Chemistry and most other PhD’s are being produced at a rate far exceeding the job market’s demand for them as a result job prospects are terrible. Academia relies on the labor of grad students and post docs so they will not address the issue.
My take is that it is a pyramid scheme for Universities and an outright scam for companies trying to flood the market with desperate science talent willing to take the abuse and insulting salaries they offer.
I was strongly encouraged to get my PhD and initially when I started grad school I intended to. I made that decision on the basis of 2 main points.
- The program is 4-5 years
- It would enhance my salary and job prospects.
Once it became clear that both were lies I opted for the MS.
The average for completing a PhD is now 7 years and everyone from my lab who did are stuck in post-docs 5 years later with no prospects of ever having a real job. They will end up doing a career change around age 40 having to deal with the PhD = overqualified for everything stigma attached to them for the rest of their life.
Science in this country has degenerated into a sick joke and a trap that exploits and abuses the brightest but naive. The grad student program has become a pyramid scheme and as a source for cheap scientific labor for Universities to do research and teach undergrad science. Watson famous for co-discovering the double helix structure of DNA lambasted the scientific community for turning grad school into a serfdom. Many PI’s don’t give any sort of mentor-ship and completion rates can be as low as 1/3 though 1/2 is average. The PI at the lab where I worked not only did not mentor anyone he kept his most productive students from graduating. One of my colleagues had to get the provost involved. There is no accountability in PhD programs for providing a quality educational experience rather than simple exploitation.
Any student that manages to get through the above gauntlet has little to look forward to but endless crappy post-docs and falling further behind in life.
Things are not much better on the industry side of things as the huge excess of scientific talent, the h1b program, and offshoring allow companies to abuse their science staff like no other group of workers. Most positions pay at least 30 to 50 percent below what they should, are extremely unstable, many are permatemp and have no benefits.
In short, pursuing a career in science is an act of madness. Our society does not value science at all anymore. That is why in many grad programs US citizens are a minority. For third worlders, science represents a way out of poverty, but for Americans it has become the way into it.
http://talk.collegeconfidential.com/science-majors/1386469-is-the-science-ph-d-worth-it.html
http://talk.collegeconfidential.com/science-majors/1324120-science-phds-non-academic-career-paths-p1.html
http://www.theguardian.com/science/occams-corner/2012/nov/23/running-science-ponzi-scheme
http://pipeline.corante.com/archives/2013/01/24/too_many_scientists_a_pyramid_scheme.php