Is a College Degree Worthless?

By Jack Hough, SmartMoney

College degrees bring higher income, but at today's cost they can't make up the savings they consume and the debt they add early in the life of a typical student.

Don't Jump into a Hot Field

Many prospective PhD students are lured into PhD programs, at least in part, as a result of them thinking that their field is very hot right now and there are plenty of employment opportunities inside and outside academia.

For example, when I was thinking about joining our PhD program, I was told by a PhD program coordinator that in 4 years I will have a six-figure job. This prediction was based on some of the recent graduates getting several offers well-above $100K.

Another example is my professor, who told me that one of the reasons he decided to join a PhD program was because a PhD student he knew got a $95K job offer at a very good school.

But here's the trick. Even if these numbers are accurate, you have to keep in mind that it will take you 4-6 years to get your PhD. The fact that your field is so hot right now is most likely a sign that a peak has been reached and decline is on the horizon. So it may be too late to exploit this opportunity. By the time you get your PhD, the market will be saturated and you will have great difficulties finding ANY employment, unless you are in the top 5%.

Another interesting implication of that theory is that students who fail to complete their PhD programs are usually the winners. They may find industry employment with a masters in that hot field and enjoy at least a couple of years of good earnings. When the market cools off, they will either keep working at their jobs or have enough savings sail through the decline.

So don't go into a field just because it is hot right now. It may be very cold in a few years from now.

In my personal experience, some of the most successful professors jumped on board when a field was not hot - it was in an emerging state. Because the field was so immature, they published a lot of low-quality papers in newly created journals in the field. After several years, the field reached its peak and these journals became top-journals. So they were the ones to exploit the opportunity, and not the students who decided to enter the field at that time. Their success may be a combination of insight and luck, with luck probably playing a much greater role than insight.

Academic Altruism

Yesterday I talked to one of my advisers about the state of economy as a whole and our school's financial situation in particular. He told me, with pride, that, despite the global economic turmoil, the school is expecting to raise professors' pay by a few percent this year. And just a few days earlier I saw an article where it was announced that our school, once again, raises tuition. I asked him how he felt about struggling families being forced to pay even more despite that many of them are struggling financially. His response was like: "Well, this school is going to lose its top-notch faculty members if they stop paying well. For example, I constantly get good offers from other schools and if I the pay I get here doesn't satisfy me I may leave".

And then they tell doctoral students that people who decide to pursue PhD are not interested in money...

Disgusting Professors

I consider myself to be an intellectual. I read heavily since the age of 6. I'm fluent in three languages. Based on my standardized test scores, I can say that I have above average intelligence. I've always liked studying and have been a great student.

Nevertheless, I've always had a certain level of disgust towards professors. I think the disgust is on the physiological level. I don't like how most of them look and act. I don't like their haircuts. I don't like their body built. I don't like the kind of clothing they wear. I don't like their nerdy humor.

Sometimes I think that physiologically I'm just not one of them. I'm 6.0 and well-built. I don't wear glasses - I have a perfect eyesight despite years of reading. No one ever picked on me at school - I look like a person who can fight back. At conferences I always feel like I don't belong there, although I'm an outgoing person. I prefer to hang out at bars with local people rather than participate in those boring conference events. Sometimes I think me being physically different from most academics produces a bit of mutual antipathy between me and male professors.

There was a professor in our department who resigned a few years before I joined the program (he got a better offer from a better school). This guy is not the nerdy type either. He is tall, athletic, and very handsome. To make things even worse, he is rich and well-known outside of the academic community. When he came to our school to give a talk, I just couldn't help noticing how much he bothered our professors. I had heard them saying things like "he is not a real researcher" (although he has a publication record comparable to that of many top professors in our department), "he is a clown" (he has a great sense of humor), "he is only interested in money" (his books sold very well), etc. At the same time, these professors would never say anything bad about a nerdy, top 10 professor - they would be all over him or her, making compliments, and joking around.

Well, I guess in order to be a part of academia, you have to be one of them both mentally and physically.

Thank you, Walmart!

Business school professors like to talk crap about Walmart. But Walmart helped me and numerous other slaves of academia to survive over all these years. When shopping at Walmart late at night, I ran into so many PhD students, postdocs, or even assistant professors from our school. Many of them acted like they didn't see me, LOL :)

Minimum Wage Work = Success ?

From the Chronicle of Higher Education Forum:

Well, I don't know if it counts as a success or not, but I did manage to land some academic piecework for the coming year. My job hunt as an ABD only managed to accumulate (if I was fortunate) a collection of rejection letters, but mostly silence. Wal-mart was looking to be the serious contender.

