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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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How To Pay For A Ph.D.

Fact Checked

Updated: Jan 25, 2024, 12:13pm

If your heart is set on earning a Doctor of Philosophy (Ph.D.) degree, you’ll join an elite club. In the United States, only 4.9 million people—about 2% of adults—hold a Ph.D. or other doctoral degree.

A Ph.D. can lead to a significantly higher salary. According to The College Board, the median earnings for those with doctoral degrees was $120,700, 38% more than the median for those with master’s degrees.

However, earning a Ph.D. can be an expensive endeavor. To avoid racking up too much debt, learn how to pay for a doctorate with grants, scholarships and other sources of financial aid.

What Does a Ph.D. Cost?

If your goal is to earn a Ph.D., be prepared for a significant investment of both time and money. Depending on the type of university you choose and your program, a Ph.D. usually takes three to five years to complete. If you attend school part-time, it can take even longer.

According to the National Center for Education Statistics (NCES), tuition and fees cost, on average, $20,513 for the 2021-2022 academic year, so you’ll spend anywhere from $61,539 to $102,565 to complete a Ph.D. program. In addition, you’ll need to account for about $16,000 to $20,000 per year in added costs, such as room and board, supplies and other fees.

That total is on top of what you spent on a bachelor’s and master’s degree, so your education will likely cost well into the six figures. With such a high cost, it’s no surprise that many Ph.D. earners have substantial student loan balances.

7 Ways To Pay For a Ph.D.

Ph.D. costs can be significant, but a variety of financial aid opportunities can make the price tag more manageable. Paying for a Ph.D. is possible using the following options:

1. Fully Funded Ph.D. Programs

Fully funded Ph.D. programs typically cover the cost of tuition and fees, and they also provide a monthly stipend for living expenses and health insurance. Some examples of fully funded Ph.D. programs include:

• Boston University . Attendees of Boston University’s Charles River Campus can take advantage of a fully funded model. The program includes 100% tuition coverage, a health insurance credit and a living expense stipend. Depending on your program, the stipend ranges from $27,318 to $40,977 per year.
• Duke University . At Duke University, Ph.D. students are guaranteed five years of tuition and living stipends and up to six years of full health and dental insurance coverage. The amount of financial support varies by program and stipend amounts range from $2,538 to $3,217 per month.
• Massachusetts Institute of Technology (MIT) Sloan School of Management . MIT’s fully funded Ph.D. program covers students for up to five years. The program pays for the full cost of tuition and provides students with a monthly stipend of $4,497, student medical insurance and a new laptop. Students also receive up to $4,500 for travel and conferences.

Not all universities offer fully funded Ph.D. programs, and existing programs are highly competitive. For example, the Stanford University Department of Political Science Ph.D. program selects 12 to 15 students per year.

2. Ph.D. Fellowship Programs

A fellowship program provides students with financial support so they can focus on their academic work. Issued based on the student’s academic merit or research achievements, fellowships may or may not have a service requirement attached.

Fellowships can come from universities, nonprofit organizations or government agencies. For example:

• American Psychological Association (APA) Doctoral Fellowship in Health and Substance Abuse Services . The APA fellowship is for full-time doctoral students who are committed to working in behavioral health. It provides up to three years of financial support, and the stipend amounts vary by year and program.
• Cornell Fellowship . Cornell University operates several fellowship programs. The Cornell Fellowship pays for one academic year of tuition, fees, health insurance and a stipend.
• U.S. National Science Foundation (NSF) Graduate Research Fellowship Program . The NSF Graduate Research Fellowship Program is a five-year fellowship that gives students three years of financial support. The fellowship includes an annual stipend of $37,000 and pays up to $16,000 per year in tuition and fees.

You can search for fellowship opportunities through the ProFellow database .

3. Doctoral Scholarships

Scholarships are available to Ph.D. students, and these merit-based awards can come from nonprofit organizations, private companies, states and government agencies. The award amounts vary, ranging from smaller awards that may only cover incidental expenses to more substantial awards of $20,000. For example:

• Accounting Doctoral Scholars Program . Certified public accountants (CPAs) intending to earn a Ph.D. in accounting can qualify for up to $20,000 through the Accounting Doctoral Scholars Program.
• American Library Association (ALA) Century Scholarship . The ALA Century Scholarship gives up to $2,500 to library school students with disabilities pursuing a doctoral degree.
• Washington State American Indian Endowed Scholarship . In Washington, Native American students can receive $500 to $2,500 to pay for their education at an eligible school within the state.

You can search for additional scholarship opportunities with tools like FastWeb or Scholarships.com .

4. Ph.D. Grants

Unlike scholarships, grants are usually awarded based on the student’s financial need. Ph.D. grants can be issued by states and nonprofit organizations. For example:

• José Martí Scholarship Challenge Grant Fund . This grant, issued to Hispanic students in Florida, is both need-based and merit-based. Eligible recipients can receive up to $2,000 per year.
• Organization For Autism Research Graduate Research Grant . Doctoral candidates conducting autism research can qualify for a grant of $2,000.
• Virginia Tuition Assistance Grant Program . Virginia residents attending an eligible university can receive between $5,000 and $12,500 per year in financial assistance.

You can find Ph.D. grant opportunities through your state education agency or CareerOneStop .

5. Employer Reimbursement

If you’re currently working full- or part-time, your employer may be willing to help with some of your education expenses. According to the Society for Human Resource Management, 48% of employers offer tuition assistance or reimbursement benefits.

Contact your human resources department to find out if tuition reimbursement is available and what you need to do to qualify for the benefit.

6. Federal Student Loans

Depending on the other financial aid you qualify for, you may need to borrow some money to cover your remaining expenses. Federal student loans are a good starting point since they have more borrower protections than other options, and you may qualify for loan forgiveness later on based on your employment.

Ph.D. students may qualify for either direct unsubsidized loans or grad PLUS loans. Unsubsidized loans have lower interest rates but have annual and aggregate borrowing maximums that your program may exceed. If that’s the case, you can use grad PLUS loans to pay for your remaining expenses.

7. Private Student Loans

If you aren’t eligible for federal loans or need to borrow more than the federal limits allow, private student loans are another way to pay for your Ph.D. Private loans come from banks, credit unions and other lenders, and your loan eligibility is based on your credit, income and whether you have a co-signer (someone who agrees to repay the loan if you miss payments).

If you have excellent credit, you could qualify for private loans with lower rates than you’d get with federal loans, and private student loans can have terms as long as 20 years.

If you decide to take out a private loan, compare quotes from several lenders offering loans for Ph.D. programs. Consider the rates, terms and overall repayment costs to find the best loan option.

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9 things you should consider before embarking on a PhD

June 23, 2021 | 15 min read

By Andy Greenspon

The ideal research program you envision is not what it appears to be

Editor's Note:  When Andy Greenspon wrote this article, he was a first-year student in Applied Physics at Harvard. Now he has completed his PhD. — Alison Bert, June 23, 2021

If you are planning to apply for a PhD program, you're probably getting advice from dozens of students, professors, administrators your parents and the Internet. Sometimes it's hard to know which advice to focus on and what will make the biggest difference in the long-run. So before you go back to daydreaming about the day you accept that Nobel Prize, here are nine things you should give serious thought to. One or more of these tips may save you from anguish and help you make better decisions as you embark on that path to a PhD.

