Is a Ph.D. Worth It? The Whole Truth

When considering pursuing a Ph.D., which is the most rigorous intellectual endeavor you can embark upon, there is one question that often lingers: “Is a Ph.D. Worth It?” The answer is: “Yes, for some.” Or, “It can be, but it really depends on your situation.” Or even, “Perhaps, but make sure you’ve done your homework.” 

If you’re not satisfied with any of these answers, fear not. You’re not alone. The fact that you’re even posing the question is a promising start. The truth is, pursuing a Ph.D. is a physically, mentally, and emotionally taxing journey that requires a great deal of fortitude, a lot of support, and no small amount of luck. It’s a deeply personal decision with long-term implications, and it should not be made lightly. 

Prior to committing to a Ph.D. program, or even applying, it’s a good idea to know what you’re signing up for. Think it through, and be confident that getting a Ph.D. is essential to meeting your personal and professional goals. Ask lots of questions, and make sure you get them answered before moving forward. 

Before signing on the dotted line, these are a few frequently asked questions to consider:

• Who needs a Ph.D.?
• What can you do with a Ph.D.? 
• What does earning a Ph.D. entail?
• Is a Ph.D. worth the cost?
• What are some additional considerations? 
• Is a Ph.D. worth it?

Who Needs a Ph.D.?

There are very few careers that require a doctorate or Ph.D., though for the ones that do, it’s typically a non-negotiable job requirement. Though the last US census showed that attainment of graduate degrees is on the rise, the percentage of Ph.D. holders remains tiny. Though a Ph.D. is unnecessary for the vast majority of jobs, there may be incentives that make earning a Ph.D. well worth it. 

The need for workers with Ph.D.s is largely concentrated in research and academia. A Ph.D. is a research degree, so if your goal is to work in a scholarly or research environment, particularly in the arts, sciences, or education, earning a Ph.D. is both necessary and worth the effort. If you’re not sure if that’s where you want to spend your career, think about it some more before pursuing a Ph.D.. 

I never thought about being a professor until I was in college, and it didn’t become a career goal of mine until I started my MFA program. My tuition was paid for with a teaching fellowship that I started my first semester, and once I began teaching, I realized that I would love to have a career in academia. That’s when I began learning about Ph.D. programs and thinking that the degree would be worthwhile for me. 

What Can You Do with a Ph.D.? 

This is a good question to ask when determining if a Ph.D. is worth it for you. The answer varies a lot by professional field. A librarian, for instance, is unlikely to need anything beyond a Master of Library Science (MLS) degree, even if working in an academic setting. However, having a Ph.D. on your CV may open doors in some administrative positions where an advanced degree is a benefit.

It is worth noting that we’re seeing a bit of an arms race when it comes to credentialing, with a higher level of degree becoming required for both entry-level positions and advancement. Fields like physical therapy and education are seeing marked increases in degree requirements, including masters and doctorates. Earning a Ph.D. may also be worth it if you are hoping for promotion to a leadership position in your field, or if you want to teach or transition into academia. 

What Does Earning a Ph.D. Entail?

Earning a Ph.D. is a big accomplishment, and a lot of time and effort goes into it. Before deciding to pursue a Ph.D., make sure you’re informed about everything that is involved. From researching programs to learning how to conduct academic research to completing coursework and the dissertation, there are a lot of steps to getting a Ph.D.. They include:

Finding the Right Program: Finding the right Ph.D. program for you can be a feat in itself, and you can expect to spend a significant amount of time learning about different programs and the experiences they offer. Keep in mind, attending a program that is a great fit for you may involve moving and living in a new city for a few years. 

Completing Coursework: The bulk of most Ph.D. programs is taken up by academic coursework, and you can expect to spend several years completing 60+ credit hours of seminars. These classes are essential for gaining a broad depth of knowledge about your field and learning how to conduct academic research. 

Writing a Dissertation: Once you’ve completed coursework and passed the required comprehensive exams, the real fun begins. Writing a dissertation is a lengthy, multi-step process that requires a lot of time and effort. This is definitely something to keep in mind when determining whether a Ph.D. is worth it for you. 

Is a Ph.D. Worth the Cost?

It is advisable to think about the financial implications of earning a Ph.D. In addition to tuition and fees, which will be covered if you are offered a fellowship in exchange for teaching, cost of living is also a major expense. Student loans are available for graduate students, but beware of steep interest rates. If you’ve already started your career and are stepping away while completing your degree, you will also need to tally the costs of lost wages and investments. 

If you’re just starting out, opting for graduate school will likely mean delaying things like buying a home and opening a retirement account. Keep in mind, pursuing a Ph.D. is the equivalent of a full-time job. It’s an excellent investment that may lead to significant financial rewards, but it’s also important to consider opportunities that you may lose out on in the meantime. A cost-benefit analysis may be a deciding factor for you when considering whether a Ph.D. is worth it or not. 

Is a Ph.D. Worth it? Additional Considerations 

When thinking about pursuing a Ph.D., it is essential to consider what earning the degree will mean to you. Will it advance your career? Will it give you the credentials necessary to pursue a leadership position in your field? Or do you just have a passion for research that feels unfulfilled? All of these are valid reasons for embarking on a Ph.D.. 

While earning a Ph.D. is a lot of work, it can also be a deeply satisfying experience. It is a singular opportunity to dedicate your time and energy to a field that you are passionate about, read widely and deeply, and to hone your expertise as a researcher and a scholar. It is also your chance to make a name for yourself in your field, and help to shape the future of your discipline.