| I just completed a late in life PhD (a few months ago), so this is my reasoning and experience. I wish I had completed a PhD a lot earlier in my life. It is a great experience - the depth of research is unlike any commercial research job I have had in the past. I am not sure you can look at it entirely as a financial transaction: I do this PhD and then I get a certain financial return. You do not know the job market in 3 to 5 years or if your research will be in demand. You have to do it because you really like the topic and want to become an expert (or be on your way to expert status). If your goal is basically financial, look for company sponsorship or PhDs in countries other than America. It is much cheaper overseas and most students receive a job which covers expenses. Keep the opportunity costs low. An MS degree from a good school, in a hot topic, will be much better than a PhD from a low ranked school or an unpopular topic. I have noticed that the students who do well in their career post PhD select their supervisor and topic based on what is in demand. Other students work on what they love - and maybe do not have as lucrative a career. But maybe they do not care about money. In the end, you will be more valuable. You have to decide if the cost benefit analysis works for you. There are a lot of forums where PhD students discuss their frustrations and goals. Just do a search and start looking at them. To get an idea of the life of a PhD student, and to meet some current students, attend research seminars (most are now virtual) at the school and topic of interest. See what you think and ask the students what they think. Good Luck! |