Nearly every career field offers the opportunity to excel in a specific area through doctorate-level programs, which culminate with graduates earning a Ph.D., doctorate, or a similar form of advanced degree related to the field of study. A Ph.D. opens the door to a wealth of employment options and is required for professionals with a desire to teach at a university, conduct life-changing research, and/or qualify for a wider scope of more influential, higher-paying job positions.
While many may aspire and dream of getting a Ph.D., not many people will get the chance, or even complete the rigorous years of study to become one of the very few to attain the highest level of understanding for a particular field. The overall process requires a lengthy time commitment, patience and passion, and may delay a person’s immediate earning potential after receiving a bachelor’s degree. As every field of study varies in tuition costs and the ROI (Return on Investment), the following information highlights some of the blanket costs, versus rewards, related to getting a Ph.D.
The Average Cost of Getting a PhD
Doctoral programs are unique in the sense that they have a reputation for financially accommodating students as they pursue their Ph.D. by offering living stipends, opportunities to teach, research grants, and tuition breaks. The financial incentives make it easier for candidates to enter a doctoral program. However, graduate work is rarely a ‘free ride.’ Depending on the field of study, school limitations, and a student’s personal circumstances, student tuition is often equalized, yet the cost of living presents a financial predicament that often leads to borrowing money while in a Ph.D. program.
According to an article titled ‘Ph.D. Programs Have a Dirty Secret: Student Debt,’ which appeared in The Atlantic, nearly one-fifth of students finish their doctoral degree programs having accumulated more than $30,000 in loans.
Despite the overall low cost to pursue a Ph.D., graduates with debt in the tens of thousands of dollars are also common. Karen Kelsky, who started the “Ph.D. Debt Survey”, highlighted that Ph.D. programs in every field see thousands of people saddled by six-figure debt after earning their doctorate degree. For starters, some Ph.D. programs do not offer full funding; may cut funding over time; and/or offer stipends that do not cover the cost of living – all of which are factors Ph.D. candidates with families should strongly consider.
Many public and private schools across the United States offer doctorate-level degree programs which correspond to hundreds of academic subjects, meaning a variety of factors come into play during the educational process. No two Ph.D. students will experience the same costs, hardships and benefits. The following variables can affect the total cost and accumulated student debt that a prospective Ph.D.-holder faces:
“At least for some, there is significant debt that may be difficult to pay off if careers are within academics,” says Jackie Eller, who holds a Ph.D. in Sociology, and is an Interim Vice Provost for Research and Dean, at Middle Tennessee State University.
The Time Commitment for Getting a PhD
One of the greatest concerns associated with pursuing a Ph.D. is the time it takes to receive a diploma. CBS Moneywatch reported that the average student completes a Ph.D. program in 8.2 years and is generally 33-years old by the time they earn their diploma and credentials [1]. By that age, most of their peers who ended their education with a bachelor’s degree will have likely already established themselves as professionals in their respective fields.
Hardships Associated with a PhD
The number of years it takes to fulfill a doctorate-level programs’ requirements is not the only variable that presents a hardship for prospective Ph.D. students and graduates. Additional obstacles and considerations related to getting a Ph.D. include:
Highly Competitive Admissions Process: The majority of Ph.D. programs are extremely competitive and exclusive. In order to be able to offer low tuition costs, stipends and other fiscal means for students to fund their education, most schools can only afford to support a specific number of students on a yearly basis. For example, the Yale School of Management typically admits two students each in marketing and accounting, and six students in finance, with the actual number varying according to the number of students currently in residence for each year. The typical GMAT and GRE test scores for accepted applicants for the school are generally in the high 90th percentiles.
Rigorous Curriculum: Doctoral programs are demanding, and typically require a minimum of 25 to 35 hours of work per week. Depending on the curriculum and program, students spend time participating in workshops, lectures, on-campus residencies, researching, and fulfilling the responsibilities related to an assistantship (such as teaching a class or grading papers).
