The TRUTH About PhD Degrees...
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These videos are for entertainment purposes only and they are just Shane's opinion based off of his own life experience and the research that he's done. Shane is not an attorney, CPA, insurance, or financial advisor and the information presented shall not be construed as tax, legal, insurance, safety or financial advice. If stocks or companies are mentioned, Shane might have an ownership interest in them. Affiliate links may be present, the offers and numbers presented may change over time so please make sure to confirm that the offer is still valid. Some offers mentioned may no longer be available or they have been changed. Please donât make buying or selling decisions based on Shaneâs videos. If you need such advice, please contact the qualified legal or financial professionals, don't just trust the opinion of a stranger on the internet and always make sure to do your own research and enjoy this family friendly content.
Sources and further readings for jobs and college degrees:
bls.gov(bureau of labor statistics)
nces.ed.gov(national center for educational statistics)
payscale(provides information on jobs and degrees)
medium.economist.com/why-doin...
finishyourthesis.com/worth-ge....
100rsns.blogspot.com/
www.cbsnews.com/news/12-reaso....
nces.ed.gov/programs/coe/pdf/...
www.theatlantic.com/business/...
www.kiplinger.com/slideshow/b...
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Shane, always wanted to ask if the salaries you talk about in your videos are before or after tax paid?
When are you gonna talk about pharmacy
Great video, Shane. I would really appreciate it if you could check out my comment regarding X-Factor for personal finance that I found during PhD studies. Thank you :)
You are a pharmacist, right? What do you think? Do you regret getting a doctorate or are you happy with your career? Why'd you go for a pharma.D?
@@kofiasamoah6177 I think he did in his video about healthcare degrees.
It took me 6 years to earn my doctorate. I went partime and paid for all my classes out of pocket so i have Zero student debt. I also waited 10 years after finishing my bachelors & masters before starting my doc program. This way i could establish my practice in mental health and began teaching at a local community college. Fast forward, i became head of my department, continued my private practice, and now do a lot of consulting & training. Earning my doctorate has quadrupled my earning potential. Education is a tool, what you do with it is up to you.
I so needed to see this message! Iâm in the same boat but Iâm a speech-language pathologist and just know my private practice and clients in general will benefit more if I got a Ph.D. Of course, teaching, consulting and opening a different kind of business would also triple my income. Iâm just going to apply and do it!! No looking back đ
This is based on a US perspective - my PhD was free. And I didn't do it for career advancement or financial rewards. I did it as a personal challenge, and the fun of learning
great and right attitude.
Bruh... I love and adore and admire this attitude. Sadly learning for love is a dying concept. Learn for money because it's costing a ridiculous amount. 80k for undergrad. 40k for masters. 100k for PhD (those are high numbers in Canada. Undergrad taken away from home and includes all costs).
@@squeet6831 You have options to do the PhD outside the US, though. There is no reason why anyone should pay such humongous amounts of money for an education - its illogical
@@ROGUE406 where would I go outside Canada and the US? I'd only go to school in the US if at least 60-75% of it was covered. Its waaaaay too expensive.
Europe has some of the best universities in the world, which are often free or way cheaper. Not sure what your subject area is, but you can use QS or Times Higher Education rankings to figure out which universities are good and compare favourably in your field.
Watching from Denmark. I get paid for my masters degree. The system in the US sounds like a complete hell
It is
In the US, you can skip your Masters and go straight from your Bachelors to PhD. And if you are in a field with funded PhD programs then it's actually not bad. For example I get paid a similar salary as a grad student to what I would be making in the job market with a bachelor's. I was also able to pay off my undergrad debt within the first year and a half of grad school. Creativity and planning ahead goes a long ways.
@@darkrebel123 Wow the
Bachelors -> PhD sounds interesting. I cannot imagine how someone can be succesful with PhD when only having the Bachelor degree.
Yes. But the economy seems to be limiting you too much. Like, you have to consider the economic side of things when picking a degree and I cannot think of how frustrating it would be to especially for me, to not pick a career path because you have to pick a funded PhD or whatsoever.
@@soakohaji8009 Here in the US, a masters degree is unofficially built into a PhD program. The first 2 years are typically spent taking courses etc. It is not uncommon for someone dropping out of a PhD program to he awarded a masters if they did enough work to merit it.
And as to the economics of it, I don't see a problem with the current system. It's no different than anything else in economics. The incentives are where the value is at, to some extent anyways. Take psychology for example, the market is twice over saturated with psych degree holders which forces people to get a masters or PhD if they want to work in the field. There is an excess of supply, so naturally I the taxpayer doesn't want to pay for Joe Blow's psych degree that doesn't benefit society do to the oversupply.
