There’s a growing misconception that big private companies prefer not to hire PhD candidates as they are overqualified and their working style is too independent. The concept that holding a PhD degree may hurt your job prospects in the private sector is erroneous. PhD candidates should use their degree as leverage, and not as an excuse.
The demand for PhD candidates is high, however, the trick missing from the equation is how to leverage that degree. PhD degree acts as strong leverage to get a better salary and job prospects compared to non – PhD candidates. Thus, the following are the 10 reasons why you need a PhD in 2023.
1. The average long–term earnings for a PhD candidate are greater than a Master’s candidate
Many students are distressed about the opportunity costs of pursuing a PhD including student loans, and alternative jobs, among others. However, it is vital to understand that the average long-term earnings for a PhD candidate are far greater than a Master’s candidate.
According to the US Census Bureau, candidates with PhD degrees earn more than candidates with Master’s degrees. Interestingly, the rate of difference in salaries ranges from 7% to 33%. The benefits are not limited to academics but also towards other skill sets. Many advanced and consultancy-based companies look for candidates with the profound level of discipline and specialised knowledge of a PhD candidate.
2. A PhD can get you unique and distinctive career opportunities
One of the key elements candidates consider while pursuing a degree is the type of career opportunities associated with the degree. Holding a PhD degree opens up a plethora of unique and distinctive career opportunities for the candidate. According to Pay Scale, PhD candidates have more access to jobs than other candidates. Besides, they have a better chance of ending up making more than other candidates. Besides, as you move up your career ladder, you’ll be recognised as an expert in your field and accumulate a volume of networks vouching for your work. In addition to distinctive opportunities and a higher salary, PhD candidates are also seen as highly valuable social capital in society.
3. A PhD qualification is an indication of responsibility
PhD candidates are assumed to be highly proficient and experienced. Many recruiters look for PhD candidates for higher management roles as they take ownership of their professional life by responsibly building their academic careers. Besides, attaining self-fulfilment in terms of an academic career is one of the most worthy goals in life.
4. Most valuable academic asset
PhD is the most vital degree of all. Attaining a PhD degree is equivalent to attaining one of the most valuable academic assets. The process of attaining a PhD degree renders your abilities to comprehend and solve complex problems, improves your confidence level, renders you a strong communicator, and inculcates your soft skills, among others even outside the field of academics.
5. A sign of making significant contributions to your field of research
Many PhD candidates are very passionate about their field of research and seek vital and unprecedented discoveries through their research. Through this constant research and development, they make significant discoveries and make vital contributions to their field of research. Besides, one of the great elements of pursuing a PhD is that you get to conduct and engage in your research. Given that your research results and dynamics are relevant and strong, you’ll be able to develop and teach future students in your area of research through your PhD thesis findings.
6. A PhD can demonstrate strong interpersonal skills
There’s a growing misconception that PhD candidates only work alone and in isolation. In reality, PhD candidates are experienced to work as a part of a team, effectively. Over the years of their PhD tenure, candidates learn group management skills through their consistent interactions with PhD guides, peers, academic teams, professors, PhD committees, and lab experts, among others.
Though PhD candidates are independent-minded, they are highly collaborative and effective for extremely difficult and complex projects. PhD candidates have to build professional relationships with their guides and mentors and navigate the bureaucracy to get access to funds and resources for their PhD thesis. This is how they develop their networking and communication skills.
7. Articulate and Intelligible writing skills
One of the key skills PhD candidates learn during their PhD tenure is the art of writing intelligibly and articulately. While writing the PhD thesis, a candidate propels their writing skills to a new level, putting them in the league of elite and extraordinary writers. Many corporate and government organizations look for candidates who have strong writing skills. Many years of research and writing make PhD candidates highly competitive candidates for any top job profile.
8. Great at managing uncertainty
People with PhD degrees are brilliant at managing uncertain situations. Usually, PhD candidates spend their time in the middle of uncertainty while working around their PhD thesis. Some of the uncertainties include how to generate data, if the results turn out to be different from what they expected, no idea related to the grants and funding, or if the project their working on has a result or not, among others. PhD candidates are quite comfortable in handling uncertain situations; they thrive around it. They are good at taking calculative risks as with no uncertainties, no major discoveries would be possible.
9. Dealing with negative or difficult bosses
Though PhD guides and mentors are extremely intelligent and hardworking in their field of research, it’s very difficult to work with them. A lot of PhD candidates have similar experiences. This is where PhD candidates learn to develop their interpersonal skills through years of engagement. PhD candidates are highly patient and thus, brilliant in dealing with negative or difficult bosses.
10. Improving the existing knowledge base
Master’s or Bachelor’s students aim to get a degree by passing the exams, but PhD candidates aim to add to their field of research. They are curious and try to improve and challenge their knowledge over time. They keep on researching and try to build a strong and dynamic knowledge base in their field of research through writing research papers and reports.
