A Ph.D. degree signifies the recipient is completely knowledgeable about his field of study. More importantly, it shows he is able to conduct independent research and expand the field's body of knowledge.
Ph.D. candidates have demonstrated the ability to use proper research methods and write academically. To complete the program, candidates must finish a dissertation (a book-length research project) contributing new ideas to the field of study.
Ph.D. programs last about five years. The first two to three years are made up of seminars that help candidates decide the direction of their research and deepen their knowledge. After these classes, there are comprehensive examinations and then the rest of the time is spent on the dissertation.
Most Ph.D. candidates fund their educations with teaching fellowships and grants. Fellowships pay candidates to teach introductory undergraduate classes, while grants provide funds without a teaching requirement.
Ph.D. graduates often take teaching jobs at other universities. Depending on their specialties, others work with in the private sector or for the government in research capacities.