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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 />

THE CHANGING PHD PAGE 32

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