It being the season, the 'I got into XYZ PhD Program!' tweets kind of break my heart. I don't rain on any parades - if you are celebrating, celebrate. You earned it! But there's sorrow b/c unless things change, there won't be any more jobs in 5-7 years than there are now...
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There is no academic jobs god listening at this alter, so burn nothing upon it. This is an Epicurean Job Market; the gods exist but they do not care. Enjoy your studies, have what fun you have. Enjoy the life of the mind. See where it takes you.
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But there's no gold at the end of this rainbow, so don't kill yourself to get there. Your sacrifices won't be rewarded. Don't delay anything; I regret everything I delayed for graduate school. Don't miss sleep. Don't take on debt; dear god, don't take on debt.
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Live your graduate life on the assumption there is no academic job waiting at the end, or any job waiting at the end. Make your decisions accordingly.
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And I suppose, for all of the advisors out there: understand that this ought to be your student's mentality too. I have heard all of those "my letter can't get you a job" speeches. Great; give them on orientation day. Tell your grad students to relax and relax yourself.
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