[mcv]

Still, what I hear from some PhD students is that even with decent pay, it's not a great career. The chances of getting tenure are tiny, academic freedom isn't what it once was, and if you enter the job market, the PhD mostly cost a lot of time without adding a whole lot of value. Unless it's in Machine Learning, maybe.

[NotPhysicsPhd]

I am not familiar with the situation in in other countries, but here there aren't many job opportunities for recent engineering/science graduates other than IT consultant. I've met people that took a PhD positions just because it was decent pay and less hours when compared with most junior and mid-level consultant jobs available.

In terms of adding value, I guess it depends on both the field and what your objectives are. For example, I work in a field where no one would offer you a job unless you have PhD or some sort insane amount of experience.

[mcv]

Really? My impression is that there's a permanent shortage of good programmers. Although my impression is that a big part of the reason is that Dutch companies are unwilling to raise the wages of programmers; that way they create their own shortage, of course.

[NotPhysicsPhd]

But there is a shortage of good programmers. By engineering/scientists in my previous comment, I meant every kind of engineer and scientist.

From my experience, IT companies only differentiate CS, electric engineers and computer engineers for entry/junior level it jobs from the rest of the engineering and scientist. Biochemists, civil engineers, physicists, chemical engineers, industrial engineers, etc. Are all the same for the HR and assume you have 0 coding skills.