For many people who have been in education for a long time, the final logical step is to get a doctorate. These degrees aren't for everyone. Not only are they more challenging than conventional talk degrees, but they can also drag on for an indeterminate amount of time.
You have to be ready for the shift from consuming knowledge to creating it. A doctorate typically takes most people between four and seven years of intense focus. For this reason, it's not the right move for everyone. You need to think carefully about the outcomes it will have in your later life and what it ultimately means.
Who should pursue a doctorate?
Before signing any paperwork or taking out a loan, you'll need to think about the reasons to pursue a doctorate. Usually, doctoral programmes are right for people with specific profiles.
The Aspiring Academic. If you want to be a university professor or run a research lab, then a doctorate is almost certainly the right choice for you. You need to be comfortable with deep research, and you must love the concept of trying to obtain new knowledge. Most tenure-track positions require a doctorate in a specialised role. It's ultimately a ticket to entry, although it's by no means a guarantee that you'll get the career you want.
The Subject Matter Enthusiast. If you're genuinely obsessed with a niche topic and want to spend your life answering questions related to it, then getting a PhD might be the right choice for you. You need to be honest with yourself. You must have an immense quantity of intrinsic motivation. Your research topic should be something that literally obsesses you and you can't live without. The doctorate shouldn't feel like another hurdle to get through, but a part of that same process where you're enjoying every moment of the educational experience. If you don't have that intrinsically, then you'll likely burn out and find yourself quitting halfway through.
The Specialised Practitioner. If you want to be a specialised practitioner, then it can sometimes be worthwhile pursuing a doctorate. Let's say that you're a clinical psychologist or a chief economist. Having a doctorate to your name can help your career significantly and allow you to make intellectual breakthroughs that aren't possible if you're just working a regular day job.
Signs you might want to reconsider a doctorate
Of course, there are some specific signs that you might want to reconsider the idea of going for a doctorate. It's worth knowing what such a degree actually demands, because it's probably nothing like anything you've experienced before.
One reason to not get a doctorate is if you're just using it to avoid the job market. Even if the real world looks daunting, it's usually better to step into it than to opt for a low-pay, high-stress doctoral programme. Remember, most doctorates are simply low-pay jobs in disguise and tickets to a tenure-track career some distance in the future.
Also be aware of the expectation of a massive pay jump. In some industries, a master's degree will give you a much larger return on investment than a PhD. Doctorates overqualify most people for standard corporate roles, so it can limit your options outside of research fields.
Finally, don't opt for a doctorate just because you like the idea of the status or prestige of becoming a doctor. The effect of having this new title usually wears off after a few weeks of completing your dissertation.
Financing
Before you undertake a doctorate, think carefully about your financing situation. Look for the best graduate student loans online.
In most cases, you'll need to self-finance a doctorate. Competition for scholarships is fierce, and most people don't get in.
It's a good idea to have a job on the weekends if you're studying for a doctorate, and then commit your weekdays to research and your dissertation. Try to make your doctorate as short as possible by having a clear research plan. Go into it knowing what you want to research and the outcomes you want to achieve. Don't try to wing it. Avoid opting for a PhD with a generic proposal, and instead focus specifically on what you want to research and the contribution you want to make to knowledge.
Check with existing professors first whether the completion of your proposal will result in you being granted a PhD or only being given minor corrections at your viva.
Decide between a doctorate and a master's course
If you're finding it difficult to decide between a doctorate and a master's course, the following section is here to help you think more clearly.
The primary focus of a master's degree is understanding advanced existing knowledge and professional skills. Master's courses give you state-of-the-art information at the highest taught level, so you can gain the skills you need to proceed with your career.
A doctoral degree is different and relies on original research and generating new knowledge. This is, of course, a far more challenging task, but also more rewarding if that is something that interests you.
The time investment for a master's degree is shorter. Most are completed in one to two years. For a doctoral degree, you need to spend four to seven years, with the average now being around 5.8 years until completion. Again, this reflects the sheer challenge of obtaining this degree and the status it carries.
The financial reality of master's degrees and doctoral degrees is a little different, but it depends on your situation. Master's degrees are often self-funded through tuition and loans, but they provide quick entry back into the workforce. PhDs are often funded with a stipend or a scholarship, but at the opportunity cost of lost wages.
Career outcomes are generally very good for both master's degrees and doctoral degrees, as long as you know which direction you want to go in. Master's degrees boost mid to senior management positions, while doctorate degrees are for specialist positions in academia or R&D.