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Do PhD Students Pay Tuition? Unpacking the Cost of a PhD

Choosing to pursue a PhD is a major milestone, but it comes with a host of concerns and questions. As a prospective doctoral student, you might wonder if you pay tuition for a PhD and how much that will cost.

In many cases, the answer is no, PhD students do not pay tuition. Instead, universities often provide their doctoral students with tuition waivers and funding packages to carry them through their years of study. 

However, it's important to bear in mind that this isn't always the case and the specifics can vary greatly. Navigating PhD funding can seem daunting at first, but understanding how tuition, stipends and other sources affect the out-of-pocket cost of a PhD can help you feel more confident in your decision.

How Much Does a PhD Cost?

Contrary to popular belief, the costs of a PhD program aren't set in stone. Factors like the institution, geographic location, field of study and funding support all play a role in how much you’ll actually pay for a doctoral program. Depending on your field, some PhD programs pay you . 

To give you a clearer picture, let's break down expenses and potential support.

Tuition and Fees

Tuition and fees are typically the most substantial expense. How much you pay depends on the institution offering the program and the field of study you choose. According to the Education Data Initiative , the average cost of a PhD specifically is $106,860, while the average cost of a doctorate degree in general is higher at $150,835.

You can expect a lower cost at public institutions ($93,670 on average) compared to private universities ($129,395 on average). Considering the time to complete a doctorate degree ranges from approximately 4 to 8 years, the duration of your studies can influence the total price.

While figures like this seem substantial, it's important to remember that scholarships, grants, fellowships and assistantships significantly reduce the out-of-pocket expenses for most PhD students. For instance, the average grant aid for a doctoral degree is $16,502 annually, and 21.4% of PhD students surveyed by the Education Data Initiative offset their costs with teaching assistantships. 

As a result, actual paid expenses are often much lower than the listed tuition and fees.

Books and Materials

The cost of study materials, including textbooks and research supplies, varies depending on the specific requirements of your field of study.

For example, PhD students in Earth Sciences or Chemistry might need to invest in lab equipment and materials, while students in Humanities may require numerous books and subscriptions to academic journals.

However, it's essential to note that many programs provide funding resources that help offset or eliminate these costs. Universities often offer subsidies or funds for research materials, and there are numerous grants and scholarships specific to different fields of study. Libraries and interlibrary loan systems can also be a valuable resource for accessing required books and academic journals.

Healthcare and Living 

Cost of living and healthcare can vary greatly depending on your circumstances and location. Major cities, for example, tend to have higher living costs than smaller towns or rural areas. 

The higher expenses in cities often correlate with increased access to resources, research opportunities and a wide variety of entertainment and lifestyle choices. On the other hand, smaller towns or rural areas might offer lower cost of living and fewer distractions but may limit access to extensive resources or opportunities.

Luckily, many universities offer annual stipends as part of their financial aid packages for PhD students. These stipends are designed to help you manage your living and healthcare expenses, allowing you to concentrate on your studies and research. Some universities may also provide budget-friendly on-campus housing options to help mitigate overall costs. 

Navigating the Financial Landscape of a PhD

The path to earning a PhD isn't just an academic journey, but a financial one too. While it's true that in many cases, PhD students don't pay tuition, it's crucial to understand that it’s ultimately variable depending on where and what you choose to study. Financial aid packages and stipends can be a substantial help, providing relief to both domestic and international students.

At the Moody School of Graduate and Advanced Studies, we pride ourselves in providing an environment that fosters academic excellence, research innovation and professional development. With the generous support of the Moody Foundation, we have expanded our funding opportunities, enabling a diverse range of talented students to become part of our community.

Our suite of financial resources, including fellowships, assistantships, and travel grants, aim to facilitate interdisciplinary collaborations and reduce financial barriers. By helping our students focus on their academic and research pursuits, we build a vibrant, diverse, and inclusive environment that sets the stage for future leaders to thrive.

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Should You Earn A Ph.D. In Higher Education? What To Know

Updated: Dec 8, 2023, 12:31pm

Are you serious about learning and making a difference? Are you passionate about impacting the future of academia? Do you aspire to tackle the most pressing issues in higher education, including maintaining educational standards, keeping costs low and improving student success?

A Ph.D. in higher education prepares students for all of the above. Learners leave higher education Ph.D. programs ready to improve university efficiency, aid in student success and lead at higher learning institutions. This degree can qualify graduates for abundant career options, including in-demand jobs that pay higher-than-average wages.

Use our guide to learn whether a Ph.D. in higher education is right for you.

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What Is a Ph.D. in Higher Education?

A Ph.D. in higher education is an academic credential that prepares students for careers in senior leadership at colleges and universities. Learners develop the skills to manage academic departments, conduct education-related research and manage other academic professionals. The degree is terminal, meaning it is the most advanced educational credential in the field.

Students can typically complete a higher education doctoral program in three to five years, with programs usually requiring between 60 and 72 credits. Coursework concentrations may include integrated studies, higher education administration, innovative teaching and learning and the economics of higher education.

In addition to classes, higher education Ph.D. candidates complete a dissertation. This process involves several project milestones, like crafting a research proposal and completing a dissertation defense. Dissertation topics in this field explore a diverse array of higher education-related issues.

For example, recent graduates at Harvard University conducted research about the characteristics of dual-language learners in the U.S. and the experiences of first-generation undocumented immigrant university students.

Graduates of these programs work in various higher education careers , including at all levels of college and university administration. They find jobs as professors, provosts, assistant deans, education consultants and policy advisors. They often write monographs, book chapters and journal articles.

People with a higher education Ph.D. may fundraise for their institutions, present research at professional conferences and sit on editorial boards of academic publications.

Coursework teaches learners about research design and data analysis. Classes also build skills like resource management, data analysis and communication—all marketable outside of academia.

While enrolled, Ph.D. students can work as research assistants and collaborate with their advisors. Unlike master’s programs in higher education , doctoral degrees in this field often allow more individualized curricula and self-directed learning.

Career growth projections are positive for graduates of Ph.D. in higher education programs. For example, the U.S. Bureau of Labor Statistics projects that employment for college administrators and professors will grow 4% and 8%, respectively, from 2022 to 2032.

Admission Requirements for a Doctorate in Higher Education

Specific admission requirements vary by program, but many schools ask for similar materials, which we explore below. Though standardized test scores were once a common application requirement, fewer schools ask for them now.

• Application and fee: Prospective students usually complete an online application. Schools often charge application fees of $50 or more.
• Résumé and work experience: Applicants must provide a current résumé or CV containing work and education history. Programs may require several years of professional or research experience and a master’s degree.
• Letters of recommendation: Prospective students usually need two to three letters of recommendation. These documents should come from people who can speak to applicants’ professional and academic qualifications—students should not ask family members or friends.
• Personal statement: Learners applying to higher education Ph.D. programs often submit a personal statement. This statement usually addresses subjects like academic interests, professional goals and life experiences relevant to the program.
• Admissions interview: Finalists in the application process often complete an interview with admissions committee members or a program director.

Common Courses in a Higher Education Ph.D. Program

Though exact course offerings vary among schools, you might see the following courses in a higher education Ph.D. program.

History and Philosophy of Higher Education

This class examines the development of higher education in the United States. Coursework covers cultural forces, important events and schools of thought that shape higher ed. Students analyze the implications of these movements and consider the future of academia.

Policy Studies in Higher Education

This course covers the development, implementation and enforcement of policies in higher education. Learners study the various layers of policymaking, including state governing boards and the federal government. Coursework explores how policy impacts student outcomes and institutional management.

Organization and Administration of Higher Education

Students in this class learn the theoretical principles of leadership, organizational behavior and institutional culture. Coursework also examines the administrator roles in higher ed.

Legal Aspects of Higher Education

This course explores the legal issues that affect higher ed institutions and their administrators. Topics include civil rights, notable court decisions and procedural and substantive due process.

Ph.D. in Higher Education vs. Ed.D. in Higher Education: What’s the Difference?

Though a Ph.D. in higher education is somewhat similar to an Ed.D. ( doctor of education ) in higher education, each program prepares graduates for different careers.

Ph.D. programs generally have a more academic focus, so graduates often pursue teaching and research positions rather than administrative roles. Ed.D. in higher education programs usually offer a more practical focus, so graduates typically pursue leadership positions in academia, government and nonprofit organizations.

What Can You Do With a Doctorate in Higher Education?

Workers with a Ph.D. in higher education can qualify for various careers, including some jobs outside of the university setting. We sourced salary data for this section from the U.S. Bureau of Labor Statistics and Payscale in December 2023.

Median Annual Salary: $80,840 Minimum Required Education: Doctorate; master’s degree in education or a related field may suffice Job Overview: College professors teach students in higher education institutions, including community colleges, professional schools and four-year institutions. They develop lesson plans and assess student progress. In addition to teaching, professors conduct research and publish their findings in academic journals. To learn more, see our guide on how to become a professor .

Postsecondary Education Administrator

Median Annual Salary: $99,940 Minimum Required Education: Master’s degree in education administration or a related field Job Overview: Postsecondary administrators manage various functions of colleges and universities, like student services, admissions, registration, athletics, student housing and multicultural services.

Education Researcher

Average Annual Salary: $67,375 Minimum Required Education: Bachelor’s in education or a related field Job Overview: Education researchers assess instructional systems, curriculum and academic evaluation strategies. They analyze academic departments to help institutions run more efficiently and effectively. Education researchers develop instructional methods through qualitative and quantitative classroom research with students and teachers. They frequently coordinate with instructors, university officials and fellow researchers.

College President

Average Annual Salary: $156,616 Minimum Required Education: N/A Job Overview: College presidents are the top administrative officials at higher learning institutions. They plan initiatives, lead schools and participate in fundraising. They also set goals, manage budgets, meet with various stakeholders—often outside regular business hours—and represent the institution at events.

Chief Learning Officer

Average Annual Salary: $156,339 Minimum Required Education: Bachelor’s degree Job Overview: Chief learning officers (CLOs) oversee the training and development of organizations’ employees. They assist with onboarding new staff members and update training materials. Many CLOs work at corporations.

Frequently Asked Questions (FAQs) About Ph.D. in Higher Education Programs

What does a ph.d. in higher education do.

A Ph.D. in higher education prepares a person for leadership positions in higher education. It is the highest degree a person can receive in this field. People with this credential often teach, perform research on effective teaching methods and act as consultants to nonprofits, governmental organizations and private companies.

How long is a Ph.D. in higher education?

The length of a Ph.D. in higher education depends on students’ enrollment status—full- or part-time—and the specific institution’s degree requirements. Learners typically complete coursework in two to three years, then spend another two to three years conducting research and completing their dissertation.

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Garrett Andrews is an adjunct faculty member in the Department of Political Science at Portland Community College where he teaches State and Local Government.

Career Planning

Is a phd worth it t..., is a phd worth it the pros and cons of getting a doctorate.

To get a PhD or not to get a PhD? That is the question.

• Updated 22 Jul 2022
• 11 min read

Valerie David

Lifestyle and Career Expert

Reviewed by Hayley Ramsey

Entering the job market for the first time can be a stressful experience, especially if you don't feel completely prepared. When deciding how to take those first steps toward your ultimate career , and how to give yourself a chance at the best jobs, you may find yourself asking: “Should I do a PhD?”.

While academics looking forward to a life of learning may consider this a no-brainer, there are important factors for everyone to consider. Finances, job prospects and quality of life issues can greatly affect the success of furthering your education.

To help you decide if the time and effort of a PhD is worth it, here are the major benefits and disadvantages of getting that doctorate.

After four or more years of intellectual pursuits, adding a PhD may seem like overkill. Before you make your choice, let's look at all the benefits that are exclusive to earning the most advanced degree.

1. You can contribute new knowledge to the world

Embarking on a PhD programme means delving into your preferred subject in a much deeper way than you have in any of your previous studies. The beauty of this advanced degree is that it allows you to sail in uncharted waters. Your goal is to find new information, draw new conclusions and, hopefully, make a significant contribution to your field.

Your intensive research, travel, collaboration and study will lead you on an unpredictable path to telling a story that no one has heard before. For some students, this pursuit of knowledge and discovery is enough to make all the hard work of earning a PhD worth it.

2. You'll have access to more prestigious jobs

One of the key benefits of a PhD is that it opens doors to careers at the highest levels. This can include leadership positions in science and engineering, government roles in economics and political science, and prestigious teaching posts for English and arts majors. Even if an advanced degree isn't required for the job you want, that PhD can give you an extra air of authority in your field and an edge over other candidates.

Another obvious upside to continuing your postgraduate studies is that landing these powerful positions can lead to large financial rewards. Some areas of study, like medicine and the law, tend to be more lucrative, but it can also depend on the type of job. For example, a university professor or researcher post can pay well for a wide variety of disciplines. Check out sites like the Bureau of Labor Statistics and the National Careers Service to investigate potential salaries.

3. Employers look for candidates with your superior writing skills

A study arranged by the National Commission on Writing discovered that blue-chip businesses (long-standing companies with stable stock growth) are spending more than $3 billion a year on remedial writing course for current employees. This includes staff with undergraduate degrees.

So, when a hiring manager peruses your résumé and sees that you've earned a PhD, they'll know immediately that you've spent years honing your skills at compiling research, organizing mountains of data and writing about your results in a cohesive and persuasive way. This will clearly set you apart from your competition, while landing your dream job will prove that pursuing that advanced degree was worth it.

4. You'll improve on all your soft skills

While pursuing your undergraduate degree, you likely noticed that you were learning more than just the subject matter taught in each class. Completing your studies also required time management skills , focus and problem solving .