1. Actively seek out information about PhD programs.

Depending on your undergraduate institution, there may be more or less support to guide you in selecting a PhD program – but there is generally much less than when you applied to college.

On the website of my physics department, I found a page written by one of my professors, which listed graduate school options in physics and engineering along with resources to consult. As far as I know, my career center did not send out much information about PhD programs. Only after applying to programs did I find out that my undergraduate website had a link providing general information applicable to most PhD programs. This is the kind of information that is available all over the Internet.

So don't wait for your career center or department to lay out a plan for you. Actively seek it out from your career center counselors, your professors, the Internet — and especially from alumni from your department who are in or graduated from your desired PhD program. First-hand experiences will almost always trump the knowledge you get second-hand.

2. A PhD program is not simply a continuation of your undergraduate program.

Many students don't internalize this idea until they have jumped head-first into a PhD program. The goal is not to complete an assigned set of courses as in an undergraduate program, but to develop significant and original research in your area of expertise. You will have required courses to take, especially if you do not have a master's degree yet, but these are designed merely to compliment your research and provide a broad and deep knowledge base to support you in your research endeavors.

At the end of your PhD program, you will be judged on your research, not on how well you did in your courses. Grades are not critical as long as you maintain the minimum GPA requirement, and you should not spend too much time on courses at the expense of research projects. Graduate courses tend to be designed to allow you to take away what you will find useful to your research more than to drill a rigid set of facts and techniques into your brain.

3. Take a break between your undergraduate education and a PhD program.

You are beginning your senior year of college, and your classmates are asking you if you are applying to graduate school. You think to yourself, "Well, I like studying this topic and the associated research, and I am going to need a PhD if I want to be a professor or do independent research, so I might as well get it done as soon as possible." But are you certain about the type of research you want to do? Do you know where you want to live for the next five years? Are you prepared to stay in an academic environment for nine years straight?

Many people burn out or end up trudging through their PhD program without a thought about what lies outside of or beyond it. A break of a year or two or even more may be necessary to gain perspective. If all you know is an academic environment, how can you compare it to anything else? Many people take a job for five or more years before going back to get their PhD. It is true though that the longer you stay out of school, the harder it is to go back to an academic environment with lower pay and a lack of set work hours. A one-year break will give you six months or so after graduation before PhD applications are due. A two-year gap might be ideal to provide time to identify your priorities in life and explore different areas of research without having school work or a thesis competing for your attention.

Getting research experience outside of a degree program can help focus your interests and give you a leg up on the competition when you finally decide to apply. It can also help you determine whether you will enjoy full-time research or if you might prefer an alternative career path that still incorporates science, for example, in policy, consulting or business — or a hybrid research job that combines scientific and non-scientific skills.

I will be forever grateful that I chose to do research in a non-academic environment for a year between my undergraduate and PhD programs. It gave me the chance to get a feel for doing nothing but research for a full year. Working at the Johns Hopkins University Applied Physics Laboratory in the Space Division, I was the manager of an optics lab, performing spectroscopic experiments on rocks and minerals placed in a vacuum chamber. While my boss determined the overall experimental design, I was able to make my own suggestions for experiments and use my own discretion in how to perform them. I presented this research at two national conferences as well — a first for me. I was also able to learn about other research being performed there, determine which projects excited me the most, and thus narrow down my criteria for a PhD program.

4. Your current area of study does not dictate what you have to study in graduate school.

You might be studying the function and regulation of membrane proteins or doing a computational analysis of the conductivity of different battery designs, but that doesn't mean your PhD project must revolve around similar projects. The transition between college or another research job to a PhD program is one of the main transitions in your life when it is perfectly acceptable to completely change research areas.

If you are doing computation, you may want to switch to lab-based work or vice versa. If you are working in biology but have always had an interest in photonics research, now is the time to try it out. You may find that you love the alternative research and devote your PhD to it, you might hate it and fall back on your previous area of study — or you may even discover a unique topic that incorporates both subjects.

One of the best aspects of the PhD program is that you can make the research your own. Remember, the answer to the question "Why are you doing this research?" should not be "Well, because it's what I've been working on for the past few years already."While my undergraduate research was in atomic physics, I easily transitioned into applied physics and materials science for my PhD program and was able to apply much of what I learned as an undergraduate to my current research. If you are moving from the sciences to a non-STEM field such as social sciences or humanities, this advice can still apply, though the transition is a bit more difficult and more of a permanent commitment.

5. Make sure the PhD program has a variety of research options, and learn about as many research groups as possible in your first year.

Even if you believe you are committed to one research area, you may find that five years of such work is not quite what you expected. As such, you should find a PhD program where the professors are not all working in the same narrowly focused research area. Make sure there are at least three professors working on an array of topics you could imagine yourself working on.

In many graduate programs, you are supposed to pick a research advisor before even starting. But such arrangements often do not work out, and you may be seeking a new advisor before you know it. That's why many programs give students one or two semesters to explore different research areas before choosing a permanent research advisor.

In your first year, you should explore the research of a diverse set of groups. After touring their labs, talking to the students, or sitting in on group meetings, you may find that this group is the right one for you.

In addition, consider the importance of who your research advisor will be. This will be the person you interact with regularly for five straight years and who will have a crucial influence on your research. Do you like their advising style? Does their personality mesh with yours? Can you get along? Of course, the research your advisor works on is critical, but if you have large disagreements at every meeting or do not get helpful advice on how to proceed with your research, you may not be able to succeed. At the very least, you must be able to handle your advisor's management of the lab and advising style if you are going to be productive in your work. The Harvard program I enrolled in has professors working on research spanning from nanophotonics to energy materials and biophysics, covering my wide range of interests. By spending time in labs and offices informally chatting with graduate students, I found an advisor whose personality and research interests meshed very well with me. Their genuine enthusiasm for this advisor and their excitement when talking about their research was the best input I could have received.

6. Location is more important than you think — but name recognition is not.

The first consideration in choosing a PhD program should be, "Is there research at this university that I am passionate about?" After all, you will have to study this topic in detail for four or more years. But when considering the location of a university, your first thought should not be, "I'm going to be in the lab all the time, so what does it matter if I'm by the beach, in a city, or in the middle of nowhere." Contrary to popular belief, you will have a life outside of the lab, and you will have to be able to live with it for four or more years. Unlike when you were an undergraduate, your social and extracurricular life will revolve less around the university community, so the environment of the surrounding area is important. Do you need a city atmosphere to be productive? Or is your ideal location surrounded by forests and mountains or by a beach? Is being close to your family important? Imagine what it will be like living in the area during the times you are not doing research; consider what activities will you do and how often will you want to visit family.

While many of the PhD programs that accepted me had research that truly excited me, the only place I could envision living for five or more years was Boston, as the city I grew up near and whose environment and culture I love, and to be close to my family.

While location is more important than you think, the reputation and prestige of the university is not. In graduate school, the reputation of the individual department you are joining — and sometimes even the specific research group you work in — are more important. There, you will develop research collaborations and professional connections that will be crucial during your program and beyond. When searching for a job after graduation, other scientists will look at your specific department, the people you have worked with and the research you have done.

At the Asgard Irish Pub in Cambridge, Massachusetts, Andy Greenspon talks with fellow graduate students from Harvard and MIT at an Ask for Evidence workshop organized by Sense About Science. He grew up near Boston and chose to go to graduate school there.

