Unless someone is a genius in the field (equivalent to a musical or mathematical genius), I wouldn’t encourage a PhD outside a clinical or engineering field. Clinical psychology, nurse practitioner PhD, physical therapy all very viable.
One key problem is that academia has become a pyramid scheme: grad students gradually realize that most academic PhDs will never be able to get a tenured academic job. By contrast, most MDs will be able to practice medicine; most JDs will be able to practice law.https://twitter.com/sallylepage/status/1111741823641419777 …
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Business and accounting are probably fine too, but seems like most do well with masters and professional equivalent and don’t need PhD.
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JD has become nearly worthless too. MD degree rates are arbitrarily capped by the guild to ensure a good living for those that get through.
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Gladly I realized this way before I started my PhD, and so I chose a PhD that is going to be valuable for doing research in private companies.
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Many programs (even top-tier ones) are recognizing this and are providing PhD students with more opportunities to develop skills they can use outside of academia and even find chances for them to practice those skills while still in school.
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This is not at all true in economics, finance, accounting, marketing or management. The excess supply of PhD's comes in just a few disciplines; psych, history, English, humanities, sociology. Programs need to be more honest with their students.
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If there's no non-academic market for PhDs in a field, professors in that field should be limited to one PhD student. Per career.
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They also realize that having a PhD opens alot of doors in industry. And they often start that degree without the intention of continuing in academia.
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It's a $25k/yr job in the sciences, with 2 exams that you must pass or be expelled, 5-7yrs of experiments that may never work for publication, and few job prospects/poor job security on graduation. It's a trap for the idealistic high iqs who lack people skills for other paths.
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