The Benefits And Detriments To Earning A Doctorate Degree

The Benefits and​ Detriments to​ Earning a​ Doctorate Degree
There is​ no question​ that earning a​ doctorate degree creates more career opportunities both in​ terms of​ salary eligibility and​ type of​ employment .​
Unfortunately, these opportunities come at​ the price of​ many years of​ foregone labor market earnings .​
Many doctorate degree candidates are unable to​ find work in​ their field while they are actively pursuing their degree, which can lower earnings even further over the course of​ their academic career .​
in​ addition, doctorate degree programs are expensive, and​ often require candidates to​ borrow substantially in​ order to​ complete them .​
on​ the positive side, however, lost earnings, even if​ invested at​ the time they are earned, are more than likely to​ be compensated and​ eventually surpassed in​ the years immediately following graduation​ .​
As for​ the price of​ earning a​ doctorate degree, student loan providers generally offer very reasonable interest rates compared to​ other lenders and​ allow students to​ repay over the course of​ many years, usually without requiring any payment until graduation.
According to​ the U.S .​
Census Bureau, doctorate degree holders will earn, on​ average, just under one million​ dollars more than their masters degree holding counterparts over the course of​ their working lives .​
if​ financial incentive were the only consideration, doctorate degree holders would have sufficient justification​ to​ pursue advanced degrees .​
Often, however, the career aspirations of​ highly skilled individuals in​ general, and​ in​ particular doctorate degree holders, can't be measured by salary alone .​
They often attach great significance to​ the opportunities that a​ doctorate can provide, such as​ the ability to​ do a​ type of​ work they care about and​ for​ which they have been trained .​
for​ that reason, no single measure can satisfactorily describe the doctoral labor market .​
Unemployment figures for​ those holding doctorate degrees favor higher education​ .​
Doctorate degree graduates are almost always several points below the national unemployment average .​
this​ is​ hardly surprising considering the lack of​ qualified individuals for​ upper echelon​ positions .​
As education​ requirements for​ employment rise, competition​ often declines .​

Considering the more prevalent positive effects that earning a​ doctorate degree can have on​ one's career, via future earnings, employability and​ job satisfaction, the negatives associated with obtaining a​ PhD become somewhat inconsequential .​
this​ is​ especially true if​ one looks at​ the overall period for​ which a​ doctorate is​ a​ valuable resource, as​ opposed to​ the years spent earning it .​
Those who achieve this​ educational milestone will be able to​ reap the benefits for​ a​ lifetime.

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