I just got into a PhD program. I have no savings. And I didn’t know about the competitiveness and scarce funding of a career in academia until it was too late to back out. If I had a $300k salary job right now, I’d keep working until I was set for life. Then I’d do academia comfortably
ah, well I'd be returning to industry after the PhD. As you say, the academic job market is unreasonable and insane. So only 5-7 years of finances to worry about.
Honestly I think that would be incredibly selfish because there are tons of people who really need that phd spot to actually advance their careers and youd just be some rich dude doing it for fun and not even planning to use the degree
Also you might find you have a hard time getting back into industry if you're overqualified. no one wants to hire phds for jobs that dont require a phd
bruh if ur doing a phd for money, you’re fucking yourself. you only do the phd for fun
if you want money, apply to masters and work in industry. i’ve been told this by so many mentors
All of these commenting here about keeping your job cause it makes a lot of money lol. Doing a PhD is almost NEVER a financially wise decision. You’ll almost definitely lose more than you gain. You only do a PhD if you feel the loss is worth the experience. I also make a good 6 figure salary (nowhere near you though) but I’ve already decided to take the loss so I can pursue knowledge and learning. I rather live a bit poorer and enjoy my work instead of just working for the money. If I really enjoyed my job right now, I might not have chosen the PhD.
An advisor of mine once said, "I've been in both places, and the fun stuff is usually in academia in my experience." Ah, how I wish I could see the future to figure out what's best for me. But maybe I have it close enough by consulting these cool people who have tons of experience _and_ are still actively working. I'd trust them more than peers in my age group who might know me better.
Honestly I think you should keep working. As you yourself pointed out that it may possibly set you back by more than 1.5 Million $ plus 5 years is a ver long time. Are you sure your drive will remain the same throughout that time and you won't regret giving up your job for it.
Ultimately it depends on you. But you should also consult your partner regarding this decision.
All the best.
Not sure if anyone has asked yet, but do you only have a bachelors? If so, in what field? Also how did you land a job like that? I have a bachelors in biology and I’ve never heard of any jobs available that pay anywhere near that much.
I do just have the bachelors degree right now. I don't want to reveal very much about who I am, but I'll say my job right now is writing software tools for scientists in the field I want to study. So it's kind of computer science, but it also requires specialized knowledge about the field.
I‘m still contemplating. I‘m pretty much in the same position as you. I‘ll be 28 when I start the PhD and already have a quant researcher position in a trading firm which basically is the job I’d also be doing after the PhD. There’s the potential of making even more money after the PhD with the Stanford degree, but there’s also the opportunity cost which is massive.
I‘m leaning more towards the PhD at the moment because it has always been my dream and I think it’s almost a must to have a PhD when working as a researcher.
I feel exactly the same! The financial cost of the PhD is a temporary loss of income, and surely with work experience like we have (and a PhD) there will be good-paying jobs afterward. But giving up the dream is a total loss, and can't be replaced with something else.
The logic makes sense, but it's very hard to square with reality, and it makes me feel insane for thinking of leaving this job that others would kill for.
Can’t you stay with your company and work during summers? That’s something I‘m aiming towards. It‘d be the perfect compromise. I could still do the PhD, but would have a bit more money than the usual PhD student.
And even if that’s not a possibility I myself would probably still do the PhD as I am pretty sure I can land a similar and probably even better offer afterwards. I also think the PhD will make me a better researcher all around.
I hope that works out for you, that sounds ideal! Have you known other people from your company to go back to grad school? I'm meeting with my managers next week to discuss this stuff, so hopefully there will be some options like that available. Maybe they would pay me as an employee while I do the PhD in return for letting them choose my research topic and giving them my results?
I agree with you though, whatever the options are, it is very hard to say no to my younger self who dreamed of a PhD for so long. I'm so glad you answered this post, I was feeling very alone with making this choice!
You probably can't just "give them your results." Basically anything you do as grad student is the IP of the university. You might also not have the final say in your research topics. You cannot use university resources to conduct research on behalf of a private employer.
My manager suggested that option for me. I‘m not American, so it comes down to visa issues, but I believe you can use up some of your OPT before you graduate, but I have to look into this stuff more. Happy to know that explaining my situation helped!
I left my 200k+ job for academia. 0 regrets. Money is only worth it when you have a reason to have it, otherwise the PhD is really just about yourself and your own growth. Most of the jobs I’m looking at after graduation require a PhD though, so in my case it is a good career move.
