In the 1940s, only 4.6% of Americans completed college. Today, a third of all adults are college graduates. But only 2% of Americans hold doctorates.
Seventy years ago, few pursued doctorates, but they were “Open Sesames.” With rare exceptions, one’s future was assured upon earning a Ph.D. That was true for virtually any field you selected. And you graduated debt-free! Those halcyon days are gone.
By the 1970s, a Ph.D. in many fields such as English, History, etc. no longer guaranteed suitable employment. Many graduates were unemployed or underemployed.
Today, the best jobs require graduate credentials. In the January 2020 issue of the Harvard Business Review, Tomas Chamorro-Premuzic reported competition for good jobs is “fierce.” He noted, “Tech companies like Google and Microsoft reportedly receive two million applications per year, and banks like Goldman Sachs attract in the thousands.”
If you are in a master’s program and considering pursuing a doctorate to work in education, carefully research the employment prospects for your intended field. Are they growing or shrinking?
Elementary and high schools are permanently closing in some parts of the country because of dwindling enrollments. Colleges are closing, merging or slashing their offerings. Jobs will, of course, still exist, so study the predictable future trends for the discipline you are considering.
The average cost for research-based doctoral programs is between $32,600 to well over $60,000.
But help is available. Recently, 68.6% of doctoral students at public universities received financial assistance while 74.6% did at nonprofit private institutions.
Some students receive full funding packages, but most universities only provide partial funding, such as tuition and stipends. A bonus is that recipients work closely with faculty who may help them secure a position or a promotion.
Many doctoral students cripple their futures by taking on too much debt. The New America Foundation reports the median debt for graduate students is over $60,000, and one in four owe more than $110,000.
Numerous students have to borrow to pay for their doctorate. Borrow only what you need.
Avoid private student loans. They are more expensive and considerably less flexible than federal subsidized or unsubsidized student loans. Further, private loans are not eligible for income-based repayment, forbearance, deferral or loan forgiveness. You even have to continue payments if you become unemployed. Ouch! Congress is studying ways to reduce hefty college loan obligations. Change is coming.
Work for an organization that will subsidize, at least half, of your doctoral studies. Most large employers provide graduate tuition assistance, but some have pared back.
Will your present employer help you? If not, what does that tell you? Wrong major? Wrong employer?
Once, doctoral programs only accepted full-time students and consumed at least seven long years. But today, doctoral programs welcome part-time and even full-time working individuals. Many Ph.D.’s can be completed in four to five years.
If you are a teacher, find a university that has intensive summer programs to truncate the time invested. Many offer courses online.
Another option: select public service careers where part of your debt is forgiven. They include working for federal agencies, teaching, counseling, nursing, the Peace Corps and other qualifying volunteer organizations. Congress is considering adding more career options.
Check with potential employers in fields that interest you to evaluate employment possibilities and salary ranges.
Contact the Council of Graduate Schools, Washington, D.C. It represents nearly 500 universities, which annually award approximately 86% of the nation’s doctorates.
CGS addresses “common challenges in PhD career pathways, financial literacy, challenges in degree completion and attrition and Preparing Future Faculty.” Of interest to The Hispanic Outlook readers, the CGS is a leader in “diversity and inclusiveness” initiatives.
Read and study Jeanett Castellanos’ book “The Latina/o Pathway to the Ph.D.”
So much gloom and doom! Why do I contend it’s worth it?
• You will be at the academic pinnacle of your profession. As mentioned, only 2% of Americans hold doctorates. You will be considered for leadership positions.
• A doctoral program is very intense, and one acquires useful life-long habits. The discipline and concerted learning provide experiences and useful modus operandi that carry over to your working years.
• Many personal and professional options will be available if you choose carefully.
• You will be prepared for and be rewarded with a life-long adventure of intellectual stimulation studying topics that really interest you.
• You’ll earn more money. The Bureau of Labor Statistics reports those with a master’s degree earn 19% more than those with a bachelor’s degree; those with a doctorate earn an impressive 57% more.
Every person I interviewed mentioned the availability of significant graduate financial assistance and subsequent good employment offers for STEM (Science, Technology, Engineering and Mathematics, including Computer Technology) Ph.D’s.
Millions of federal dollars are available to nurture these professions.
Huge societal needs are not being met. For instance, there are around 500,000 Information Technology (IT) vacancies, but only 50,000 graduate every year. You don’t need a Ph.D. to enter this field, but it helps secure leadership positions
America is aging. Meeting the needs of that enormous population will continue to grow. Gerontology is booming. New Allied Health fields are created every year. Leadership is needed to develop programs to serve the elderly. Being bilingual is a plus.
Selecting the right Ph.D. field is critical. Good careers exist; research your interest to see if positions exist before enrolling. Careful planning and selection of the right major is crucial to success. Seek financial assistance. Don’t mortgage your future with too much debt.
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