PhD graduates do at least earn more than those with a bachelor’s degree. A study in the Journal of Higher Education Policy and Management by Bernard Casey shows that British men with a bachelor’s degree earn 14% more than those who could have gone to university but chose not to. The earnings premium for a PhD is 26%. But the premium for a master’s degree, which can be accomplished in as little as one year, is almost as high, at 23%. In some subjects the premium for a PhD vanishes entirely. PhDs in maths and computing, social sciences and languages earn no more than those with master’s degrees. The premium for a PhD is actually smaller than for a master’s degree in engineering and technology, architecture and education. Only in medicine, other sciences, and business and financial studies is it high enough to be worthwhile. Over all subjects, a PhD commands only a 3% premium over a master’s degree.This does seem to disagree somewhat with the statistics from the U.S. Census Bureau, which showed that in the U.S. there is a smaller earnings gap between a bachelor's and a master's degree than between a master's and a Ph.D. Of course, the Census Bureau doesn't control for whether someone could have gotten into a degree program but chose not to enroll.
Tuesday, May 3, 2011
Is a Ph.D. worth the time and effort?
Here's an interesting tidbit from The Economist regarding Ph.D.'s:
Posted by James Tags: Education