Does Pursuing a Ph.D. Even Make Sense?

The road to a Ph.D. is arduous and time-consuming. Hence, aspirants are always advised to start the Ph.D. process only after carefully considering all the obstacles and rewards. Mentioned below are a few indicative guidelines you need to keep in mind before deciding to go for a Doctorate:

Financial Aspect

Many Ph.D. candidates worry about the cost of their student loans and their university stipends and doubt whether the financial strain is worth it. Finances may become a bit tight while you’re studying. Still, many experts vouch that a Ph.D. is worth the investment, especially in Pharmaceutical Sciences, Law, Biomedical Sciences, and Finance. Obtaining a Doctorate makes you more likely to earn a higher salary than someone with a Master’s degree. The salary rewards for Ph.D. holders aren’t just in academia.

Employment in the Private Sector

There’s evidence that a Ph.D. is an even more valuable asset in the private sector, particularly in industrial research and development. The salary boost is usually the biggest in the STEM fields. For any industry, Ph.D. holders make desirable hires as the level of discipline and specialized knowledge that a Ph.D. requires, as opposed to a Master’s, is necessary for many advanced, research-driven jobs.

Career Options after a Ph.D.

A primary concern for potential Ph.D. candidates is the career options after earning their Doctorates. According to PayScale, a Doctorate can expect to make more money than applicants without Doctorates and access more jobs. A candidate with a Ph.D. in the Sciences, Technology, Math, or Engineering can expect to earn six-figure incomes after getting their Doctorate. In competitive fields, some positions go exclusively to applicants with Doctoral degrees.

Perseverance

Each year, some Ph.D. candidates do not meet their graduate programs’ requirements and are asked to leave. Others choose to go because they burn out, or their interests have changed. Some students who don’t complete the Ph.D. leave with a master’s degree; others leave with no degree at all. Students should be prepared for these scenarios by making a back-up plan. Successful doctorates thrive in an intellectual environment, are willing to work hard with only a possible payoff, genuinely enjoy their field of study, and don’t mind forgoing impressive paychecks.

Social Capital

Besides the salary rewards and the prestigious CV that come with a Ph.D., there are the connections students make throughout their academic journey. As they climb the ladder in their field, you’ll distinguish yourself as an expert, accumulating contacts who will vouch for your work. In addition to the likely salary hike and job satisfaction with the degree, doctorates earn valuable social capital.

Multitasking Skills

Doctorate courses are far more rigorous than undergraduate ones, and first-year Ph.D. students usually take around three classes. Several graduate students also work as teaching assistants (TAs) and must learn how to juggle between multiple studying, researching, and working. In the final three years of the Ph.D. program, students mainly focus on writing the dissertation and preparing for oral exams. Pursuing a Ph.D. is a good idea only if a graduate is ready to balance and multitask.

Self-confidence

For graduate students, the idea of how to craft their self-esteem is critical. As per an article in Psychology Today, nothing gives people self-confidence like working towards a goal that bestows them with a sense of purpose. Earning a Doctorate takes a massive amount of time and labor, which could boost a student’s confidence big time. Students gain the respect of their colleagues and peers while distinguishing themselves academically. By receiving the title of ‘Doctor,’ aspirants earn self-confidence in the most meaningful way.

A Flair for Writing

To become a Ph.D. candidate, candidates need a good grasp of writing. Completing a Doctorate pushes their skills to the next level and places them in an elite category of writers. Compiling years of research into a cohesive thesis takes talent, organization, and, most of all, diligence. Even if they don’t pursue a career in academia, they’ll still realize the benefit of their writing experience. Even in non-academic fields, writing skills give a competitive edge as basic writing skills are growing increasingly rare these days. Businesses are keen to hire good writers, and a Ph.D. is an indication of exceptional writing ability.

Teamwork

Working alongside professors or peers in graduate school requires unique interpersonal skills different from typical cooperation. Academics tend to be independent-minded, ambitious thinkers, and graduate school collaborations often focus on extraordinarily complex and challenging projects. The emotional intelligence it takes to research a team will serve you well in any field. Even for an online Ph.D. degree, there are several opportunities for networking and building communication skills. Doctorates require building professional relationships with mentors and navigating bureaucracy to access resources. No matter what the field, these are skills that give students a head start in achieving their career goals.