PhD or Rat Race?
Discussion
I am hoping the collective mind of piston heads is greater than 1.
I am currently in a well paid engineering role, somewhat enjoy what I do day to day however I am starting to feel a bit stuck. My issue I think is that I am a generalist, I can do a bit of everything and specialise in nothing which I feel will limit my career to where I am now.
I also don't want to be in this sector forever, which limits where I can live so I would like to open up to another sector.
So I have been thinking about doing a PhD. It would have to be paid, so I will reduce my take home pay to a little under half of what it is now for 3 years however at the end of it I should have the skill set to freally move between sectors and consulting.
For a bit of background I am 27, earn £50k pre tax, have a mortgage of £750/month. The PhD pays £15k tax free with an opportunity to earn bits on the side probably bringing it up to £20k.
Has anyone else made a similar move? Did you ever regret not doing something like this?
I am currently in a well paid engineering role, somewhat enjoy what I do day to day however I am starting to feel a bit stuck. My issue I think is that I am a generalist, I can do a bit of everything and specialise in nothing which I feel will limit my career to where I am now.
I also don't want to be in this sector forever, which limits where I can live so I would like to open up to another sector.
So I have been thinking about doing a PhD. It would have to be paid, so I will reduce my take home pay to a little under half of what it is now for 3 years however at the end of it I should have the skill set to freally move between sectors and consulting.
For a bit of background I am 27, earn £50k pre tax, have a mortgage of £750/month. The PhD pays £15k tax free with an opportunity to earn bits on the side probably bringing it up to £20k.
Has anyone else made a similar move? Did you ever regret not doing something like this?
I had friends who did PhDs and it took them quite a while to climb the ladder.
Ultimately they ended up in much better jobs, but it wasn't the door-opener I had expected. As an example, at 35 I was in a more senior position and earning more than most of them, while at 45 the reverse is now true as I have reached a ceiling that they have broken through.
Not quite the same field, but I felt it important to sound a note of caution - after three years "out" would you be able to walk back into the job you currently do, or will the technology/processes/whatever have moved on such that you find yourself having to start from the bottom again?
Ultimately they ended up in much better jobs, but it wasn't the door-opener I had expected. As an example, at 35 I was in a more senior position and earning more than most of them, while at 45 the reverse is now true as I have reached a ceiling that they have broken through.
Not quite the same field, but I felt it important to sound a note of caution - after three years "out" would you be able to walk back into the job you currently do, or will the technology/processes/whatever have moved on such that you find yourself having to start from the bottom again?
Flooble said:
I had friends who did PhDs and it took them quite a while to climb the ladder.
Ultimately they ended up in much better jobs, but it wasn't the door-opener I had expected. As an example, at 35 I was in a more senior position and earning more than most of them, while at 45 the reverse is now true as I have reached a ceiling that they have broken through.
Not quite the same field, but I felt it important to sound a note of caution - after three years "out" would you be able to walk back into the job you currently do, or will the technology/processes/whatever have moved on such that you find yourself having to start from the bottom again?
I should be able to come back to the level I am at, or even higher if I stayed in the industry. Ultimately they ended up in much better jobs, but it wasn't the door-opener I had expected. As an example, at 35 I was in a more senior position and earning more than most of them, while at 45 the reverse is now true as I have reached a ceiling that they have broken through.
Not quite the same field, but I felt it important to sound a note of caution - after three years "out" would you be able to walk back into the job you currently do, or will the technology/processes/whatever have moved on such that you find yourself having to start from the bottom again?
I suppose I am not after climbing the ladder and getting drawn into that, I am after a more balanced and less stressful life.
I have a PhD but work in academia. I presume you would not want an academic career, as to achieve your current salary you would need to enter at an associate professor level (it took me 8 years from PhD completion to reach that level, and I did it relatively quickly). You will know your own industry better than me, so perhaps look around to see who else in the same industry has a PhD and whether they have benefitted. It might not be the actual PhD qualification but the capability of the person (i.e. they are able people, so with or without the PhD they would progress regardless).
Would you consider doing a PhD part-time? This is possible in 5-6 years. Alternatively you could look at some specialist courses to give you some specialism or niche skills. These will be shorter than any PhD and will most likely result in more rapid progression. You might need to pay for these yourself unless your employer will cover the cost, but thse would be less than £10k overall (unless you decide on something like an MBA). Better than a 50% pay cut though.
