profits, these transitions may not always align with the original career goals envisioned at the start of the PhD journey. 

Nay – PhD Messes Up Work-Life Balance

Diving into a PhD program can significantly tilt the scales away from a balanced life. Many PhD students find themselves engrossed in their research, with the lines between work and personal time often blurred.

This intensive commitment can strain relationships and personal well-being, as the demands of a doctoral degree don’t always confine themselves to the typical nine-to-five schedule.

It’s not uncommon for students to spend evenings or weekends in the lab or hunched over their computers, working on things like:

• analyzing data,
• reading literature, or
• writing their dissertation.

The years dedicated to earning a PhD require a level of dedication that, for many, becomes all-consuming, leaving little room for other aspects of life.

Nay – May Narrow Down Your Specialization

Opting for a doctorate often means delving deep into a niche subject area, which can lead to an extremely narrow specialization.

While becoming one of the world’s leading experts in a specific topic has its allure, it can also limit job prospects outside of that narrow academic or research focus.

Many PhD graduates find themselves overly specialized for broader industry roles, where a more varied skill set is valued.

This hyper-specialization can be particularly challenging in fields where industry demand fluctuates or is limited.

For instance, a PhD focused on a very specific computational model in materials science may struggle to find relevance in positions outside of their narrow research area.

It’s a critical point for you to think about when considering a PhD: while it positions you at the forefront of research, it may also confine your expertise too tightly, impacting future career flexibility.

Nay – Comes With Opportunity Cost

Pursuing a doctorate involves significant opportunity costs, a crucial aspect for anyone considering this path.

While immersed in academia, many PhD students watch as their peers advance in industry, climbing the career ladder and increasing their earnings.

The time spent in a PhD program—often four years or more—could have been used to gain valuable industry experience, contributing to professional growth and financial stability.

For some, the trade-off includes delaying personal milestones like home ownership or starting a family. 

Nay – Mental Health Risks

The pursuit of a PhD is not just an academic challenge; it’s a test of mental endurance. Many PhD students experience significant stress, often stemming from:

• high expectations,
• competitive environments, and
• the pressure to publish.

This intense focus can lead to isolation, exacerbating feelings of anxiety and depression.

The relationship with a supervisor, critical to a PhD student’s success, can also be a source of stress if expectations are misaligned.

It’s essential to acknowledge these risks and seek support systems, both within academia and in personal circles.

While the PhD journey can be incredibly rewarding, consider carefully its potential impact on mental well-being and ensure there are adequate coping mechanisms and support networks in place.

Nay – A PhD Degree Now Has Diminishing Returns

In today’s rapidly evolving job market, the once clear advantages of holding a PhD are becoming less pronounced, leading to discussions about its diminishing returns.

As the number of PhD holders rises , the academic job market has become increasingly saturated, making tenure-track positions scarce and highly competitive.

Additionally, in some industries, the specialized knowledge and skills acquired during a PhD may not translate into a commensurate increase in salary or job opportunities compared to those with a master’s degree.

This shift has prompted many to reevaluate the traditional assumption that a PhD is the best path for career advancement. Perhaps you may feel the same after exploring your options.

Unsure Whether A PhD Suits You? Do More Research

Deciding whether to pursue a doctorate involves weighing the potential for deep expertise and vast opportunities against significant challenges.

It’s a path of intense dedication, offering unparalleled research skills and global networks but also demanding substantial time, financial commitment, and personal sacrifice. Which means, your decision should align with your career goals, personal resilience, and life circumstances.

As you deliberate, consider if the rewards of this rigorous academic journey outweigh the inherent risks and costs.

Dr. JW Ong holds academic degrees, including a Ph.D. in Applied Linguistics from universities in New Zealand, Malaysia, and the UK. He started PhDPursuits.com as a way to share the experience he wish he would have had known before embarking on his PhD.