Getting a doctorate degree requires even more of the soft skills that employers look for in applicants . Your intensive study and finished thesis should lead to improvements in your problem solving, critical thinking , patience and adaptability . These desirable skills won't just help you land a job but also excel in whatever career you choose to pursue .

5. You'll collect an extensive network of professional colleagues

When weighing the pros and cons of earning a PhD, consider all the professional contacts you'll make during the course of your studies. Working closely with professors, department heads, experts in your field, as well as fellow researchers, helps you develop an important resource. This network of colleagues can provide continual assistance with references, job leads, career advice and collaboration.

6. You can wait for a more favorable job market

Job prospects may not look that promising when you've completed your undergraduate degree, or even after you've been in the workforce for a few years. While there's no guarantee things will improve after a delay, some students may appreciate the benefit of a steady graduate assistant salary while they work on enhancing their résumé with a doctorate.

If you couldn't get a good internship during or after your undergrad studies, the PhD work also gives you the time to build that professional network . These contacts could prove to be the key to breaking into a specialized or highly competitive field.

You may still be thinking about all that time and commitment and wondering, “Is a PhD worth it?”. While there are always positive results from improving your education, there are some downsides to getting your doctorate.

1. It's expensive

This is a substantial factor for many students when weighing the merits of pursuing a PhD versus entering the job market right away. If you already have student loans , continuing your education will just increase your burden and add substantial pressure when you eventually begin your job search.

If cost is a concern, investigate graduate assistant jobs that help with expenses. Some programmes offer tuition assistance in return for teaching or research work. For those who already work full time and are hoping a PhD will help them advance in their career, consider keeping that job and pursuing your studies on a part-time basis.

2. Getting a PhD can be a lonely experience

Despite your interactions with professors and other students, pursuing a doctoral degree is ultimately a solitary pursuit. Your thesis topic is unique to you, and you'll spend a lot of time alone doing research and writing. Your social life can suffer, especially if you're also working in addition to your studies.

Career experts often talk about the necessity of work-life balance for physical and mental health, and this is just as important for PhD students as anyone else. It may take you a little longer to complete your degree, but it's worth taking the time to visit family and hang out with your friends. These positive interactions can help you stay motivated through the most tedious parts of your work.

3. You'll experience extreme stress and frustration

Pursuing a PhD may seem like a noble and interesting endeavor, and extended life as a student can appear more attractive than wading into the job market. You must be aware, however, that getting a doctorate can be a very stressful and frustrating experience.

A topic that seemed intriguing at first may not live up to years of scrutiny, causing boredom at best or requiring a complete thesis change at worst. Not all programmes are well-run, either, and you may have a supervisor who is too critical, offers poor advice or is just unavailable and unhelpful.

The difficulties of a PhD programme lead to rather substantial dropout rates. In the US alone, only 57% of PhD students obtained their degree within a decade of enrolling. If you want to be in the successful half of those stats, take extra time to review your choice of supervisor and topic focus. Ask every professor you have for advice on making the right decisions and talk with current graduate students to see what their experience has been.

4. There may be limited job openings

While getting a PhD can qualify you for better and higher-paying jobs , it can also put you in a position where you're competing for an extremely limited number of job openings. This is especially true of university jobs, where the number of advanced degree graduates far outpaces the need for full-time instructors, researchers and administrators.

Earning your PhD with a very obscure thesis in a niche speciality can also limit your options. When there are only a handful of jobs that suit your expertise, and they're already occupied, it can make you feel that your doctorate was a waste of time. Consider the job market before you make decisions about getting another degree. If you're determined to study in a niche area, think ahead of time about related fields or industries where your knowledge and skills will also prove useful to employers.

5. There may be little to no financial reward

While most studies concur that having a PhD increases your income potential substantially over the lifetime of your career, it's not a guarantee of job security or a financial windfall. A study by the Organization for Economic Co-operation and Development (OECD) found that 5 years after earning their doctorates , 45% of grads in Germany were still on temporary contracts and 13% ended up in lowly occupations.

Other European countries, including Slovakia, Belgium and Spain, had similar results. In the US, in fields like engineering, the difference in pay scales between employees with a master's degree and a PhD was a mere 7%. When that small bump in salary is weighed against the amount of debt taken on in order to get your degree, you may decide it's not worth it.

6. You could lose out on valuable job experience

New forms of technology continue to change how organizations operate, and those changes can happen fast. If you've already spent several years in school, toiling away in solitary study of obscure subjects can cause you to fall further behind in learning the skills you'll actually need for a future career.

Before you invest in getting a PhD, research your chosen field and learn which type of degree will give you the most value. Many scientific, financial and computing careers rely more on skills acquired on the job, rather than in coursework that can quickly become outdated.

Questions to ask yourself

You’ve listed out the pros and cons, but that still may not be enough to help make your decision. When it comes to a life-altering change like getting a doctorate, it’s okay to take enough time to ask yourself specific questions to ensure you’re making the right move. Consider asking yourself the following:

• Why do I want to get a PhD?
• Do I have the pre-requisites to move forward to a PhD?
• What are my strengths and limitations?
• Am I financially prepared?
• Am I mentally prepared?
• How will this affect my relationship with my family or friends?
• Where will I study?
• What am I trying to achieve?
• What jobs will be available to me after I get my PhD?
• Are there other options or avenues to consider?

Unfortunately, you may not have the answer to every one of these questions, because let’s face it, you don’t know what you don’t know. You might not know how it will affect your relationship with family or friends, but why not ask them? Reach out to those closest to you and see how you pursuing this degree could trickle down to them and allow that to play into your decision. Evaluate the answers to these questions and use it to help you make an educated decision on your future moving forward.

The best PhD degrees

If you’ve weighed out the pros and cons, asked all the important questions, and now you’re set on getting your PhD, congratulations! To help you along the way, let’s look at a list of the most valuable PhD programs to start you on your way to this degree.

• Criminal Justice
• Engineering
• Cybersecurity
• Business Administration

These fields are rapidly growing and are among the highest-paying doctorate degrees in 2022 , so they might be worth considering as you start your journey.

Key takeaways

Pursuing your PhD requires an incredible amount of commitment, and it's important to take the necessary time to make the decision. As you’re evaluating a doctorate degree, remember the following:

• Evaluate the pros and cons list right from the beginning to ensure you’re weighing out both sides of the coin.
• Ask yourself the necessary questions. A doctorate degree commitment can affect more than just you, so be sure you’re factoring that into your decision.
• Review specifically which PhD would be best for you and your field progression.
• Research your chosen field carefully and evaluate the job market before you finalize your degree choice.
• Once you’ve selected your degree, stay focused and stay driven. It’s going to be a hard few years, but it will be worth the work!

Who knows, this may prompt you to move on to postgraduate study — never stop achieving!

Have you decided to pursue your PhD, or are you still considering your options? Join us in the comments below and let us know what’s stopping or encouraging you from getting a PhD.

Originally published on July 24, 2019. Updated by Shalie Reich.

Continuing Education

Courses and Qualifications

How Much Does a PhD Cost?

How much does a PhD cost? Before you enroll in a doctoral program, you may have this pressing question on your mind.

The price of earning your PhD can vary greatly from one school to another, so it can help to pay close attention to the average costs at different institutions.

Editorial Listing ShortCode:

Once you have a better idea of the cost of earning this degree, you can make a plan for your doctoral studies and work toward achieving your goals.

According to the National Center for Education Statistics, the average doctoral student earning a research degree pays $16,526 in tuition per year. [1]

Plus, on average, there’s an additional $16,320 in non-tuition fees and expenses each year. That makes the average annual cost of a PhD $32,846. [1] It’s common to spend 3 to 5 years or more in a PhD program. That can seem like a staggering amount of money at first. You may be relieved to know, though, that you might not have to pay the entire amount yourself.

Many PhD candidates receive a good deal of support to help with their studies. PhD students fund their educations in a variety of ways, including:

• Fellowships
• Program-based funding

Program-based funding may include a stipend, a tuition waiver, and even benefits like health insurance. Fully funded online PhD programs are available, and in these programs, students are not responsible for covering any of the expenses associated with their doctoral education. It’s not always necessary to go into debt to pursue doctoral studies. Many students graduate from PhD programs without having incurred any debt.

One of the biggest assets that can help you graduate debt-free is an assistantship opportunity. You may be able to secure a role as a teaching or research assistant. In exchange for your work, you might receive a tuition waiver, a stipend, and other benefits.

Both the tuition at your school and the stipend you may receive will vary depending on where you enroll. To learn more about Ivy League costs, you can review the following table.

• Brown University: Tuition , stipends
• Columbia University: Tuition , stipends
• Cornell University: Tuition , stipends
• Dartmouth College: Tuition , stipends
• Harvard University: Tuition , stipends ( Engineering & Biological Sciences )
• Princeton University: Tuition, stipends
• University of Pennsylvania: Tuition , stipends
• Yale University: Tuition , stipends

This chart will give you an idea of typical PhD expenses at some of the top public universities.

• University of Arizona: Tuition , stipends
• Florida International University: Tuition , stipends ( Business & Bridge to the Doctorate Fellowship Program )
• Georgia State University: Tuition , stipends
• Ohio State: Tuition , stipends
• Texas A&M: Tuition , stipends ( Chemistry & Chemical Engineering )
• University of Central Florida: Tuition , stipends
• University of Florida: Tuition , stipends ( Engineering & English )
• University of Illinois: Tuition , stipends ( Math & Communication )
• University of Minnesota: Tuition , stipends ( Management & Public Health )
• University of Texas: Tuition , stipends ( Computer Science & Biology )

These rates reflect general tuition and stipends at the above schools, but the rates may vary somewhat depending on your program and the terms of your assistantship.

For example, you’re likely to earn more for a half-time assistantship than for a quarter-time one, and you’re likely to earn more for a 12-month assignment than for a 9-month one.

Factors That Affect the Average Cost of a Doctorate Degree

Many different elements will play into the overall price of earning your degree. One major factor is the type of school you attend. The following figures are based on data from the Urban Institute. [4]

Choice of School

• Private for-profit : $13,520 average annual tuition
• Private nonprofit : $25,160 average annual tuition
• Public in-state : $11,000 average annual tuition
• Public out-of-state : $22,590 average annual tuition

How long it takes to earn your degree can make a difference as well. The National Science Foundation offers data on how long PhD students in various fields are often in school. [5]

Program Length by Field of Study

• Education : 5.7 years
• Engineering : 5.3 years
• Humanities and arts : 6.8 years
• Life sciences : 5.5 years
• Mathematics and computer sciences : 5.7 years
• Physical sciences : 5.6 years
• Psychology and social sciences : 6.0 years

Online studies may change your costs. The tuition is often similar, but on-campus residency can be more expensive than living at home. Consider, for example, the graduate housing costs at the University of Miami. [6]

Online vs. On-Campus Housing Costs

• Living on-campus : $24,120 annually
• Living with a relative : $8,664 annually

On the other hand, teaching and research assistantships are less common for online PhD programs than on-campus ones. Even with housing costs, you may, then, spend less for on-campus studies.

Professional Doctorate Degree Cost

A PhD is not the only type of doctorate. There are also professional doctorates available, such as a Doctor of Podiatry (DPM) or a Doctor of Medicine (MD).

The following data from the National Center for Education Statistics provides an overview of the average doctoral degree cost annually. [1]

• Books and materials : $1,196
• Non-tuition costs and fees : $23,745
• Tuition : $34,910

In general, professional practice doctorates are more expensive than PhDs. According to the Urban Institute, 30% of professional practice doctoral programs have published annual tuition rates of more than $30,000. [2] Only 22% of PhD programs fall into that price category.

It’s also worth noting that doctoral students in professional programs are less likely to receive stipends, tuition waivers, and other benefits that often make school more affordable for PhD students.

Paying for a PhD

There are many ways to handle your PhD program cost. Perhaps you have the means to pay for your schooling on your own. If not, you may benefit from an assistantship, federal student aid, or the financial support of your workplace.

According to the National Science Foundation, the majority of students fund their PhDs through assistantships. [7] Further NSF data about primary funding sources is listed here.

Also, data from the National Center for Education Statistics shows that students earning research doctorates took out, on average, $20,500 in loans. [3]

Graduate students may be eligible for Direct Unsubsidized Loans and Federal Direct PLUS Loans.

Student Loan Debt of PhD Graduates

When it comes to the cost of a PhD, what you study can be as important as any of the other factors. As a general rule, people who get research doctoral degrees in education are much more likely to graduate with debt than other doctoral students.

The following data from the Urban Institute supports this idea. [8]

According to the National Center for Education Statistics, the average non-education PhD graduate had a loan balance of $98,800. [9] For those with degrees in education, the average balance was $111,900.

If you are interested in a degree in education, you may want to pay particular attention to the tuition costs and benefits available at the schools you’re considering.

Is a PhD Degree Worth It?

Yes, a PhD degree is worth it for many students. The Bureau of Labor Statistics states that unemployment rates are quite low among people with doctoral degrees. The overall American unemployment rate is 4.7%.

Among people with doctorates, the unemployment rate is only 1.5%. [10] Plus, a PhD can put you on the path toward a research role or a tenured career in academia. In addition, it is an impressive personal accomplishment.

If you’re considering pursuing a terminal degree, then you’ve probably been wondering, “How much is a PhD?” Now that you know, you can start your search for the accredited school that’s right for you.

[1] National Postsecondary Student Aid Study: 2016 Graduate Students (NPSAS:GR). US Department of Education. National Center for Education Statistics.

[2] Figure 3. Baum, Sandy and Patricia Steele. The Price of Graduate and Professional Schools: How Much Students Pay (PDF). Urban Institute. NCES, NPSAS 2012.

