What exactly is the REAL value of having a PhD today? (medical school, graduate)
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Unless you are getting PhD to become a professor and specialize in a specific area, I don't see much value in it. I think there is more value in getting multiple Master's degrees, particularly when you are trying to get into areas that require multiple knowledge/skill sets. For example... MBA + Master's in Healthcare Management... I like having multiple Master's degrees because it lets you move in different directions and when you live in uncertain times, it's nice to have that flexibility. Whereas, I know of people who have PhDs and still haven't found a university job.
Unless you are getting PhD to become a professor and specialize in a specific area, I don't see much value in it.
There's value in the right PhD.
With my PhD in chemical engineering, I can work at a wide variety of companies across the country and overseas. While I indeed "specialize" in an area (polymer science), my knowledge and experience is highly practical and useful in industry. My situation is not the exception--indeed, the vast majority of those who complete an engineering PhD go on to work in industry. This is also true to a much lesser extent with certain degrees in the hard sciences.
Starting pay with a PhD in my field is usually higher than what one would typically earn if they got a B.S. and worked four years or got an M.S. and worked two years. Even in the cases that this is not true, the opportunities for advancement are often better with a PhD.
Unlike most who enter into a masters program, virtually all PhD students in engineering and the hard sciences at reputable universities are covered by tuition scholarships and stipends (i.e., get paid) in exchange for doing their (thesis) research. Most can graduate without any debt, a big plus.
All that said, engineering represents only a fraction of PhDs earned. Moreover, some engineering degrees are more valuable than others--a top school and/or top advisor helps a lot. Not all face a rosy employment outlook.
Also, I do worry about the future value of a PhD even in practical fields like engineering. Despite what our politicians say, there seems to be a "glut" of science and engineering PhDs in the US which will only devalue the degree in the future. This is largely a product of the structure of academia and the practice of subsidizing PhDs that generates a (over)supply mostly invariant of actual economic demand, but that's another issue altogether...
Also, I do worry about the future value of a PhD even in practical fields like engineering. Despite what our politicians say, there seems to be a "glut" of science and engineering PhDs in the US which will only devalue the degree in the future. This is largely a product of the structure of academia and the practice of subsidizing PhDs that generates a (over)supply mostly invariant of actual economic demand, but that's another issue altogether...
Engineering, in general, is one of the best fields at any degree level (BS, MS, PhD) because it has a very high barrier to entry (mathematical problem solving ability).
Interestingly, if you move one field over to another intellectually demanding but often less mathematically intense area (at least for biology and the life sciences and many areas of chemistry) there's a huge oversupply of people with PhDs. See:
I think as most have mentioned it depends. In certain fields it helps, in others not so much. For instance I/O Psychology is a field where having a PhD is definitely a benefit above a masters. There are certain firms that only want PhDs not to mention that getting a PhD is free whereas a masters would cost you 20-40k.
Starting pay in I/O with a masters is 56k and with a PhD is 83.5k according to SIOPs 2009 salary survey. So not only are you not in debt, but you also start on average making about 30k more.
We recently made a decision to fire the current psychologist at my agency. I work with an early intervention program (we evaluate children age 0-3) for developmental disabilities. The psychologist is being replaced by a young intern (masters degree and certified but not a phd)! So as you can imagine, she's saving us lot's of money and will probably be doing twice the work. I'm seeing this trend more and more: the higher paid psychologists/psychiatrists are being let go from agency jobs and being replaced by lower-degreed professionals. Some of those professionals can perform just as well as the psychologists except they don't command a high salary.
I think a PhD in the 'hard sciences' is valuable- but in the 'soft sciences', no. We've just hired an education PhD, and she is in a word: unbearable. Sadly, she has lots of textbook knowledge, but none of the real world skills needed to function in the workplace. She insists on being called 'Dr. Smith'...we just roll our eyes.
Does your workplace involve hard sciences? I'm not understanding your point. It sounds like you hate her attitude more than her "textbook knowledge."
I know how people with graduate degrees are. They are pompous terrors.
Quote:
Originally Posted by mimimomx3
I think a PhD in the 'hard sciences' is valuable- but in the 'soft sciences', no. We've just hired an education PhD, and she is in a word: unbearable. Sadly, she has lots of textbook knowledge, but none of the real world skills needed to function in the workplace. She insists on being called 'Dr. Smith'...we just roll our eyes.
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