Cory Leonard

Doctoral degrees: The disposable academic | The Economist

In career on September 2, 2012 at 5:48 pm

 

System fail? Not only is the academic job market a brutalizing experience–the smartest kids in the class may be better off w/o that advanced degree:

PhD graduates do at least earn more than those with a bachelors degree. A study in the Journal of Higher Education Policy and Management by Bernard Casey shows that British men with a bachelors 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 masters 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 masters degrees.

The premium for a PhD is actually smaller than for a masters 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 masters degree.

via Doctoral degrees: The disposable academic | The Economist.

 

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