[3] Table A-8: Average amounts of selected types of financial aid received by graduate students. US Department of Education. National Center for Education Statistics.

[4] Appendix A. Baum, Sandy and Patricia Steele. The Price of Graduate and Professional School: How Much Students Pay (PDF). Urban Institute. NCES, NPSAS 2012.

[5] Table 31. Median years to doctorate, by major field of study: Selected years, 1994–2019. National Center for Science and Engineering Statistics, Survey of Earned Doctorates.

[6] 2023-2024 Estimated Graduate Cost of Attendance . University of Miami. Graduate Professional Financial Assistance.

[7] Table 35. Doctorate recipients’ primary source of financial support, by broad field of study, sex, citizenship status, ethnicity, and race: 2019. National Center for Science and Engineering Statistics, Survey of Earned Doctorates.

[8] Baum, Sandy and Patricia Steele. Graduate and Professional School Debt: How Much Students Borrow (PDF). Urban Institute. 2018.

[9] Trends in Student Loan Debt for Graduate School Completers (PDF). Spotlights. The Condition of Education 2018. National Center for Education Statistics.

[10] Earnings and unemployment rates by educational attainment, 2021 . Bureau of Labor Statistics.

PhDs and business leaders weigh in on the costs and benefits of getting your doctorate degree, and how to decide if it's the right move for your career

• A PhD can widen your career options, but you might want to consider the steep price of transitioning from corporate life to academic life before taking on an advanced degree. 
• Business leaders and PhD holders shared with Business Insider their perspectives on PhDs and why they regret or didn't regret going back to school. 
• Some experts said PhDs help you acquire research, writing, critical thinking, and presentation skills, but others believe it's a waste of time and money if you don't have long-term plans to teach or do research.
• While a PhD might be worth the investment if you want to work in science, math, engineering, or finance, the tech world is moving away from having the degree as a requirement. 
• Experts also said prospective PhD candidates should consider the emotional toll of being away from friends and family. 
• Visit Business Insider's homepage for more stories .

A PhD often brings prestige and career clout that can lead to bigger and better opportunities. 

It can also be a strong test of your resilience and aptitude. Philippe Barbe, who has a PhD in math and has served as an invited professor at Yale and Virginia Tech, said that going back to school for your doctorate "is very much like training and running a marathon, a test of your will." 

"Once you pass it, you know how far you can go," Barbe said.

But the degree also comes at a steep price. A 2019 infographic by Steve Tippins of Beyond PhD Coaching breaks down the myriad costs of a PhD, from tuition and fees to lost job opportunities and wages, reporting that PhD programs can set you back $30,000 a year on average.

Business Insider spoke with several business leaders and PhD holders to get their perspective on whether they're thankful for — or regret earning — an advanced degree. Here's what they said.

A PhD can boost your career in teaching and research and help you build transferable skills — but hold you back in certain corporate settings

In some fields, a PhD is a necessity for success. Barbe said that if you're interested in a highly technical industry, getting a PhD can open doors to an academic or research position in a renowned lab. For those in the corporate world, he added, it can help you lead "extraordinary technical teams and move toward high-level technical or non-technical management responsibility." 

But some experts opined that having the degree can actually hold you back in certain career situations.

"I have had more than one HR manager, interview panel, and headhunter tell me directly that I would be best served when applying for executive jobs in the private sector by leaving the PhD off my CV," said Klay Dyer , the president of Dyer Educational & Research Consultants Inc. who left the academic world after 20 years of university teaching. "[It can] open doors in which the credentials will add cache or validation to an organization or project, and close them on many others when the perception is of over-specialization or of taking a private-sector job as a stop-gap or stepping stone."

He added that if the goal is to acquire additional transferable skills, then it can be a worthwhile investment. "My research, writing, critical thinking, and presentation skills have been valuable assets as I transitioned from academic to corporate to consulting life," he said.

Related stories

Read more: 8 accelerated MBAs offered by top business schools that allow you to get a degree quicker than at a traditional program

PhD-holder Mark Coster, an online entrepreneur and owner of the STEM-focused websites STEM Toy Expert and Organic Chemistry Explained , agreed that the degree is more useful in some roles than others.

"When I decided I wanted to do scientific research in chemistry, I saw that college professors and industry professionals all had PhD qualifications," Coster said. "More recently, since pivoting to online entrepreneurship, I see the majority of successful people online do not have PhDs in marketing or business."

Elisebeth VanderWeil, principal consultant at Hand in the Dark Consulting and a faculty member for Government Training, LLC , got her PhD when she heeded the call to teach.

She feels that her degree studies have served her well for not only teaching and research, but also in providing a robust foundation for consulting with diverse organizations. Nevertheless, she said that if your career plans don't involve a heavy amount of teaching or research, you shouldn't "waste time and money on a PhD." 

A PhD can sometimes increase your earning potential, but comes with costs that go beyond the financial

Studies show that employees with a PhD can earn up to $20,000 more each year than those without one. Payscale reports that the average salary for those with a PhD is nearly $100,000 , and that some roles, such as data scientist and senior research scientist in biotechnology, can make north of that. 

With stats like this in mind, Grant Aldrich, founder and CEO of educational platform Online Degree , said that in industries such as science, math, engineering, or finance, a PhD is worth the investment. 

"For example, after getting a four- or five-year degree in pharmacy, you can work in a drugstore or open a pharmacy," Aldrich said. "The work you'll be doing is basic and not advanced, such as filling prescriptions. If you get a PhD in biopharmaceutical studies, however, you can have the opportunity to be an advanced scientist. Instead of merely filling prescriptions, you could be leading the synthesis of new drugs."

Aldrich said that the choice ultimately comes down to individual preference and what you want to get out of your career. 

"If you yearn for more advanced, cutting-edge work, the only way to access it is to get a PhD," Aldrich said. "Also, you could get a salary increase that would make the investment worth it monetarily."

Read more: An inside look at the first 'mobile-friendly' accelerated MBA program, where aspiring entrepreneurs and leaders can earn their degree from their phones — without paying a cent in tuition

But Brian Trotter, CEO and founder of intellectual property consultancy Bishop Rock, LLC , isn't convinced of a PhD's value.

"While a PhD can get you a higher starting salary (maybe 10-15%), that will quickly disappear — high performers will quickly reach the same level independent of their highest degree," Trotter said. "When I was managing a team of designers, my best performers were not the engineers with PhDs." 

Trotter told Business Insider that overall, he believes the tech world is moving away from the PhD as a requirement and that PhDs can have a reputation of "getting lost in the weeds in a difficult design problem."  

Another consideration is whether you can afford to take time out of the workforce.

"Especially for those studying full time, PhD students should have a 'security blanket' to fall back on for the next four to seven years," said Brian Dechesare, founder and CEO of Mergers & Inquisitions , which offers investment banking courses for careers in finance. He recommended that prospective PhD candidates calculate outgoing and unexpected costs beforehand to ensure that they don't encounter financial trouble during their academic career, which could jeopardize their qualification. 

Executive mentor and business consultant Anthony Babbitt, who's currently a PhD candidate in higher education administration and leadership, feels that time considerations are the most important factor in deciding whether to get a PhD, since the long degree can require social and familial sacrifices that may be even tougher than the financial ones. 

"PhD programs tend to last three to eight years, so it can be a long haul," Babbitt said. "Student loans are relatively easy to obtain, so financing is usually less of an issue. [But] potential students will be making an enormous time commitment requiring time away from friends, family, spouses, and children." 

Babbitt shared that for most of the people in his PhD program, this has been the hardest part. 

"I did not start my program until my children were out of our home," he said. "The time factor is one of the reasons you see many people wait until their late 30s or early 40s before beginning. This delay is incredibly helpful since people have had time to work professionally, too." 

He said he doesn't regret getting his PhD.

"Regardless of your field, a PhD will help your career in a variety of ways that do not always include more money," Babbitt said. "The people I talk with agree: The person who walks across the stage at graduation is much different than the person who entered the PhD program." 

Watch: A top EY executive who has her pulse on what US business leaders are thinking says she's not worried about a recession

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How Much Does a PhD Cost?

Cece Gilmore is a Content Writer at Scholarships360. Cece earned her undergraduate degree in Journalism and Mass Communications from Arizona State University. While at ASU, she was the education editor as well as a published staff reporter at Downtown Devil. Cece was also the co-host of her own radio show on Blaze Radio ASU.

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Maria Geiger is Director of Content at Scholarships360. She is a former online educational technology instructor and adjunct writing instructor. In addition to education reform, Maria’s interests include viewpoint diversity, blended/flipped learning, digital communication, and integrating media/web tools into the curriculum to better facilitate student engagement. Maria earned both a B.A. and an M.A. in English Literature from Monmouth University, an M. Ed. in Education from Monmouth University, and a Virtual Online Teaching Certificate (VOLT) from the University of Pennsylvania.

Obtaining a PhD is a great way to open up your career options and fulfill personal goals. If you’re deciding whether to go back to your school for a doctorate degree, make sure to get a picture of what it will cost you beforehand so you can make an educated financial choice. In this article, we take a deep dive into how much a PhD costs, including non-tuition expenses and hidden costs. We also list the pros and cons of earning a PhD, as well as ways to fund your degree if it is the right choice for you. Let’s get started! 

What is a PhD? 

“PhD” is the abbreviated title for “Doctor of Philosophy.”  A PhD is an academic degree that qualifies the degree holder to teach at the university level or work in specialized positions in certain fields. PhDs generally focus on STEM research and teaching fields. 

Keep reading : Everything you need to know about a doctorate degree

How much does a PhD cost? 

It usually takes around eight years to earn a PhD at an average tuition cost of 81,000 . 

The true cost of a PhD is very dependent on the following factors: 

• Choice of school
• Field of study
• Type of PhD 
• Location of school
• Dollar amount of student loans

Also see: What is the average amount of graduate school debt?

Other costs associated with receiving a PhD

Living expenses .

In addition to the cost of tuition involved in earning a PhD, there are numerous outside factors that add to the total spent. These predominantly include living expenses such as housing, food, insurance, and transportation. The cost of these necessities will vary depending on the state, city of residence, and number of years it takes to earn a PhD. Therefore, it is important to consider all these factors when planning to earn a PhD. 

Hidden costs of a PhD

Besides just the monetary cost of a PhD, receiving this degree has some hidden costs that can affect whether a PhD is truly worth it. Let’s look at some of the most important hidden costs.

Receiving a PhD takes a long time! If you want to earn a PhD, it will take up to eight years to do so. 

Delayed opportunities

Because receiving a PhD takes time, this means there may be work and life opportunities and experiences you miss out on or have to delay.

Lost income

While focusing on earning a PhD, you will need to focus on your education rather than maintaining a steady flow of income from a job. You will most likely not be able to hold down a full-time job while completing your PhD schooling. 

The chance of not finishing

Unfortunately, it is quite common to start but not earn a PhD. There are a lot of factors that hinder students from receiving their PhD, including the following: 

• Realization they do not want a PhD
• Lack of ability to pay for a PhD
• Inability to maintain a school work balance

Ways to fund your PhD 

Luckily, prospective PhD candidates have numerous options to help them fund their education. Typically, PhD students turn to a variety of funding sources, including scholarships, grants, studentships, loans, and employer sponsorships. 

PhD Scholarships

There are a variety of scholarships out there intended for PhD students to help them on their academic journey. These funds can typically be used for tuition, books, and other educational expenses. Try checking out our very own Gutsy Graduate Scholarship to get started!

Grants are very similar to scholarships. They provide money for students for tuition and other academic expenses.

Studentships

A “studentship” is a name that is most often used for PhD scholarships. Studentships are an opportunity for PhD students to receive funding in order to ease financial pressures. Traditionally, studentships are awarded based on merit and achievement. 

Loans are a common way of funding PhD students. The US Department of Education offers Direct PLUS loans as well as Direct Unsubsidized Loans to graduate and professional students. 

Assistantships

Graduate assistantships are opportunities to earn money while taking on a position that allows you to make connections and obtain skills in your field. There are various types of assistantships such as teaching and research assistants. Depending on your institution and professor, your role may vary widely depending on what your professor is working on. So, it is important to do your research before accepting an assistantship to determine if it is the right role for you. An assistantship typically functions as a job where you serve a certain number of hours and will be paid for your labor. 

Fellowships

Fellowships can vary widely depending on the institution; however it is essentially funding granted to students to help lower the cost of education. A fellowship is typically a merit-based scholarship for advanced study of an academic subject and is granted to the top candidates in their class. Graduate fellowships typically will cover the cost of tuition as well as a stipend to be used to cover the cost of living which makes graduate studies affordable for academically-driven students. 

Further reading : Assistantships vs. fellowships: What’s the difference? 

Employer sponsorships

In some cases, you may be eligible to receive employer sponsored funding to earn a PhD. In order to do this, you will usually need to demonstrate to your employer that receiving a PhD will also benefit the company as a whole. 

Also see: Top graduate school scholarships

Is a PhD worth it? 

The answer depends on the individual student’s goals and financial situation. There are many pros and cons associated with receiving a PhD. We include a few of the most common reasons below. 

• Access to more prestigious and high-paying jobs
• Development of skills
• Networking opportunities 
• Can make significant contributions to your field of study 
• Financial costs/debt
• Isolating and lonely experience for some
• Stress associated with academic rigor
• Limited job openings after graduation 
• Loss of valuable job experience and opportunities
• Length of time to earn a PhD

Some questions to ask yourself before pursuing a PhD

• Why do I want a PhD? 
• Am I financially prepared to fund a PhD?
• What jobs will be available to me after receiving a PhD?
• Do I have the prerequisites and experience to move forward to a PhD program? 