7. Those time management skills you developed in college? Develop them further.

After surviving college, you may think you have mastered the ability to squeeze in your coursework, extracurricular activities and even some sleep. In a PhD program, time management reaches a whole new level. You will not only have lectures to attend and homework to do. You will have to make time for your research, which will include spending extended periods of time in the lab, analyzing data, and scheduling time with other students to collaborate on research.

Also, you will most likely have to teach for a number of semesters, and you will want to attend any seminar that may be related to your research or that just peaks your interest. To top it all off, you will still want to do many of those extracurricular activities you did as an undergraduate. While in the abstract, it may seem simple enough to put this all into your calendar and stay organized, you will find quickly enough that the one hour you scheduled for a task might take two or three hours, putting you behind on everything else for the rest of the day or forcing you to cut other planned events. Be prepared for schedules to go awry, and be willing to sacrifice certain activities. For some, this might be sleep; for others, it might be an extracurricular activity or a few seminars they were hoping to attend. In short, don't panic when things don't go according to plan; anticipate possible delays and be ready to adapt.

8. Expect to learn research skills on the fly – or take advantage of the training your department or career center offers.

This may be the first time you will have to write fellowship or grant proposals, write scientific papers, attend conferences, present your research to others, or even peer-review scientific manuscripts. From my experience, very few college students or even PhD students receive formal training on how to perform any of these tasks. Usually people follow by example. But this is not always easy and can be quite aggravating sometimes. So seek out talks or interactive programs offered by your department or career center. The effort will be well worth it when you realize you've become quite adept at quickly and clearly explaining your research to others and at outlining scientific papers and grant proposals. Alternatively, ask a more experienced graduate student or your advisor for advice on these topics. In addition, be prepared for a learning curve when learning all the procedures and processes of the group you end up working in. There may be many new protocols to master, whether they involve synthesizing chemicals, growing bacterial cells, or aligning mirrors on an optical table. In addition, the group may use programming languages or data analysis software you are unfamiliar with. Don't get discouraged but plan to spend extra effort getting used to these procedures and systems. After working with them regularly, they will soon become second nature. When I first started my job at Johns Hopkins, I felt overwhelmed by all the intricacies of the experiment and definitely made a few mistakes, including breaking a number of optical elements. But by the end of my year there, I had written an updated protocol manual for the modifications I had made to the experimental procedures and was the "master" passing on my knowledge to the next person taking the job.

9. There are no real breaks.

In a stereotypical "9-to-5" job, when the workday is over or the weekend arrives, you can generally forget about your work. And a vacation provides an even longer respite. But in a PhD program, your schedule becomes "whenever you find time to get your work done." You might be in the lab during regular work hours or you might be working until 10 p.m. or later to finish an experiment. And the only time you might have available to analyze data might be at 1 a.m. Expect to work during part of the weekend, too. Graduate students do go on vacations but might still have to do some data analysis or a literature search while away.

As a PhD student, it might be hard to stop thinking about the next step in an experiment or that data sitting on your computer or that paper you were meaning to start. While I imagine some students can bifurcate their mind between graduate school life and everything else, that's quite hard for many of us to do. No matter what, my research lies somewhere in the back of my head. In short, your schedule is much more flexible as a PhD student, but as a result, you never truly take a break from your work.

While this may seem like a downer, remember that you should have passion for the research you work on (most of the time), so you should be excited to think up new experiments or different ways to consider that data you have collected. Even when I'm lying in bed about to fall asleep, I am sometimes ruminating about aspects of my experiment I could modify or what information I could do a literature search on to gain new insights. A PhD program is quite the commitment and rarely lives up to expectations – but it is well worth the time and effort you will spend for something that truly excites you.

Contributor

Andy greenspon.

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.

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Graduate Education

The real cost of grad school in the us, nearly everyone gets funding, but the financial demands of getting a phd can catch some off guard, by wynne parry, special to c&en, november 2, 2021 | a version of this story appeared in volume 99, issue 41.

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Graduate school has a reputation of being difficult, but when Nyesa Enakaya moved to Washington, DC, to start her PhD in chemistry at Howard University, she found the pressures were more than academic. Nearly all chemistry PhD programs come with a guaranteed income, but for some students, the money goes only so far.

Enakaya started in a stronger position than many. Not only was she debt-free, but she had savings, and with her parents’ help she made a down payment on a condo near her new institution. Together, her monthly mortgage and homeowners’ association (HOA) fees cost less than renting in the area. This arrangement will also make it possible for her to sell when she graduates.

Her 9-month teaching assistant’s salary of $20,000 sounded like a lot at first, even though it’s less than the average chemistry stipend of $26,000. But as her first school year began, it became clear that her monthly paychecks amounted to roughly the same amount as her mortgage, HOA fees, and utility costs. She had little to nothing left over for all the expenses that typically accompany graduate school, such as health insurance, fees charged by the school, and, of course, food, let alone anything unexpected.

“I just saw my bank account draining,” says Enakaya, now in her fifth year at Howard. “I wasn’t making enough money to support myself, and I was losing all of my savings.”

In chemistry and closely related fields, PhD students almost always receive financial support to cover the cost of their tuition and their living expenses. That’s not true of those in chemistry master’s programs or many who pursue degrees in other areas, such as the humanities and medicine, for which funding is much less consistent. Even so, PhD student stipends in chemistry are never lavish.

While many manage just fine, others quickly learn that their stipends cover much less than they expect or need. Routine costs, including taxes and health insurance, add up quickly. A high cost of living, as in a place like the District of Columbia, undergraduate debt, and unforeseen expenses can all contribute to a financial shortfall and the stress and frustration that accompany it.

However, not everyone struggles. Overall, funding appears to meet students’ needs more often than not. In an American Chemical Society survey conducted in 2019, 62% of US graduate students in the chemical sciences said their financial support was adequate, a decrease of roughly 7 percentage points from 2013.

Amrit Venkatesh says the financial package for his chemistry PhD at Iowa State University, which included a stipend that reached $26,600, seemed reasonably well matched to the cost of living in Ames, Iowa. “I would definitely not call it underpaid,” he says.

After he finished his master’s degree in his native India, Venkatesh at first didn’t seriously consider going to the US for a PhD. He wanted to take time to consider his options, and he assumed that programs in the US would be too expensive for him to afford. After deciding to pursue a PhD in nuclear magnetic resonance spectroscopy, he began looking for a strong program. In the process, he learned that the school that would become his top pick, Iowa State, offered a stipend that he believed he could live on. “I only applied after I was convinced I could make it work,” he says.

Tips from experts and grad students

Before starting a PhD program

Talk to current or recent grad students

When undergraduates give Sarah Goh, a professor of chemistry at Williams College, lists of programs that interest them, she connects them with Williams alums. “I will say, OK, so email these six people and ask them what the program is like and what their life is like.”

Learn about loans

Payments on many, but not all, student loans can be deferred while you’re in graduate school. Federally subsidized loans are the only ones that won’t accrue interest while you are in a grad program, says Ryan Stuart, a family life and finance educator at Iowa State University Extension and Outreach. Compared with undergrads, grad students pay higher interest rates and are more likely to encounter lifetime borrowing limits.