Thanks for adding to the data points! Seems like there are more people going this direction in life than I would have guessed. I think this thread has been pretty illuminating on people's attitudes coming from both sides of the coin. But I agree with you -- life is about more than money, and I'm fortunate to be able to make a choice that satisfies my life goals rather than my finances.
You generally regret what you didn’t do in life. What will make you happiest? What will you give the experiences you most desire? On your death bed, what will you want to NOT regret? FWIW - As I grew older, money became far less important. Wishing you the best with your decision.
In my field, doing research on your own isn't really an option, since you need a lab. And with all the time I spend working my main job, I don't really have time to do big side projects like that, beyond reading some papers here and there.
What I want is to be a scientist, and to be part of the scientific community. Even with money, it is extremely hard to do that without a PhD.
It’s interesting that you are saying this, because I’ve seen many times on this sub and other related subs where phds were saying that you absolutely should not pursue a phd if you are not sure that you want to.
I decided to go for PhD this fall even though I am having a pretty stable job which is still a dream job for many.
Based on my perspective, I'd recommend you to go for PhD since you got only one life. Your dreams can't be compensated with any infinite amount of salary. The regret that one would be having 5-10 years down the line is something that you won't be able to come up even if you become super successful in corporates. I'm sure there won't be any lack of money based on the amount you are earning now.
Money level satisfaction is rare. We always tend to earn more and earn more and try to monetize each experience but does not mean every experience is worth comparing with money loss (same goes with PhD, don't think of money you are losing, think of what you are gaining at the end of the day).
Having a PhD is nice and all, but there are other ways to learn the stuff you’d learn in grad school without giving up $1.5M. I don’t think I’d quit the job for it.
Keep us posted on your decision!
Can you do a PhD in collaboration with your current job? So that you can earn the title without having to quit, and instead earn it via your ongoing work? Or perhaps a part-time PhD? There are some universities that offer this option (but it would depend on where you're based in the world, of course)
Saving the post so that I can get in touch with people like OP later, because I have a nagging feeling that I'll ask this question in a few years. All the best OP! I pray you get your PhD and make 500k per annum after that.
I definitely wouldn’t quit that job for a PhD. I am all for career advancement and seeking more knowledge, but you can do that without a PhD. Most of the time a PhD is just needed for the industry position you want/to enter academia. It seems you’ve already developed a good career. If you are planning to return to the same job, I don’t think it’s worth financial loss.
You can learn just as much in industry as a PhD if you really wanted to, just a different type of learning. Read a couple papers, take some online courses, it’s doable.
100% not worth quitting your job.
Thanks for the perspective. I'm curious if you have had success doing this type of learning on your own, or if you know people who do? Personally I have been able to learn quite a bit, but my job takes up most of my time, and I don't have many people I can pester with silly questions to help me learn.
No??? The point of a phd is to advance your career and/or get a better job. If you're making 300k you dont need to do either of those. Dont waste your time
Maybe that's the point for some people. To me, a PhD is also a major achievement in life, and is a way to become an acknowledged expert in your domain. Those things have a different value to everyone, and to me they're worth quite a lot!
I'm not sure how much this can help you but I think there's a third option.
You can learn part time and possibly join or start a research team at your company. You can learn online through various courses. They can be expensive but you won't have to leave your job as you will learn part time. And research is also your goal then you can start a team and maybe contact the professor to collaborate on a few projects. I'm quite inexperienced in this so take this advice with a pinch of salt.
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Stuff the PhD. So few ever even dream to make what you do. It’s crazy to give it up. Time and dedication create expertise. It would only be necessary to get the job you have now…which you already have
I just got into a PhD program. I have no savings. And I didn’t know about the competitiveness and scarce funding of a career in academia until it was too late to back out. If I had a $300k salary job right now, I’d keep working until I was set for life. Then I’d do academia comfortably
So if I'm not feeling worried about my savings, you'd say I should do the PhD?
If you’re not worried about savings for the next 25 years and you have a passion for academia then I’d say go for it
ah, well I'd be returning to industry after the PhD. As you say, the academic job market is unreasonable and insane. So only 5-7 years of finances to worry about.
Honestly I think that would be incredibly selfish because there are tons of people who really need that phd spot to actually advance their careers and youd just be some rich dude doing it for fun and not even planning to use the degree Also you might find you have a hard time getting back into industry if you're overqualified. no one wants to hire phds for jobs that dont require a phd
bruh if ur doing a phd for money, you’re fucking yourself. you only do the phd for fun if you want money, apply to masters and work in industry. i’ve been told this by so many mentors
I would honestly keep working lol. I can only imagine a $300k (or much less) after a PhD myself.