Related: What is a research university?

Overall cost of PhD

In total, earning a PhD involves a considerable investment of time and money. It can also put you in touch with incredible peer support, mentors, and resources, and be incredibly rewarding and help you start down the path towards your dream career. Be sure you are confident in your decision before starting your PhD journey, and best of luck to you! 

Also see: Grad school financing options

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College Reality Check

Are PhDs Worth It Anymore? Should You Do It?

A bachelor’s degree can make you earn more money than someone whose highest educational attainment is a high school diploma or an associate degree.

On the other hand, a master’s degree can make you make even more. And if that’s not enough, you can consider getting a PhD, although it’s something that you will have to work hard for.

PhDs are worth it for individuals willing to devote resources to the attainment of the degree that can make them experts in specific fields and open doors to more career opportunities and higher salary potential. This is especially true for those who want to pursue a career in academia or research.

Continue reading if you are thinking about enrolling in a Ph.D. program.

Below, I will try to answer as many pressing questions as you probably have in your mind about getting a PhD, thus allowing you to determine whether you should give it a go or go get employed instead.

Why Should You Do a PhD?

Getting a PhD allows one to enjoy broader career opportunities where having the highest academic degree is an advantage. Naturally, a PhD paves the way to greater earning potential. Typically, individuals who do a PhD wish to reach their full capabilities, become experts in their chosen fields and make a difference.

Let’s get one thing clear: a PhD is an academic degree that takes a lot of time and money to get.

Individuals who are PhD holders, because of this, are quite rare . As a matter of fact, in the US, only around 1.2% of the entire population has a PhD — and this is why they are considered valuable.

While it’s true that completing a PhD program requires a lot of money and hard work as well as can cause stress, anxiety and many sleepless nights, it’s not uncommon for some students to still dedicate much of their resources to earning a PhD. It’s because the returns in terms of career opportunities, earnings and prestige are all worth the commitment.

What are Reasons Not to Do a PhD?

Expensive, time-consuming, requires lots of work, can cause psychological distress — these are some of the disadvantages of getting a PhD. Individuals who are not financially stable, don’t like working for several hours a week and are not fully invested in a discipline should think twice before working on a PhD.

Although there are lots of reasons for you to get your hands on a PhD, there are also some that may keep you from considering applying to a PhD program.

Leading the list is the exorbitant cost — in a few, I will talk about just how expensive a PhD is, so don’t stop reading now. And then there’s also the fact that it can take twice as long to earn a PhD than a bachelor’s degree. Typically, a PhD program can take anywhere from 4 to 5 years to complete. But for many, it can take up to 8 long years!

How long it will take for you to earn a PhD all depends on the program’s curriculum rigor and requirements.

When deciding whether or not you should push through with your plan on getting a PhD, carefully weigh the pros and cons. Dropping out somewhere in the middle of your studies can result in the wastage of both time and money.

How Many Hours Do PhD Students Study?

The vast majority of Ph.D. students spend anywhere from 35 to 40 hours per week studying and completing coursework tasks. In many instances, around 20 hours per week go to lab time or assistantship. As a result of this, enrolling in a Ph.D. program is said to be similar to having a full-time 9-to-5 job.

Undergraduate students are typically encouraged to devote 15 to 20 hours of their time per week studying in order to get good grades — for a final exam, 20 to 30 hours per week is recommended.

Since a PhD is harder, students should study twice as long (or longer) as when they were undergraduates.

During some of the busiest periods in a PhD program, such as when one is writing a dissertation, working substantially longer hours may be warranted. While a timely completion of the coursework and other tasks is obligated, however, students are free to manage their time in a way that goes with their preferences and lifestyles.

Part-time PhD students, by the way, usually work around 17.5 hours per week.

Can Students Work While Earning Their PhDs?

Although challenging, it’s possible for students to work while enrolled in a PhD program. Many working PhD students teach undergraduates at their respective universities. Some are full-time PhD students with part-time work, while others are part-time PhD students with full-time work.

First things first: earning a PhD can be hard and working on a PhD while employed can be harder. But it’s completely doable, particularly with excellent planning and time management.

As mentioned, teaching at a university is one of the most common jobs among working PhD students. But there are many other jobs available for them on and outside of the campus. Some of them are part-time jobs, while others are full-time jobs. Some have contractual work, while others take on more permanent workforce roles.

You can be a full-time employee and a part-time PhD student for better juggling of roles. But just make sure that you will be able to complete your studies within a certain period if such is a requirement at your university.

Do PhD Students Have a Social Life?

PhD students, despite all the rigorous academic and research activities they do, can have a social life. They can socialize with the members of their research group and meet new people during departmental parties and public engagement events. PhD students also have the freedom to manage their own schedule.

Everyone knows that a PhD is the highest level of degree that students can obtain. And it’s also no secret that earning a PhD is associated with a lot of time, stress and anxiety.

It’s a good thing that it’s still very much possible for you to have a social life while working on a PhD.

One of the reasons for such is that PhD students are usually allowed to follow their own schedule for as long as they get the work done. Paired with great time-management skills, you can have room to go out with friends and make new ones. Besides, there are plenty of activities PhD students attend where they can mingle with others.

However, there’s no denying that enjoying a social life can be challenging for PhD students who have to work, too. And, in some instances, one of the two tasks may fail to get ample focus and attention.

Do I Need a Bachelor’s and a Master’s to Get a PhD?

Many PhD programs require a master’s degree. However, there are some where a previously earned master’s degree is not a prerequisite. So, in other words, one may apply straight from a bachelor’s program. In some cases, however, completing a master’s program even if not a requirement can come with benefits.

Saving both time and money — arguably, this is the biggest benefit to have for completing a PhD without a master’s. And then there’s also the fact that you can flex your degree and earn money ASAP.

While there are perks that come with earning a PhD without a master’s, there are some downsides, too.

In some industries, for instance, candidates with both a master’s and a PhD may enjoy an advantage in both employability and salary potential, too. In addition, a prior master’s degree can help you decide much better on the path of your PhD studies and research for a more satisfying and fulfilling outcome.

But keep in mind that while a university may admit applicants to a PhD program without a master’s degree, it may require top-notch and impressive performance in an undergraduate program in exchange for an acceptance letter.

What are Integrated PhDs?

An integrated PhD is a combination of the taught study of a master’s program and the research element of a PhD program. It can take anywhere from 4 to 5 years to complete, depending on the program. At some universities, an integrated PhD degree is commonly referred to as an integrated master’s degree.

Earlier, we talked about the fact that you can work on a PhD without a prior master’s degree.

If the PhD requires a master’s degree or you want to earn one before applying to a PhD program, you may consider what’s referred to as an integrated PhD. As the name suggests, it’s a PhD with a master’s degree integrated into it.

Typically, a traditional PhD takes anywhere from 4 to 6 years to complete. On the other hand, an integrated PhD can take 4 to 5 years to complete — the first 1 to 2 years are for studying the master’s course and the remaining ones are for the completion of the PhD course.

But since an integrated PhD is relatively new, not too many universities offer it.

What are the Easiest PhDs to Get?

Although all PhDs require a lot of time and hard work, some are easier to obtain than the rest because of either lighter coursework and other program requirements or a shorter completion time or both. Many of the easiest PhDs to earn are available online, but only for students with the appropriate learning style.

Naturally, some of the easiest PhDs are those without dissertations, which can take 1 to 2 years to write, not to mention that most PhD students spend a couple of years conducting research and reviewing literature.

The following are some examples of Ph.D. programs minus any dissertation:

• Adult and career education
• Business administration
• Criminal justice
• Educational administration
• Grief counseling
• Human resources
• Information technology
• Nursing practice
• Public administration
• Social work

But keep in mind that different universities may have different PhD completion requirements.

Of all the easiest PhD programs, the general consensus is that most can be found online. But if you are like some students who find online learning more difficult than traditional learning, earning one can still be hard.

What are the Hardest PhDs to Get?

Some PhD programs are longer to complete and involve a lot of complex coursework and other completion requirements, thus making them some of the hardest to earn. Just like among various bachelor’s degrees, some of the most challenging PhDs to earn include those in the STEM- and healthcare-related fields.

In most instances and for most students, a PhD is harder to earn than a master’s degree. And, needless to say, it’s so much harder to obtain than a bachelor’s degree.

But some PhDs are simply more challenging to get than other PhDs.

Just like what’s mentioned earlier, STEM PhD programs are some of the hardest. Many agree that the likes of pure mathematics, theoretical physics, aerospace engineering, chemical engineering and computer science can prove to be so taxing. The same is true for healthcare PhD programs such as pharmacy, nursing and optometry.

Are PhDs Expensive?

The cost of enrolling in a PhD program amounts to $28,000 to $40,000 per year. So, in other words, a full PhD can cost anywhere from $112,000 to $200,000 or up to $320,000 (8 years). Tuition and living expenses are the primary costs of a PhD. There are ways PhD students can get funding for their studies.

Other than time, a PhD can also take up lots of money. Certain factors can impact just how much you will have to spend to get your hands on a PhD, and some of them include the university, program and length of completion.

But did you know that many PhD students don’t have to pay full price?

Because of the steep cost, it’s not uncommon for those who are enrolled in PhD programs to fund their studies through things such as studentships, research council grants, postgraduate loans and employer funding. As a matter of fact, some of them do not pay for their PhD programs — they are, instead, paid to take them.

And just like what we talked about earlier, it’s very much possible for you to be a PhD student and an employee, whether part-time or full-time, at the same time in order to earn money and fund your postgraduate studies.

Is a PhD Worth It Financially?

Without careful planning, completing a PhD program can hurt one’s finances. And if the return on investment (ROI) isn’t that substantial, it can be a waste of resources, too. For many, however, earning a PhD to secure their dream jobs or follow their true callings makes all the financial and time investments worth it.

After discussing just how much a PhD costs, it’s time to talk about if investing in it financially is a good idea.

It’s no secret that, generally speaking, the higher the educational attainment, the higher the earnings. True enough, the median weekly earning of a PhD holder is $1,909.

Doing the math, that’s equivalent to about $99,268 per year. On the other hand, the median weekly earning of a master’s degree holder is $1,574 or $81,848 per year — that’s a difference of $17,420 per year. Please keep in mind that it’s not uncommon for some master’s degree holders to make more than PhD holders.

The difference, however, becomes substantial when the average salary of bachelor’s degree holders is taken into account: $1,334 per week or $69,368 per year, which is $29,882 lower than the annual salary of those with PhDs.

Let’s take a look at the estimated annual median earnings of some PhD holders in some disciplines:

• Engineering: $107,000
• Mathematics: $104,000
• Healthcare: $98,000
• Business: $94,000
• Social science: $90,000
• Physical science: $89,000
• Public policy: $84,000
• Agriculture: $83,000
• Social work: $78,000
• Architecture: $73,000
• Communications: $72,000

Are PhDs in Demand?

PhDs are especially in demand in areas where highly specialized and very high-level research skills are important. Some of the most sought-after PhDs are those in STEM- and healthcare-related fields such as information systems, environmental engineering, chemistry, nursing and physical therapy.

As a general rule of thumb, some of the hardest PhDs to earn tend to be the most in-demand, too.

Simply put, PhDs in disciplines required for a better understanding of currently existing knowledge and challenges, development of modern-day technologies and discovery of new life-changing stuff are highly employable.

And this is why industries such as scientific research and development, manufacturing, health and social work are on the lookout all the time for promising PhD holders. Areas where PhDs are also commonly required include the education sector as well as various segments of the business industry.

Numerous transferable skills learned and developed by students, many of which are appreciated by employers across various industries, also help those with PhDs have increased job market value.

Just Before You Get a PhD

Does getting a PhD still sound great after everything you have read above? Then the smartest step for you to take next is to find the right PhD program for you and apply to it.

But keep in mind that while there are many perks that come with being a PhD holder, there are some sacrifices you will have to make before you get your hands on the prestigious academic degree. But by working hard and staying committed, it won’t take long before you are one of the country’s highest-paid and most satisfied professionals!

I graduated with BA in Nursing and $36,000 in student loan debt from the UCF. After a decade in the workforce, I went back to school to obtain my MBA from UMGC.

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Is a phd worth it, published by steve tippins on may 26, 2020 may 26, 2020.

Last Updated on: 30th August 2022, 04:22 am

Is a PhD worth it? That depends on who’s asking. If you’re talking about the educational benefits, the opportunity to make new discoveries, or the chance to make a difference, then the answer is almost always a resounding “yes.” However, if you’re talking about purely economic benefits, the answer is almost always “no.” A combination of them both? It depends.

In this article, I’ll explore two answers to the question, “Is a PhD worth it?” and the reasons for each. Ultimately, whether a PhD is worth it for you depends on your reasons for getting it. So let’s dive into those.

A PhD is worth it when what you gain–by way of knowledge, experience, credentials, and opportunities–is more valuable to you than what you gave up in order to get it. In terms of time, money, cost to relationships, and stress, a PhD costs an incredible amount. So what makes it worth the cost? Let’s explore that below.

When a PhD Is Worth It

Here are some of the reasons a PhD is worth it for some people.

Is a PhD worth it if you’re motivated by learning? Absolutely. A PhD program is one of the most intense learning opportunities available anywhere. If you are passionate about a certain subject and want to work at a high level in the field, then a PhD program is the right bet. 

As one former PhD candidate said to me, “There’s so much learning that happens. I didn’t finish but I still think it was worth it to do the program because of all the things I learned about my subject area and about research and about myself. All the things I learned about how I related to the topic.”

Critical Thinking

When you go through a PhD program, you become a much better consumer of information–and not just academic information. You begin to question, “where did that come from? What’s the source?” This includes advertisements, news, and anything else you may be reading or listening to.

