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That's why I think PhD production rates for colleges is a very questionable indicator. Who spends 7 years working on a possibly worthless degree?
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<p>Unfortunately, lots of people.</p>
<p>I was practicing law in the late 80s when a severe recession hit my region. Lawyers (including me) were being laid off all over town. Although I was lucky and got another job quickly, I hated my new job. </p>
<p>Lo and behold, there was a study done at Harvard (I believe) stating that due to retirements from the last big academic hiring bulge in the late 60s/early 70s and anticipating the baby boom echo, there would be a shortage of newly minted Ph.D.s to fill the needs. Indeed, by 1995 there would only be 6 new Ph.D.s for every 10 openings in history (my field).</p>
<p>Well . . . you don't have to hit me over the head with a baseball bat. I always wanted to be a professor (but didn't do that after undergrad - 1979 - because I like to eat and have a roof over my head and there were far too many stories on the news about Ph.D.s driving cabs . . ..) This looked like a great oportunity to live my dream.</p>
<p>I entered grad school in 1990 at an Ivy. Fully funded. With dreams of being Mr. Chips dancing in my head.</p>
<p>Maybe because I was coming from the "real world" it didn't take me long to figure out that Harvard study was way off base. Even though the handwriting was on the wall . . . very talented newly-minted Ph.D.s were not getting jobs . . . grad students still poured into Ph.D. programs throughout the 90s. Why?? Because 1) they were convinced THEY would get a job and 2) because they were in grad school for the love of the discipline.</p>
<p>Even though everyone in my department was fully funded (tuition, fees and a $11K stipend) most of my classmates ended up in debt (some fairly large debt when combined with undergrad loans) and no job. Eventually, everyone found something to do (some ended up making far more money than they would in academia; some are quite poor; some women stayed home and had babies.) But the PAIN of the experience . . . being on the job market for years, facing incredible rejection (even though you know it's not you, it hurts) was painful to watch. </p>
<p>Maybe because I had been in the real world, maybe because of my personality, I didn't wait around to test the tenure-track waters. I got a job in administration (probably a better match for my talents) and I've been happy ever since. </p>
<p>Is there a moral to my story? Probably not. I don't blame people for following their dreams but sometimes reality needs to be considered. I DO blame the universities. They knew what was happening but they kept accepting as many grad students. Why?? They needed their (cheap) labor to staff classes, to help with research, etc. </p>
<p>There's always been a great difference in training, funding, and the job market for those in the humanities as opposed to those in the sciences and in business. Many universities are having a hard time attracting and keeping Ph.D.s in technical and business fields so there is still a robust market there with high salaries. </p>
<p>So, if your child is interested in getting a Ph.D. he or she needs to do their homework to decide if it makes sense. They may have a dream but they probably want to eat and have a roof over their heads.</p>