Would you consider doing a PhD part-time? This is possible in 5-6 years. Alternatively you could look at some specialist courses to give you some specialism or niche skills. These will be shorter than any PhD and will most likely result in more rapid progression. You might need to pay for these yourself unless your employer will cover the cost, but thse would be less than £10k overall (unless you decide on something like an MBA). Better than a 50% pay cut though.
Hi
Slightly later in life than you (44) but my opinion/ experience is as follows.
I started a PhD straight after an engineering degree. I thought it was what I wanted but quite quickly realised it was not and I left after 8 months. Two good mates on the same undergraduate course both did PhDs at the same time.
Although we are 'probably' on similar wages (not really our interest so doesn't get discussed...), I live in a 'cheaper' area with affordable housing and 'relaxed' life-style. Neither of my PhD mates is working in industry in a related engineering sector now.
I followed a career in a specialist foundry sector. I did well and quickly got into various management roles (Quality and Engineering related). However I was not quite happy in the foundry industry after 20 years - I wanted more variety, my experience was too niche. So I changed industry (to aerospace electronics) and loved going to work again.
I suspect you need a different role to offer the niche you are after? Based on the vast sample size of three, I think a PhD may not offer what you desire.
Mike
Slightly later in life than you (44) but my opinion/ experience is as follows.
I started a PhD straight after an engineering degree. I thought it was what I wanted but quite quickly realised it was not and I left after 8 months. Two good mates on the same undergraduate course both did PhDs at the same time.
Although we are 'probably' on similar wages (not really our interest so doesn't get discussed...), I live in a 'cheaper' area with affordable housing and 'relaxed' life-style. Neither of my PhD mates is working in industry in a related engineering sector now.
I followed a career in a specialist foundry sector. I did well and quickly got into various management roles (Quality and Engineering related). However I was not quite happy in the foundry industry after 20 years - I wanted more variety, my experience was too niche. So I changed industry (to aerospace electronics) and loved going to work again.
I suspect you need a different role to offer the niche you are after? Based on the vast sample size of three, I think a PhD may not offer what you desire.
Mike
What engineering degree do you have, what class, where from and what is your current role?
Unless any of the above is/are not good, it is highly unlikely that a PhD will do anything for you unless you want to become highly specialised in something specific. I work in engineering consultancy and we have a mix of people with and without PhDs and on average, having one or not makes very little difference to what any of us do. The important thing is how good a consultant and engineer you are.
The significant exception is if you want to go into a very niche sector, R&D type work for instance. Having a PhD will make a big difference if it is relevant to your work.
Thinking back to the people that did Phds when I went into industry, they were not the top tier and that’s a sad reflection.
The right job role is far more important than a PhD if you already have a good degree.
Unless any of the above is/are not good, it is highly unlikely that a PhD will do anything for you unless you want to become highly specialised in something specific. I work in engineering consultancy and we have a mix of people with and without PhDs and on average, having one or not makes very little difference to what any of us do. The important thing is how good a consultant and engineer you are.
The significant exception is if you want to go into a very niche sector, R&D type work for instance. Having a PhD will make a big difference if it is relevant to your work.
Thinking back to the people that did Phds when I went into industry, they were not the top tier and that’s a sad reflection.
The right job role is far more important than a PhD if you already have a good degree.
I know several people who have PhDs, and I don't think any of them did it specifically to further their career as such, but rather because it's what they really, really wanted to do. Almost all are of an academic bent, and perfectly successful in that field, though not to the point of earning massively more than others. I'm not sure it's something that you'd do as "tactical" personal development unless 100% sure that having one is what makes or breaks it in that particular avenue.
I think the highest earner of any of my equivalently-aged peers is the guy without a degree, but who has taken the correct choices/risks in his career stepping stones. I can't see further qualifications being of benefit to him in terms of where he's got to, though perhaps they may have let him take a different path, and given more options to jump tracks without losing too much ground.
To turn your question the other way: If your gross income is £50k, your net income is about £37k, and you think the PhD will see you having £20k per year for 3 years. You're sacrificing £17k for 3 years. So is there something you can spend £51k or less on that will achieve your aims in 3 years or less?
pghstochaj said:
I work in engineering consultancy and we have a mix of people with and without PhDs and on average, having one or not makes very little difference to what any of us do. The important thing is how good a consultant and engineer you are.