As with any other economical choice, it should not be made based solely on the whims of what I feel like I would like to do. This is ultimately also the root of the student debt problem in the US as well.
People don't actually care about the value of their degree, they just go after it because its what they want to do.
I'm just so lucky that what I want to do is in alignment with an area where there is demand.
us education system is weird although I studied at usa college.
I still can't believe american student loans have interest
thats some communist propoganda right there
Sadly they do
Why loan without interest?
@@chrisiver8506 itâs just here in Australia we still have loans but they are without interest and are done in a system where it it is taken out of your career salary once you make over 25,000 a year. This means there are many cases were people canât pay it back but still itâs much better than 100% free in terms of government spending. In terms of interest on loans the problem is that people who take longer to pay it back get their loan compounded restricting them to sell out and try and get the money together immediately rather than graduately paying it back so they can live
*a better quality of life
People who go into a Ph.D. program "for the money" are by far the most likely to never finish. The only reason, in my opinion, to go for a Ph.D. is because you are interested in the subject. You also have to be willing to work hard and ALWAYS do much more than the minimum. Also, if you are good at your subject matter you can likely get through a Ph.D. program with minimal debt, particularly in the sciences. I have some experience in this area as a retired professor.
Or maybe getting jobs like economist, mathematician, physicist or statistician
Nobody decades so many years just to work at a minimum wage salary. I am sick of academia ignoring the elephant in the room. Many 1st gen pursue higher education so that they can have a better income and live comfortably than their parents. If the return of investing 4 years of my life, wont make me the salary I would of had by working experience instead; there would be no interest for me. I met many grad students who have both housing and food insecurity, so I am not going to play a "poor man" while the dean gets bonuses for his 6 figures salary.
This was such a well done video! I'm currently in a gap year and have been so torn about a decision of master's, PhD, or any sort of graduate program at all. Videos likes this make the decision so much more informed. Thank you for the important considerations!
Glad it was helpful!
an advice in relation to PhDs that i heard was, "if you aren't getting sponsored or paid for your PhD you aren't good enough to be doing one".
One things is to be good academically and be praised by your profs and academicians. Another thing is to be good at applying your knowledge in real life. even in the STEM fields, the more you're loved and praised by the academics.. the more useless you are in real life.
@@eloboa5355 Youâre clearly ignorant. Most STEM PhDs are the very literal application of knowledge. Youâre generating knowledge and applying it to real life-see the research at literally any engineering/science PhD program. PhD research often has use on the timescale of 1-3 decades, but trains people who go into industry researching the very tech that allowed you to type your inane comment. That tech is built on years of academic and govt research, done by people who are getting PhDs.
This video is excellent. I'm a part of a group of three friends who all graduated with the same degrees at the same time. One of my buddies went straight into the job market after earning a BS, I earned a MS then entered the job market, and the other friend earned his PhD. At 30 y.o., I'm just passed the BS friend in income and the PhD guy is waaaaayyyyy behind. But all three of us seem to be happy with our decisions.
8 years to get a PHD alone is nowhere correct. 8.2 must be the medium from bachelor to PHD combined time.
Itâs very correct! Iâm in a PhD now.
You spent in PHD 8 years alone give or take?! Or was Bachelor plus PHD?!
Itâs combined. 3-4 for bachelors
2 for masters and 2-4 for PhD
4-6 years for Science PhDs. So about 13-14 years. So you become employable at the age of 32-34 ooooof
@@ninthcrusader2355 In the video is said " Phd alone time" so if alone time is not combined.
Currently working on a fully funded chemistry PhD in Ontario Canada. Most people I know in chemistry (including me) fast-tracked their PhD, completing one year of master's work before switching into the doctoral program. This shaves off a year of grad school time. My peers generally spend 5 years in grad school, graduating at 27. Love the channel!
Some programs (like USD's PhD in Education) allow you to work while in the program, while others (like USC's PhD in Education) will give you free tuition plus stipend ($32k/y), but require you to sign an agreement not to work while in the program. Additionally, some only require bachelor's for entry (USC) while others require master's (USD), which shortens the length of the program, usually by one year. Programs vary widely, so be like a PhD and DO YOUR RESEARCH!!
Thanks for your input Austin
Great video. My family member #1 PhD from MIT in 4 years and a very successful career (and profitable). Family member #2 dropped out of graduate school from MIT & had a very rewarding & profitable career. Family member #3 is in a PhD program at the third best program in the world for her major. She decided she loves what she is studying but her program requires six years + the post doc cycle to follow. She decided to just cut it short after 4 years and take a Masters and go into industry. All three had grad school funded from grants like the NSF and so they didnt have to dig into their pockets.
