In a blog post* titled, “Some Higher Education Facts, Good and Bad,” Mike Mandel looks at the share of U.S. college grads with advanced degrees (rising to 35% by 2008), but he found that the percentage of doctoral degrees had decreased somewhat. Looking a little farther, he found that the change in “real pay” to holders of doctorates had decreased (by 10%!!!!!) between 1999 and 2008.
Check out this graphic!
http://www.boston.com/bostonglobe/ideas/brainiac/2010/01/12/phdearnings.png
Furthermore, in the same time period, the real pay to those with professional degrees had decreased by approximately 3%.
The real pay of those with master’s degrees had increased by a mere not-quite 1% and those with bachelor’s degree had increased maybe a tad-bit more than 1%. (Despite what we’re told is a low current rate of inflation – that’s not much of an increase.)
And that’s not even counting what has happened to the economy since 2008.
In noting the decrease in percentage of PhDs being granted, he mentioned the “relative undesirability of the PhD.” Uhhhmmm – it’s really hard to hear that phrase. But, I guess I have to agree that advanced degrees seem not to be paying off in salary expectations – or, these days, in occupational stability either!
If these figures are accurate, here’s more reason to avoid incurring debt while you’re in grad school, even if you love being there. If you don’t love being there, but you’re accumulating debt because you expect to make big bucks in a stable job – is it maybe time to reconsider??
* Mike Mandel’s blog is at http://innovationandgrowth.wordpress.com/2010/01/