Agree completely.I think the highest earner of any of my equivalently-aged peers is the guy without a degree, but who has taken the correct choices/risks in his career stepping stones. I can't see further qualifications being of benefit to him in terms of where he's got to, though perhaps they may have let him take a different path, and given more options to jump tracks without losing too much ground.
To turn your question the other way: If your gross income is £50k, your net income is about £37k, and you think the PhD will see you having £20k per year for 3 years. You're sacrificing £17k for 3 years. So is there something you can spend £51k or less on that will achieve your aims in 3 years or less?
InitialDave said:
I know several people who have PhDs, and I don't think any of them did it specifically to further their career as such, but rather because it's what they really, really wanted to do. Almost all are of an academic bent, and perfectly successful in that field, though not to the point of earning massively more than others. I'm not sure it's something that you'd do as "tactical" personal development unless 100% sure that having one is what makes or breaks it in that particular avenue.
That's what I'd be concerned about too.If you have a genuine interest in furthering the knowledge and understanding of science in your particular niche, then I'm sure it's a worthwhile investment that will bring both monetary and personal rewards later in life, but if you'd be forcing yourself through it just for the sake of earning a few more dollars down the road then I'd be concerned about whether your motivations are really in the right place!
Seems a shame to have people doing PhDs for financial reward, rather than out of genuine scientific interest!
chris-fm270 said:
I am hoping the collective mind of piston heads is greater than 1.
I am currently in a well paid engineering role, somewhat enjoy what I do day to day however I am starting to feel a bit stuck. My issue I think is that I am a generalist, I can do a bit of everything and specialise in nothing which I feel will limit my career to where I am now.
I also don't want to be in this sector forever, which limits where I can live so I would like to open up to another sector.
So I have been thinking about doing a PhD. It would have to be paid, so I will reduce my take home pay to a little under half of what it is now for 3 years however at the end of it I should have the skill set to freally move between sectors and consulting.
For a bit of background I am 27, earn £50k pre tax, have a mortgage of £750/month. The PhD pays £15k tax free with an opportunity to earn bits on the side probably bringing it up to £20k.
Has anyone else made a similar move? Did you ever regret not doing something like this?
1: What sector?I am currently in a well paid engineering role, somewhat enjoy what I do day to day however I am starting to feel a bit stuck. My issue I think is that I am a generalist, I can do a bit of everything and specialise in nothing which I feel will limit my career to where I am now.
I also don't want to be in this sector forever, which limits where I can live so I would like to open up to another sector.
So I have been thinking about doing a PhD. It would have to be paid, so I will reduce my take home pay to a little under half of what it is now for 3 years however at the end of it I should have the skill set to freally move between sectors and consulting.
For a bit of background I am 27, earn £50k pre tax, have a mortgage of £750/month. The PhD pays £15k tax free with an opportunity to earn bits on the side probably bringing it up to £20k.
Has anyone else made a similar move? Did you ever regret not doing something like this?
2: It really makes zero difference having a PhD in the vast majority of places, I supervise a number of EngD/PhD, I don't have one.
3: I'd suggest going the EngD route if you are going in as an experienced engineer, they tend to be a little better paid and I have heard occasions where companies have let people keep their pay and status when they do an EngD.
Thank you all for your responses. I should probably clarify a few things.
My degree is in design, it is a Bsc but it is no engineering degree. I work in engineering through hard work and perseverance as I was in a sector I found interesting (automotive).
The PhD I would be interested in would be a human factors/ergonomics most likely around comfort. I have done this as part of my job and I find it fascinating but I feel restricted by my lack of knowledge. I would go and gain that knowledge, and I am, however when there are experts in the business you tend to be asked to let them do it.
I want to also mention I am not chasing money, even after the PhD I earn the same amount as now that doesn't bother me. I am not driven by money and more by comfort.
Hope that clears some things up, and thank you again for your help!
My degree is in design, it is a Bsc but it is no engineering degree. I work in engineering through hard work and perseverance as I was in a sector I found interesting (automotive).
The PhD I would be interested in would be a human factors/ergonomics most likely around comfort. I have done this as part of my job and I find it fascinating but I feel restricted by my lack of knowledge. I would go and gain that knowledge, and I am, however when there are experts in the business you tend to be asked to let them do it.
I want to also mention I am not chasing money, even after the PhD I earn the same amount as now that doesn't bother me. I am not driven by money and more by comfort.
Hope that clears some things up, and thank you again for your help!
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