Many graduate students are taking Ph.D. programs thinking that the doctorate title could bring them professional prestige and a larger salary. Once they earn their Ph.D. titles, however, they realize that having a doctorate degree does not guarantee six-figure pay checks nor a prestigious career in the academia. What it does in reality is that earning the Ph.D. could certainly increases their odds of landing a job. Whatever career path would lead them will be totally up to their career decisions along the way.
While it is true that people with graduate degrees–especially professional degress–earn more money than people without them, a person with a Ph.D. is often shunned at job applications because they are considered overqualified. These doctors may end up jobless and with a lot of debt from student loans. Fortunately, this trend of jobless Ph.D. holders is beginning to fade.
The Bureau of Labor Statistics predicts that the job outlook for postsecondary teachers, one of the most commonly sought-after jobs by Ph.D. graduates, should be much higher compared to previous years. Employment among postsecondary teachers is expected to grow by almost 40 percent by 2012, while overall employment is expected to increase by only 15 percent.
If you are considering taking a Ph.D. program, it is best to enroll for it without the notion of being able to earn more, but with a serious determination and commitment to pursue the career that you love.