You also understand what studies are actually saying. You’re better able to understand research and consider its implications and shortcomings.

Respect 

Just having a PhD affords you a level of respect and assumed expertise that is difficult to come by. We used to have calling cards–that was the way people introduced themselves to a new place, which would come along with recommendations from friends. Now a PhD takes the place of that. 

Generally, people have positive assumptions about you if you have those letters after your name. You’re controlling what people think about you just by having those three letters after your name. 

For example, If you want to publish a book, having a PhD in the field you’re writing about you’re much more likely to be published. And once you’re published, more likely to be promoted, interviewed about your book, etc. Having a PhD can also open you up to grant opportunities, giving you credibility for these types of opportunities.

Social Change

For better of for worse, having this credential is one of the ways that people run the world. It gives you more social capital and economic power. If used for the betterment of the community, this can be a huge opportunity to affect positive social change. It puts you in a position to make changes to some things. In education, it can put you into leadership positions.

Besides being recognized as an expert, having a PhD can also give you the confidence to go out and do things that you wouldn’t have done before. As one of society’s experts, you are trusted to be on the cutting edge of your area of expertise. Whether that means starting a business or non-profit, writing a book, giving talks, or something entirely different, you can make great strides. It’s not just because society trusts you, but having a PhD increases your trust of yourself–and your moral responsibility to use the power of your position to benefit others.

Ability to Get Through Anything

A PhD program is one of the most challenging experiences you can put yourself through . By going through the rigorous process of getting a PhD, you gain the confidence and experience necessary to handle challenges in just about every other area as well.

Academic Career

If you want an academic career today, you’ll pretty much need a PhD. Community colleges used to hire people with master’s degrees. Now when they’re searching, they pretty much ask for a PhD. While a PhD can’t guarantee an academic career, it is a prerequisite. 

Non-Academic jobs

If you want more flexibility in the work that you do, a PhD helps. Many PhDs go on to do consulting work in their field.

A lot of organizations need people with PhDs for accreditation purposes. This is true of colleges, of course. But there are also other organizations, like consulting firms. They need a high number of people with PhDs to give the organization credibility.

Intrinsic Reward

A PhD program is a level of rigor that not many people get to. Finishing it produces an intrinsic reward that comes from accomplishing something extremely difficult. There’s a feeling of accomplishment that you don’t get with anything else. It’s not an easy thing to do, and there’s some reward in that. 

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When a PhD Is not Worth It

The rewards for a PhD may be great, but it can also cost an incredible amount, in all areas of your life. Let’s consider these costs.

The Cost of Not Finishing

Fifty percent of the people who start a PhD program don’t finish. Nobody goes into it thinking “i’m not going to finish,” but half of them don’t. It’s incredibly expensive to not finish since you don’t get the payoff that comes with the degree. 

“I got a lot of psychic rewards, but I’m still paying lots of money in student loans and will be for the rest of my life–and will be for the rest of my life,” said one former PhD candidate who did not complete her program. 

Will you be totally devastated financially or otherwise if you don’t finish? That’s a very real possibility, so it’s important to consider what the consequences would be, even if you fully intend to finish. You have to ask yourself that question, is it worth it if I don’t end up with a degree? 

Family Sacrifice

Sacrifice to the family is a big reason why a PhD program may not be worth it. Some people get divorced during the process–not only because it’s so much time away from the family but also because the person getting the doctorate is very intellectually focused, and that can be hard on a relationship .

If you have children, the sacrifice can be double. You will miss baseball games, recitals, vacations, and weekends. You’ll be in your PhD program for several years, and you won’t be able to be as present in your children’s lives for that time period. While many parents do successfully complete PhD programs and manage to be wonderful, loving parents at the same time, it’s an incredibly difficult balancing act.

Foregone Earnings

When in a PhD program, you don’t get to work full time at your regular job for around 3-6 years. There are PhD programs that allow you to work while you’re doing it, but it’s very difficult. And if you have a family too? That’s incredibly difficult. There are some professions where people make enough yearly income where it’s not financially worth the lost income to get a PhD. That’s why you don’t see many Accounting PhDs.

Proving Yourself

If you’re getting a PhD in order to prove to parents or an ex-boyfriend that you have value, that’s not going to get you through it.  It doesn’t carry you through the whole degree. It might give you a lot of energy at the beginning, but it won’t last for three or six years. It won’t provide you with the resilience and fortitude necessary to make it through the toughest times. And anyway, counseling is cheaper.

Other Costs

I know from experience that getting a PhD increases your cheez-it consumption. Alright, that may just have been me. But it is important to consider what the costs will be to you in your particular situation. Give these costs serious consideration.

Is a PhD Worth It? An Economic Perspective

Will your salary go up enough to justify the cost? The answer is almost universally “no.”

If you’re going to continue working for the same company, you could ask them how much more your pay would be (if they would raise it) if you had a PhD. You could amortize that over how many years you plan to work.

However, generally speaking, the economic gains do not justify the economic costs .

If you can combine the economic and psychic reasons, it can be worth it for some people. But if you’re just doing the numbers in terms of how much you’ll make and how much you’ll pay, it’s probably not worth it.

Getting a PhD will likely boost your income and it does give you more options, but that may not justify the costs, economically speaking. Unless there are other bolstering reasons, I’d say it’s not worth it.

Steve Tippins

Steve Tippins, PhD, has thrived in academia for over thirty years. He continues to love teaching in addition to coaching recent PhD graduates as well as students writing their dissertations. Learn more about his dissertation coaching and career coaching services. Book a Free Consultation with Steve Tippins

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All PhD students at Yale are fully funded. On average, doctoral students at Yale receive more than $500,000 in tuition fellowships, stipends, and health care benefits over the course of their enrollment. Some terminal Master's degree students also receive funding.

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Why PhDs are good – for individuals, and for a country

Vice President of the Academy of Science of South Africa and DST-NRF SARChI chair in Fungal Genomics, Professor in Genetics, University of Pretoria, University of Pretoria

Disclosure statement

Brenda Wingfield receives funding from the Department of Science and Innovation in South Africa as she holds a DST/NRF research chair. She is a Professor at a South African University and is the vice president of the Academy of Science of South Africa (ASSAf).

University of Pretoria provides funding as a partner of The Conversation AFRICA.

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What is the value of a PhD? Is there a need in a developing world country to undertake a PhD study? It’s expensive (around R1 million per graduate) and in many regards a luxury for students from poor families. Even for those who have better access to money there’s a very real cost in tuition, costs of the research as well as years lost with regards to climbing the career ladder. As students in the southern hemisphere consider their study options for next year, it’s worth revisiting the pros and cons of doing a PhD.

From an individual perspective, there are good and bad reasons to do a PhD.

The good reasons include achieving a significant goal in terms of a research output, publications and in many cases solving an important problem. Doing research towards a PhD allows one to be curious, literally every day.

It’s also the first step in becoming part of the global network of researchers. Becoming part of a global community can be very gratifying.

The bad reasons would include the assumption that having a PhD will earn you a larger salary. This is not always the case. Another is peer pressure which can lead students to register for a PhD. Sometimes the pressure comes from family. Another not so good reason is when people decide to do a PhD because they don’t like the job that they are doing.

Undertaking a PhD study should only be considered if you are really passionate about research and understand that it really takes a huge amount of time and energy. It is after all the ultimate degree – there are none higher.

The value of a PhD

The bottom line is that there is no magic about the qualification. It doesn’t make you a better or smarter person.

However, people who have PhDs have shown a certain capacity and tenacity and have the degree to prove it. Many other people might have the equivalent capacity and tenacity but without the degree it is less easy for employers to identify them.

The South African government has identified that producing people with a PhD degree is an important goal. The Department of Science and Innovation has suggested that universities need to increase their output of PhD graduates to 100 graduates per million people. At the moment South Africa has 46 doctoral graduates per million people, this is one tenth of the figure for Switzerland (465) and United Kingdom (409).

The new target would take the expected output to more than 5800 PhD graduates every year. In 2016 the number of PhD graduates in South Africa was just under 3000 .

The government’s argument is that the PhD degree can be seen as a driver of the academic pipeline. If we focus on getting more PhDs, universities will also increase other graduates in the pipeline. While I support the idea of PhDs being a driver, I think that the current targets cannot be achieved for many years.

One cannot easily change the PhD pipeline quite so rapidly. In 2001 there were 802 PhD graduates, in 2009 this had increased to 1380 and in 2017 this had increased to 3057 , which has been a remarkable achievement. This is especially the case given the current global and local economic climate.

All countries need strong comprehensive universities – institutions that do more than just train students to the bachelor degree level. To have a substantive research output a university must have academics with PhDs. Only people with PhDs can train PhD graduates.

That does indeed mean building a vibrant PhD graduate training programme to support strong research output. South Africa is short of people with the appropriate qualifications (PhDs) to do the training. And it cannot expect to import such graduates to support its economy, because without strong comprehensive universities a country cannot train the range of graduates with skills necessary for sustained economic growth and development.

Quite a bit has been written about an over supply of PhD graduates. But this isn’t a problem in a country like South Africa where I have trained 52 PhD graduates, all of whom have found jobs. Not all are in academic positions, not all are still doing research. None of them have ever suggested that doing a PhD was a waste of time.

We need to train more, not less.

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PhD Program Costs

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Costs listed below reflect the 2024-2025 academic year.

Most of our PhD programs are fully funded, meaning that for 4-5 years, the program will pay for your tuition and fees, as well as provide you with a stipend. In 2024-25, the University minimum stipend is $39,425; some PhD programs provide more. After your guaranteed funding period, you may be responsible for paying reduced tuition and fees. These details can be explained by the PhD program to which you are applying. Living expenses and the cost of books should also be considered as you plan your budget for the academic year. 

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Cost vs Reward of a PhD Degree

Nearly every career field offers the opportunity to excel in a specific area through doctorate-level programs, which culminate with graduates earning a Ph.D., doctorate, or a similar form of advanced degree related to the field of study. A Ph.D. opens the door to a wealth of employment options and is required for professionals with a desire to teach at a university, conduct life-changing research, and/or qualify for a wider scope of more influential, higher-paying job positions.

While many may aspire and dream of getting a Ph.D., not many people will get the chance, or even complete the rigorous years of study to become one of the very few to attain the highest level of understanding for a particular field. The overall process requires a lengthy time commitment, patience and passion, and may delay a person’s immediate earning potential after receiving a bachelor’s degree. As every field of study varies in tuition costs and the ROI (Return on Investment), the following information highlights some of the blanket costs, versus rewards, related to getting a Ph.D.

The Average Cost of Getting a PhD

Doctoral programs are unique in the sense that they have a reputation for financially accommodating students as they pursue their Ph.D. by offering living stipends, opportunities to teach, research grants, and tuition breaks. The financial incentives make it easier for candidates to enter a doctoral program.  However, graduate work is rarely a ‘free ride.’ Depending on the field of study, school limitations, and a student’s personal circumstances, student tuition is often equalized, yet the cost of living presents a financial predicament that often leads to borrowing money while in a Ph.D. program.

According to an article titled ‘Ph.D. Programs Have a Dirty Secret: Student Debt ,’ which appeared in The Atlantic , nearly one-fifth of students finish their doctoral degree programs having accumulated more than $30,000 in loans.

Despite the overall low cost to pursue a Ph.D., graduates with debt in the tens of thousands of dollars are also common. Karen Kelsky, who started the “Ph.D. Debt Survey” , highlighted that Ph.D. programs in every field see thousands of people saddled by six-figure debt after earning their doctorate degree. For starters, some Ph.D. programs do not offer full funding; may cut funding over time; and/or offer stipends that do not cover the cost of living – all of which are factors Ph.D. candidates with families should strongly consider.

Many public and private schools across the United States offer doctorate-level degree programs which correspond to hundreds of academic subjects, meaning a variety of factors come into play during the educational process. No two Ph.D. students will experience the same costs, hardships and benefits. The following variables can affect the total cost and accumulated student debt that a prospective Ph.D.-holder faces:

• Choice of School: The cost to attend a Ph.D. program begins with the tuition costs associated with a chosen college or university. Some degree programs cost more to attend based on a long-standing reputation and/or the location of a school. For example, Ivy League institutions, such as Harvard University, have some of the most expensive Ph.D. programs in the U.S. D. at private schools generally cost more than public schools.
• Field of Study: As demonstrated by the NSF Survey of Earned Doctorates , school debt varies according to Ph.D. field. The survey showed that 2012 graduates in the social sciences had an average debt of $24,851, while those in the physical sciences (including math and computer science disciplines) accumulated an average debt of $6,276.
• Type of Ph.D. : There are also differences between the various doctorate programs available for certain fields, as seen in the Ph.D. (which is heavier on research) and Psy.D. (which focuses more on clinical training) programs for Psychology. Upon graduation, Ph.D.-prepared psychologists are generally more competitive when vying for teaching positions than Psy.D. graduates. Psy.D. graduates also require additional years of education, which typically means a higher overall cost and debt.
• Location of School: Those who live in the same state as a college or university have more affordable education options available to them from schools that offer in-state tuition perks. For instance, the annual tuition cost for the Doctorate of Physical Therapy program at University of Kentucky costs $18,346 for residents and $42,508 for non-residents .
• Amount of Student Loans : Those who must borrow a large sum of money in order to attend a Ph.D. program, generally face paying a higher overall cost as opposed to those who earn scholarships, grants, fellowships, assistantships, and other non-repayable aid. Government loan interest rates also add to the total cost of a Ph.D. education, and depending on the expected income and type of field that a student pursues, could take many years to repay.

