According to the U.S. Bureau of Labor Statistics, more education means more earnings and lower rates of unemployment. Earning a bachelor’s degree increases weekly earnings by 62%, and a graduate degree increases weekly earnings by another 21%. Going all the way to earn a PhD can increase earnings still further. But is the average five to six year time investment in a doctorate degree worth the extra money?
Reasons Workers Choose to Earn a Doctorate Degree
In 2001, 1% of U.S. workers, about 1. million, held a doctorate degree. Many professionals choose to pursue intensive study and research through a PhD program for the pure enjoyment of the subject matter. Alternative reasons a professional may earn such an advanced degree is for career advancement or to secure a position in teaching or research. A doctorate degree trains a professional to be an expert and a scholar in his or her chosen discipline.
Financial Rewards of a Doctorate Degree
Earning a doctorate degree certainly comes with financial rewards. A PhD holder earns an average of $1307 per week, whereas a graduate degree holder earns $1064 per week. This translates into a difference of $243 per week or $12,636 per year. Over a lifetime, the U.S. Bureau of Labor Statistics reports that a professional who has earned a doctorate degree will earn $3. million and a professional who has earned a graduate degree will earn $2. million.
Drawbacks to a Doctorate Degree
Of course, the financial data fail to show the complete picture involved in earning a doctorate degree. Costs such as tuition, missed salary, health insurance, and time away from the work field must be taken into consideration. The PhD job market is also characterized by major fluctuations depending on the supply and demand of the doctorate degree labor market. A doctorate degree is typically a very specialized degree and can make finding the perfect job challenging.
Pursuing a Doctorate Degree Part-Time
Although many students who choose to pursue a doctorate degree attend school full-time and take advantage of internships and assistantships, many mid-career professionals choose to begin earning their PhD on a part-time basis. The majority of universities are now offering alternative class schedules and online PhD programs to accommodate students’ work and family responsibilities. College-Pages.com is a valuable source of information that has an extensive list of available programs by subject and degree level.
For specific predictions on earnings and job prospects by career for doctorate degree holders, students may visit the Occupational Outlook Handbook, 2006 – 2007. Predictions are not always exact, but can be a good starting place for the professional considering a PhD.
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Tags: doctorate degree, PhD
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