Saturday, 19 December 2015

Want a fat salary? Go for a PhD

Doing a PhD may require you to invest a few extra years in education, but the degree can help you earn higher-than-average salaries. Recipients of PhD degrees in the U.S. earn high wages after graduation, participate in national and international labour markets, and make an impact on local economic development, new research shows. Almost 40 per cent of these graduates enter industry, where they are disproportionately hired at large and high-wage establishments in tech and professional service industries. “It (the study) is an important first step in providing policymakers the tools they need to assess the broader effects of investments in science,” said one of the lead researchers Paula Stephan from Georgia State University. With the help of U.S. Census Bureau data, the researchers examined employment and earnings outcomes of nearly 3,200 PhD graduates from eight major research universities. Fifty-one per cent of these doctoral recipients work in establishments where per-worker payrolls exceed $100,000, the findings showed.