Should you get a Ph.D.?

 One of the emails I answered yesterday asked 

"As I get closer to graduation, I’m really curious about how people balance academic research with practical applications.  ... how do you see the future of combining theory with real-world impact? And what advice would you give someone like me who’s trying to decide between diving deeper into academic research or jumping into industry?

Here is how I replied:

Hi: academia versus industry isn’t a once and for all decision, but going for a PhD is, and it’s definitely worth thinking about.

Getting a PhD is pretty much essential for entry into an academic career, but is at least somewhat optional for most other careers (although sometimes particular specialties in computer science or biotech require a PhD even for industrial jobs).

So…the downsides of getting a PhD are pretty clear.  It’s hard, not always fun, it takes a long time, and doesn’t come with any guarantees.

The upsides are more subtle: it can be fun, and it opens up new ways of thinking, and things to think about.  But the big reward, if it is a reward, is the entry into academia.  And the big reward of academia is the ability to schedule your own mind—to be able to think about what you want, as long as you want.

If that doesn’t sound like a huge prize, then there are lots of rewarding things to do outside of academia (and many of them pay better).  The world is full of interesting, important, hard problems, and many of those are most actionable outside of universities, in industry or non-profits, or governments and NGOs. 

But the world has its own schedule and priorities, you can’t always choose what to think about, and you often have to come to a conclusion and move on before you’re ready…

So, for me universities have been great.  I’ve been able to engage with the world too.  And I couldn’t have gotten the job without a PhD (although I’m an economist whose PhD wasn’t in Economics).

I can’t guess what’s right for you, but those are some things to think about.

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If the question had touched more on teaching, I could have added that a Ph.D (or other terminal degree) is  largely needed for teaching in research universities and liberal arts colleges, where you can teach the most advanced students. But there are obviously lots of teaching opportunities that don't require a Ph.D., and ways to be a mentor that aren't formal "teaching," so some of the above comments apply there too.