Most bang-for-the-buck PhD?

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I interviewed last year for a Program Director position at a private university. I didn't get offered the position but I see it's open again, along with an instructor position.

It's a huge decision as it would mean a move/career change but I see the "free tuition" as a huge commodity to be put on the table with the birth of our 3rd child. I could cash out my business and put that towards retirement too.

I worry about some physical signs I am displaying since the activity I do is very hand and body intensive.

One of the requirements was that I "engage in scholarly activity" (translation: earn a PhD/EdD and publish, although it was a teaching university so that stuff was secondary).

Strictly speaking from only a monetary standpoint, what is the best PhD to invest in (or perhaps an EdD)?

I realize it's not like the entire world is open. That is, if your background is literary studies, it's hardly likely you could get your PhD in Genetic Engineering.

My background is biology, radiology technology, chiropractic, small business.

Is it possible to pursue something like a PhD in Finance?

I am clueless to the world of higher education, being in small business all of my career.

[jIM_Ohio]

I have often thought of getting a PhD and teaching as a partial retirement type of deal. My alma matter is a teaching school, requires profs to teach 3 hours/day 3 days per week, have a 4th day available for labs or a 4 hour course, and hold 4 hours of office time for students per week.

I could get used to that schedule- plus 12 weeks off per year.

PhD's are quite specific, I think it depends on your undergrad degree- if you do not have a business degree, do you think you could compete well with others which have worked in the field and have all their degrees in business?

I have an engineering degree, and from what I have been told about moving into finance as a profession is that getting the 4 year degree or MBA will be overkill on the work (relative to what I need to make a career).

I think getting a masters/PhD aligned with undergrad work and experience is path of least resistance.

In your case I would look at biology and narrow it down from there.

In my case I would take a sub topic of mechanical engineering- like mechanics or acoustics, and narrow it down from there.

[myrdale]

My background is biology, radiology technology, chiropractic, small business......

Is it possible to pursue something like a PhD in Finance?

My understanding is you can pretty much get a PhD in any field of study.

How much bang for your buck on the job really depends on the field. I've heard several friends talk about having to get a PhD in Child Education to get a decient job teaching. I, myself graduated with an engineering degree aswell, and anything past 4 yr degree really is overkill unless you want to do R&D stuff.

As for how much bang for your buck from "engage in scholarly activity" I'd say Engineering or Chemistry. But I am not sure.

If I was you though, I wouldn't be as interested in what field will allow you to earn the most money for the university, as much as I would want to be involved in teaching a subject I was really passionate for.

Using your background as my guide, I'd say animal science (think chickens and cows) or nuclear chemistry/medican would be a good compromise.

[myrdale]

Oh, and too Jim's point about PhD's being specific, you might say get a BS in Chemical Engineering. Chem Eng covers all sorts of applications. Your PhD work wouldn't cover the entire field of Chem Eng. From what I have seen you would work towards one specific nitch, say de-inking used wood pulp for example.

[docstudent]

It really depends on your particular area of focus and knowledge in the area. For example, I have a doctorate degree in a social science field, and my salary should increase by 20G to 30G in a three-year period. I am looking to see a 15G increase by Fall. I have a friend that has a Ph.D. in Engineering from Georgia Tech, and he earns well over $175,000. There are distinct differences between the Ed.D. and Ph.D., the first is more practicioner based, and the other has a focus on research. It is also depends if you earned your Ed.D. at a tier- one university or a university with no type of national recognition. I would advise you to do your research, because free tuition has nothing to do with the type of academic rigor and connections that can be made outside of the classroom.

[LivingAlmostLarge]

Chemistry or Physics maybe. Engineers earn enough with a BS or MS. And Phds in engineering is mostly for teaching (BIL and roomie).

Also physical sciences the Phd is free, paid stipends and depending on the school no TA requirements.

[gekkoplus]

Oh, and too Jim's point about PhD's being specific, you might say get a BS in Chemical Engineering. Chem Eng covers all sorts of applications. Your PhD work wouldn't cover the entire field of Chem Eng. From what I have seen you would work towards one specific nitch, say de-inking used wood pulp for example.