“Graduate school is incredibly demanding and therefore tough on relationships,” says Eller.
“Find a source of “release” beyond studying,” suggests Eller. “Without it, you will not be a healthy person.”
Lost Wages: In the time it takes a Ph.D. student to fulfill their educational requirements and earn a degree, they could have accumulated more than $200,000. Meanwhile, the extra time it takes to increase opportunities within their profession and advance their education leads to lost wages – the money they could be making as a full-time professional within their field.
In addition to lost wages, students in a Ph.D. program also miss out on various opportunities to accumulate real-world work experience.
“In some disciplines, jobs are difficult to find given people are working later in life,” says Eller.
Many schools have also brainstormed to find ways to address a Ph.D. shortage experienced in certain fields, such as business, accounting, speech and audiology. There is a widespread, growing perception that graduates entering academia after earning a doctorate degree will not be able to recoup lost wages, due to the historically low starting salaries paid to tenure-track faculty.
Requires Willpower and Patience: Not all Ph.D. candidates finish their program, and the overall process requires endurance and determination. It is also not uncommon to see students quit midway through, and decide to get a master’s degree instead. CBS Moneywatch reported that only about 57 percent of doctoral students will receive a Ph.D. within 10-years of starting graduate school.
Dealing with Professors and Advisors: “Choose an advisor carefully as this person will be critically important to your success,” says Eller.
Getting a Ph.D. involves building relationships with advisors and working with professors in assistantships. However, professors have been known to take full advantage of this with some post-graduate students sharing stories about performing ‘grunt work’ to stay in the good graces of faculty members, whom students rely upon during their pursuit of a Ph.D.
No Guarantees: Some people have a misconception that all Ph.D. holders automatically receive tenure, but this is not the case. The American Association of University Professors reports that 76 percent of all faculty appointments in the U.S. are with non-tenure track job positions.
Part-Time Employment Woes: With more than 50-percent of faculty working part-time, many Ph.D. holders typically do not have access to retirement plans, health insurance and other benefits that come with being a full-time employee.
Excessive Work Hours: The number of hours that a Ph.D.-prepared professional works varies according to their position (such as assistant professor vs lecturer), type of institution (university vs community college), and discipline (humanities vs the sciences). Typical duties include teaching classes, keeping office hours, and participating in faculty meetings. Additionally, the intense pressure that some faculty members experience to stay productive in their field (such as contribute research and/or publish), can lead to even longer work hours.
Increasing Job Scarcity: Outside of academia, some Ph.D. holders in specific fields, such as the humanities, have a harder time finding jobs related to their expertise. Another example is found in the pharmaceutical industry, which in the past, sought Ph.D. grads with chemistry and biology degrees, but has since undergone widespread consolidation with increasing employers hiring overseas.
Rewards and Benefits of a PhD
Beyond the sheer pleasure of pursuing an advanced level of knowledge regarding a subject, topic or discipline, those accepted into a Ph.D. program often experience many rewards and benefits. Additionally, if a professional has an interest to teach on the college/university level, or get hired to conduct research, obtaining a Ph.D. is a requirement. Other advantages and perks include:
Unique Funding Opportunities: Students can find a variety of ways to fund their doctorate education besides taking out a government loan. For example, depending on the field of study and school, a great number of Ph.D. programs waive tuition and provide students with stipends.
Reach Your Full Potential: Those who wish to become experts and reach the highest level of knowledge and understanding for a particular subject or field do so by pursuing a Ph.D.
“It’s a chance to take your strongest abilities and interests, and take them to the highest level you can,” says Brian R. Lashley, Ph.D., Assistant Director of Institutional Research at Eastern Connecticut State University. “In other words, your intellect and your professional skills get sharpened to a level you may not have thought you could achieve.”
Sense of Achievement & Prestige: Reaching the highest level of education possible in a field creates a gratifying sense of accomplishment. Since so few people earn a Ph.D., those who complete their studies and earn their doctorate credentials are often viewed with prestige. The U.S. Census Bureau last reported in “Educational Attainment in the United States” that only 2.6 percent of the population possessed a doctoral degree in 2014. Additionally, being able to use the title of ‘Dr.’ is an attractive benefit for many.