Humm.. I think it depends on what phd you are getting into. In engineering, it is very rare to have a PhD which is not fully funded. Meaning you do not pay any tuition fee and you receive stipends from university or funding agency. even in US.
In fact here in nordic countries, you are actually employed as a employee of the University and your salary as a PhD student is same as an entry level engineer with a masters degree in the industry.
Phd is worth it if you want be economist, mathematician, physicist or statistician
Mostly they would want master or phd to get the job
@@CCP-Lies PhD is also necessary if you want to teach on an university.
Always best to have a plan. As an aerospace PhD student, I entered the aerospace work force for a large aerospace/defense contractor and found a way to manage developing my professional career and academic pursuits simultaneously not to mention the specific field Iâm studying is highly coveted by defense and spacecraft applications. Should be done in a couple years. Plan it out, make sure itâs as funded as possible and become a rockstar in your field!
I just finished my master's degree and am planning to start my PhD next year. I have been very fortunate with my own decision to pursue this PhD. My funding will be fully paid through the Post 9/11 GI Bill from serving in the US Navy. I will be pursuing the degree in New Zealand, which is largely based on the European education system. The time requirement is 3-4 years full time, and I intend on completing it in that time. Additionally, it's an expansion of my master's thesis, so a lot of my literature review has already been done. However, I agree with many of the points of your video on why most people should not go for the PhD. It really sounds like the US education system is very flawed, and I don't believe the top ranking universities in the US (and by extension, the world) versus other countries matters all that much. As a US citizen living in New Zealand, many of my peers ask me why I didn't choose to go to a US university. Among other reasons, I tell them that there really isn't much difference between a university in the top 100 versus one in the top 1000 globally. They're both still in the top 1% of total universities in the world.
That's a good point Jeffrey. And yes the education sys here has a lot of flaws
Smart move...to do your PhD away from US university.
Could you maybe do a video on combined MD-Ph.D programs? I understand that itâs quite specific but there si a serious lack of information online. Thanks for your hard work, as always :)
Great suggestion! Thanks
In Malaysia , the government provides special loan with lower interest rate for undergraduate and post graduate students ...students are only required to pay their loan once they have started to work....
The intro says it all.. This will be another interesting video. Not skipping ads because you deserve it a lot Shane.
Thanks Paulo
Yeah I do that too...cuz he really deserves â€đ
This video is golden bro! You covered some really important points about going for a PhD.
Glad you liked it
We need more personal finance channels like this one.. Great content! â€
Thanks
Could we get more about data science degrees? Like how to get into this field after making a switch?
Stay tuned for it Steven
I am also (patiently) waiting for this! What field are you in currently Steven?
I'm glad you brought this up. I've been seriously thinking about going into the data science t data analytics field.
I also am interested in this!
Definitely wait for his video but a heads up is either a mathematics degree with a minor in computer science or a cs degree with a minor in mathematics. Obviously this isn't the only options but they are by far the best ideas to get your foot in the door. Linear algebra will become your best friend, especially if going into machine learning or ai. Data science is really math intensive compared to other cs fields which is why I recommend the math tied into your degree.
Now with just a basic cs degree with no minor, you'll still be extremely well off for this position (since most cs degrees require linear algebra along the way) but your gonna really want a foundation in math. Your gonna be working on manipulating data sets and figuring out different outcomes based on your data. Most of the time the data will be displayed in a matrix format which is the need for linear algebra.
But yeah, the general idea is to get a solid foundation is cs and an even better foundation in math. Knowing how to program won't get you into a data science roll, unfortunately the math is almost more important then the cs (i believe the math side is far more important then the programming but others tend to disagree).
Now again these aren't the only ways to get into data science. Hell, my fiancé is a data scientist and she only holds a math degree but youll find an easier time with one of these paths.
Dear Shane, thank you for making this video. It was great to watch it, especially the math of when a PhD and masters holder can catch up to a bachelor's holder. I do have a biomed PhD. It was a fully-funded program so I got the degree in the US without going into debt. However, I was so depressed by the end of my PhD and during my post-doc that I had to move back home with my parents to even think of getting a full-time job. I had a terrible PhD advisor who actively held back student publications. I was hoping to apply to a Green Card after completing my PhD but I could not make that happen with poor mental health and lack of a first author publication. I do have a job now in my PhD field but I am also learning content marketing to broaden the number of available jobs for me. I am almost 40. The time and instability at the end of my PhD was totally not worth it for my personal and professional life both.
