Increasing potential annual earnings is one reason some people decide to earn their Ph.D. Since having the degree and the title of Doctor that comes along with it marks a master in a particular subject, employers often offer much higher salaries in order to have experts under their wing. Based on surveys conducted in 1998-2000, individuals with a Bachelor's degree earned on average $52,200. Those with a Master's degree earned an average of $62,300 annually. Compared to these, individuals with a Ph.D earned much more, an average of $89,400 per year.
Many people are interested in research and having their research deepen the subject they are passionate about. Instead of simply finding a job that works within the boundaries already laid out in a specific field, these individuals seek to expand those boundaries with new insights. In order to get a Ph.D. a student not only has to become a master in a particular subject, they have to add something new to it. This comes in the form of a doctoral thesis, which is presented at the end of a Ph.D. career. A well-written thesis, in addition to the degree, will give people with a Ph.D. the greatest chance to earn funding for their personal research projects or to jump on those that interest them.
One reason some people have for earning a Ph.D., though it may not be the main reason for doing so, is the esteem and social status that comes along with it. Since it takes so much effort and time to get the degree, a very small percentage of the population (around one percent) actually earn one. For that reason, those who have earned the degree are addressed as Dr. instead of Mr., Mrs., or Ms., and there is a level of respect given to people with that title. Finishing a degree in a subject about which someone is passionate also brings self-respect and pride in achieving a tremendous goal.
An interest in teaching at a university is another reason to embark on a Ph.D. degree course. While individuals who have earned their Master's can teach at community colleges, a Ph.D. must be achieved in order to teach for a university. There are some exceptions to this rule, such as with MFA degrees, which are the highest degree earned in disciplines like Fine Arts and Creative Writing. Teaching at a university ultimately comes with the goal of achieving tenure, which secures someone's job and shows that they have contributed significantly not only to their field of study but also to the university.