Deciding whether to pursue a doctorate requires determining your specific reasons for wanting to pursue this degree. A doctoral degree requires a significant investment of time and money, since it typically takes at least three years of post-master's work to complete a doctoral degree program. Consider the potential job market in your field. Completing a doctoral degree program may benefit your career by making new opportunities available, increasing job security and lifetime earnings and providing you with the opportunity to further your knowledge in a specific area of interest.
Job Opportunities
Obtaining a doctoral degree has the benefit of increasing employment opportunities, since many jobs require that an individual have a doctoral-level degree. For example, becoming a tenured professor has the bare minimum requirement of having or nearing completion of a doctoral degree. Other examples of careers that require a doctoral-level degree are practicing law, which requires a Juris Doctor (JD) degree, becoming a medical doctor and in many states, practicing as a clinical psychologist requires a doctoral degree.
Job Security
In 2001, doctoral degree recipients were less likely to be unemployed than individuals with lower levels of education, according to the U.S. Census Bureau.
Earnings
In 2001, individuals with doctoral degrees averaged approximately $25,000 more per year than individuals with master's degrees, $35,000 more per year than individuals with bachelor's degrees and $60,000 more per year than individuals with only a high school education, according to the U.S. Census Bureau.
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