Anybody have their PhD or is getting their PhD? | Personal Finance & Lifestyle | Yakezie Forums

I've contemplated a masters, but really not interested in a Ph.D. I don't know what field you're in, but 4-5 years for a Ph.D. in the sciences is pretty short. One of my professors once told me that for theoretical physics, 5 years is possible… if you are brilliant.

When I got let go from a job in 2005 and wasn't having much luck for the first few weeks finding a new job (I'm impatient) I started sniffing around to see if getting a PhD was for me.  It is a huge commitment and I think you have to be fully dedicated, enthused, and committed.  You also should have an idea of what you're hoping to do with it.  Do you want to teach full time?  Do you want to do something unique in your field?  I don't think that having it for the sake of having it is a worthwhile approach, but if you've got a goal in mind that you can achieve with the PhD, it's worth considering.

I replied to your comments on my blog as well, so I've limited my responses here to your direct questions.

My husband will finish next spring and I'll take maybe another two years.  He wants to keep doing research, but he's not sure yet if it will be in industry or academia (probably the former).  Either way, the next career step is a postdoctoral research position, so he has some time yet to figure it out.  I am going to pursue what the academicians like to call an "alternative career."  I don't really want to be at the benchtop any more, so an industry research position would be a backup option.  (My PhD-to-be is in biomedical engineering, which is predicted to grow like gangbusters over the next 10 years, so I consider it very employable.)  So I'm not totally sure yet what I'll do!  Maybe government work (regulatory, science administrative), policy, writing, tech transfer, consulting…  I'm searching.

I'm not sure I would explicitly say I have regrets at this point.  I came in to grad school thinking I would be a principal investigator in a government lab, but those career objectives changed pretty quickly.  I decided it was worth it to finish the degree, though I did consider leaving with an MS, as it opens a lot of career doors (though it closes some as well) and I hope that things will work out that I'll use the degree.  If I end up in a career that really doesn't require a PhD I will probably regret the opportunity cost of not earning a decent salary for all these years.  In terms of family planning there may be regrets as well – because of our PhDs we might be less financially prepared for children when we need to have them fertility window-wise, which means I might have to work when I'd rather be taking a career break.  But none of those things are certain yet, and there have been a lot of indirect benefits to being in grad school at this time in my life.  I was able to get into the school my boyfriend went to, which meant we were able to grow our relationship and eventually get married – it's pretty sweet to work at the same place as your spouse (carpooling!) and experience the perks of being students together.  I love where we live, we are in a great church, and we have made wonderful friends.  I even think it's been good for our marriage, communication, and possibly future financial health to go through this low-income period together to clearly establish what our baseline needs are so that we can combat lifestyle inflation once we are making real money.  So, as with anything… plusses and minuses.

Sam, I think you are in an interesting position, given your background.

I am surprised that I am even writing this, but I'll be the contrarian. I guess I have different feelings with respect to why it may be worth doing. I don't think you need one, but needing one to advance your career is not the only reason to get one. I think the journey was worth something. This isn't a trade program where you learn a skill but aren't necessarily concerned about the overall education. I also think that there is nothing wrong with wanting to become faculty as an end goal. That was my initial motivation for going to graduate school. Although I have changed my career path, I still LOVE teaching. Anyone, who wants to educate tomorrow's world changers is okay in my book. I also think going to a program that respects non-traditional students may be beneficial as well. However, I definitely wouldn't do the Ph.D., or any degree, for the letter designation after your name. Do it only if it fits your overall goals.

What I would hate is for you to be miserable doing something that no longer excites you. If you can be happy and not pursue a Ph.D., that's fine and perhaps even preferable at this stage. However, I wouldn't rule it out based on others' experiences. Not only do the programs differ, but the whole experience is very individual. For example, my wife and I were in the same lab and earned the same degree, but our experiences and projects couldn't be more different.

I wish I had gotten a PhD in Business. I have an MBA in Finance and an MS in Counseling & a BS in Econ. More education = more options. Hubby has PhD. Daughter is starting MA in Communications in the Fall. I teach in a top business school part time and love it. Good luck with decision making. Talk to folks in the program in which your interested as well as grads of the program. Unlike mbhunter, I find school really stimulating :). Good luck!

Post edited 2:51 am – May 25, 2012 by Khaleef @ KNS Financial

Right now I have an M.A. in Economics, and have considered going back for a Ph.D. in the same field. However, I really want to get a doctorate in Theology, which would mean getting 2 more Master's first.Also, within the next year I will probably go back to get another Master's in Accounting, so that I can sit for the CPA exam and boost my financial planning business. I have definitely looked into this a lot…plus I work for one of the largest and oldest universities in the country.

My main piece of advice to anyone considering a Ph.D. is that you probably won't be able to do it if you have great alternatives. What I mean is that if you are running a successful business, or have other ventures that demand your time, it can be easy to lose focus – especially since a doctoral program is very much self-guided. It's not like you just have to fight through the "distractions" and attend classes and pass exams; but you will actually have to conduct independent research and this is hard to do if you have other worthwhile things pulling you away.

When you are studying for your qualifying exams or working on the nth revision of the first chapter of your dissertation, will you be able to ignore the voice(s) telling you that it's not worth it? If you put that amount of effort and time into some of your other ventures, you will probably see them take off to levels that are hard to imagine right now. Will you be able to ignore that fact while you are working toward your degree? If so, go for it! If not, don't waste your time.