Is it worth doing a PhD when an academic career is not the goal?

This week’s problem

I work in analytics at a Big Four firm but I am deciding whether to go back to university to do a PhD in economics, which for me would be incredibly interesting and fulfilling. However, once I have completed the four-year programme I have no intention of following a career in academia, so is it worth it? Anonymous, 20s

Jonathan’s answer

People can have different reasons for embarking on four years of postgraduate research, from creating new career opportunities and gaining expertise to satisfying intellectual curiosity, and wanting to add to the body of knowledge. It sounds as though your primary motive is to explore economics in depth and develop new ideas.

Four years of self-directed study, especially in a non-laboratory based, solo subject such as economics, will test your reserves of internal motivation. Aside from the intellectual benefits, you will gain important skills in research, time management and drive. Common advice to people considering further study is that they must truly want to do it for its own sake.

In your case, and encouragingly, you would find it “incredibly interesting and fulfilling”. Academia needs people with this motivation and curiosity, and an enthusiasm to transmit such interest to colleagues, the public and students in teaching and seminars. You might discover interests and develop skills hitherto untapped.

In your twenties, it is brave to rule out possible career paths in four years’ time; at this stage it might be better to keep your options open until you know more. However, you ask if a PhD would be “worth it” if you eventually choose not to continue in academia. How might you define worth?

Measuring worth in a purely financial and employment point of view, PhDs have better outcomes than masters or first-degree graduates. Across the UK, 95 per cent of PhDs 15 months after leaving university in 2020-21, had a “positive outcome” — defined as highly skilled employment or further study — and a median salary of £38,000, according to the annual Graduate Outcomes survey. Encouragingly, 86 per cent of PhDs said their studies fitted their future plans, and 76 per cent reported they were using what they had learnt.

This compares with 85 per cent of masters students and 80 per cent of first-degree graduates who said they had a positive outcome and reported median salaries of £29,500 and £26,000 respectively.

Outside academia, a PhD would open up more career options, for example in non-governmental organisations, think-tanks and analytical consultancies. You may come to love the freedom of academic pursuit, the chance to inspire others and to consult externally. And while financially a PhD is “worth it”, it sounds as though the PhD is attractive to you, in and of itself, and you might come to regret not spending four years pursuing deep research into an area of great personal interest.

Readers’ advice

PhDs take ferocious levels of commitment. On the other hand you learn things about yourself, and your discipline, you can learn no other way. Anthony Staines

I have a humanities PhD and now work in management consulting. I have zero regrets. I pursued research questions I remain passionate about, was able to publish research and contribute to books, win awards, speak at international conferences and spend my twenties travelling the world. GW

You absolutely must have stable funding in place before you begin. Do not consider doing it unless you have that. It is essential. investor123

Jonathan Black is director of the Careers Service at the University of Oxford. Every fortnight he answers your questions on personal and career development and working life. Do you have a question for him? Email: dear.jonathan@ft.com