Is Getting a Ph.D. Worth It?

Perhaps you’re finishing up a bachelor’s or master’s degree, or maybe you’ve hit a wall in your career. Now you’re wondering: Should I get a Ph.D.? Is this the best choice for my career and personal goals in the long run? 

You may have friends who have completed doctorate programs, or coworkers and  professors excelling with Ph.D.s, but, is this the right time for you? Will it pay off? Will you be able to succeed? The short answer: Yes. Most Ph.D. students will tell you the time and effort are worth it. The long answer? Ultimately, only you can decide. However, the pros outweigh the cons. 

What are the Benefits of a Ph.D. Degree?

Well, most importantly, you’ll get two new letters in front of your name: Dr. Knows A. Lot.

Earning a Ph.D. Helps with Reputation Building

Jokes aside, earning a Ph.D. earns you credibility. Employers, whether within academia or off-campus, understand the discipline, knowledge, and tenacity required to complete a doctoral program. 

In most cases, completing a Ph.D. program is enough for others in your field to consider you an expert. Pursuing and completing a Ph.D. shows future employers that you know your industry and have the fortitude to work hard.

The Return on Investment of a Ph.D. is High

It’s not always easy to calculate the monetary value of a Ph.D., but many Ph.D.s will tell you that the return they’ve received on their investment (ROI) was more than worth it. When it comes to ROI, it matters where you get your Ph.D.  

Depending on your field and the school you choose, the ROI of a Ph.D. is significantly higher if you don’t have to pay tuition. Many schools, SMU included, offer fellowships and stipends for Ph.D. students, often in addition to a full tuition waiver. This isn’t meant to convince you that Ph.D. students are raking in cash — just a reminder that tuition isn’t necessarily a burden for doctoral students.Ph.D. students do get paid

Earning a Ph.D. is a Pursuit of Passion

You may have experienced the dread that comes with a job search where you’re underqualified. You see the posting. You notice the employer and job title. Wow, this is your dream job. You skim the description and think, “I could probably do that!”. You get to the bottom, “Preferred Qualifications”. Yikes. You’re not quite there. Your Ph.D. will open those doors, remove the barriers, and welcome you to the highest level of your career. Gone are the days of being underqualified. This is your time to shine.

Remember those doors that were closed before? Your Ph.D. helps you find a network of people who can help you open them. Your classmates turn into colleagues, your professors into trusted friends, and those barriers start to fall as you surround yourself with people who share your passion. 

Oh yeah, that little thing. Your passion. The subject and field you’ve been dreaming about since you were a child. Or maybe just since undergrad. It’s become part of your personal identity. Pursuing a Ph.D. allows you to learn more, dig deeper, and climb higher in the field that you already enjoy. Even if you’re not looking to stay in academia forever, a Ph.D. in your chosen field gives you the ability to stay a while longer and decide how best to use your skills.

Questions to Ask When Deciding if Getting a Ph.D. is Worth It

Getting a Ph.D. has a lot of benefits, but there are other factors to consider, too.

How long does it take to get a Ph.D.? 

• The time commitment required when earning a Ph.D. can be lengthy. On average, Ph.D. programs take around six years to complete.

How much does it cost to get a Ph.D.?

• Ph.D. programs can require a significant financial investment, especially if you are unable to work while pursuing your degree. If you’re not in a fully-funded program, the cost of tuition and “lost wages” may be high.
  
  
• However, the financial commitment can be offset by the earning potential of a Ph.D. On average, Ph.D.s make over $30,000 more annually than those holding only a bachelor’s degree, but keep in mind that number varies between the humanities, business, and science industries. 

How hard is it to get a Ph.D.?

• Earning a Ph.D. can be hard work and comes with a big energy commitment. The good news is you’re not in it alone at SMU. We offer a robust career services office and dedicated student support services for Ph.D. students like housing, counseling, and community connections.

What is a risk of getting a Ph.D.?

• Have you ever considered that in pursuing a Ph.D., you’ll be the expert on your chosen topic? You’ll have your classmates to lean on, but your thesis is specific to you. Your dissertation, though a lot of work, will position you as the thought leader of that specific topic. Combining your passion, credibility, network, and dreams to launch into your next phase of life.