Obtaining a doctoral degree has the benefit of increasing employment opportunities, since many jobs require that an individual have a doctoral-level degree. For example, becoming a tenured professor has the bare minimum requirement of having or nearing completion of a doctoral degree. Other examples of careers that require a doctoral-level degree are practicing law, which requires a Juris Doctor (JD) degree, becoming a medical doctor and in many states, practicing as a clinical psychologist requires a doctoral degree.
In 2001, doctoral degree recipients were less likely to be unemployed than individuals with lower levels of education, according to the U.S. Census Bureau.
In 2001, individuals with doctoral degrees averaged approximately $25,000 more per year than individuals with master's degrees, $35,000 more per year than individuals with bachelor's degrees and $60,000 more per year than individuals with only a high school education, according to the U.S. Census Bureau.