“At least for some, there is significant debt that may be difficult to pay off if careers are within academics,” says Jackie Eller, who holds a Ph.D. in Sociology, and is an Interim Vice Provost for Research and Dean, at Middle Tennessee State University.

• Financial Assistance : Students with families able to contribute to the funding of their higher education; partners with a full-time job; or trust funds set aside for college have access to the types of financial assistance that often doesn’t have to be paid back. They also avoid paying extra in the long run by dodging interest charged by lenders.

The Time Commitment for Getting a PhD

One of the greatest concerns associated with pursuing a Ph.D. is the time it takes to receive a diploma. CBS Moneywatch reported that the average student completes a Ph.D. program in 8.2 years and is generally 33-years old by the time they earn their diploma and credentials [1]. By that age, most of their peers who ended their education with a bachelor’s degree will have likely already established themselves as professionals in their respective fields.

Hardships Associated with a PhD

The number of years it takes to fulfill a doctorate-level programs’ requirements is not the only variable that presents a hardship for prospective Ph.D. students and graduates. Additional obstacles and considerations related to getting a Ph.D. include:

Highly Competitive Admissions Process : The majority of Ph.D. programs are extremely competitive and exclusive. In order to be able to offer low tuition costs, stipends and other fiscal means for students to fund their education, most schools can only afford to support a specific number of students on a yearly basis. For example, the Yale School of Management typically admits two students each in marketing and accounting, and six students in finance, with the actual number varying according to the number of students currently in residence for each year. The typical GMAT and GRE test scores for accepted applicants for the school are generally in the high 90th percentiles.

Rigorous Curriculum : Doctoral programs are demanding, and typically require a minimum of 25 to 35 hours of work per week. Depending on the curriculum and program, students spend time participating in workshops, lectures, on-campus residencies, researching, and fulfilling the responsibilities related to an assistantship (such as teaching a class or grading papers).

“Graduate school is incredibly demanding and therefore tough on relationships,” says Eller.

“Find a source of “release” beyond studying,” suggests Eller. “Without it, you will not be a healthy person.”

Lost Wages : In the time it takes a Ph.D. student to fulfill their educational requirements and earn a degree, they could have accumulated more than $200,000. Meanwhile, the extra time it takes to increase opportunities within their profession and advance their education leads to lost wages – the money they could be making as a full-time professional within their field.

In addition to lost wages, students in a Ph.D. program also miss out on various opportunities to accumulate real-world work experience.

“In some disciplines, jobs are difficult to find given people are working later in life,” says Eller.

Many schools have also brainstormed to find ways to address a Ph.D. shortage experienced in certain fields, such as business, accounting, speech and audiology. There is a widespread, growing perception that graduates entering academia after earning a doctorate degree will not be able to recoup lost wages, due to the historically low starting salaries paid to tenure-track faculty.

Requires Willpower and Patience: Not all Ph.D. candidates finish their program, and the overall process requires endurance and determination. It is also not uncommon to see students quit midway through, and decide to get a master’s degree instead. CBS Moneywatch reported that only about 57 percent of doctoral students will receive a Ph.D . within 10-years of starting graduate school.

Dealing with Professors and Advisors : “Choose an advisor carefully as this person will be critically important to your success,” says Eller.

Getting a Ph.D. involves building relationships with advisors and working with professors in assistantships. However, professors have been known to take full advantage of this with some post-graduate students sharing stories about performing ‘grunt work’ to stay in the good graces of faculty members, whom students rely upon during their pursuit of a Ph.D.

No Guarantees : Some people have a misconception that all Ph.D. holders automatically receive tenure, but this is not the case. The American Association of University Professors reports that 76 percent of all faculty appointments in the U.S. are with non-tenure track job positions .

Part-Time Employment Woes : With more than 50-percent of faculty working part-time, many Ph.D. holders typically do not have access to retirement plans, health insurance and other benefits that come with being a full-time employee.

Excessive Work Hours : The number of hours that a Ph.D.-prepared professional works varies according to their position (such as assistant professor vs lecturer), type of institution (university vs community college), and discipline (humanities vs the sciences). Typical duties include teaching classes, keeping office hours, and participating in faculty meetings. Additionally, the intense pressure that some faculty members experience to stay productive in their field (such as contribute research and/or publish), can lead to even longer work hours.

Increasing Job Scarcity : Outside of academia, some Ph.D. holders in specific fields, such as the humanities, have a harder time finding jobs related to their expertise. Another example is found in the pharmaceutical industry, which in the past, sought Ph.D. grads with chemistry and biology degrees, but has since undergone widespread consolidation with increasing employers hiring overseas.

Rewards and Benefits of a PhD

Beyond the sheer pleasure of pursuing an advanced level of knowledge regarding a subject, topic or discipline, those accepted into a Ph.D. program often experience many rewards and benefits. Additionally, if a professional has an interest to teach on the college/university level, or get hired to conduct research, obtaining a Ph.D. is a requirement. Other advantages and perks include:

Unique Funding Opportunities : Students can find a variety of ways to fund their doctorate education besides taking out a government loan. For example, depending on the field of study and school, a great number of Ph.D. programs waive tuition and provide students with stipends.

Reach Your Full Potential: Those who wish to become experts and reach the highest level of knowledge and understanding for a particular subject or field do so by pursuing a Ph.D.

“It’s a chance to take your strongest abilities and interests, and take them to the highest level you can,” says Brian R. Lashley, Ph.D., Assistant Director of Institutional Research at Eastern Connecticut State University. “In other words, your intellect and your professional skills get sharpened to a level you may not have thought you could achieve.”

Sense of Achievement & Prestige : Reaching the highest level of education possible in a field creates a gratifying sense of accomplishment. Since so few people earn a Ph.D., those who complete their studies and earn their doctorate credentials are often viewed with prestige. The U.S. Census Bureau last reported in “Educational Attainment in the United States” that only 2.6 percent of the population possessed a doctoral degree in 2014. Additionally, being able to use the title of ‘Dr.’ is an attractive benefit for many.

Credibility: Deemed an expert in a particular field of study comes with a level of credibility and respect that a Ph.D.-prepared professional receives from his or her peers, the public and employers. Because of this, someone with a doctorate degree is more likely to gain employment for the same position before a candidate with a bachelor’s or master’s degree.

Well-Qualified for Other Career Paths : Not all Ph.D. holders end up teaching or conducting research, and if they decide to pursue a different type of job, other options await such as transitioning into becoming an independent practitioner, consulting, entrepreneurship, and serving on an administrative board. For those with an interest in writing authoritative books, publishers are more likely to represent an author with a Ph.D.

“In this day and age, try not to overspecialize as you will face more difficulty in employment,” advises Eller.

A Ph.D. also creates a well-rounded and more attractive candidate to prospective employers. The advanced degree generally identifies a job applicant who possesses the ability to conduct independent research; work with little supervision or direction; overcome challenges; and handle a demanding workload.

Expanding Options for Industry Jobs: Increasing opportunities outside of academic circles are emerging for Ph.D. holders in certain fields.  This oftentimes coincides with the needs of a results-driven organization. Since professionals with a Ph.D. are viewed as experts in their field, large corporations often hire them to act as consultants.

Some schools are also responding to the need to prepare students for jobs outside of teaching and conducting research. For example, the Duke PhD Plus Program introduces and offers career preparation outside of academia to engineering students , which includes a required internship, professional development workshops, and coursework that enhances a student’s overall skills.

Options for Off-setting the Cost of a PhD

While many doctorate programs provide Ph.D. candidates with low tuition costs or resources to fund their education, not every school is able to do so. However, there are many different options that a prospective student may explore to help fund their education, such as:

Organize Future Plans: “Don’t start a program if you are not excited and energized about the questions you want answered in whatever field of study,” says Eller.

Having a clear vision of future goals, projects, research, and teaching approaches can help prepare for a doctorate program. Since getting a Ph.D. translates into pursuing the ultimate specialization in a particular field, possessing a deep (or passionate) interest in the field is highly recommended. Those without the necessary drive, typically do not last though their program, and everything accomplished thus far becomes a waste of time, energy and money.

“Getting a PhD is about desire and persistence!” says Eller. “One doesn’t have to be the smartest, just the one dedicated to hard work and to persisting beyond the whims and fancies of advisors.”

Seek Out Nongovernmental Research Grants: Ph.D. students who are conducting research may find many types of research grants and awards, especially when related to scientific and medical research. To qualify, students must submit an application and research proposal. New studies, significant trends, and important topics change often, providing an ever-evolving selection of funded research projects that pay Ph.D. students to participate.

Apply for a University Assistantships: There are numerous universities that fully fund or provide a large portion of funding for Ph.D. students representing many fields. While some opportunities cover the cost of tuition and books, others additionally provide a student with a stipend when he or she serves as an assistant to a professor. Stipends for the majority of these programs typically pay $18,000 to $30,000. The average responsibilities expected of a student include, assisting with office hours, overseeing classes, and grading papers. Other Ph.D. students may assist certain professors in their research by collecting data and conducting research.

“Assistantships are often not sufficient,” warns Eller.

It is important to note that the amount of stipend varies according to specific programs. For instance, a graduate with a Ph.D. in sociology who was mentioned in a piece for The Chronicle for Higher Education , received a fellowship that covered her tuition, but her stipend, of $800 a month, did not cover the cost of books or the cost of living.

Research Government Fellowships :  Fellowships are not as easily found as assistantship opportunities, but various agencies, such as the Department of Veterans’ Affairs, or the Department of Health and Human Services, will fund Ph.D. students with fellowships if they demonstrate an interest in conducting research in an area of interest to the government.

Consider Employment Assistance : For Ph.D. students already employed with a company or business, inquiring about opportunities offered to employees with an interest in earning a doctoral degree, can lead to funding. Depending on prospective students’ field of study, they may qualify for available company-related scholarships and grants.

Cost Vs Reward When Getting a PhD

When asked if her Ph.D. was worth the cost, Eller answered that is was definitely worth it. She said she was able to enjoy stability in a career that she loves, and that pays a decent salary, while allowing her to take advantage of opportunities to work independently and creatively.

“For me, the debt burden was not significant and I found a job right away,” says Eller.

“You can’t know, [if a Ph.D. degree is ultimately worth the cost] because you can’t live that other life you would have lived if you didn’t go for it,” says Lashley. “I think it was probably worth it for me because I wasn’t developed enough mentally or professionally to do anything impactful after college.”

When asked if he would do it all over again and pursue a Ph.D., Lashley answered, “I don’t know if I would for sure, but I think I would.”

“What would have been better would have been to understand myself more completely before embarking on such a journey,” he added.

Lashley, who holds a Ph.D. in Experimental Psychology, advises those with an interest in pursuing a doctorate degree “develop a deep understanding of yourself and be able to know why the heck you would want to sacrifice so much money, time, energy, emotion, etc., for this endeavor.”

“Then again, it may not be that big of a deal anymore,” he adds.  “I fear many doctoral programs have been severely watered down.”

Lashley recounts a time when he came in contact with an individual who he says was largely motivated by self-interest. He says this individual was able to get a Ph.D. “without so much as one semester of full-time enrollment, and lived about three or four states away from the program.”

“It’s not what I call immersion, or a serious commitment to a branch of knowledge, which I think are two of the pillars of that level of education,” he adds.

“Just my opinion, plus it’s an “N of 1,” Lashley continues. “But I can’t believe it’s not somewhat widespread with programs struggling to maintain enrollment and money.”

“Hate to tell you this, but the current technical Ph.D. degree has been seriously watered down,” Dr. Keith Dackson, PE, commented on a post titled, ‘ There are too many PhDs .’

“Many programs are simply tweaks to the Major Professors’ Ph.D. thesis with nothing of substance being added to the general body of knowledge,” Dackson continued. “We are getting to the point where people know more and more about less and less and are rapidly approaching the limit where everyone will know everything about absolutely nothing.”

In retrospect, Lashley says that getting a Ph.D. was probably the best decision of his life.

“Downsides?  Of course, heck you’re supposed to be able to see all angles of something when you have that level of education,” he adds. “But definitely, unquestionably it changed my life for the better.”

“I cannot imagine being restricted in my critical thinking or my choice of things to teach and to research,” Eller adds. “I thoroughly enjoy the classes I have taught and the impact I have made on students and society.”

A Ph.D. is the highest degree that an individual may obtain in academia. It unlocks the doors leading to teaching and research positions, and allows a professional to become a respected expert within his or her field. One of the greatest concerns that doctoral candidates face is a lengthy time commitment, and finding ways to support themselves, even when they receive stipends that typically vary from $800 a month to $30,000 a year.

For a Ph.D., there are an abundance of opportunities to pursue, in an endless range of subject areas. While some of the most common Ph.D. programs include literature, the sciences, mathematics, and foreign studies, nearly any course (and beyond) addressed at a bachelor’s degree level, can be studied through a doctorate program.

For those not looking to solely fuel a passion and love for a particular field, a master’s degree may prove more advantageous over obtaining a Ph.D. This is seen in certain disciplines and degree programs, such as the MSW (a master’s degree in Social Work) , which could prove a more cost-effective choice when taking into consideration the pay differential, time, and funds required to earn the advanced degree.

The field that an individual pursues also plays an important role in the overall process and return on investment for getting a Ph.D., as each discipline comes with its own unique set of limitations and varying levels of competition, program availability, and employment opportunities. Because of this, prospective Ph.D. candidates must weigh the pros and cons of obtaining a doctorate degree as it applies to their own personal circumstances.

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Frequently asked questions

Is it more expensive to get a master’s or a phd.

