Do you want to know why it is worth getting your PhD degree? Pursuing a doctorate does not only need years of hard work. Usually, it also means living on a small income, and sometimes, you may take loans to complete your degree.
If you are a working professional, the decision to do a PhD can even be more demanding. You should weight certain factors into your consideration, like:
- Can you take some time to write a thesis and take courses?
- Is it too late to return to grad school?
- Will a PhD help you get a more impactful position or better paying?
No one can deny the fact that getting a PhD degree needs a significant investment of your money and time (possibly more than you expect).
Let us talk about some reasons to see if it is worth getting your PhD degree.
You will Earn More with a PhD Degree throughout your Life as Compared to Having a Master’s Degree.
Usually, graduate students are anxious about the cost of a PhD degree. Numerous PhD students consider the cost of student loans as compared to their stipends provided by the university, and doubting while the financial strain is worth it.
While studying, money can be tight; however, it is the area where a PhD is worth the investment, particularly in specific fields such as finance, biomedical sciences, pharmaceutical sciences, and law.
Getting a PhD can make you able to earn more salary as compared to the one with only a master’s degree. It was seen that adults holding PhD degrees could earn more as compared to those having just master’s degrees, as per research from national census in the US. It is right for all the disciplines that the Census Bureau reviewed, and the difference ranges from a small increase (7%) to a significant increase (33%).
The rewards of salary for PhD holders are not only in academia, either. A PhD is even considered a more powerful asset in the private organization, mainly in industrial research and development. Usually, the salary boost is significant in the STEM fields.
In Science journal, it is revealed that the PhD holders in engineering, math, and sciences, can make up to 20,000 dollars more in a year when they work for private organizations as compared to those who prefer academia.
The PhD holders are positively enchanting hires for any industry. The level of specialized knowledge and discipline that a PhD entails, as compared to a Master’s, is essential in numerous research-driven and advanced jobs.
You will Have Unique Options that You cannot get with a Master’s
Depending on more than ten years of mentoring experience with PhD holders, I come to know that their main concern is the career options after getting their degrees. This is essential that it is a make-or-break problem for numerous graduate people. Based only on the career options, innumerable people ask while it is not the best option to get only a master’s degree. When I talk to the unconvinced candidates, I let them know that it is worth getting your PhD degree and the data supporting it.
When it comes to talking about the PayScale, the PhDs can make more money as compared to those without PhD, and have more access to jobs. The income for a person having a PhD degree and less than one year of experience was around 80,000 dollars. People with a PhD in math, engineering, technology, or sciences can easily earn six-figure amount after getting their degrees. In fields of more competition, specific positions go to the candidates with PhDs.
An employee with a PhD degree ranked himself/ herself at the highest level of job fulfillment. Well! This is excellent news for all the graduate people with reservations about pursuing PhD educations. After getting your PhD degree, you can have a higher level of job satisfaction, and you can earn more.
Let’s talk about another essential benefit of completing your PhD. In addition to the CV and salary rewards, there is some connection that you can make in the academic world. As soon as you start your way in this field, you will differentiate yourself as a professional, collecting contacts that can vouch for the work you are doing. Thus, on top of job satisfaction and salary expectations, you will be going to earn social capital.
You will Have More Confidence with a PhD Degree that Comes when you Stick with it, Instead of Quitting.
You are not along if your confidence is shaking in grad school. As per an article in Forbes, around 70% of the population in America has worked hard with “imposter syndrome” at any point in their lives. Usually, this is true for individuals who are on the path of higher education, as academia appeals to people having more expectations.
It is essential to know how to craft one’s own self-esteem, especially for graduate students. The answer to this query is clear to psychologists: self-esteem comes from professional and personal achievement.
Numerous researchers have evaluated what gives people a long-lasting sense of gratification with their capabilities. Instead of more self-esteem resulting in more achievement, research after research shows that the reverse is true.
As published in Psychology Today, nothing gives individuals the self-confidence such as goal setting, working towards them, and then attaining them. For some people, more self-esteem is because of their excellent performance.
Every individual who is pursuing their PhD knows that the path to get this degree includes a lot of both time and labor. Yes, it invests your efforts; it is all about the field you are most interested in.
After finishing your degree, you will have something that only a minor percent of people have. You will get the respect of your peers and colleagues, and done it while differentiating yourself academically. When you receive the title of a doctor, you will gain self-confidence in a meaningful way.
These are the top three reasons why it is worth getting your PhD degree. Follow phdcareerguide.com for more content.