My statistics professor got her PhD in statistics. She spent 10 years in school and she said it was not fun. However it all worked out in the end as she became a tenured professor and she also became a department chair. So yeah, planning is a priority when going for a PhD!
Exactly!
I plan on getting my PhD when Iâm within the 25-27 age range so I can further grow my business and have time to collaborate with CZcams content creators!
Plan it out. Best of luck
I like the way you present information. You make it clear and showed us the numbers
Thanks for your feedback
This is probably one of the best videos you have ever made. The breakdown of one's personal net worth through life is the biggest selling point.
My only question is whether your numbers are based on PhD holders or all doctoral programs? Example: are professional degrees such as PharmD, MD, DVM, JD, etc. included?
Thanks for always giving us the best information to guide us with important life decisions.
Welcome Wilson
Great video Shane as always. Be careful though when looking at PhD salaries (at least for the stem field) because they also include postdoc salaries which are ridiculously low and are a waste of time if you aren't going into academia. Postdoc salaries being anywhere from 20 an hour to upper 40,000 range for two years (chemistry). If you look at just industry salary it is very likely to be significantly higher, but I have never seen statistics focusing only on industry. The video's message still stands though.
Well now I know I want to get a Master is Chemical Engineering instead of a PhD in Biochemistry. Thank you for making this video.
Welcome Cosmic
Is there a difference between getting a PhD at US uni vs Europe/Canada uni in terms of career opportunities, personal finance, funding etc? Could you do a video on it please?
I would also love to see this
Can you do make more content on Economics and finance majors? Scope, masters, jobs and everything ( after Covid 19 )?
I might do so in the future Steven
Shane. Can I ask you a question? How do you feel about your pharmacy career? Are you satisfied? I want to know more about Pharma like how is the work place like. I am
just curious.
My dad was doing a chemical engineering PhD but then just left that and got a masters degree in computer science and an MBA. And now, he works for Microsoft and makes over $220k a year
Here's a video suggestion, perhaps you can do a video dealing with the different computer security certifications. For example Sec+, CISSP, CISM, CITSO, and differentiate each from their purpose and value to see which one is more suitable to take and what not.
Noted Jorge. Thanks for your video idea
Hi Shane, there are several points I'd like to make about this: 1) what you said holds true ONLY IF you don't get a fellowship or a Teacher's Assistant position because if you get either one of those then all your tuition is waived and you get a stipend, which is a small amount to cover your essentials like housing and food. I knew a lot of people who applied for both grad school admission and a fellowship or TA position and when they got the former but not the latter, they abandoned grad school. So my point is that if someone wants to go to grad school then they need not abandon the attempt before determining whether their costs will be waived & covered. 2) I would disagree that masters degrees are not worth it under a very substantial number of circumstances. For example, getting an MBA goes a long way to distinguish professionals particularly in STEM fields. In Engineering, for example, an MBA is often what qualifies an engineer for upper management where there is huge money to be made. This only makes sense since an engineer would know everything about the science & physics but nothing about business and finance. If you want to run the company, then you need both sets of skills. 3) For those who fail to secure a fellowship or TA position, there is STILL another possibility. In many cases, your employer will pay your tuition. For example, if you live in Chicago and want to attend Northwestern University or wherever, it's likely that you can go to grad school part time FREE. I'm an actuary and my employer pays up to $5,500 in tuition per year, every year, whenever i want. i pay zero. 4) often, people who are older and spend a lot of time in industry decide that they'd like to contribute to the world's pool of knowledge by getting a Ph.D. so you need not be "only" 33 to do that. Professors often publish their best work in their 70s! Most people reading this are probably young so they only see $$$$. i know i did, but that's only because you are hungry. Once you have everything you want, you'll start looking around for meaning in life and you'll see that academia can be a pretty attractive option. In fact I would not want to live in a place where I wasn't close to an institution of higher learning because the pleasures of the world are only good insofar as they engage your faculties, and education is a very good way to expand your faculties. With knowledge, you can do more and get more out of life. Not everything can be found in the mall, y'know?
Thanks for sharing your thoughts Mark. Cheers!
Mark I think this guy would rather spend 12 hrs a day thinking of how he could avoid hard work.
That was a very helpful video! Thanks for sharing your knowledge.... but quick question, I thought in one of your other videos you mentioned that you got your doctorate, so isn't that contradicting what you said.
So glad my PhD is fully funded + a stipend!!
Could you make videos on how to get into certain high paying jobs in fields like business/STEM/technology? Ex. things like how difficult it is to get into, what to major in, if you need to go to a top tier school to get a job in that field, etc.