Credibility: Deemed an expert in a particular field of study comes with a level of credibility and respect that a Ph.D.-prepared professional receives from his or her peers, the public and employers. Because of this, someone with a doctorate degree is more likely to gain employment for the same position before a candidate with a bachelor’s or master’s degree.
Well-Qualified for Other Career Paths: Not all Ph.D. holders end up teaching or conducting research, and if they decide to pursue a different type of job, other options await such as transitioning into becoming an independent practitioner, consulting, entrepreneurship, and serving on an administrative board. For those with an interest in writing authoritative books, publishers are more likely to represent an author with a Ph.D.
“In this day and age, try not to overspecialize as you will face more difficulty in employment,” advises Eller.
A Ph.D. also creates a well-rounded and more attractive candidate to prospective employers. The advanced degree generally identifies a job applicant who possesses the ability to conduct independent research; work with little supervision or direction; overcome challenges; and handle a demanding workload.
Expanding Options for Industry Jobs: Increasing opportunities outside of academic circles are emerging for Ph.D. holders in certain fields. This oftentimes coincides with the needs of a results-driven organization. Since professionals with a Ph.D. are viewed as experts in their field, large corporations often hire them to act as consultants.
Some schools are also responding to the need to prepare students for jobs outside of teaching and conducting research. For example, the Duke PhD Plus Program introduces and offers career preparation outside of academia to engineering students, which includes a required internship, professional development workshops, and coursework that enhances a student’s overall skills.
Options for Off-setting the Cost of a PhD
While many doctorate programs provide Ph.D. candidates with low tuition costs or resources to fund their education, not every school is able to do so. However, there are many different options that a prospective student may explore to help fund their education, such as:
Organize Future Plans: “Don’t start a program if you are not excited and energized about the questions you want answered in whatever field of study,” says Eller.
Having a clear vision of future goals, projects, research, and teaching approaches can help prepare for a doctorate program. Since getting a Ph.D. translates into pursuing the ultimate specialization in a particular field, possessing a deep (or passionate) interest in the field is highly recommended. Those without the necessary drive, typically do not last though their program, and everything accomplished thus far becomes a waste of time, energy and money.
“Getting a PhD is about desire and persistence!” says Eller. “One doesn’t have to be the smartest, just the one dedicated to hard work and to persisting beyond the whims and fancies of advisors.”
Seek Out Nongovernmental Research Grants: Ph.D. students who are conducting research may find many types of research grants and awards, especially when related to scientific and medical research. To qualify, students must submit an application and research proposal. New studies, significant trends, and important topics change often, providing an ever-evolving selection of funded research projects that pay Ph.D. students to participate.
Apply for a University Assistantships: There are numerous universities that fully fund or provide a large portion of funding for Ph.D. students representing many fields. While some opportunities cover the cost of tuition and books, others additionally provide a student with a stipend when he or she serves as an assistant to a professor. Stipends for the majority of these programs typically pay $18,000 to $30,000. The average responsibilities expected of a student include, assisting with office hours, overseeing classes, and grading papers. Other Ph.D. students may assist certain professors in their research by collecting data and conducting research.
“Assistantships are often not sufficient,” warns Eller.
It is important to note that the amount of stipend varies according to specific programs. For instance, a graduate with a Ph.D. in sociology who was mentioned in a piece for The Chronicle for Higher Education, received a fellowship that covered her tuition, but her stipend, of $800 a month, did not cover the cost of books or the cost of living.
Research Government Fellowships: Fellowships are not as easily found as assistantship opportunities, but various agencies, such as the Department of Veterans’ Affairs, or the Department of Health and Human Services, will fund Ph.D. students with fellowships if they demonstrate an interest in conducting research in an area of interest to the government.
