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The decision to pursue a PhD involves various considerations, including admission requirements, loss of income, and cost. However, obtaining a doctorate can broaden one’s understanding of their field, increase job opportunities and salary, and provide ancillary benefits such as better consumer decisions and saving more.
Many people face the choice at some point whether or not to continue their studies. For some, the choice may come at the end of high school. For many, however, this may be as they approach the end of their college years, as they complete their master’s degrees, or as they consider returning to school after working in the workforce. In all these cases, the question of whether it is worthwhile to obtain a doctorate may arise.
When considering reasons for not pursuing a PhD, a number of different concerns may arise. First, one can think about being admitted. Doctoral programs generally require satisfactory completion of an undergraduate or master’s degree in a specific field and/or additional courses. Taking an entrance exam of some kind before starting graduate work may also be a requirement. Some specialty fields may have very few places available and it may be necessary to face moving to a different city or state to participate in a program.
In addition to these considerations, the loss of income from the interruption or reduction of work to obtain a doctorate can be a concern, as well as the cost of graduate school. Being back in the classroom alone can present particular challenges for some people, especially someone with a learning disability. For others, the extensive writing required in a doctoral dissertation, certain requirements such as a foreign language or oral defense of the work, may seem daunting.
Arguments in favor of obtaining a Ph.D. include satisfaction in broadening one’s understanding of one’s field or, alternatively, extending one’s studies in a new direction. The credential can open up new job opportunities and increase the salary one can command. Studies have shown that a doctorate more than doubles the median salary of people who hold only an associate’s degree, it’s over 40% more than those with a master’s degree and over $20,000 dollars (US$) more than those with a master’s degree. Those with doctorates also earn more in other countries, but the amount varies.
Depending on the field, graduate scholarships or research assistantships are available, and in certain fields it is customary for the doctoral candidate to also receive free tuition. Research also showed ancillary benefits for those who completed a doctorate. This includes having more hobbies, making better consumer decisions, and saving more.
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