When one hears that you are studying for a Ph.D., they often associate it with the acronym piled higher and deeper. They think of doctoral studies as a long and tedious process, with doctorates sometimes taking as long as eight to 10 years to complete. This is all in the hopes of finding a job in one of the toughest job markets, academia. I remember my senior year of college when I questioned a professor about the prospect of earning my Ph.D. in American History. His response was curt and disheartening: Do not do it. He explained that despite graduating from Princeton University, the only school that offered him tenure was the University of Colorado-Denver, where he earned less than a public school teacher. Despite the lack of opportunities available for Ph.D.s, many still pursue one. Below is a list of fruitful career alternatives one can pursue with a Ph.D.
Private School Teaching
In many private schools, students are held up to the highest academic expectations. For many Ph.D.s, they discover that they can earn more money using their Ph.D. to teach at a private school than they would in academia. Ezra Nielson illustrates this. A recent Ph.D. graduate from Rutgers in 19th century American literature, he now is teaching at Bard High School in Queens, where upon graduation, students receive an associate’s degree. Nielson is able to leverage his Ph.D. while still being involved in an intellectual environment (“With Academic Jobs Scarce, Ph.D.s Seek Alternative Careers”).
Peter Wozniak is another example of a Ph.D. finding success in secondary teaching. After 10 years as a tenured professor and department chair at Auburn University, he left to become a teacher at Montgomery Academy, where he now enjoys a salary larger than the one he earned while at Auburn (“Careers for Ph.D.s at Private Schools”).
Private Industry
For others, private-industry firms could be the right fit. More and more top firms like McKinsey and Company recognize the value of Ph.D.s to their firm. If someone develops the skills to write a 400-page paper, they should also have the skills needed to organize a project (“With Academic Jobs Scare, Ph.Ds Seek Alternative Careers”).
Also, it is important to remember that different skills are leveraged at different firms. A Ph.D. in Physics, Mathematics or Chemistry, with their strong quantitative skills, will be a good fit at a Wall Street firm. Meanwhile, in management consulting firms, Ph.D.s are paid the same salary as M.B.A. graduates. For these jobs, basic knowledge of quantitative analysis is all they require.
Conclusion
In this tough job market, remember that it is important to not box yourself into any category. With a Ph.D., it does not mean that you have to go into academia. It simply means you underwent a lot of training and acquired a lot of skills for a successful career.
References:
“Careers for Ph.D.’s at Private Schools.” Available at http://www.apsanet.org/content_6811.cfm.
The Voice News. “With Academic Jobs Scarce, Ph.D.’s Seek ‘Alternative Careers’”. Available at http://www.villagevoice.com/2011-08-10/news/with-academic-jobs-scarce-ph-d-s-seek-alternative-careers/.