Three days after I defend, the department chair offers me a lecturer slot (2/2) at graduate assistant wages per course. Plus, these are frackin huge sections -- more students than many SLACs.

Did the math: worked out to be slave wages, but I jumped at the job. Like I had any reasonable alternative -- and it is a teaching job at a research university.

Even so, that wouldn't pay the bills. I ran into a friend who was teaching a DL graduate course for a federal agency, and got a contact. It turned out that they needed some guest help, and my mix of experience and new PhD was just the ticket. So now I have an on-line job as well (and not at a for-profit school).

As I said up front, I don't know if this counts as success -- it's probably more accurate to describe it as a way station. Hopefully I'll be able to chisel out enough time to get something from my dissertation published, and that plus PhD in hand may slightly up my chances. Not that I'm expecting the market to get any better next time around, but any ray of light at this point is a good thing.

Conversation with my Advisors

I had a conversation with two of my advisers today. They kept telling me that the best thing to do in my situation is not to look for any job. Instead, I should live off my parents and work on papers with them. They said I should not look for ANY jobs until I have at least one paper published with 2 others in the pipeline. They told me that getting a job will distract me from my research.

The only thing they forgot to tell me was how to live on zero money. But they don't see this as a problem.

PhDs in Philosophy Make Zero Money

I've noticed that someone came to my blog by googling something like "how much do PhDs in philosophy make". Dude, there are virtually no jobs in this field. I think this degree is even less valuable than a PhD in English (and a PhD in English is often not worth the paper it is printed on). At least, I can see some ways of making money outside of academia with an English degree. But I just don't see why would anyone hire a philosopher. So here's the answer: PhDs in philosophy make close to zero US dollars per year. So you should pursue the degree only if your love for philosophy is so great that you are willing to live in poverty your whole life.

But here's a tip for you that may be a somewhat better compromise between your interests and the sad reality where people cannot live without money. Think about majoring in Management/Business Ethics. I think this area is becoming hotter and hotter. But hear me loud and clear: this may be a better, but by no means a good idea. I doubt the employment prospects for those with a PhD in Management are very bright, although they are definitely better than those with doctoral degrees in humanities. Moreover, it may be easier to get a non-academic job with this degree. But make sure you go into a business school for your degree, and not to a Psychology/Sociology department.

The Best Way to Quit a PhD Program: Taking a Leave of Absence

The best way to quit a PhD program is to take a one-year leave of absence. During the year, you can try to put your life back on non-academic track. If, after one year, you want to come back - you are legally entitled to do so. Quite a few PhD students in our program took a leave of absence and came back to finish their degrees.

There are a few things you need to know in relation to taking a leave of absence:

• When you request one, don't burn the bridges by saying that you are sick of the program. Cite personal issues instead: health, the need to take care of your family member, financial situation, etc.
  
• Make sure you know the rules associated with leave of absence. For example, you need to find out whether you will lose one year of funding if you decide to do so
• Don't come back into the program because you haven't succeeded in finding a decent non-academic job. If you think that hiding out from real life for a few more years will solve the problem of figuring out your place in life, you are up for some serious problems in the future. You should only return when you are hundred percent sure you want to continue your academic career
  

The Power of Long-Term

Below are a few things I've learned as a result of my PhD studies. I call them "the power of long-term":

• You don't complete your dissertation by pulling a few all nighters. Only incremental work will get it done. Not years of hard work (it will kill you), but years of a couple (a few) hours a day
  
• You don't ruin your health overnight. It takes months of do a significant damage to your health. And it doesn't have to be months of heavy drinking or drug abuse. Just months of, let's say, bad sleeping habits.
  
• You don't get your health back overnight. It takes months of work to get it back. Again, I'm not talking about months of hard work, just months of doing little things right.
  
• You don't land a job by sending out a few resumes. It takes months of consistent search to find a job.
  

I think my undergraduate habits (the ones that made me so successful in my undergraduate program) played against me in my graduate program. By my senior year as an undergrad, I became so good in taking exams (yes, taking exams, not being an expert in my field) that all it took me was one day of studies to go over several textbook chapters and get an A on a multiple choice exam. I attended classes only to figure out what's going to be on an exam and not to learn the material.

But a PhD program is a marathon. Sprinters always lose in a PhD program. You shouldn't try to spring with anything in a PhD program (e.g. comprehensive exams, dissertation). Those things are done incrementally. Again, not by working intensively, but by working consistently.