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gaining a PhD worthwhile, especially if <strong>the</strong> remuneration for <strong>the</strong>se jobs does not recognise or provide<br />
recompense for this improved performance or for <strong>the</strong> personal cost of achieving it. (These issues<br />
become even more prominent in some o<strong>the</strong>r jobs. According to <strong>the</strong> US Bureau of Labor Statistics,<br />
over 8 000 of <strong>the</strong> 317 000 waiters and waitresses in <strong>the</strong> USA that have college degrees have doctoral or<br />
professional degrees.)<br />
A fur<strong>the</strong>r question might be whe<strong>the</strong>r it is possible to achieve in a more<br />
targeted and more cost effective way <strong>the</strong> benefits that arise from having<br />
PhD qualified people as secondary school teachers. This is brought<br />
out by ano<strong>the</strong>r common example. Astronomers and particle physicists<br />
with PhDs have <strong>the</strong> ma<strong>the</strong>matical skills that allow <strong>the</strong>m to move into<br />
<strong>the</strong> financial services sector as quantitative analysts and <strong>the</strong>y will often<br />
find rich rewards in making this transition. However, while <strong>the</strong>y may<br />
have <strong>the</strong> necessary ma<strong>the</strong>matical skills, doing a PhD might not be a<br />
cost effective way of providing <strong>the</strong>m – and providing targeted courses<br />
might have additional advantages, for example in demonstrating that<br />
social systems have some characteristics that make <strong>the</strong>m different from<br />
physical systems.<br />
Does a PhD add<br />
value even when it<br />
is unnecessary for a<br />
particular job?<br />
However, it is also necessary to consider that aiming for a close linkage between <strong>the</strong> supply and<br />
demand for PhD graduates would have o<strong>the</strong>r unintended consequences. There are leakages from <strong>the</strong><br />
research student and graduate cohort as not all students complete or enter <strong>the</strong> workforce. Some take<br />
up o<strong>the</strong>r opportunities or lifestyles before graduation, some go overseas after graduation, and so on.<br />
This does not mean that <strong>the</strong>y did not benefit from <strong>the</strong> training <strong>the</strong>y did complete, or that <strong>the</strong>re are no<br />
flow-on benefits to society. Moreover, from <strong>the</strong> perspective of an employer filling a job for which a<br />
PhD is a necessary qualification, <strong>the</strong>re are clearly benefits in having a number of candidates from which<br />
to choose. An ‘oversupply’ can help control salaries, allow employers to select a candidate who will<br />
feel comfortable in <strong>the</strong> firm’s corporate culture and can provide a buffer within <strong>the</strong> labour market that<br />
provides for flexibility.<br />
The complexity of <strong>the</strong> current situation was apparent at <strong>the</strong> 2012 annual meeting of <strong>the</strong> US Council of<br />
Graduate Schools. According to one report:<br />
The good news is that <strong>the</strong>re is broad bipartisan agreement here in Washington and among elite<br />
stakeholders that educating people up to <strong>the</strong> highest level possible is necessary for America to be<br />
competitive and prosperous.<br />
But at <strong>the</strong> same time (and in <strong>the</strong> same document):<br />
Attendees at <strong>the</strong> conference said it is unethical to keep admitting students to programs and training<br />
<strong>the</strong>m for jobs that don't exist while <strong>the</strong>y are racking up piles of debt only to risk finding university<br />
employment as just an adjunct, or obtaining some o<strong>the</strong>r low-wage job for which a graduate degree is<br />
not necessary, or ending up on food stamps. 71<br />
71. http://chronicle.com/article/Some-Say-Its-Time-to-Put-a/136217/?cid=at&utm_source=at&utm_medium=en<br />
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