Ask yourself whether you can afford to live there

When you are close to selecting a program, draft a detailed budget tailored to your individual needs and the local cost of living, says Emily Roberts, owner of Personal Finance for PhDs. As part of your research, ask current students if the stipend is livable, she says.

Prepare yourself

Before you start your program, Roberts recommends paying down any credit card or other debt and establishing a cash reserve to keep you afloat, in case it takes some time to get your first paycheck. If you anticipate needing additional income and think you’ll have the time, energy, and freedom, she recommends establishing a side job before you start your program.

Talk to fellow grad students

Your colleagues are the “biggest encyclopedia for budgeting finances,” says Katie Johnson, a recent PhD graduate from the University of Nevada, Reno. “The graduate students that have been there for 2, 3, 4 years, they already know how to do it,” she says. Not only do other students know where to find the cheapest rent and phone bill, but they also may become your roommates.

Make a spending plan (aka budget)

“There is literally no way to figure out if you can survive on any amount of income if you don’t have a plan in place,” says Stuart, who finds that people are generally more receptive to the prospect of making a “plan” versus a “budget.” He recommends using PowerPay’s free online planning tools.

Rightsize your housing

Financial experts typically recommend spending no more than 30% of your monthly income on housing. If that share creeps up much higher, “that is a big red warning flag that you need to do the best you absolutely can to downgrade your housing costs,” Roberts says. That can mean getting a roommate or moving, if feasible.

Establish an emergency fund

Whether it’s a car accident or a last-minute trip home, unexpected expenses come up. Stuart recommends that students put aside at least $400 just in case. If you can manage $1,000, all the better; if not, aim to build up to that amount. Once you have a more regular, stable income, try to set aside 3 to 6 months’ worth of expenses, he says.

Start saving now

You may have a hard time imagining retirement right now, but Stuart and others recommend that you start putting something aside for it. Thanks to compounding interest, “even little amounts over longer periods of time are going to be much higher in the long run,” he says.

While US chemistry graduate students can receive funding from a number of sources, for most students, the institution where they study provides a stipend as compensation for teaching or research. To keep students focused, some institutions discourage or even forbid them from taking on outside jobs.

On average, US schools pay $26,814 for doctoral students working as research assistants and $26,082 for their counterparts working as teaching assistants, according to another ACS survey in 2019, this one of chemistry programs. These numbers, however, obscure enormous variation between both programs and students, who sometimes receive funding from additional sources, such as certain fellowships.

In spring 2014, after struggling to find accurate and up-to-date stipend information online, Emily Roberts launched the PhD Stipend Survey , which now has almost 11,000 entries. The results aren’t perfect—a few entries list unbelievably high amounts—but the survey is the closest thing to a clearinghouse for PhD stipends.

Roberts, who holds a PhD in biomedical engineering, cautions that a dollar amount on its own is meaningless. “Without putting that stipend in the context of the local cost of living, you really don’t yet have any idea of whether that stipend can pay even for basic living expenses,” says Roberts, now the owner of Personal Finance for PhDs .

To account for the cost of living, her survey uses data from the Massachusetts Institute of Technology’s Living Wage Calculator for a single person with no dependents to calculate a living-wage ratio. A ratio less than 1 raises “a red flag,” Roberts says.

Housing, in particular, can strangle students’ finances. The high cost of living near the University of California, Santa Cruz, drove graduate students at this institution to strike in December 2019. They demanded a $1,412 per month raise, an increase they calculated would allow students to spend less than 30% of their pretax income on rent, the proportion recommended by financial experts.

On July 1 of this year, Connor Brandenburg, an organic chemistry student at UC San Diego, got a raise that brought his finances nearly in line with this rule. After his department increased students’ stipends from $31,000 to $34,000 per year, his rent—$897 a month for a studio in university-run housing—accounted for about 32% of his pretax income.

But, within a year and a half, this share may grow substantially. In April 2023, he will have exhausted the 2 years of on-campus housing the university allotted him as a graduate student. Off-campus rents for a comparable studio can run up to $1,700, Brandenburg says, so he’s planning to downgrade.

“I’m 24. I don’t necessarily want to share a room with someone anymore, [but] financially, that may be my only option,” he says.

In addition to rent, graduate students face an expense familiar to undergraduates: fees, which some institutions levy separately from tuition. Like so much else, fees can vary considerably between schools.

This fall, the bill for graduate students at the Georgia Institute of Technology amounted to as much as $1,097 for 10 fees , which include money to fund student organizations, transportation services on campus, and a general-purpose “special institutional” fee.

Most of these charges are recommended by the school’s president and set by the Board of Regents for the University System of Georgia, which includes Georgia Tech. The largest of these fees, the special institutional fee, is an exception. The board instituted it in 2009, at first temporarily, to compensate for state budget cuts. But funding reductions remained in place and so did the fee, growing from $100 to $344 for graduate students.

While Georgia taxpayers may benefit from this shift, the accumulating fees make a difficult situation worse for Krista Bullard, a fifth-year PhD student in chemistry and biochemistry at Georgia Tech. Through a fellowship at the school’s Renewable Bioproducts Institute, Bullard earns $29,000 a year, an amount that she has found doesn’t match the cost of living in Atlanta.

“I have my parents’ car. They pay my car insurance; they pay for my phone,” she says. “I don’t think I could do it on my own.”

Like many other students, she has loans from her undergraduate degree, which add to the financial pressure. The end may be in sight, however, because she plans to graduate in May.

“I’m really pushing for that, mostly because I really can’t afford to stay any longer,” she says.

Fees typically don’t include another common cost: health insurance. Some institutions, including Georgia Tech, require students to purchase plans offered through the school or prove they have comparable coverage. But some programs provide free coverage.

Roughly a year after finishing his PhD, Venkatesh says his financial experience turned out “about the same as what I expected.” That doesn’t mean it was easy. Like many other students, he made the money work through a combination of hard work, self-discipline, and, on occasion, painful trade-offs.

After moving from India, Venkatesh faced a distinct set of financial challenges: he needed to send money back home to his family and, after he got married at the end of his first year, to support his wife, whose visa restrictions severely limited her options for earning income in the US. Tight finances, as well as the demanding work culture of American academia, contributed to the most difficult part of his entire PhD experience: traveling home only twice.

Together, he and his wife carefully managed their money, and Venkatesh figured out a way to supplement his stipend. While at Iowa State, he earned a series of academic honors—fellowships, scholarships, and a prize for research publications—that brought in between $1,000 and $10,000 after each year of his program.

“I have seen graduate students who manage the stipend significantly better than even I did,” he says. “But there were also students who might say the exact opposite, who were really struggling from month to month.”

In contrast, Enakaya’s expectations of living on her stipend evaporated after she started her program at Howard. At first she made do by using her savings and credit cards. She also found work tutoring and teaching, as well as paid summer internships, and her adviser provides her with some additional funding for her research. Her success lining up outside income, however, has come at a cost.

Over the most recent summer, for example, she interned at Brookhaven National Laboratory while teaching biochemistry and a Medical College Admission Test (MCAT) prep course virtually. For 12 weeks, this arrangement kept her away from her research lab at Howard, where she had originally intended to focus her time and energy.

“Going into Howard, I truly didn’t believe that I would have to be taking internships, that I would have to be getting extra jobs,” she says.

