First of all, the answer to our title question is definitely “yes” extremely – you will earn more money with the promotion. Various studies conducted in recent years show that income is directly related to academic success. For example, some studies report a wage gap of 71% (between those with only a first degree and those with higher education).
According to the US Bureau of Labor Statistics, graduate students earn about $1,885 per week, while the average weekly income of their graduate peers is $1,545. Considering that the same report puts the average undergraduate salary at $1,305, the conclusion is clear: a research degree is, among many other things, a pay rise.
PhD students assess challenges and benefits along the path to a PhD
Investing in a PhD is an important decision. This usually means advancing an already long academic career in post-secondary education to at least the 11-year mark. In the words of one professor, it can mean “working for years for little money while you watch your friends get rich.”
Not only that, the promotion itself is also in flux. College jobs can be hard to come by, the stereotypical use of a degree. Universities consistently receive strong, qualified applicants, but many of these job seekers leave disappointed or suspended in part-time jobs with little job security.
Why graduate students should contract what universities and industry have to offer
The measures taken by governments to deal with the recession have increased inflation significantly current economic. Gasoline prices have increased by 30-40%, rents and food prices have increased accordingly. However, academic salaries have not increased. You need a competitive and stable salary to cope with adversity, and now more than ever, academia cannot provide that stability.
Between 2020 and 2021, universities cut 650,000 jobs, a 13% reduction in academic staff. Salaries for full-time professors are falling and graduate students are losing their scholarships.
2005 salary data compared to 2009 salary data
The value of a doctorate in 2009 is the same as in 2005.
As a control To assess additional stability the value of Ph .D., I also looked at data from the 2005 salary survey. Admittedly, in a different economic environment in 2005 than in 2009, the estimates are remarkably similar. The 2005 regression equation is:
To answer this question, I used a statistical technique called regression analysis. With regression analysis, you can see which combination of variables best predicts an outcome variable, called the dependent variable. We use salary converted to US dollars as the dependent variable. Although many variables can influence salary, few have significant predictive power (this is generally the case with regression analysis).
The salary survey collects several variables: gender, country, job title, techniques used at work and software tools used, to name a few. The variable that has the biggest impact on salary is the number of years of experience. That shouldn’t be too surprising. More experience would expect a higher salary. The next two most important variables with the greatest impact were the manager and having a doctorate. Surprisingly, a master’s degree did not add much to a bachelor’s degree. About 48% have a master’s degree and 37% have a bachelor’s degree.