Noted Michael
In our TA meeting for grad students in math/statistics, our department chair advised us to go into the workforce after completing our master's, as we are worth far more than our $20,000/year college stipend, and on average could expect to earn $70,000 at our first job.
Out of curiosity, when are these numbers/screenshots being taken from? I know Bud Peterson hasn't been the president of GT for several months, so I was wondering how up to date they are, especially since they've been used in several videos at this point.
Also, this video seems similar to your other videos on getting a PhD? I've seen several comments asking to distinguish between STEM & liberal arts doctorates, and I think there's more depth/research that you could show to make your "it depends" more thorough. (Like the Center for STEM Education and Innovation's 2013 article published in AIR that looked at the difference between STEM and SBE PhD recipients in terms of debt, funding, and time to degree completion. This has plenty of great graphs to demonstrate clear differences, like 72% of STEM PhD recipients in 2010 did not accrue any debt during graduate school, with a median time of 6.3 years to complete the degree.)
Your videos do a good job increasing autodicaticism for the potential grad school students who want to know more about limitations in their field. Which is probably a good indicator on whether 5+ years of research is really for them. If they're not willing to look into the literature to find out, a PhD might not be for them. You bring up good basic points, and hopefully it does help folks decide to make a better plan for their personal finance/career before finishing their bachelor's degree.
To answer the first question, it's on the description.. Second, thank you for sharing your insights. Cheers!
Really great video! I appreciate all the work that you put into your content. Also a good break from my finals tom haha
Good luck!!
I went into government without a degree and I'm figuring how to do my bachelor's and masters as cheap and fast as physically possible to check box's for higher level government jobs
You forgot to talk about hiring of adjunct professors (getting paid about $3 to $4k per course with no benefits) by universities instead of hiring PhD's for professor jobs that would lead to tenure.
Instead of a PhD, I chose an undergraduate degree in law after graduating with an MA in English. This meant easy access to the top law school in my country. I have a job and no debt. People need to think, especially if they want a family and/or a life!
Great video!!! Love your channel â€ïž
Thanks Sia
I knew it , when I was younger I was like when u grow up , I will get my degree , then my masters then my PhD, I am 18 years old now and I realised that if I get the masters then it is already than enough for me really along with my bachelors , and I might not get my masters too , but this video confirmed my realisation đđ I know someone who is 27 years old, she got her degree and masters and PhD and she is currently unemployed because most of the jobs she applied too said that she is either "overqualified" or that there are limited jobs for her field out there , so I am convinced that it is not worth it đthanks shane , great as always đ đ
Thanks a lot for sharing that Norealle. Appreciate your insights
You're welcome , thought it would help others đ hope you survive the 30 day challenge , you are almost at the end , you can do it !âșđ
Thanks for sharing that â€
How can someone be overqualified? They canât afford to pay her or whyâs that? Excuse my ignorance, I just never understood that.
@@allygaretzka2323 yes they can't afford to pay for her
Great video! Do you have (or plan on making) a video on biomedical engineering?
Possibly! stay tuned for that
I was reading about PhD's when this notification came up :O
Let me know your thoughts on the video
Google it's watching hahahaha
I borrowed $35,000 for everything from freshman to PhD.
Paid off everything 5 years later.
If youâre in STEM and you have to pay for your grad education, youâre doing it wrong. Iâm in the process of applying to grad school in physics/astronomy and all the programs Iâm applying to wave tuition and pay a stipend. I donât know how it works in the humanities, but in STEM (specifically in physics) they pay you to get a PhD.
Awesome video! I appreciate your videos. As an international student I have no better option that finishing my electrical engineering degree and go back for my masters if and only if I donât get a job 3 years after my bachelors graduation.
Best of luck Jared! Thanks for watching my videos
how did things go for you?
Its also good if its a part time PhD while you are working as a professor .
Thanks for sharing your thoughts Alen
Just a heads up to anyone thinking about pursing graduate school: a lot of this information is incorrect. If you look at nearly any PhD program at a university near you, the time to completion is around 5 years on its own (some people finish in 3 others need up to 6). Also the spreadsheet he created (and the website talking about premiums for each degree) fails to factor in upwards mobility in a company. Often times people with a bachelor's degree aren't able to move up because someone with a Master's or Ph.D with similar experience wants the job and the company would prefer not having to take time training the person with the bachelor's degree (a higher degree could also mean being qualified for a promotion faster). Promotions like these also come with a significant promotion which the spreadsheet is incapable of simulating. I would strongly advise against looking at that spreadsheet at all because of the numerous variables it fails to account for. This is not to say a Ph.D will be worth it for you and your career, but this video does not provide accurate information about the process.