The financial prospects for future Howard students may improve, at least to a degree. By 2023, the university plans to increase the 9-month teaching assistant stipend in chemistry and other departments by 20%, to $24,000, according to Dana Williams, dean of Howard’s Graduate School. This decision was based on the cost of living in the DC area, she says in an email.

Others besides teaching assistants may benefit too. Although funded by faculty members’ grants, research assistant stipends match those of teaching assistants and will likely increase too, according to Hua Zhao, the chair of Howard’s Chemistry Department.

The raise would bring Howard’s stipend more in line, although not quite on par, with funding offered to PhD students in chemistry at other DC institutions. Georgetown University and George Washington University both offer full-year support, versus Howard’s 9 months, of more than $35,000.

Looking back, Enakaya says that even if she had fully understood the financial picture, and the prospect of a larger stipend elsewhere, she would not have reconsidered her decision to go to Howard.

“I wanted to go to an HBCU [historically Black college or university]. I want to be surrounded by people that I know support and love me and really want to help me grow not just as a chemist, but as a Black chemist,” she says. “I want to learn from the faculty here, because they’ve had similar stories and similar experiences as me.”

When told her scramble to make the money work sounded stressful, Enakaya says: “Graduate school is stressful. We make it work. We definitely make it work.”

Wynne Parry is a freelance writer based in the greater Philadelphia area. This article is copublished in inChemistry magazine in partnership with ACS Education.

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Tuition, Fees, and Ph.D. Stipends

NOTE: All numbers below require annual approval by the Board of Trustees

Last updated August 27, 2024

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  * - Projected rates for tuition, fees, and stipends are tentative and subject to change.

** - For longer term projections, the tuition remission rate can be assumed to increase 0.7% per year.

*** - Teaching assistant and grader rates are established by the Trinity College of Arts and Sciences.

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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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Our Ph.D. in Information Science is a research program for next-generation scholars of the information age.

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Research by faculty members and doctoral students keeps the I School on the vanguard of contemporary information needs and solutions.

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Funding Your Ph.D. Education

At the I School, all our Ph.D. students receive funding packages with a minimum of six years of financial support through a combination of fellowships, research positions, and academic student employment. Details of individual funding packages may vary; in order to take full advantage of offered funding, students need to remain in good academic standing and advance to doctoral candidacy in normative time to degree, and may need to meet other funding conditions of specific fellowships or positions.

In the first year, I School Ph.D. students receive fellowship support to cover all tuition and fees, including Non-Resident Supplemental Tuition and the Student Health Insurance Fee, and a stipend for living expenses. For the academic year 2023–2024, the minimum first-year I School Ph.D. student 12-month stipend is $40,000.

After the first year, Ph.D. students are typically funded through graduate student academic appointments or research positions for up to four years (eight semesters). In addition to an hourly wage, students receive fee remission that offsets a portion or all of their tuition and fees. For more information, see Graduate Student Academic Appointments and Fee Remission .

Some students continue their research positions during the summer. The I School also offers limited summer grant opportunities for Ph.D. students who have no other summer funding sources secured.

After Ph.D. students pass their qualifying exam and advance to doctoral candidacy, the Berkeley Doctoral Completion Fellowship (DCF) provides eligible students with one year (two semesters) of tuition remission and a stipend for living expenses. Students are expected to make every effort to meet DCF eligibility conditions in order to take advantage of this funding opportunity.

The University also awards through competition a limited number of merit- and need-based fellowships each year. See University Fellowships for further details.

Tuition and fees listed reflect currently approved amounts; these figures may not be final. Actual tuition, fees, and charges are subject to change. Students should expect fees to increase moderately each fall term.

* Students may opt out of the UCGPC fee .

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In addition to the first-year fellowship and academic student employment, Ph.D. students may supplement their funding by applying for additional internal and external fellowships. Some university restrictions on combining funding opportunities apply; students are encouraged to consult our admissions staff with questions about specific conjunctions of funding.

Fellowships for I School Students

All admitted Ph.D. applicants will automatically be considered for the Hal Varian endowment .

The I School awards a variety of fellowships to I School students.

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Students are encouraged to apply for external fellowship opportunities as relevant. Below are several examples of external fellowships that our I School Ph.D. students have successfully obtained:

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• UC Berkeley Mentored Research Award

Our Ph.D. students have also received grants from the following organizations and centers:

• Tuition, Funding, & Living Costs
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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.

Tuition for full-time study at the Graduate School of Arts and Sciences in the academic year 2024-2025 is $49,500.

More information on Tuition & Fees is available in our Programs & Policies handbook. Please note that we do not charge many of the fees common to other schools (e.g., technology fee, library fee, gym fee, student activities fee).

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For PhD Degree Applicants

All PhD students at Yale receive the following financial award, typically for a minimum of five years:

• a fellowship that covers the full cost of tuition ($49,500 for 2024-2025)
• a 12-month stipend (minimum of $49,538 for 2024-2025)
• comprehensive health insurance, including hospitalization coverage and specialty care for students, their legal spouse, and their children
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Additionally, a Dean's Emergency Fund is available to help students with eligible, unanticipated emergency expenses. In some cases, the Continuing Registration Fee for advanced PhD students is also covered by the Graduate School.

Most PhD students complete their degrees without incurring debt.

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Most students pursuing Master's degrees do not receive financial support from the Graduate School and are responsible for paying tuition, but some programs offer limited funding. Please check with the program that interests you for more information.

All Master's students registered at least half time receive Student Basic Coverage at Yale Health. You are also eligible to purchase Hospitalization and Specialty Care coverage at a group rate through the university.

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Many of our students win external fellowships and grants. See our External Fellowships & Awards page for more information on how an external award will affect your Yale funding.

Some students choose to take loans, participate in work-study programs, or engage in part-time employment to supplement their funding while in Graduate School. More information is available on Other Means of Financing Graduate Education .

Living Cost Estimates

To ensure that our financial aid package provides enough support to enable you to live in New Haven and study full time, we developed a cost-of-living guide (see below). The Office of Financial Aid also uses these calculations to determine financial need as required by certain funding sources and for immigration processes.

Estimated average living expenses include housing and food, transportation, personal and academic expenses (excluding tuition), and hospitalization coverage and specialty care. Expenses for doctoral students may actually be less than the estimate below, since PhD financial packages cover the full cost of single-student hospitalization and specialty care coverage in the Yale Health Plan, as well as half the cost of two-person coverage (for spouses and partners), and the full cost to cover children.

2024-2025 Academic Year Living Cost Estimate:

9-MONTH LIVING COST (Master's Students):

• Single Student: $30,875

12-MONTH LIVING COST (PhD Students):

• Single Student: $39,651  

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Was Becoming an MD/PhD a Good Financial Decision?

This month, I graduated from my MD/PhD combined-degree program. Earlier this year, I matched to a psychiatry research track residency in a high-cost-of-living area on the West Coast. I will start residency without any debt from medical school. On top of the free tuition, my school paid me a stipend to cover my living expenses for each of the seven years, including three years of PhD. That is about $600,000 in value.

But when I was applying to MD/PhD programs eight years ago, I was not as financially literate, and I was not married. I did not know about the FIRE movement . I didn't grasp how long the journey to becoming an independent physician-scientist would be (spoiler #1: 14 years on average). I cannot quantify the intangible benefits of my MD/PhD training, but as this is a financial column, I'll examine today whether pursuing an MD/PhD is a good financial decision.

