Why do PhD – ‘Value and Criticism’
This is the original wikipedia link. What is so great about PhD?
Research by Casey suggests that, over all subjects, PhDs provide an earnings premium of 26%, but notes that masters degrees provide a premium of 23% already.
In other words, PhD is giant waste of time – sets you back by 6 years or more. Not only that it can make you unemployable.
In Canada, where the overflow of PhD degree holders is not as severe, 80% of postdoctoral research fellows earn less than or equal to the average construction worker (roughly $38,000 a year) during their postdoctoral research tenure.
What is return on investments here? Yet, these dismal numbers dont discourage some to go for postdoctoral path. This makes as much sense as fighting a lost battle.