Actually, I am PhD student. I finished my master degree in 15 months. And I think PhD gonna take like 4 years up to 6. I don't know why he just tell us a wrong Information?
Given the pandemic and job market, I decided to take on a bootcamp for either Data Science or Data Engineering that builds on my bachelor's. Bootcamps like Springboard with a job guarantee can be a better alternative in terms of time and financial investment. I am curious on your thoughts of "Is a Career Bootcamp worth it vs. Master's". I also heard of some Master's degree graduates that did not have a job guarantee and the time/financial investment was not worth it.
That would make a good topic. Thanks for the idea James
@@ShaneHummus No problem!
thanking god everyday for making me be born in an european country, that student debt is actually astounding
We could only hope it was the same here in America
Yea all that awaits me is to pay rent thank god, I am from Czechia (Czech republic), so our education system isn't as good as in countries like Germany, Denmark, Netherlands etc., but it's definitely better than every other country in Central, Eastern and Southern Europe. Not to mention I can go to stufy to a country like Germany or Denmark anyway lol
@@adampytlik8453 my brother is in your country right now in med school! i am from portugal and our education system is also not that great, but at least the fees are not that hard to pay in time
@@laraaraeken Let me guess, is he in the Charles university?
@@adampytlik8453 i actually dont kniw the name of the University, all i know is that its in Prague
I have always wonder what can a hotel management degree do, which most of my friends pursuing, do they actually manage a hotel, being a bell boy, room cleaning, customer service? Is it even worth it, or is it even necessary to go through a degree?
Is a College Degree Still Worth It?
czcams.com/video/IAmAOEFwDNY/video.html
You should make a video on every major you do and how many years on average it will take you to pay off your debt.
That's a good idea
Shane, do you have an opinion on moving from the US to another country for more affordable college?
Not Shane but college should be more affordable in the US as you can live with your parents and receive federal and state financial aid as a citizen. Unless you happened to receive a full ride abroad, it should be more affordable to go to college in the US. I can't say for certain though because I don't have too much knowledge of colleges outside the US, but it should be cheaper to stay close to home and attend your local state university or a community college.
But, money is not necessarily the only measure for a profession. A bachelor's degree can never get you an academic position though.
Sadly very true doesn't matter if one has years of experience and some published papers. Thus the huge compromise in our work force. My best classes was field work
Can you make a video about community college? I think that would be an interesting video
Noted
I started with my Associates Degree at community college, transferred to a top school for BA (that I wonât have gotten into right out of hs), and am currently getting Masters-completely debt free. Community college was the best decision I made.
Great Video Thumb's Up
đ€Ł
@@ShaneHummus đ
I am considering a Ph.D. in Public Health, and my potential career is in Epidemiology, what's your advice on this Ph.D. Program?
Great video! Iâm just a bit confused about your calculations for student debt. I thought that PhD programs often provide student stipends (~$30,000) throughout the 7ish years. Does the debt you mentioned ($108,000 average) already take this into account?
I think he is including all PhD programs on average including the ones that arenât funded. In my opinion, if you get into a PhD program that is funded then that is well worth it because a masters program will have debt and require additional years to pay off the debt.
I might have to make a more detailed video
Honestly after seeing that table at the end, it seems like it would be better to get a masters rather than a bachelors depending on the major but PhD definitely doesnât make sense lol
In the UK a PhD load is base rate + 1%, which is currently 1%. Really not bad.
It seems odd to me that PhDs in humanities and social sciences are not funded compared to TEM degrees because Iâve always read that the social science PhDs are typically funded. At any rate, I got my PhD in psych in the US and it was funded with stipend, tuition remission, and health insurance. I also won various fellowships throughout grad school so I didnât have to take out any loans for my PhD. I also did it for the love of learning and wanting to gain scholarship in an area I was really interested in researching. No regrets.
Hi Shane. Great video. Based on my own experience, I agree with you for the most part. However, I personally found one X-factor with regard to the PhD and personal finance.
Frugality. Living on a 20k stipend taught me how to cook for myself and pack lunch, use public transportation, shop for secondhand clothes while still appearing presentable. I also found out about the Dave Ramsey Show and started reading about investing and personal finance in my free time. I kept living like a grad student after graduation and right now I'm investing about 60% of my pay each month. Working as a junior level instructor does not require too much upkeep :)
Hey there! thanks a lot for sharing your views. Cheers!