(Spoiler #2: I would do it again even if I knew the answer to the question before I applied.)

Why Do Medical Schools Pay MD/PhD Students?

According to the AAMC , out of the 22,000 students per year who matriculate at allopathic US medical schools, about 700 are in the MD/PhD program, which is 3% of all students. The number dwindles closer to 600 by the time of graduation. Most programs pay for tuition (~$60,000) and living expenses ($30,000-$40,000) for both the MD and PhD portions of training—I cannot imagine any circumstance in which one would pay for their own MD/PhD training —because many alumni have to sacrifice income in order to spend the majority of their time doing research in academia.

MD/PhD students are also more likely than their medical school counterparts to choose specialties that have lower-than-average compensations. For example, the national MD/PhD program outcomes study showed that 14% of MD/PhD alumni choose pathology (vs. 1% of MDs) and only 7.4% choose surgery (vs. 12% of MDs). Self-selection is a huge factor, but I think many of my MD/PhD colleagues might have entered more competitive and lucrative specialties if they could have received robust research training during residency.

The same study also reported a troubling trend. The mean time to a degree and mean time to a first full-time job (after graduating from MD/PhD training) have been increasing over the years to 8.25 and 5.88 years, respectively. For psychiatry, the mean time to a first full-time job was 5.6 years, and for surgery, it was 7.1. This data does not include those who graduated after 2014 for the mean time to degree and those who graduated after 2004 for the mean time to a first full-time job. Compared to their classmates who could become an attending psychiatrist after eight years of undergraduate and graduate training, someone who starts their MD/PhD training today could be in training for 14 years before they start working full-time as a psychiatrist.

The psychological effect of seeing your original classmates become attending physicians while you're just graduating from medical school cannot be overlooked. MD/PhDs would be in Years 7 and 8 of “living like a graduate student” with six more years of “ living like a resident ” remaining. MD/PhDs have to master delayed gratification as much as our PhD dissertation.

Given the above, the question I should have asked is: how far does the money go? In the chart below, I make assumptions that are as favorable for MD/PhDs as possible. Our MD/PhD alumnus maximizes their Roth IRA contribution beginning M1. Our MD-only alumnus would have a student loan burden of $527,000 at the end of their residency training. After these (somewhat unreasonable) assumptions, our MD/PhD alumnus would have about $89,000 more than their MD-only counterpart 14 years after they matriculated together.

However, even if the MD/PhD alumnus starts a full-time job after 14 years of training, the $89,000 gap will close down fast. I have not had a chance to ask any physician-scientist about the details of their compensation, and I could not find any data on the average income of MD/PhD alumni. But a quick scan of online forums suggests that one would have to be a superstar to earn anywhere between $200,000-$300,000 after they complete their training. Hopefully, I am wrong, and one can make more, or I might be naive to consider that such compensation is possible at the beginning of one’s academic career. Since the MD-only alumnus would pay off their loans and start maximizing their retirement savings after year 16, they would be ahead of the MD/PhD alumnus in terms of net worth in just a few more years.

More information here:

How to Stay Focused When Everyone Else Is Getting Rich

What Are the Alternatives to MD/PhD?

If a physician wants research to be their primary endeavor, one may not have a better alternative than a combined MD/PhD training. MD graduates can do research for their elective rotations—or earn a PhD during residency—and then join research fellowships. But their path would not be any shorter, and they would still have student loans (notwithstanding loan repayment or forgiveness programs). According to the NIH’s Physician-Scientist Workforce Working Group Report in 2014, the mean age at which a physician receives their first independent NIH grant is 43.8 for MDs and 44.3 for MD/PhDs. The mean age for MDs has been historically higher, but for whatever reason, the mean age plummeted in 2012 (the last year for which data was available).

While neither path is faster, MD/PhDs are more persistent and successful when they apply for an individual NIH research project grant (RPG). The report found that the first-time award rate of RPG applicants is about the same for MDs and MD/PhDs, but this data likely suffers from survivorship bias. The key metric is “persistence quality,” defined as reapplying for an RPG in subsequent years after their initial application was not funded. MD/PhDs were 8% more “persistent” than their MD counterparts. The difference in persistence was likely due to a combination of differences in commitment and preparation for prior training. Among T32 postdoctoral trainees (yes, many MD/PhDs have to do research fellowships after residency), a higher percentage of MD/PhDs apply for an RPG in the first place, and the award rate was 13%-14% higher for MD/PhDs.

Splurge on This, Not on That

‘Opportunity Cost Is a Huge Filter in Life'

I was not surprised on the interview trail—and this column validates my experience—when physician-scientists grilled me on my desire to do research in my career. Right now, I do not think that I will find my career fulfilling without research. I enjoy the process of generating and answering research questions. When I identify something that does not work well, I am going to be frustrated if I lack the skills and resources to improve it.

Money is not the reason to do an MD/PhD; it is why many of us no longer do research. The temptation to decrease my research effort will increase as my family grows and our tastes change. When faculty and former MD/PhDs explained why they (or someone else) left research, the primary reason was the opportunity cost of sacrificing clinical time, not the likelihood of receiving a grant. In five years, I could be writing a column about why I am not continuing my research career. Charlie Munger is right about how opportunity cost is a filter: when two suitors (i.e., clinic and research) are eager to have us and one seems way better, I may not find time for the other.

This column has allowed me to reflect on how my goalposts have moved. When I was working before medical school, I was planning to apply to graduate schools until my mentors persuaded me to pursue an MD/PhD. Now that I am at the end of medical school, I am comparing my lifetime income and net worth trajectory against those of my MD colleagues, not my PhD colleagues. (Don’t get me started on comparing myself to my college classmates and software engineers!)

I do not believe that I can stop the goalposts from moving. I can only adapt and make sacrifices for what I can control. I realized that I could improve my odds of becoming a physician-scientist by decreasing the financial effect of my career choices. This is one of the reasons why the program where I matched was high on my rank list (I will share those reasons in a future column). My wife and I will be moving to the state where she grew up and her parents still live. We are thankful for everyone who has made this seven-year journey possible and excited for the new opportunities that will be coming our way.

If you were an MD/PhD student, are you happy with how it turned out? What were your pros and cons? If you went the MD route instead of doing research, did that turn out to be the right decision? Comment below!

28 comments

Appreciate the article. Would NOT do an MD , PhD again. Strictly clinical now. Absent the financial advice or insight early in my career, can’t say I’m in a better financial position than my contemporary MD counterparts. Doubling down on a post doctoral research fellowship, probably was the most financially problematic decision, not to mention the strain it put on my family with time commitments to research. Don’t regret the journey taken, it helped clarify what’s most important in my life. Charlie Munger is a wise man, the financial incentives of clinical practice probably outweigh those of research unless you can see a way to starting a successful business or collecting on royalties from anything you patent in your research.

Thank you for sharing your journey. I’m hoping that I will have more clarity after doing a research track residency and having kid(s). On the interview trail, it seemed like many MD/PhD research tracks decide whether to continue research in their final year of residency or the first 1-2 years after residency.

Can you comment on the value (to “the public” etc.) of MD/PhD doing research rather than PhDs in similar fields doing so? How would Psychiatry medical care now and in the future be different if all Psychiatry research was done by PhDs consulting MDs at times/ following MDs’ patients with the MD’s cooperation? Would any MDs be willing to take the time that would demand of them as so many now do med stud and resident education?