I am a Chemical Engineer myself and second myrdale's opinion. I have already worked in very multiple domains as my career path has led me to a very diverse fields from pharmaceutical research to mobile marketing. My chemie batchmates too found something that is entirely unrelated to what they had studied.

I would say getting PhD in a top tier school makes a lot of difference. Making money is just a small consequence of getting a PhD - the satisfaction you get for being an expert in your field and respect that comes along with it makes it invaluable.

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Yes, I was looking at this from a pure "financial/investment" standpoint.

The "free tuition" is actually for my kids. And I would probably get my PhD/EdD from another institution local to where I teach (for diversity, etc.) so I would end up paying for it.

Therefore, I would want to pick something germane to my career/CV yet lucrative at the same time.

[jIM_Ohio]

could you get a Phd in Pharmecuticals or something similar?

[zetta]

Would you realistically be able to continue working full-time while pursuing the PhD? You need to also consider the opportunity cost of lost wages for 4-6 years. You may find it's cheaper just to save up for college for your kids.

[LivingAlmostLarge]

Chemistry organic is pretty much the only thing for a pharma. And in bio you end up in doing a post-doc for another 5 years so it's not WORTH it financially (ask me how I know???) Even worse if you want to be a prof. Plus you make $28k (again ask me how I know)/year and my DH when he went was making $18k stipend. You aren't rich and you certainly would be making with a bachelor's about 3x that starting out.

Phd aren't to make money, you make way more working and getting experience instead of going to school. With my bachelor's in pharma I left making about $50k/year to go back to get a phd making $22k. Sigh. I won't imagine what I'd be making now if I had stayed. Not to mention medical benefits.

And yes school does matter DEPENDING on what you want to do. Be a professor? It matters. Work at some job? Not as much.

[jIM_Ohio]

I would agree PhD is not about money per se- it is about working less and making money in acedamia, which has tenure and is closest thing to union employment for people with a degree.

[LivingAlmostLarge]

As a professor you can be fired, ask my BIL. It depends on where you work and if you are just a teacher or a researcher.

At places like Harvard, Hopkins, Yale, etc they do soft money funding for professors. Meaning you only get paid if you get grants. Grant funding is at 11%. Hence many are "Fired" because they can't afford to stay.

So even with tenure they can make you quit, because sure they pay your salary, but then take away your lab, they take away everything and basically after a couple of years of nothing, you are fired. And nowadays more places are only giving tenure to full professors not associates anymore. That that takes minimum 10+ years. Assistants go under review between 5-7 years to make associate.

Not a good time to be going into academia.

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Yes, this is a non-tenure track position so I know for whatever reason, my contract could be discontinued. When I interviewed last year though, he seemed to be genuine that tenure vs. non-tenure doesn't mean that much in academia anymore.

Again, all an enigma to me.

This is not a "publish or perish" type of professorship. It's in the College of Health Professions. . .whose mission is to train practicioners (rad techs, nurses, pre-med students).

That being said. . .never say never that I could happen to find myself out the door with a boot in my rumpus.

[Scanner]

Would you realistically be able to continue working full-time while pursuing the PhD? You need to also consider the opportunity cost of lost wages for 4-6 years. You may find it's cheaper just to save up for college for your kids.

Realistically, probably the first 2 years I am there, it's such a huge adjustment (from business owner to educator) that nothing would be done. They realize that. AFter that, it would probably mean 1-2 courses/semester, esp. in the summer, when the teaching load is lighter.

Yeah, that's kind of what I think sometimes. . .maybe it's better to just save for college.

It's not all about the money and benefits. . .I have a calling to teach. I love public speaking/presentation and like I said, I have to think about an exit strategy from where I am at, if not now. . .5 or 10 years away. Sometimes I think if I don't make the jump now. . .I'll never make the jump.

And then I'll be 85 years old and one of my patients will find me face up in my darkroom holding up x-rays of the spine in one hand and clutching my heart in the other.