#6 The Value of a PhD: Beyond Academic Knowledge

Many of you responded positively to my LinkedIn post about the value of pursuing a PhD. Today, I'd like to expand on that message, offering deeper insights into why—despite its challenges—a doctoral journey can be transformative.

The PhD Journey: Not Just a Title

A PhD is indeed incredibly challenging. The statistics speak for themselves: studies show completion rates hover between 50-60% in many fields, with the average time to completion being 5.8 years (Sowell et al., 2015). The journey demands persistence through intellectual, emotional, and often financial obstacles that test even the most determined individuals.

This advice comes from personal experience. A 2018 survey by Nature found that 36% of PhD students have sought help for anxiety or depression caused by their studies (Woolston, 2019). Yet those who persevere often report that the journey was transformative in ways they couldn't have anticipated at the outset.

The "Real World" Misconception

Perhaps you've heard someone dismiss academic credentials with phrases like "in the real world..." – as if universities exist in some parallel dimension! This rhetoric creates a false dichotomy between academia and industry that serves neither well. And it’s really annoying.

The truth is that doctoral training develops precisely the skills that are highly valued across sectors. A 2020 report by the Council of Graduate Schools found that PhD holders across disciplines reported using research skills (91%), critical thinking (96%), and writing skills (93%) regularly in their non-academic careers (Okahana & Zhou, 2020).

The Transferable Skills Toolkit

Beyond your specialised knowledge, a PhD equips you with an impressive professional toolkit:

Communication Mastery
From writing 80,000+ word dissertations to crafting concise abstracts, doctoral training makes you versatile with the written word. You'll become adept at translating complex concepts for different audiences – a skill that Harvard Business Review identified as one of the most valued in today's knowledge economy (Ferrazzi, 2015).

Analytical Prowess
PhD students don't just collect data; they develop frameworks to extract meaning from it. In an era where "data-driven decision making" is the gold standard across industries, this skill is invaluable. McKinsey's research suggests that organisations that leverage data analytics effectively are 23 times more likely to outperform competitors in customer acquisition (McKinsey Global Institute, 2016).

Project Management Excellence
Managing a multi-year research project teaches planning, prioritisation, and execution. These skills translate directly to professional settings, where the ability to deliver complex projects is highly valued. Research by the Project Management Institute shows that organisations that prioritise project management waste 28% less money due to better execution (PMI, 2020).

Resilience Through Criticism
Perhaps one of the most underrated PhD skills is developing a thick skin. The peer review process teaches you to separate criticism of your work from criticism of yourself – a distinction that serves well in any professional environment. Studies have shown that resilience is one of the strongest predictors of career success (Bonanno & Diminich, 2017).

Risk Assessment and Innovation
PhD candidates regularly navigate uncertainty, designing experiments with unknown outcomes and pursuing novel research directions. This comfort with calculated risk-taking is increasingly valuable in rapidly evolving industries. According to the World Economic Forum's Future of Jobs Report, innovation and creative thinking rank among the top skills employers will need in the coming decade (WEF, 2020).

A PhD: Worth the Journey?

If you're considering this path, know that it demands more than just intelligence. It requires perseverance, passion, and purpose. But for those who complete the journey, the rewards extend far beyond the three letters added to your name.

The skills you'll develop will open doors across sectors and prepare you for challenges you haven't yet imagined. In the words of Dr. Karen Kelsky, former tenured professor and academic career consultant: "The PhD trains you to be the expert in the room. That expertise is transferable to any room you choose to enter" (Kelsky, 2015).

Bibliography

Bonanno, G. A., & Diminich, E. D. (2017). Annual Research Review: Positive adjustment to adversity – trajectories of minimal-impact resilience and emergent resilience. Journal of Child Psychology and Psychiatry, 54(4), 378-401. https://doi.org/10.1111/jcpp.12021

Ferrazzi, K. (2015). Seven Ways to Improve Employee Development Programs. Harvard Business Review. https://hbr.org/2015/07/seven-ways-to-improve-employee-development-programs

Kelsky, K. (2015). The Professor Is In: The Essential Guide To Turning Your Ph.D. Into a Job. Three Rivers Press.

McKinsey Global Institute. (2016). The Age of Analytics: Competing in a Data-Driven World. McKinsey & Company. https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/the-age-of-analytics-competing-in-a-data-driven-world

Okahana, H., & Zhou, E. (2020). Career Pathways for PhDs: Results from the PhD Career Pathways Alumni Survey. Council of Graduate Schools.

Project Management Institute. (2020). Pulse of the Profession 2020: Ahead of the Curve: Forging a Future-Focused Culture. PMI. https://www.pmi.org/learning/thought-leadership/pulse/pulse-of-the-profession-2020

Sinche, M. (2016). Next Gen PhD: A Guide to Career Paths in Science. Harvard University Press.

Sowell, R., Allum, J., & Okahana, H. (2015). Doctoral Initiative on Minority Attrition and Completion. Council of Graduate Schools.

Woolston, C. (2019). PhDs: the tortuous truth. Nature, 575, 403-406. https://doi.org/10.1038/d41586-019-03459-7

World Economic Forum. (2020). The Future of Jobs Report 2020. WEF. https://www.weforum.org/reports/the-future-of-jobs-report-2020

Calarco, J. M. (2020). A Field Guide to Grad School: Uncovering the Hidden Curriculum. Princeton University Press.

Polk, J. (2020). The PhD Career Guide: A Guide to Professional Development During Your PhD and Finding Work You Love After. Sage.

Bloomfield, V., & El-Fakahany, E. (2018). The Chicago Guide to Your Career in Science: A Toolkit for Students and Postdocs. University of Chicago Press.

I'd love to hear your thoughts on this topic. How has your PhD journey shaped your professional trajectory? Or if you're considering this path, what questions do you have?

Until next time.

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This week I’ve collaborated with Mercor and their latest temporary contracts for PhD students - see https://tinyurl.com/5cz8xw54 for paid phd positions.