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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Westwood College is an institution of higher learning dedicated to providing quality, career-focused undergraduate and graduate programs that prepare students with the knowledge, skills, and credentials needed to launch, enhance, or change careers. The College offers broad access to education and serves a diverse, multicultural body of students in an environment that promotes pride, respect, and teamwork. The College's programs are designed to empower students to pursue their individual career goals.
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Our programs are current, in depth, and job oriented. A sound educational background, combined with "hands-on" experience, is required to meet the needs of an ever-changing and increasingly technical society.
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At ITT Tech we are committed to helping men and women develop the skills and knowledge to pursue many opportunities in fields involving technology, criminal justice, and business.
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Saint Leo University Online is a leading provider of accredited online education to working adults and is a major global provider of education to the military. The online programs are designed to meet the growing needs of adult students and offer the best attributes of traditional classroom education in conjunction with today's most innovative computer technology.
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Newbridge College provides high-quality, career specific training and an emphasis on practical skills required by today's employers.
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Once you decide to become part of the expanding, exciting, and in-demand world of healthcare, selecting the best college to meet your needs and goals is clearly one of your most important decisions. Medical Careers Institute, the School of Health Science of ECPI College of Technology, understands the aspirations of people who want to experience the rewards of caring and who want a direct route toward their career goal.
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Courses that you can take with you---the varied curriculums at HoHoKus Rets School of Business have been evaluated by the American Council on Education, allowing graduates to earn up to 55 college credits at more than 1500 colleges and universities across the nation.
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At Western International University (West), we've provided degree programs for working adults for more than 30 years. We understand that classes must not only fit your schedule - with all of its obligations and commitments - but compete fiercely for your time and attention.
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Everest College of Business, Technology and Health Care offers flexible class schedules, supportive instructors, and dedicated career services to help you every step of the way. Everest focuses on hands-on training and learning by doing, so that graduates hit the work force running. Whatever program you choose, you can rest assured that Everest College is committed to your future, and your success.
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Find out why so many students in Florida and nationwide are choosing Southern Tech as their school of choice. Whether you need to upgrade your skills or change careers, we have the right program to fit your needs. Let us show you how to get the skills you need in a short amount of time so that you can get into your career today!
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Bellevue University, a leader in adult learning, is your best choice. We accept ALL of the credit in your associate's degree - that's EVERY credit in your A.A.S, A.S., A.G.S., and A.A. degree! And, Bellevue University gives you accelerated bachelor's degree completion 100% ONLINE. So, you enroll with your associate's degree, and complete your bachelor's degree in as little as 12 months.
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You can graduate and enter the workforce in less than two years as our programs vary from 12-20 months. Our classes are approximately seven hours a day, to keep you learning, not burning out.
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You can start now to make your dream career a reality at Sullivan College of Technology and Design, the region's respected academy for training technical and creative professionals. For half a century, we've shaped the people who've shaped the design and technology industries, with career-focused programs designed to prepare students for success much sooner than traditional colleges.
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Tags: doctorate degree, PhD
This entry was posted
on Tuesday, February 17th, 2009 at 12:06 pm and is filed under Degrees, Doctorate Degrees.
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