[xtracto]

This rings true. I would only add a comment I heard someone say: a PhD is not an investment. It is an expense. If you want to invest in your education do an MBA or get certificates. Those are investments that will pay off later. A PhD is an expense you pay to do whatever research you want to.

On the student lock to the PhD it may also be because students get scholarships. In my case my government gave be a scholarship to do the PhD. And at some point during the degree I pondered whether to continue, but I couldn't have stopped because I then would have to return the money I spent, which of course I didn't have. My supervisors were great. But one can imagine the pressure of having shitty supervisors on top of that.

[jkhdigital]

> a PhD is not an investment. It is an expense.

I... don’t see how one could make this statement and actually believe it. Food and housing are an expense. Healthcare is an expense. A PhD is an arduous and deeply personal journey to push the limits of your field and your own intellectual capabilities. If you see it as an “expense” then I believe you are doing it wrong.

[lvice]

I see xtracto's point. You are "paying" to pursue a PhD in the form of missed additional revenue that you could have achieved by starting in the industry earlier on. Or pursue other paths that could be more industry-focused (MBA). It's an intellectual investment, sure. But for most PhDs, it will be a net negative on the financial side, and a potential hyper-specialization trap for moving to the private/industry sector.

[ghaff]

I see the point though I'm not sure that's any different from going to art school or music school or even an undergraduate degree in something like film that will probably only pay off if you win the professional lottery. But I don't disagree that getting a PhD isn't likely to pay off purely from a financial perspective even in many hot technology areas.