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by hatandsocks 4305 days ago
Well... As someone with a brand new physics Ph.D., I think you're wrong that the pay doesn't need to be competitive. Ph.D. programs are really coasting along on the ignorance of the Ph.D. candidates, and I'm not sure how much longer that will last.

Here's what I mean by that: The opportunity cost of a Ph.D. in physics, in terms of foregone salary, earnings on tax-advantaged savings accounts, stress, etc., is north of half a million dollars (and 5 to 8 of the best years of your life). Talking to people I know from my own department, and those I've met at conferences, and such, the lifetime value added to one's salary from having a Ph.D. is probably greater than the opportunity cost. But it's not obviously greater--a Ph.D. is a pretty good signal for "smart and gets things done."

In other words, it tells you "this person was probably going to do well anyway." You can't compare the mean or median salary of Ph.D.'s with those of, say, people with a Bachelor's in some STEM field. If you were to compare median STEM Ph.D. salaries with same-field top-quartile (or maybe top-decile) Bachelor's salaries, you'd find there is not much difference.

Am I just a bitter washed-out Ph.D.? Hell no! I did all sorts of fun things (like intermural sports and traveling) that I wouldn't have been able to do otherwise. I cherish those memories. But, if someone asked me "Should I go to grad school to improve my chances of earning a decent living?" my answer would be "Hell no!"
1 comments
JamesBarney 4305 days ago
"I think you're wrong that the pay doesn't need to be competitive. " I would say the pay is competitive judging from the difficulty of gaining admission into these programs. Why do you think it isn't competitive?

"(and 5 to 8 of the best years of your life)" I'm not sure about a physics Ph.D. but most of my friends who are finishing up their Ph.Ds enjoyed their mid 20's more than the ones of us who decided to did the daily work grind.

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neltnerb 4304 days ago
Indeed, my friends who do postdocs at places like MIT never get more than $50k a year. That is definitely not competitive. You're getting compensation in a higher chance of your lottery ticket to getting a faculty job getting chosen, and people wouldn't accept such low salaries if there weren't some perceived trade-off value.
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