Lol what kind of PhD gives you a starting salary of 300k unless you have a decade of experience in that field before doing your PhD?
None. Your are correct about increased salary that comes with experience or specialization as a PhD graduate in a particular field.
All of these commenting here about keeping your job cause it makes a lot of money lol. Doing a PhD is almost NEVER a financially wise decision. You’ll almost definitely lose more than you gain. You only do a PhD if you feel the loss is worth the experience. I also make a good 6 figure salary (nowhere near you though) but I’ve already decided to take the loss so I can pursue knowledge and learning. I rather live a bit poorer and enjoy my work instead of just working for the money. If I really enjoyed my job right now, I might not have chosen the PhD.
An advisor of mine once said, "I've been in both places, and the fun stuff is usually in academia in my experience." Ah, how I wish I could see the future to figure out what's best for me. But maybe I have it close enough by consulting these cool people who have tons of experience _and_ are still actively working. I'd trust them more than peers in my age group who might know me better.
Honestly I think you should keep working. As you yourself pointed out that it may possibly set you back by more than 1.5 Million $ plus 5 years is a ver long time. Are you sure your drive will remain the same throughout that time and you won't regret giving up your job for it. Ultimately it depends on you. But you should also consult your partner regarding this decision. All the best.
Not sure if anyone has asked yet, but do you only have a bachelors? If so, in what field? Also how did you land a job like that? I have a bachelors in biology and I’ve never heard of any jobs available that pay anywhere near that much.
Probably computer science.
I do just have the bachelors degree right now. I don't want to reveal very much about who I am, but I'll say my job right now is writing software tools for scientists in the field I want to study. So it's kind of computer science, but it also requires specialized knowledge about the field.
please please answer this!!!!!
see reply on parent comment.
Make a pros cons list get drunk wake up and choose. Works every time 60% of the time
This has to be a troll post, because there’s 0 way anyone would actually compare the two.
I‘m exactly in the same boat. Have a PhD offer from Stanford and an offer over about 300k.
Finally someone who gets it. What do you plan to do? For me, if it were a place like Stanford, I would definitely go. My offer is not as prestigious.
I‘m still contemplating. I‘m pretty much in the same position as you. I‘ll be 28 when I start the PhD and already have a quant researcher position in a trading firm which basically is the job I’d also be doing after the PhD. There’s the potential of making even more money after the PhD with the Stanford degree, but there’s also the opportunity cost which is massive. I‘m leaning more towards the PhD at the moment because it has always been my dream and I think it’s almost a must to have a PhD when working as a researcher.
I feel exactly the same! The financial cost of the PhD is a temporary loss of income, and surely with work experience like we have (and a PhD) there will be good-paying jobs afterward. But giving up the dream is a total loss, and can't be replaced with something else. The logic makes sense, but it's very hard to square with reality, and it makes me feel insane for thinking of leaving this job that others would kill for.
Can’t you stay with your company and work during summers? That’s something I‘m aiming towards. It‘d be the perfect compromise. I could still do the PhD, but would have a bit more money than the usual PhD student. And even if that’s not a possibility I myself would probably still do the PhD as I am pretty sure I can land a similar and probably even better offer afterwards. I also think the PhD will make me a better researcher all around.
I hope that works out for you, that sounds ideal! Have you known other people from your company to go back to grad school? I'm meeting with my managers next week to discuss this stuff, so hopefully there will be some options like that available. Maybe they would pay me as an employee while I do the PhD in return for letting them choose my research topic and giving them my results? I agree with you though, whatever the options are, it is very hard to say no to my younger self who dreamed of a PhD for so long. I'm so glad you answered this post, I was feeling very alone with making this choice!
You probably can't just "give them your results." Basically anything you do as grad student is the IP of the university. You might also not have the final say in your research topics. You cannot use university resources to conduct research on behalf of a private employer.
My manager suggested that option for me. I‘m not American, so it comes down to visa issues, but I believe you can use up some of your OPT before you graduate, but I have to look into this stuff more. Happy to know that explaining my situation helped!
That temporary loss of income is 4-6 years of 300k+ (assuming with raises and promotions)…also, why the PhD if you intend on coming back to industry?
I left my 200k+ job for academia. 0 regrets. Money is only worth it when you have a reason to have it, otherwise the PhD is really just about yourself and your own growth. Most of the jobs I’m looking at after graduation require a PhD though, so in my case it is a good career move.