Consider Employment Assistance: For Ph.D. students already employed with a company or business, inquiring about opportunities offered to employees with an interest in earning a doctoral degree, can lead to funding. Depending on prospective students’ field of study, they may qualify for available company-related scholarships and grants.
Cost Vs Reward When Getting a PhD
When asked if her Ph.D. was worth the cost, Eller answered that is was definitely worth it. She said she was able to enjoy stability in a career that she loves, and that pays a decent salary, while allowing her to take advantage of opportunities to work independently and creatively.
“For me, the debt burden was not significant and I found a job right away,” says Eller.
“You can’t know, [if a Ph.D. degree is ultimately worth the cost] because you can’t live that other life you would have lived if you didn’t go for it,” says Lashley. “I think it was probably worth it for me because I wasn’t developed enough mentally or professionally to do anything impactful after college.”
When asked if he would do it all over again and pursue a Ph.D., Lashley answered, “I don’t know if I would for sure, but I think I would.”
“What would have been better would have been to understand myself more completely before embarking on such a journey,” he added.
Lashley, who holds a Ph.D. in Experimental Psychology, advises those with an interest in pursuing a doctorate degree “develop a deep understanding of yourself and be able to know why the heck you would want to sacrifice so much money, time, energy, emotion, etc., for this endeavor.”
“Then again, it may not be that big of a deal anymore,” he adds. “I fear many doctoral programs have been severely watered down.”
Lashley recounts a time when he came in contact with an individual who he says was largely motivated by self-interest. He says this individual was able to get a Ph.D. “without so much as one semester of full-time enrollment, and lived about three or four states away from the program.”
“It’s not what I call immersion, or a serious commitment to a branch of knowledge, which I think are two of the pillars of that level of education,” he adds.
“Just my opinion, plus it’s an “N of 1,” Lashley continues. “But I can’t believe it’s not somewhat widespread with programs struggling to maintain enrollment and money.”
“Hate to tell you this, but the current technical Ph.D. degree has been seriously watered down,” Dr. Keith Dackson, PE, commented on a post titled, ‘There are too many PhDs.’
“Many programs are simply tweaks to the Major Professors’ Ph.D. thesis with nothing of substance being added to the general body of knowledge,” Dackson continued. “We are getting to the point where people know more and more about less and less and are rapidly approaching the limit where everyone will know everything about absolutely nothing.”
In retrospect, Lashley says that getting a Ph.D. was probably the best decision of his life.
“Downsides? Of course, heck you’re supposed to be able to see all angles of something when you have that level of education,” he adds. “But definitely, unquestionably it changed my life for the better.”
“I cannot imagine being restricted in my critical thinking or my choice of things to teach and to research,” Eller adds. “I thoroughly enjoy the classes I have taught and the impact I have made on students and society.”
A Ph.D. is the highest degree that an individual may obtain in academia. It unlocks the doors leading to teaching and research positions, and allows a professional to become a respected expert within his or her field. One of the greatest concerns that doctoral candidates face is a lengthy time commitment, and finding ways to support themselves, even when they receive stipends that typically vary from $800 a month to $30,000 a year.
For a Ph.D., there are an abundance of opportunities to pursue, in an endless range of subject areas. While some of the most common Ph.D. programs include literature, the sciences, mathematics, and foreign studies, nearly any course (and beyond) addressed at a bachelor’s degree level, can be studied through a doctorate program.
For those not looking to solely fuel a passion and love for a particular field, a master’s degree may prove more advantageous over obtaining a Ph.D. This is seen in certain disciplines and degree programs, such as the MSW (a master’s degree in Social Work), which could prove a more cost-effective choice when taking into consideration the pay differential, time, and funds required to earn the advanced degree.
The field that an individual pursues also plays an important role in the overall process and return on investment for getting a Ph.D., as each discipline comes with its own unique set of limitations and varying levels of competition, program availability, and employment opportunities. Because of this, prospective Ph.D. candidates must weigh the pros and cons of obtaining a doctorate degree as it applies to their own personal circumstances.
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