Is a PhD Worth It? Top 10 Highest-Paying PhDs
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What Career Paths Benefit Most From Earning a PhD?
Academia: After earning your PhD, you could become a professor or researcher at a major university. You might also move into an educational leadership position, such as a superintendent of a K-12 school district. Consulting: PhD holders can also put their expertise to use by consulting clients in a variety of fields, including finance, healthcare, or technology. Research: After honing your research skills in your PhD program, you might also find a position as a researcher in electronics, pharma, high tech, telecommunications, finance, insurance, or another industry. Government: With your PhD, you could also go into government work, perhaps working as a policy analyst or other high-level official. Entrepreneurship: Some PhD graduates put their expertise to use by starting their own companies. Non-profit organizations: With your advanced education, you could also go into the nonprofit world, perhaps acting as a program director to help solve social challenges.
What Benefits Are There To Earning a PhD?
Opens the door to career opportunities: Depending on your field, a PhD may be required for certain positions. It also shows you have the knowledge and skills to move into high-level roles. May increase your earning potential: According to the Bureau of Labor Statistics (BLS), people with PhDs have higher median earnings than those with only a master’s or bachelor’s degree. Allows you to pursue your passion: A PhD could also be a good fit if you’re passionate about a certain field and want to spend years developing your expertise.
What Are the Potential Risks of Getting a PhD?
Requires years of additional schooling: PhDs are a significant time commitment, so be prepared to continue being a student for an additional four to eight years. Miss out on a full-time income while you’re studying: While you may earn a stipend from teaching as you’re working toward your PhD, the earnings will probably be lower than what you could be making if you worked full-time instead. Post-graduation outcomes aren’t guaranteed: Some fields are more competitive than others, so there’s no guarantee you’ll get a job following graduation. Professorships and other positions in academia, for example, are notoriously competitive.
What Are the Top 10 Highest-Paying PhDs?
Physics: Physicists might work in research laboratories or observatories and earn a median salary of $147,450 per year. BLS projects that physicist and astronomer positions will grow by 8% by 2031. Computer Science: Computer and information research scientists earn a median salary of $131,490 per year working with computer technology, data science, or a related field. Pharmacology: Pharmacists can earn $128,570 annually working in healthcare facilities and pharmacies to dispense prescription medications. Learn more about pharmacy school costs in this guide. Aerospace Engineering: Aerospace engineers design and develop spacecraft, satellites, and other machinery and make a median salary of $122,270 per year. Employment is projected to grow by 6%. Math: Mathematicians may work in government, academia, or other settings to analyze data and solve problems. Their median annual salary is $108,100, and BLS predicts that employment of mathematicians will grow by 31% by 2031, much faster than the average for all occupations. Economics: Economists make a median salary of $105,630 per year in their work evaluating fiscal policy and monitoring financial data. Employment is projected to grow by 6% over the next few years. Chemical Engineering: Chemical engineers use chemistry, biology, physics, and math to solve problems in various industries and earn a median annual salary of $105,550. BLS projects employment for chemical engineers to grow by 14% by 2031. Electrical Engineering: Electrical and electronics engineers earn $101,780 annually working in research, manufacturing, telecommunications, the federal government, and other spheres. Biomedical Engineering: Bioengineers and biomedical engineers make $97,410 per year designing equipment, software, and more while combining scientific knowledge with engineering. Chemistry: As a chemist or material scientist, you could earn $79,760 or more working in laboratories, offices, or manufacturing facilities to develop new products, materials, or knowledge.
Should I Get a PhD?
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