[ElBorrachoInfamoso]

(01-25-2013 05:13 AM)magellan Wrote:  

(01-25-2013 03:39 AM)Thomas the Rhymer Wrote:  

(01-25-2013 02:50 AM)magellan Wrote:  

This shit makes me want to get a PhD in a STEM field. What publications do you guys read? Besides popsci.

Is there any value in a PhD? I.e. can anyone comment on the return on investment of one of those things?

I've done a lot of reading on it since it's something I've been interested in for a long time. PhysicsForums.com is a good resource for learning more. The takeaway is that there are a lot more PhDs being churned out than there are positions at universities. Some end up in industry, some end up in something completely different that employs their quant skills, other unemployed, etc. If you're like me and would want to pursue a PhD for the purpose of doing some ground breaking research, then it really seems like the chances of getting to do that are pretty slim. And the money isn't all that, especially for that level of education.

This is spot on.

Pure Math/Theoretical Physics/Theoretical Chemistry
If you're good enough to get into a top school, you have a decent chance of gaining a faculty position after a few years earning $40k as a postdoc. As an assistant professor, you'll earn mid 60s to mid 70s depending on the school. You then have 5 years to prove your worth to your fellow faculty and earn tenure, otherwise you get fired and probably have to go to a lower ranked school and start over.
If you don't become a professor, you pretty much have to leave the field but you'll earn a lot more. Quants can take home $200k in their first year, but work well over 60hrs/wk on average. Government jobs (CIA, NSA, etc) will pay you in the high 5 figures and work you 50hrs/wk or less.

Experimental Physics
The same analysis applies to faculty jobs.
Industry jobs are more plentiful and you don't need a post-doc to get them. These are mostly jobs at technology companies e.g. Intel.

Chemistry/Biology
The same analysis applies to faculty positions in these fields, but salaries are probably a bit lower.
The options outside of academia are better, but you will probably still need to do a post-doc before getting those. These are mainly industry jobs for pharma and biotech companies. They pay in the high 5 figures to start.

Engineering/Applied Physics
Faculty jobs are somewhat easier to get and pay better.
Industry jobs are plentiful, but you don't need a PhD in engineering unless you plan to become a professor. A masters is enough for the top industry positions in engineering.

Consulting is open to all of these people, but it doesn't involve any research and requires a skill set that is negatively correlated with the skills needed to succeed in academic research.
I know people following all of these career tracks. From my limited data set, I'd say the people in government jobs are happiest.