While MD/PhDs may be less likely to become pioneers in methodology such as bioinformatics (Francis Collins being the counter-example), PhDs will rarely appreciate the complexity and diversity of clinical presentation and complications from treatments (except perhaps clinical psychologists). True “bench-to-bedside” is becoming rarer, but MD/PhDs clinical experiences as a resident can be enough to launch full-time research careers because research questions grounded in reality tend to be more “high-yield.”

If no MDs were primarily doing research in psychiatry, we would repeat what happened in the 2010s (granted it was under the leadership of Dr. Tom Insel who was a clinician-scientist) and go nowhere. As for med ed, it would depend on how they spend their clinical time. Less likely to directly supervise if they are doing outpatient.

I finished the MSTP in 7 years; followed by residency and fellowship over another 7 years. Although I started an academic career at least 3 years later than my original medical school classmates, I had a clean slate, with no debts. I had the opportunity to pursue clinical or research tracts, and followed my drive to specialize in interventional cardiology. In terms of financial considerations, a peak salary of 400k, while lower than many in private practice, afforded as high a lifestyle as I could want, while building equity. Combining accumulated funds with a government pension (from a decade in the VA), I could retire at 62, with FEGLI health insurance coverage.

For pre-meds considering M.D.-Ph.D. programs, they should pursue this track for a passion and commitment to research and an academic career, not for maximizing financial achievement. However, the advantages of starting a career free of debt, and the level of opportunities afforded by the combined degrees, should more than outweigh the costs of the few years’ delay they incur.

Thank you for sharing your journey. I 100% agree about choosing MD/PhD based on passion and commitment. Financial incentives should not be a factor at all. I was always puzzled by my classmates who thought I would be financially ahead of them. It’s what motivated me in part to try crunching the numbers for the column.

“I could retire at 62, with FEGLI health insurance coverage“

Are you still at the VA? I thought you had to work at VA for more then 10 years to get the health insurance coverage?

I finished my PhD in Biochemistry on full scholarship in 1980, then enrolled in 2 year Med School program at U of Miami Med. School. This PhD to MD program no longer exists. After Internship in Internal Med and 3 yr.Residency in Ophthalmology, I was hired at a major academic research institution for a paltry salary and advised that Research Grants would be necessary to augment my salary. I was surprised to discover that I was no longer eligible to apply for a “NIH young investigator award “, and would have to apply for RO1, which was highly competitive and therefore unlikely to be funded. Although I was successful in getting a few private grants, the amounts were barely enough to cover the cost of the research and not the salary. Ultimately, I left the University after a few years and remained in a successful private practice for 30 years. I am recently retired. I have to admit that the PhD education in Biochemistry was a fantastic background for medical school and clinical practice. It is hard for me to say whether I would do it again because I do not think I would have been of as much value to my patients, students and colleagues, however the institutions that funded my education might feel otherwise, with respect to the cost they incurred to educate me.

Thank you for sharing your journey. I think experiences like yours are one of the reasons that my program focused less on having us become experts in a siloed field (eg, biochem, cell bio, etc.) and encouraged us more to learn how to study a disease. After all, so many MD/PhDs choose a specialty that is unrelated to their PhD.

Given the difference in rates at which clinical work and research are paid, ot would be rare to find adding the PhD was a positive financial move. Same as for rarely will pursuing research lead to a higher income than purely clinical work.

People get PhDs and do research because they want to, not because it is the highest paying career path.

Same as for why people enter general peds, rather than neurosurgery. Neurosurgery pays better but many people would rather be pediatricians.

Thank you for your comment. I 100% agree. Just as the OG WCI says…longetivity over peak income. After all, many clinician-scientists choose to work beyond age 70 because they love what they do.

I did my PhD as a way to get into med school after a less than stellar first year as an undergraduate, which pulled my GPA down. I had already worked in a lab as a summer student and enjoyed the research I had started, however it was a means to an end, as my goal was always to be a doctor. Despite the opportunity costs of 4 years for my PhD and one year of post-doctoral fellowship, prior to med school, and then 3 years of subspecialty training after residency (Oncology), I retired 2.5 years ago at age 58. I also married the lab tech I worked with! Other than a bit of delayed gratification, I have no regrets at all !

Thank you for sharing your journey. Congrats also on your financial independence! My wife isn’t in research or healthcare, but we got married during my PhD years, so I will also never say that I regret doing my PhD.

Dude Francis congrats on the MD PhD man! Although maybe not the best financial decision, do you find value in that those researcher years may not have been as hard-core as redidency training and there was time to spend with family and friends?

Thank you for your always kind comment! The PhD years were a nice breather, and my wife and I (as well as my parents) appreciate the experiences that we’ve had because of my schedule’s flexibility. The trade-offs are: (1) living like a resident for a longer period especially if I do a research fellowship and (2) becoming financially independent later. I hope that we’ve made the trade-offs worthwhile, and I think having kid(s) and my parents aging will help me appreciate the PhD years even more later.

Besides the obvious late start on financial productivity – If you think MDs are bad with money, PhDs are worse. There is a culture of not caring about money in academic science, and that can help you take your eye off the ball. As a clinician scientist you spend you extra more on your research, not on projects that generate personal wealth. For so many reasons it is not a good financial move. Only do it if you want to be a clinican-scientist. Living like a resident is an easier path to being debt free than MD/PhD.

I was always puzzled by my classmates who thought I would be financially ahead of them. It’s what motivated me in part to try crunching the numbers for the column. I think many trainees are daunted by debt because it’s hard to grasp how much one could save and spend on attending salary.

Like the author, I came to the MD-PhD program as an alternative to a straight PhD. I think one of the main societal benefits of the program is drawing talented people into medicine who would otherwise have been basic scientists. I don’t know the latest statistics, but only a small portion of MD-PhD graduates go on to be federally-funded investigators. Not only is the financial pull of clinical medicine strong, but it is also inherently difficult for clinician-scientists to compete with PhDs who do research full-time. The other issue with MD-PhD programs is sequencing. After devoting 3-5 years on the PhD, most trainees take a long (4+ years) break from research for residency. During that time, they lose much of their competitive edge in research as science moves on in the meantime. They may have a bit more experience then their MD-only counterparts in a T32, but at that point it’s a small factor compared to the mentor you happen to get and how much (if at all) your research project takes off as you make the transition to junior investigator.

If medicine is the plan from the get-go, I think people are better off going to a reasonably-priced med school and looking at doing a year at NIH or some kind of masters in clinical research. Most MD-PhDs do basic science, but I would argue the real edge would be getting training in clinical research so you don’t end up competing in basic science with those full-time PhDs.

Sorry for my late reply, but perhaps more timely given I’m now in my second year of residency.

Research track residency programs (like the one I’m in now) allow for some continuity, but many MD/PhDs end up pursuing a specialty that is not related to their PhD or changing their research area based on the available mentors at their new institution. Regardless, I think MD-PhDs do have an edge over their MD counterparts during residency because they are more likely to match into the research track programs and receive internal grants to fund their projects.

I do agree with your point about competing with full-time PHDs. I am leaning towards clinical research, but we’ll see.

It’s my understanding that MD/PhDs are also in demand for medical school faculties. So it might be a good route to go if you want to teach as an academic faculty member.

