Research is considered to be the name of the game in getting a PhD. Thesis papers can run up to thousands of words that are made up of detailed data and analysis in your chosen field of study. Moreover, there is added pressure from the academic and general community to continue doing your research outside of the PhD program to build up your expertise and move the industry forward. A PhD is ultimately regarded as a commitment to research and consistently providing results for society.
Certain specialized careers, especially those highly involved in academia, require PhD holders to be considered for employment. A popular example is in education -- most teachers are required a PhD and a thesis in their field of study to even qualify for an entry associate teaching job at a university. Additionally, these careers often demand high levels of research and published works on their respective PhD subject matter and specialization. These not only serve as qualifications of employment but also as a measure for promotions as well as higher esteem and payment.
According to research done by the Top Grad School website, PhD holders are reported to earn anywhere from 2 percent to 93 percent more salary than their college degree holder counterparts. However, these numbers are highly dependent on the industry -- in particular, how the industry regards experts in their respective fields. PhD holders have also found indirect success from their degrees in the networking they've created with previous experts in their field. These experts often have established connections with companies and, given their prized endorsement, can open opportunities that would otherwise be nearly impossible to attain.
While PhDs have numerous benefits, experts agree that it is also presents the most risk among all degrees. A PhD often has a very high price attached to it and can put a student under insurmountable debt in the wrong conditions. Furthermore, the perceived advantages are significant only in certain fields -- most general fields place little importance or requirements on PhD holders and value practical skills much more. Career advisers agree that when considering a PhD, the most important factor to consider is whether the student truly wants it and the career path it offers.