What is the True Value of a PhD in Today’s Economy?

Hello, everyone, my name is Jason Haradyn, but you can call me Jay (that’s always been my favourite nickname, it just rolls off the tongue). This is my first day at NewsClipTV, and I must admit, the image of two cats walking around the office was a relaxing and unique feature to me – and I’m a dog lover.

For my first article, I want to discuss a topic that is near and dear to my heart: the true value of a PhD in today’s economy. It’s always been known that obtaining a PhD is a formidable task, but it is also a rewarding experience once someone reaches that level. In fact, I, myself, have always admired the idea of one day having the “Doctor”title in front of my name. However, lately, I have questioned what the future truly holds for someone with a PhD. Does that person possess the skills and experience that employers look for these days?

After starting my undergraduate degree in September 2001, I graduated with a Bachelor of Commerce in November 2007 from McMaster University. It should have been earlier but I missed that one required International Trade course. (At that point I was questioning if I would ever graduate.) I took a year off and worked full-time at Wal-Mart for a year, then returned to do a Master’s of Science in September 2008. After completing my Master’s in September 2010, I was encountered with a very important question: now what? I quickly answered that question: I look for work or I continue my studies. I chose the latter, which meant I was now in pursuit of that notorious PhD.

Euphoric? At the time that was an understatement. Words could not describe how excited I was to be given this opportunity. I accepted an offer to the University of Western Ontario to work in pure mathematics – specifically, noncommutative geometry (please don’t ask me to define that)

In my first year, I completed eight graduate courses and passed my algebra comprehensive exam. My analysis comprehensive exam – what was that? It was from another world. Extremely bizarre. Perplexing. Irrational. In short, I failed that one and am now expected to rewrite it in May – assuming I’m still in the program. So, this brings me to the present. Why have I experienced the sudden change in attitude towards my studies and higher education? The answer is twofold: 1) It’s very hard to live in today’s economy as a PhD student, 2) I no longer see the long-term value with a PhD in pure mathematics.

It is here that I start to argue that one should really consider if a PhD is for him or her, that one should consider if he or she truly possesses the capabilities and passion to write a PhD thesis, and that one should consider if there are any long-term employment benefits from doing a PhD in his or her field.

The first thought is actually harder to answer than you think. Initially, my reasons for doing a PhD were to learn, to teach and to earn a higher salary. What is that old saying? Oh, right. Hindsight is 20-20. Words to live by. What I have learned is that the PhD experience requires high creativity and originality on my part, sometimes beyond logic and reason, and that learning is only a small part of it. Furthermore, teaching is also a small part of the PhD. If I chose a career as a professor, the majority of my time is spent giving talks at seminars, travelling and researching. So, I ask myself this: is that what I really want? I thought teaching was my ultimate goal. The final point of earning a higher salary may actually be true, though I have yet to research the possibility (please comment if you find any relevant statistics).

The second thought is, in my opinion, the most important question to ask one’s self. I always believed it took a special kind of person to do a PhD in mathematics. This person has to be committed, passionate and have long-term goals in the profession. This person also has to sacrifice a social life in favour of a work life. So, it’s very important to ask yourself if this is you, if this is the person you want to be. At one point I would have answered in the affirmative; not anymore.

Finally, the third thought is one that hits close to home. I have been an active member of the job-search community for two months. As many of you can identify, it can be a long and arduous process. Of course, the idea of someone with a Master’s degree having a difficult time finding work may sound unimaginable to some, but it shouldn’t be. Before I began my job search I identified possible careers. These included teaching, finance, human resources, management and purchasing. However, here’s the catch. I’ve learned that proving that you are able to solve complex problems is not enough in today’s economy. The days of old when high-end banking outfits were eager to hire math and physics PhDs are over. Now, I’m not saying mathematics is useless. Many companies demand skilled students to work on algorithms, optimization, computer programming and animation. What I am saying is that my pure mathematical skills have not given me the experience and qualifications for which employers are demanding, and employers can easily hire the experienced Joe over the average novice.

To this end, I’m ready to answer the question of what value a PhD has in today’s economy. Based on my experience, if you have a very narrow career focus and know people who recognize your skills in academia, then a PhD has a significant value on your career. However, if you are someone who has a broad career focus and is intent on focusing on real-world applications in your career, such as computer skills and management skills, then I question the value of a PhD, especially in an area such as theoretical mathematics. So far, the benefits have not outweighed the risks.

I am very satisfied with the education I have received. It has made me a smarter and stronger person. Now, I have reached the point where I would actually like to be applying some of that knowledge. I think my mom said it best: information without application is useless.