A master’s degree usually has a higher upfront cost, but it also allows you to start earning a higher salary more quickly. The exact cost depends on the country and the school: private universities usually cost more than public ones, and European degrees usually cost less than North American ones. There are limited possibilities for financial aid.

PhDs often waive tuition fees and offer a living stipend in exchange for a teaching or research assistantship. However, they take many years to complete, during which time you earn very little.

Frequently asked questions: Graduate school

In the US, most graduate school applications require you to include:

• Transcripts from previous educational institutions
• Standardized test scores (such as the GRE or MCAT)
• A graduate resume
• 2–3 letters of recommendation
• A statement of purpose

Some programs may ask you to write a personal statement in addition to, or instead of, a statement of purpose. You may also be asked to an interview .

Always carefully read the application instructions for the specific program you’re applying to.

Most medical school programs interview candidates, as do many (though not all) leading law and business schools.

In research programs, it depends—PhDs in business usually do, while those in economics normally do not, for example.

Some schools interview everyone, while others only interview their top candidates. Look at the websites of the schools you’re applying to for more information on whether they conduct interviews.

In addition to thinking about your answers for the most commonly asked grad school interview questions , you should reach out to former and current students to ask their advice on preparing and what sort of questions will be asked.

Look back through your resume and come up with anecdotes that you could use for common questions, particularly those that ask about obstacles that you overcame. If you’re applying for a research program, ensure that you can talk about the previous research experience you’ve had.

You should also read as much research in your field as possible. Research the faculty at the schools you’re applying to and read some of their papers. Come up with a few questions that you could ask them.

Graduate schools often ask questions about why you are interested in this particular program and what you will contribute.

Try to stay away from cliche answers like “this is a good program” or “I got good grades in undergrad” and focus instead on the unique strengths of the program or what you will bring to the table. Understand what the program is looking for and come up with anecdotes that demonstrate why you are a good fit for them.

Different types of programs may also focus on different questions:

• Research programs will often ask what topics you’d like to research and who you would like to work with, as well as specific questions about your research background.
• Medical schools are interested in your personal motivation, qualities such as integrity and empathy, and how you’d respond to common ethical dilemmas.
• Business schools will focus on your past work experience and future career prospects, and may be particularly interested in any experience you have managing or working with others.

Some students apply to graduate school straight from undergrad, but it’s also common to go back to school later in life. The ideal time to do so depends on various financial, personal, and career considerations . Graduate school is a big commitment, so you should apply at a time when you can devote your full attention to it.

Your career path may also determine when you should apply. In some career fields, you can easily progress without a graduate degree, while in others—such as medicine, business, and law—it’s virtually impossible to move up the career ladder without a specific graduate degree.

Most graduate school applications for American graduate programs are due in December or January for a September start.

Some types of programs, especially law school, are rolling applications, meaning that the earlier you apply, the earlier you’ll hear back. In this case, you should aim to apply as early as possible to maximize your chances.

Medical school follows a completely separate timeline with much earlier deadlines. If you’re applying for medical school, you should speak to advisors at your university for more information.

A good starting point to aim for is about 18 months before you would start the program, or 6–9 months before the applications are due.

In the first few months of the process, research programs and study for any standardized exams you might need.

You can then begin writing your personal statements and statements of purpose , as well as contacting people to write your letters of recommendation . Ensure that you give recommenders plenty of time to complete their letters (ideally around 2–4 months).

In the US, the graduate school application process is similar whether you’re applying for a master’s or a PhD . Both require letters of recommendation , a statement of purpose or personal statement , a resume or CV , and transcripts. Programs in the US and Canada usually also require a certain type of standardized test—often the GRE.

Outside the US, PhD programs usually also require applicants to write a research proposal , because students are expected to begin dissertation research in the first year of their PhD.

This depends on the country. In the United States, you can generally go directly to a PhD  with only a bachelor’s degree, as a master’s program is included as part of the doctoral program.

Elsewhere, you generally need to graduate from a research-intensive master’s degree before continuing to the PhD.

This varies by country. In the United States, PhDs usually take between 5–7 years: 2 years of coursework followed by 3–5 years of independent research work to produce a dissertation.

In the rest of the world, students normally have a master’s degree before beginning the PhD, so they proceed directly to the research stage and complete a PhD in 3–5 years.

A PhD, which is short for philosophiae doctor (doctor of philosophy in Latin), is the highest university degree that can be obtained. In a PhD, students spend 3–5 years writing a dissertation , which aims to make a significant, original contribution to current knowledge.

A PhD is intended to prepare students for a career as a researcher, whether that be in academia, the public sector, or the private sector.

A master’s is a 1- or 2-year graduate degree that can prepare you for a variety of careers.

All master’s involve graduate-level coursework. Some are research-intensive and intend to prepare students for further study in a PhD; these usually require their students to write a master’s thesis . Others focus on professional training for a specific career.

It’s best to ask in person if possible, so first reach out and request a meeting to discuss your graduate school plans.

Let the potential recommender know which programs you’re applying to, and ask if they feel they can provide a strong letter of recommendation . A lukewarm recommendation can be the kiss of death for an application, so make sure your letter writers are enthusiastic about recommending you and your work!

Always remember to remain polite. Your recommenders are doing you a favor by taking the time to write a letter in support of your graduate school goals.

This depends on the program that you are applying for. Generally, for professional programs like business and policy school, you should ask managers who can speak to your future leadership potential and ability to succeed in your chosen career path.

However, in other graduate programs, you should mostly ask your former professors or research supervisors to write your recommendation letters , unless you have worked in a job that corresponds closely with your chosen field (e.g., as a full-time research assistant).

Choose people who know your work well and can speak to your ability to succeed in the program that you are applying to.

Remember, it is far more important to choose someone who knows you well than someone well-known. You may have taken classes with more prominent professors, but if they haven’t worked closely with you, they probably can’t write you a strong letter.

The sections in your graduate school resume depend on two things: your experience, and the focus of the program you’re applying to.

Always start with your education. If you have more than one degree, list the most recent one first.

The title and order of the other sections depend on what you want to emphasize. You might include things like:

• Professional experience
• Voluntary and extracurricular activities
• Publications
• Awards and honors
• Skills and certifications

The resume should aim for a balance between two things: giving a snapshot of what you’ve done with your life so far, and showing that you’re a good candidate for graduate study.

A resume is typically shorter than a CV, giving only the most relevant professional and educational highlights.

An academic CV should give full details of your education and career, including lists of publications and presentations, certifications, memberships, grants, and research projects. Because it is more comprehensive, it’s acceptable for an academic CV to be many pages long.

Note that, outside of the US, resume and CV are often used interchangeably.

No, don’t include your high school courses and grades. The education section should only detail your college education.

If you want to discuss aspects of high school in your graduate school application, you can include this in your personal statement .

A resume for a graduate school application is typically no more than 1–2 pages long.

Note, however, that if you are asked to submit a CV (curriculum vitae), you should give comprehensive details of all your academic experience. An academic CV can be much longer than a normal resume.

Always carefully check the instructions and adhere to any length requirements for each application.

If you’re applying to multiple graduate school programs, you should tailor your personal statement to each application.

Some applications provide a prompt or question. In this case, you might have to write a new personal statement from scratch: the most important task is to respond to what you have been asked.

If there’s no prompt or guidelines, you can re-use the same idea for your personal statement – but change the details wherever relevant, making sure to emphasize why you’re applying to this specific program.

If the application also includes other essays, such as a statement of purpose , you might have to revise your personal statement to avoid repeating the same information.

The typical length of a personal statement for graduate school applications is between 500 and 1,000 words.

Different programs have different requirements, so always check if there’s a minimum or maximum length and stick to the guidelines. If there is no recommended word count, aim for no more than 1-2 pages.

A statement of purpose is usually more formal, focusing on your academic or professional goals. It shouldn’t include anything that isn’t directly relevant to the application.

A personal statement can often be more creative. It might tell a story that isn’t directly related to the application, but that shows something about your personality, values, and motivations.

However, both types of document have the same overall goal: to demonstrate your potential as a graduate student and s how why you’re a great match for the program.

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Why are tuition fees for PhD students so high in the USA, despite not taking any class?

As a PhD student in a US university, my tuition fees are ~44,000 USD per year, despite the fact that I don't take any class: only 6 classes are required during the PhD program, and I've completed them during the first two years. Why are tuition fees so high? (tuition is paid by fellowship / RA / TA / ...)

• united-states

• 6 It is worth noting that tuition fees for older PhD students (3 or 4th year and higher) are often quite lower than the fees for 1st and 2nd year students. For example at Rice University, the tuition fees for the mathematics graduate program are $19,940/semester for 1-3rd years and $1,108/semester for 4th years and above. –  Aru Ray Commented Oct 1, 2014 at 13:17
• 1 @AruRay Interesting! In mine (MIT), tuition fees are pretty much the same since I started (as usual there is some inflation). –  Franck Dernoncourt Commented Oct 1, 2014 at 13:20
• Related: academia.stackexchange.com/q/21189/10643 –  Cape Code Commented Oct 1, 2014 at 13:36
• 13 @Jigg: Rice is also a private institution. And at both Rice and MIT, the tuition for PhD students is an institutional fiction since no one actually pays it. Thus supply and demand has nothing to do with it; it simply determines how much money flows between various units within the university, or between a granting agency and the university (and those agencies almost never actually pay the sticker price). –  Andy Putman Commented Oct 1, 2014 at 15:32
• I assumed that the point of having a reduced rate for older students was to help out folks who are close to being done with their PhD but are no longer being funded (the difference between $19000 and $1000 is negligible/immaterial for a university, but quite material to a 6th+\epsilon year grad student! The reduced rate could be the difference between someone finishing their PhD in one additional semester they pay for out of pocket and having to leave due to not being able to afford to stay.) –  Aru Ray Commented Oct 1, 2014 at 15:42

4 Answers 4

I think it is essentially a scam. There are essentially 3 types of students (1) self funded, (2) departmentally funded, (3) externally funded. For departmentally funded students the tuition fees are essentially meaningless and just represent money being shifted around internally. Self funded students can be really hurt by large tuition fees, but departments can offset these fees by partial departmental funding (again just internally transferring money around). The scam comes when students are funded externally and the external funder is required to pay the full fee (and potentially even indirect costs on the tuition fees). Things get messy when the funding has a cap on tuition fees. For example the NIH NRSA pays 60% of the tuition up to $16,000 plus a $4,200 "institutional" allowance. Most departments I am aware of offer a tuition subsidy to individuals who get an NRSA.

It is worth noting that high fees not only puts PIs at expensive universities at a disadvantage (okay to be fair, it reduces their advantage) in that their research is more expensive than someone at a cheaper university, but it also puts them in an ethical dilemma. When tuition fees make hiring a PhD student more expensive than a post doc, it is hard for a PI to justify hiring a PhD student.

• 32 "I think it is essentially a scam." This is a bold statement, that I think is 100% correct. –  xLeitix Commented Oct 1, 2014 at 14:19
• 1 The latter problem is easily taken care off by introducing postdoctoral fees. Oops, they already exist. So far they seem to be usually quite small, but who knows what universities are up to next? –  gerrit Commented Oct 1, 2014 at 14:27
• 3 The reason to hire a PhD student instead of a postdoc is that the former is going to be around for much longer time; and successful theses count towards the PI's CV. This is not only a US thing, in Sweden now it is cheaper to hire postocs than PhD students, and both are directly paid by the PI. –  Davidmh Commented Oct 1, 2014 at 14:56
• 3 Despite the popularity, this doesn't answer the question and smacks of conspiracy theory. Charging tuition and indirect costs (IDC) on external grants is negotiated position between powerful, sophisticated entities. IDC and what's subject to it are periodically renegotiated between the US govt and universities. Both sides know that high IDC rates, just like high salaries, make a university less competitive in some ways, but at the same time universities need a way to leverage grants to pay for the things that support them. The system we have isn't perfect, but nobody got scammed. –  Bill Barth Commented Oct 2, 2014 at 12:29
• 2 @StrongBad, high tuition is a mechanism to extract money from whoever will pay it. The US federal government is fully aware and goes in eyes open. Most of these institutions are non-profits, so despite maybe a few high administrator salaries, most of this money "extracted" from these funders goes to make MIT a better place to get a degree. If funds departments to do research, hire more faculty and staff, buy equipment, run libraries, etc, etc. If your complaint is that MIT is too expensive, you are free to go somewhere else. If enough people do that, tuition will drop. –  Bill Barth Commented Oct 2, 2014 at 16:47

Because, as you mentioned, they are paid for by someone other than you. This happens in any subsidized industry/system. Interestingly, the subsidies grow over time instead of shrink -- the reasons beyond that are something you should ask an economics professor; it is a distinct trend.

You'll find folks who say this is the way things should be as much as you'll find folks who think its a scam. It is a logical outcome of the current academic system, may be a leading indicator of its eventual demise, and at the moment is something you should probably not dwell on unless you happen to actually be an economics postgrad (in which case I doubt you would have posed the question in the first place).