As far as I know, the demand for MD-PhDs is for their research, not for clinical teaching. Any edge (see my reply immediately above) would be nullified by productivity.

No one, at least that I know of at the time (i.e. before explosion of VC and biotech) pursued an MD/PhD for $, but for personal goals as did I. I didn’t have perspective on the MSTP track until a chance encounter during a 11pm elevator ride from one lab to another during my research time. I ran into an esteemed MSTP alum, now a junior faculty member, who was way smarter, insightful, and accolade/award-winning than me. I asked him why he was there so late. He shared that between his 1/3 time in supervising his lab & research, 1/3 time as an attending, 1/3 time grant writing, and 1/3 time teaching, it was his routine, and he was NOT joking about his time allocations. I later noted that there had been no mention of his new wife or personal time. That led to some thoughtful discussions with my new spouse and some difficult decisions about career track. I ultimately chose to combine my interests in a pharma career and skipped the ivory tower rat race. While there are many similarities btwn academia and pharma, pharma provided greater career flexibility and personal time while still allowing me to make practical real-world contributions to health care in shorter time horizons.

My husband and I are coming upon a similar revelation, 3 kids in and facing the reality of tenure track junior faculty expectations. Would you be willing to chat more about your transition to industry?

From what I’ve been told, transitioning from industry to academia is easier than the other way around. If I were not interested in clinical practice at all, I have always thought I should pursue working in the industry initially.

Another take as a md/phd currently on the job market after completing residency/fellowship. The calculation was monetary, but not in the typical way as shown above – not having crushing levels of medical school debt and the gap of the PhD years allowed me to pursue some side hustles and venture-type investing, which made a difference (also, renting out the property I lived in as a md/phd produced another income stream – bought post 2008 crash, so values were atypically low). Thus, I’m starting out attending-hood with no debt (besides mortgage) and net worth close to 1M. This isn’t typical though and results may vary. But the lesson: not everything is Excel sheets and financial models; embrace spontaneity and luck.

Did you make the calculation about the side hustles before you applied to MD/PhD programs? I would imagine you were more likely to buy the property because you knew you would be there for at least 7-8 years.

Totally agree about spontaneity. I would not have had the opportunity to learn about personal finance and write for WCI if I did not have the PhD portion in medical school.

My husband and I are both md phds new attendings. He is 100 percent clinical (likes to dabble in clinical research) and I am working on a k and 50 percent protected. I do not regret my phd because it let me get my current job and set me up for a research career. I do find it hard though when my job conflicts with my job. Financially, I probably am doing worse as I did my mdphd in high cola but I feel my life is much more rewarding.

One thought I’ve had is that having another high income partner might increase the chance that an MD/PhD pursue research because they would have less financial burden to be the primary breadwinner. Regardless of their partner’s income, I have heard from a few junior investigators that it still stings to compare their income (and lifestyle) to their residency and med school classmates.

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• The Inventory

The complete guide to getting into an economics PhD program

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

• You get a job.
• You get autonomy.
• You get intellectual fulfillment.
• The risk is low.
• Unlike an MBA, law, or medical degree, you don’t have to worry about paying the sticker price for an econ PhD:  After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year. (See Miles’s companion post  for more about costs of graduate study and how econ PhD’s future earnings makes it worthwhile, even if you can’t get a full ride.)

Of course, such a good deal won’t last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: “How do I get into an econ PhD program?” And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ PhD Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly-ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor’s degree at a—possibly foreign—college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics PhD.)

Here is the not-very-surprising list of things that will help you get into a good econ PhD program:

• good grades, especially in whatever math and economics classes you take,
• a good score on the math GRE,
• some math classes and a statistics class on your transcript,
• research experience, and definitely at least one letter of recommendation from a researcher,
• a demonstrable interest in the field of economics.

Chances are, if you’re asking for advice, you probably feel unprepared in one of two ways. Either you don’t have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If you’re weak in math…

Fortunately, if you’re weak in math, we have good news:  Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we’ve both taught people math for many years, and we really believe that it’s true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

• Linear algebra
• Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

• Ordinary differential equations
• Real analysis

Linear algebra (matrices, vectors, and all that) is something that you’ll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis—by far the hardest subject of the five—is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn’t do very well, don’t worry.  Retake the classes . If you are worried about how that will look on your transcript, take the class the first time “off the books” at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you’ll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ PhD program, once you get in, you’ll breeze through parts of grad school that would otherwise be agony.

Here’s another useful tip:  Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you’re going to have to get used to doing in grad school anyway (especially during your dissertation!), so it’s good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum’s outline series ), or get a “math for economists” book; regarding the latter, Miles recommends Mathematics for Economists  by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists  by de la Fuente. When you study on your own, the most important thing is to  work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That’s OK. That’s what summer is for (right?). If you’re late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called “math camp” that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged:  Be a research assistant on something non-mathy . There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven’t yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants—something that is easy to figure out by studying professors’ websites carefully, or by asking about it when you visit the college.)

If you’re new to econ…

If you’re a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil  Principal Investigator, don’t worry:  An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ PhD programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to  take an econ class , just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you’ll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to  read through an econ textbook . Although economics at the PhD level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil’s excellent book on economic growth ) or Varian’s Intermediate Microeconomics .

Remember to take a statistics class , if you haven’t already. Some technical fields don’t require statistics, so you may have missed this one. But to econ PhD programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist . Fortunately, economists are generally extremely welcoming to undergrad RAs from outside econ, who often bring extra skills. You’ll get great experience working with data if you don’t have it already. It’ll help you come up with some research ideas to put in your application essays. And of course you’ll get another all-important letter of recommendation.

And now for…

General tips for everyone

Here is the most important tip for everyone:  Don’t just apply to “top” schools . For some degrees—an MBA for example—people question whether it’s worthwhile to go to a non-top school. But for econ departments, there’s no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way—Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow’s top 20 will be like today’s top 10, and tomorrow’s top 100 will be like today’s top 50.

Apply to schools outside of the top 20—any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren’t as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ PhD students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next—and this should go without saying— don’t be afraid to retake the GRE . If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for—there are only a finite number of topics covered, and with a little work you can “overlearn” all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you’re OK!

Here’s one thing that may surprise you: Getting an econ master’s degree alone won’t help . Although master’s degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master’s degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master’s degree automatically after two years. And if you end up dropping out of the PhD program, that master’s degree will be worth more than a stand-alone master’s would. The one reason to get a master’s degree is if it can help you remedy a big deficiency in your record, say not having taken enough math or stats classes, not having taken any econ classes, or not having been able to get anyone whose name admissions committees would recognize to write you a letter of recommendation.

For getting into grad school, much more valuable than a master’s is a stint as a research assistant in the Federal Reserve System or at a think tank —though these days, such positions can often be as hard to get into as a PhD program!

Finally—and if you’re reading this, chances are you’re already doing this— read some econ blogs . (See Miles’s speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they’re a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don’t be afraid to  write  a blog either, even if no one ever reads it (you don’t have to be writing at the same level as Evan Soltas or Yichuan Wang );  you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class . One way to practice thinking critically is by critiquing others’ blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don’t be scared of the math and the jargon. We’d love to have you.

Update:  Miles’s colleague Jeff Smith at the University of Michigan amplifies many of the things we say on his blog.  For a  complete  guide, be sure to see what Jeff has to say, too.

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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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