I am now fully retired, in my late 50s, totally unencumbered, financially independent and earned my MBA ~ 30+ years ago; however, even though I have ZERO plans of ever going back to work... I have always held a desire to earn a doctorate (EdD). Now that I have the means and the time, I am considering going for it --- but my wife and adult children (who also have their Masters') think it would be a complete waste of time, effort and money for me to pursue. On one hand I see their point, but on the other hand it has been a personal 'goal' for decades. Thoughts?
If money isn't an issue and you're doing it for fun then why not?
School is really different than when you went. Itâs going to be a lot to adjust to. I think you should enjoy your life !
Just thought to say you should put a disclaimer that you are discussing about the subject as it pertains to the US. Europe is basically free or close to free tuition and institutional fees. Is it worth to do a PhD abroad? Maybe...
Do one on masters! I'm currently doing my degree in EE for free and I'm planning on taking out a loan to do my masters afterwards in EE or CS since I want to do cutting edge work
Noted Shemsy
In some jurisdictions you need either a Psy.D. or a PhD to be a licensed psychologist.
Thanks for your input Carlos
Hi. Good content. What do you think of a 3-4 year doctoral degree such as a DrPH? Iâm an empty nester, almost 50. Going back to school out of boredom? Here is the thing: so many retired folks that I work with that are my patients are bored. To have more knowledge, even using a phd to write books/papers may also be a health investment. Your body may not work when you are in your 70s but youâll be able to sit behind a computer, teaching classes now that we have online zoom. I donât want to be an old grandma cooking, cleaning, knitting excessively. I want to be a part of healthcareâs growth. I travel extensively and do all the fun socializing but now its much more rewarding to be able to do an online University connecting with others around the world, even attending global conferences. Depending on where you are in your life, a student loan isnât as bad at my age, I would think. Sure, Iâll have debt but thatâs where owning property and having a hospital pay for part of your University helps. I could talk on an on about this subject. If I was younger, and needed to raise a family, I wouldnât get a PHD but wait until the kids are out of the house. Thoughts?
Hey Shane, what do you think about the sport management major? I have a deep passion for sports and I was thinking about double majoring in business management and sport management.
Stay tuned I might talk about that
Stay strong and keep going đȘ đȘ
Thanks Julius
Short answer for me: no. I thought I wanted a PhD in Nursing cause I thought I wanted to do research but through working at the bedside, and seeing how saturated and sucky academia is and how I realized via my research that nursing research doesnât make all that much, I realize that I just want to be a good bedside nurse atm. Iâm in no rush and have no desire to get a higher degree. My parents try to push me to get one but I feel like Iâll get no benefit.
Hi Shane do u think itâs worth it to get a bachelors degree in a top school like an Ivy League for the education and then go to a cheap school to get a PhD afterwards
What kind of jobs can Ph D people get besides teaching at a four year university or community college?
hello! Can u make a video that includes cognitive sciences degree :) thank u for ur great content. đ€
Noted
@@ShaneHummus i still do not see any cog sci vid shane...
Phd is for people that like Academia and are naturally book smart or easily can pick up on things. For most people a degree is simply a means to unlock more $ in a particular career and is obtained for its practicality. I wanted to work from a young age and make $ as soon as I could. I never liked debt that I didnât have to uptake. Some debts in life are necessary but many arenât. The idea should be to avoid them all. The risk vs reward has to be assessed on an individual level.
Great video. You need strong interest and marketability exception for PhD. Otherwise itâs not worth it. Academics and research are the main options and the opportunity costs are far too great. This is true even for engineering PhDs, bc the bachelors is a professional degree. ChemE and JD. No regrets. Employer paid for JD.
Thanks for sharing your insights!
The problem is that it expires. Masters and Bachelor degrees don't expire. I see often in job ads they want only candidates within 3 to 10 years after PhD. So, what to do ? Become a furniture at some university or accept it and quit. Can you work all life in one job every year repeating the same thing ?
WHAT FOR? I am unemployed 5 years after my PhD in LAW in Switzerland
- I am the author of 8 books, more than 1200 citations, 4 degrees, fluent in 4 languages, a lot of connections and I am unemployed person! I applied for 2200 positions without any success.
Are you kidding ?
As I said, I applied for 2200 jobs in academia, administration, private sector and O interviews. Strange but it is true. They completely ignore my CV.
I would say that there is a greater chance that a cleaner in a store without a high school diploma will get a job as an assistant or associate professor than that I will get one. I am ignored by all kinds of institutions for at least 6 years.
@@lawstud1879 Have you tried abroad ? I usually have to change countries every 3-5 years for jobs. Fun first, but sucks sometimes
@@littlebrit Yes. Many times, without any response. They problably dont like my CV.
Great video! :)
Thanks!