• Could you suggest some good search terms for people who would like to read more about this phenomenon? –  Oswald Veblen Commented Oct 1, 2014 at 20:25
• 2 @OswaldVeblen "subsidy impact", "effect of price control", "supply and demand", maybe "equivalence of subsidy and protectionism", etc. The recipes for shortage are well known in economics; the recipes for healthy function of a market, on the other hand, remain a mystery. (Other than "enforce voluntary contract, prevent abuse of monopoly, and don't touch anything else" -- which is politically impossible to follow in government or academia and does nothing to guarantee prosperity, just restricts the conditions of one form of disaster cycle.) –  zxq9 Commented Oct 1, 2014 at 21:07
• I am confused by this answer. Who is subsidising the system and why may it be a leading indicator of the eventual demise of academia. –  StrongBad Commented Oct 1, 2014 at 21:52
• 1 @StrongBad Who? In short, government; outside of that fiscal input is voluntary (taxation is not). Why would that be interpreted by some as a leading indicator of the eventual demise of academia? I should be more clear: by "the demise of academia" mean the demise of the current system as we have it today. I do not by any means mean that academic study will cease (probably ever), but I do mean that the current post-WWII era of academia is considered by many to be in its final phase. Reasons range from the oldest debate about academia (the Sophist problem) to the market forces in play. –  zxq9 Commented Oct 1, 2014 at 22:29
• Here is a Forbe's article about the economic end of this: forbes.com/sites/avidan/2013/01/01/… –  zxq9 Commented Oct 1, 2014 at 22:33

There are costs to you being on campus and using university resources whether you sit in a lecture or not. True, my non-lecture years were a lot cheaper for the university, but that doesn't mean the costs were zero.

My university required me to register for place-holder Research and Dissertation courses which never met so that they would have some way to account for how much to charge me. My real courses and these fake courses had the same per-credit-hour charge (more or less). Imagine if you only had to pay for the real classes that actually met. Your tuition bill for the first couple of semesters would have been $100,000 to $150,000 and then your later semesters maybe only a few thousand. This is pretty imbalanced and hard to justify to some people, so many universities average the costs across all their students rather than piling it on the ones that have lectures. It's not the only model (see Aru Ray's comment about Rice), but it mostly works out.

• 2 There are also benefits to your being on campus. Namely that PhD students are often very productive researchers. –  Moriarty Commented Oct 1, 2014 at 13:38
• 5 Why do you think taught lectures and seminars are more expensive than one-on-one meetings with your research supervisor? –  StrongBad Commented Oct 1, 2014 at 13:48
• 4 @StrongBad, what makes you think I think that? The number of times I met with my supervisor for the faux Research and Dissertation classes I signed up for was independent of the number of credit hours they were listed as. Whereas a lecture course typically has guaranteed or required contact hours that can be budgeted for directly. Treating these faux courses under the same model is easier than lumping all the costs directly into the lecture courses (like maybe Rice appears to). I didn't intend to disparage time spent meeting with your supervisor. –  Bill Barth Commented Oct 1, 2014 at 14:39
• 2 To my knowledge, professors also don't get paid explicitly more for advising 3 students vs. 2 either. They're paid broadly to teach a certainly, research, advise students, and do service (committees). Teaching seems to be the one place where you might supplement your salary on a per-course basis by picking up an extra class or two beyond your required load, but it doesn't typically matter if 15 rather than 25 students register for it. You don't get extra pay for each extra student above the minimum for the course to make. –  Bill Barth Commented Oct 1, 2014 at 22:06
• 1 I ran some numbers, and it indeed does seem cheaper when students are meeting with an advisor a few hours a week versus taking classes. The key point is that a faculty member teaching a 3-hour class must spend much more than 3 hours on it. If the choice is teaching a 3-hour class of 5 students or advising 2 students for 1.5 hours each per week, both would consume the same amount of faculty salary except that the faculty member actually spends more than 3 hours on the class. I think we're in agreement overall @BillBarth –  Oswald Veblen Commented Oct 1, 2014 at 22:09

Consider this. A PhD dissertation advisor has one to a few PhD students, and their salary is somewhere in the range of 100k to 200k USD per year. Advising PhD students is a higher level work and may be considered, as a matter of an abstract principle, more challenging or meritorious than teaching a course. While 44,000 USD per year is probably somewhat on the high side, considering the above and that tuition also covers various campus services and facilities, I think it is still quite fair.

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Why a PhD is Worth it!

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• Introduction

Join the knowledge economy

Diverse range of research roles, transferable skills, gain some 'gravitas'.

Considering a PhD ? It could be the best decision you ever make, both in terms of your career and personal development . Here's why...

Okay, let's start with the arguments against. First: who wants a PhD degree when you can earn a six-figure salary with an MBA or a professional degree in much less time? Imagine watching your friends drive off to work in their expensive cars while you're still stuck in the library or lab.

Let’s accept it, doing a PhD can be intellectually challenging, physically tiring and emotionally draining. So, why should anyone do a PhD? And is it worth the effort?

To begin with, PhDs are an essential part of the knowledge economy. Completing a PhD is all about creating fresh knowledge, discovering new things and developing new skills.

It is a degree meant for those who seek greater depth of knowledge in a specific area. With a PhD, ‘one can make a difference’, says Professor Paul KH Tam, Pro Vice Chancellor and Vice President (Research), University of Hong Kong. “A PhD is about pursuing knowledge for the passion of acquiring knowledge. If one is fortunate, one’s discovery/invention may even change society,” he adds.

Although academia is considered to be the most obvious path for any PhD holder, the degree also paves way to a career in industries centered on research and innovation.

“In developing countries, where there is a gap in higher-education sector, but where government as well as society realize and pursue a policy to develop knowledge-based economy, there is an across the board need for increased PhDs both in academia and in industry,” says Prof Tam. 

He adds that PhDs are required for the discovery of new drugs to satisfy the health needs of an ageing population, to continue making communication technology (iPhone, iPad) as one of the major driving forces of economic activities in modern society and to develop the understanding of humanities as society faces the challenges of coping with the side-effects of science and technology.

“Areas with high demand for very specialized and high level research skills demand PhDs. In the current economy, these areas may be biotechnology, information systems and medical and environmental engineering.

"That said, a PhD in liberal arts discipline is likely to be a passport to employment in any number of areas from media to political advising to independent research work,” says Dr Emmaline Bexley, Melbourne Graduate School of Education, University of Melbourne, Australia.

Sectors such as manufacturing, scientific research and development, health and social work and business activities all welcome PhD holders.

Besides this, a PhD degree helps you develop valuable transferrable skills, which are held dear by the employers. The very nature of the degree teaches candidates to be team players, problem solvers, have great presentation and communication skills apart from having an analytical mind and perseverance.

“Employers value the transferrable skills which PhD candidates bring to the table and they take on PhD holders from a variety of disciplines. The process of doing a PhD is often recognized as a training in creativity, critical inquiry, negotiation skills, professionalism and confidence,” says Dr Nathalie Mather-L’Huillier, Postgraduate Recruitment and Admissions Manager (Research), University of Edinburgh.

Dr Harry Kelly, Chemistry Operations Manager, GlaxoSmithKline, says that many view a PhD as an excellent means to acquire theoretical as well as practical skills. He says, “Together with high levels of innovation, creativity and ability to solve complex problems…PhD…enhances transferable skills such as communication skills and the ability to work in a team, both of which are critical to the achievement of our drug discovery programmes.”

Testimonials

"CUHK’s MBA programme provided me with the stepping stone into a larger sports Asian market wherein I could leverage the large alumni network to make the right connections for relevant discussions and learning."

Read my story

Abhinav Singh Bhal Chinese University of Hong Kong graduate

"I have so many wonderful memories of my MBA and I think, for me, the biggest thing that I've taken away was not what I learned in the classroom but the relationships, the friendships, the community that I'm now part of."

Alex Pitt QS scholarship recipient

"The best part of my degree is getting to know more about how important my job as an architect is: the hidden roles I play, that every beautiful feature has significance, and that even the smallest details are well thought out."

Rayyan Sultan Said Al-Harthy University of Nizwa student

"An MBA at EAHM is superior due to  the nature of the Academy’s academic and  industry strength. The subject  matter, the curriculum structure and the  access to opportunities within the hospitality industry is remarkable."

Sharihan Al Mashary Emirates Academy of Hospitality Management graduate

Doing a PhD is not as much about ‘patience or persistence’ as much it is about ‘quality and preparation’ according to Professor Richard Anthony Strugnell, Pro Vice Chancellor (Graduate Research), The University of Melbourne.

That is why those who earn the degree are held in high esteem. It wouldn't be wrong to say that a PhD degree gives gravitas to one’s social standing. “In society, a PhD in any field still stands for something,” says Professor Thomas Vogel, Pro Rector for Doctoral Studies, ETH Zurich.

However, it is also a degree to be pursued by only those who are truly driven to do something original, create a new knowledge base and be prepared to discover the unknown. “One of the hardest things to do in the world in educational terms is the PhD, but the rewards are amazing. The self-fulfilment and satisfaction you achieve from it pushes you to go through all the hard work and toil,” says Prof Andrew George, Head of Graduate School, Imperial College London.

But he also adds, “You should only do a PhD if you are really interested in it, not if you can’t think of doing anything better.” Point taken!

• More about the benefits of completing a PhD >

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This Rich Red Is Fall’s ‘It’ Color, and We Found 10 Expensive-Looking Amazon Finds Under $50

Elegant handbags, sweater dresses, and trousers are all on the list.

Real Simple / Reese Herrington

It’s time to shake off bright summer hues for warm, deep tones that are perfect for fall. One color that won’t stop popping up in home decor designs and on high-fashion runways is wine red. And you can get in on the fashion trend with these stylish fall pieces at Amazon while they’re under $50. 

This isn’t the first time scarlet red has been in the spotlight, but with fall around the corner, you’ll be seeing it practically everywhere. The dark red palette gives your wardrobe some color while still feeling moody and high end, which is where pieces from this Amazon Fashion section come in. There are picks from popular brands like Vera Bradley, Kenneth Cole, and Grace Karin, starting at $21. 

Amazon Elevated Red Fall Fashion

• Montana West Shoulder Crossbody Bag , $21 with coupon (was $23)
• Lomon Quarter-Sleeve Henley Swiss Dot Blouse , $24 (was $29)
• PrettyGarden Tie-Waist Knit Dress , $24 with coupon (was $37)
• Vera Bradley Triple Compartment Crossbody Bag , $40 (was $90)
• Grace Karin Knotted-Neck Long Sleeve Blouse , $30 (was $40)
• Kenneth Cole Reaction Side Way Ankle Booties , from $46 (was $50)
• Tronjori High-Waist Trouser Pants , $38
• Anrabess Ribbed Knit Tie-Waist Midi Dress , $32 with coupon (was $60)
• The Drop Diana Top Handle Crossbody Bag , $43 
• Pepochic Oversized Faux Leather Jacket , $46 (was $50)

Montana West Shoulder Crossbody Bag

This Montana West purse is a great work bag, equipped to hold notebooks, headphones, and even tablets. The faux-leather purse is designed with four pockets, including a divider compartment for small items like pens or lip gloss. However, if you don’t have a lot of items to tote around, the purse has a clever design that zips at the bottom for a compact appearance. 

Lomon Quarter-Sleeve Henley Swiss Dot Blouse

This easy-going blouse comes in a ton of colors, but this dark red is very on trend for the season. It has a henley neckline, quarter-length sleeves, and a shirttail hemline. And if you’re looking for something with texture, this top has a Swiss dot detail that shoppers like. 

PrettyGarden Tie-Waist Knit Dress

While you can sprinkle in the rouge color into your wardrobe, we saw head-to-toe looks on the runway featuring the color. One easy way to get the look is by throwing on a dress, like this PrettyGarden knit mini , along with other red accessories, like burgundy shoes or even a red lip. The popular dress has a crew neckline, long balloon sleeves, and a flattering tie-waist design that shows off curves. 

Vera Bradley Triple Compartment Crossbody Bag

Vera Bradley bags usually have loud floral prints and patterns, but this sleek crossbody is anything but. The crossbody purse delivers the quality you love with a minimalistic appearance thanks to its quilted stitch and slender build. The nifty bag has two roomy compartments and an external zippered pocket to stash your phone, earbuds, keys, and the like. 

Grace Karin Knotted-Neck Long Sleeve Blouse

This elegant long-sleeved blouse from Grace Karin is the perfect pick for work parties, holiday events, and beyond. It has a classy knotted-neck design, balloon sleeves, and a keyhole back detail. Made with polyester and viscose, the top has a silky look that’ll make people think it’s expensive, even though it cost $30. 

Kenneth Cole Reaction Side Way Ankle Booties

Since it’s not fall quite yet, you might be hesitant to break out the knee-high boots. These  Kenneth Cole ankle booties are a great in-between pick; they have a short heel, a faux suede exterior, and a semi-pointed toe. The autumnal hue will pair nicely with other like-colors, as well as neutrals like white, beige, and even denim. 

Tronjori High-Waist Trouser Pants

These work-appropriate trouser pants will certainly make a statement no matter where you go. Shoppers love the subdued hue, lightweight feel, and relaxed fit, which is why they wear this exact color to the office and holiday gatherings. It has a high waistline, flattering pleats, and a wide leg that flows nicely when you walk. 

Anrabess Ribbed Knit Tie-Waist Midi Dress

Another gorgeous red dress is this Anrabess midi that is currently on sale and has an additional coupon, bringing the price down to $32. It’s available in both deep red and wine options, but we prefer the latter, lighter color. Designed with a ribbed knit pattern, long sleeves, and a belted waist, the dress is equal parts elegant and comfortable. 

The Drop Diana Top Handle Crossbody Bag

There’s nothing better than finding a luxe-looking bag at an affordable price point, and this crossbody from The Drop proves the unicorn exists. It looks extremely expensive with the faux alligator skin design and gold hardware details. Great for dinner or nights out, the top-handle bag is big enough to carry the essentials. Think: phone, keys, lipstick, and wallet. 

Pepochic Oversized Faux Leather Jacket

For transitional weather, you’ll want to grab this blazer jacket as you head out the door. The faux leather pick is gorgeous with a deep red stain, lapel collar, and oversized fit. Although it's under $50, the jacket gives off high-end vibes, which means you can style it with a top and jeans or a little black dress. 

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