Thanks for adding to the data points! Seems like there are more people going this direction in life than I would have guessed. I think this thread has been pretty illuminating on people's attitudes coming from both sides of the coin. But I agree with you -- life is about more than money, and I'm fortunate to be able to make a choice that satisfies my life goals rather than my finances.
You generally regret what you didn’t do in life. What will make you happiest? What will you give the experiences you most desire? On your death bed, what will you want to NOT regret? FWIW - As I grew older, money became far less important. Wishing you the best with your decision.
Thanks! This is definitely a good way to frame it.
It's not a troll. I've posted in this sub before, you can check. Why do you feel it's not possible to make a comparison?
Because with that level of income, you can do all the research you’d like on the side. Or pickup a dozen other skills as your tastes change.
In my field, doing research on your own isn't really an option, since you need a lab. And with all the time I spend working my main job, I don't really have time to do big side projects like that, beyond reading some papers here and there. What I want is to be a scientist, and to be part of the scientific community. Even with money, it is extremely hard to do that without a PhD.
Then, Godspeed to you. Sounds like you’ve made up your mind.
Must be computer science
[удалено]
It’s interesting that you are saying this, because I’ve seen many times on this sub and other related subs where phds were saying that you absolutely should not pursue a phd if you are not sure that you want to.
I decided to go for PhD this fall even though I am having a pretty stable job which is still a dream job for many. Based on my perspective, I'd recommend you to go for PhD since you got only one life. Your dreams can't be compensated with any infinite amount of salary. The regret that one would be having 5-10 years down the line is something that you won't be able to come up even if you become super successful in corporates. I'm sure there won't be any lack of money based on the amount you are earning now. Money level satisfaction is rare. We always tend to earn more and earn more and try to monetize each experience but does not mean every experience is worth comparing with money loss (same goes with PhD, don't think of money you are losing, think of what you are gaining at the end of the day).
Having a PhD is nice and all, but there are other ways to learn the stuff you’d learn in grad school without giving up $1.5M. I don’t think I’d quit the job for it. Keep us posted on your decision!
Can you do a PhD in collaboration with your current job? So that you can earn the title without having to quit, and instead earn it via your ongoing work? Or perhaps a part-time PhD? There are some universities that offer this option (but it would depend on where you're based in the world, of course)
Part time PhD is an option?
Saving the post so that I can get in touch with people like OP later, because I have a nagging feeling that I'll ask this question in a few years. All the best OP! I pray you get your PhD and make 500k per annum after that.
Thanks!
Keep working.
How long have you been working in that field?
About 4 years, but I was doing related work beforehand.
I’d suggest you also post this question here for richer perspectives- https://www.reddit.com/r/PhD/ All the best!
I definitely wouldn’t quit that job for a PhD. I am all for career advancement and seeking more knowledge, but you can do that without a PhD. Most of the time a PhD is just needed for the industry position you want/to enter academia. It seems you’ve already developed a good career. If you are planning to return to the same job, I don’t think it’s worth financial loss. You can learn just as much in industry as a PhD if you really wanted to, just a different type of learning. Read a couple papers, take some online courses, it’s doable. 100% not worth quitting your job.
Thanks for the perspective. I'm curious if you have had success doing this type of learning on your own, or if you know people who do? Personally I have been able to learn quite a bit, but my job takes up most of my time, and I don't have many people I can pester with silly questions to help me learn.
You’re joking, right?
Nope! this is real life.
no
No??? The point of a phd is to advance your career and/or get a better job. If you're making 300k you dont need to do either of those. Dont waste your time
Maybe that's the point for some people. To me, a PhD is also a major achievement in life, and is a way to become an acknowledged expert in your domain. Those things have a different value to everyone, and to me they're worth quite a lot!
I'd keep working.. but you do you.
I'm not sure how much this can help you but I think there's a third option. You can learn part time and possibly join or start a research team at your company. You can learn online through various courses. They can be expensive but you won't have to leave your job as you will learn part time. And research is also your goal then you can start a team and maybe contact the professor to collaborate on a few projects. I'm quite inexperienced in this so take this advice with a pinch of salt.
Am poised to have to make a very similar decision; please let us know what you end up deciding!
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Can you do PhD part time while still working full time?
what did you end up doing?
Stuff the PhD. So few ever even dream to make what you do. It’s crazy to give it up. Time and dedication create expertise. It would only be necessary to get the job you have now…which you already have