I have PhD epidemiology. Training in properly management! Thankfully I'm an exceptionally hard worker to charge my career! That's life!
I looked into this a lot because I was interested in doing something like cybersecurity R&D or blockchain R&D for the private sector. Turns out there aren't that many jobs in technology that require a PhD. There are only a few places that heavily recruit grad students: companies that do contracted work for the government like Lockheed Martin or Sandia. And from my understanding, FAANG companies like Google do hire grad students but of course these jobs are highly competitive and limited in number. Also, I just completed a 3rd round of interviews with Sandia today and they told me (since I'll only have my B.S.) that I would make more money and have more career opportunities with Sandia if I had a graduate degree.
Ultimately, I've given up the idea of getting a PhD because I'm 27. I need to start making income and investing in retirement. I can't afford the opportunity cost of another 4-8 years of schooling. Luckily most CS PhDs don't have to pay tuition; instead they get paid by their university to do research and be teaching assistants, but it's only enough to afford food and rent and not much for anything else.
Thanks for sharing that Jordan. Yup, it doesnt sound like it's worth another 4 to 8 years in school. No no! Wish you good luck man!
Assuming people with Bachelors start off with 50k salaries is questionable. For a lot of the jobs in my area with a STEM degree, even 40k would be good.
I hope this vid gets really popular cause a lot of people really need to see this
Feel free to share the video Ethan
Iâm a PhD student at 34 years old. I have no desire to become a professor. Iâm a nurse and studying community health. I plan on continuing my work in the health care field and becoming an expert in my field. Iâm taking out loans and have NO regrets. Reaching my goals is priceless. Hopefully I qualify for student loan forgiveness in the future.
an expert at being a nurse? And u do understand that loan forgiveness is a scam?
@@thedoge2155 No! An expert in my research topic. Nursing is just my job... scam!? Oh ok
To me your pursuit of a PhD is admirable, it seems that is why those programs are developed. Certainly it is far from using an advanced degree to get a job.
@@anthonymorales842 thank you Anthony! đđżđ
There are plenty of research associate jobs outside of academia that pay 80-90k to start. Not all is lost if you get your PhD, having acquired years worth of research experience, you can still do research outside academia and make a decent living. And most social science PhDs ARE funded (not sure about the humanities but psych PhDs are usually funded)
Do they start compound interest for your masters degree right away or right after you graduate?
I might make a more in depth video about that
Have you done a video about trade schools?
I might make one
Not sure if what I suggest is happening, but PhD degrees need to be funded by corporates, research centers, philanthropy to support the knowledge edge a PhD candidate will get. Support is needed for minds seeking expansion of their knowledge which will help in many ways
how such minds are appreciated indicates how a society functions
It is jot the title that matters, it is the knowkedge, critical thinking and ability to add new dimensions reached to help society & humanity
No other channel does this the best way Shane does it. Happy subscriber here â€
Thanks Andrea
You should do a video over a Doctorate in Psychology.
Noted
Yeah! I want to become a clinical psychologist, which requires a Ph.D
@@alexandra6322 same. Open a practice, create a CZcams channel, do research, teach, write books, offer free services to those who can't afford it but need it and for those who would benefit the most from therapy. So many things I want to do with it.
Shane: You probably shouldnât get a PhD
Me, who is most likely not even going to college for four years: Oh donât worry, I wonât
đ
How do you pay off student debt, if you graduate with a masters in engineering how long would it take to pay off?
I might make a more in depth video about that. Stay tuned
Did my master's in mechical engineering part time (paid as I went) and left with no debt. The degree paid for itself in 2 1/2 year, the raise made the degree financially worth it.
I'd only go full time if you can get it fully or mostly funded (which should be no problem if you had decent UGrad grades). It's one of the only degrees you can essentially leave with no debt, might as well take advantage of it.
@@kevinmiller8111 preciate it
Could you make a video about if being a pilot/majoring in avaition worth it?
That's a high paying career.. đ
Just a random question, what do you think about a mathematics/actuarial science/finance degree?
is an ACTUARIAL SCIENCE DEGREE worth it?
czcams.com/video/IIwhW_HWP8A/video.html
Is Finance A Good Major?
czcams.com/video/zwKrd76eWeM/video.html
@@ShaneHummus Ah thanks, but what do you think about this as one degree? Because apparently, a university offers it.
Hey Shane, I donât know if youâll see this, or make a video on it, or whatever, but I honestly donât know who else to talk to. Iâm pretty young at 14 to be thinking about big things like college or even watching these videos; if u could tho could u tell me if Iâm too young to plan for college
Never too young to plan ahead. That's good that you are already planning your future