Earning a PhD: Can Higher Education Goals Lead to a Higher Salary?

PhD Higher Salary

Share this graphic on your site!

How to Get Paid More Throughout Your Life

Earning a PhD requires dedication and spending many years of your life tucked away studying and taking exams while other people your age are already putting their lower-level degrees to use in the real-world. Unique career options, enhanced self-confidence, and an advanced skillset are three ways a PhD can lead to a higher salary.

How Much Can I Make With a PhD?

Earning a high salary with a PhD doesn’t always equal a financial advantage, especially if it comes with hundreds of thousands of dollars in student loan debt. Assessing your salary potential across multiple degree levels and how much student debt you will have helps pinpoint whether earning a PhD is worth the investment. 

Lifetime Earning Differences:

Business Degree
Master’s: $3,257,000
PhD: $3,535,000

Education Degree
Master’s: $2,260,000
PhD: $2,802,000

Liberal Arts Degree
Master’s: $2,448,000
PhD: $2,705,000

Psychology Degree
Master’s: $2,366,000
PhD: $3,157,000

Science and Engineering Degrees
Master’s: $2,925,000
PhD: $ $3,814,000

Visual Arts Degree
Master’s: $2,227,000
PhD: $2,545,000

source: https://www.wes.org/advisor-blog/salary-difference-masters-phd/

Unique Career Options

According to PayScale, the average annual salary for a PhD graduate is $96,000. This high salary potential is, in part, the result of unique career options. Most job fields have fierce competition and those with a PhD are often viewed favorably by employers when sorting through resumes. The unique skillset you earn while completing your PhD allows you to position yourself as an expert and acquire positions that those with lower-level degrees cannot.

Unique Skills Acquired During PhD Program

Advanced project management
Thought leadership/entrepreneurship
Extensive research capabilities
Refined public speaking and writing

source: http://jobsontoast.com/the-20-skills-that-make-you-totally-employable/

Crucial Networking Capabilities

Ronald S. Burt with Chicago Booth and Martin Kilduff with University College London write “Relations with contacts in otherwise disconnected groups provide a competitive advantage in detecting and developing rewarding opportunities.”

Workers who build network bridges:
Earn more than their coworkers
Are promoted faster
Are happier at their jobs

Numerous studies show that connecting with valued contacts can increase your pay. If you earn your PhD online, this gives you ample time to connect with a vast range of professionals you otherwise would not have connected with. These connections are going to serve as a roadmap to finding a position that comes with a high salary.

Tips for Building a Valuable Network of Contacts

Pinpoint crucial connections (50 to 100 contacts)
Reach out through personal contact
Stay engaged with these contacts
Help your contacts and they will help you
Be intriguing
Show appreciation

source: https://www.inc.com/minda-zetlin/8-things-power-networkers-do-make-connections.html

Enhanced Self-Confidence Translates Into More Money

Possessing a PhD allows you to be confident in your career because you know you committed multiple years of your life to researching, studying, and passing difficult exams.

Those with higher self-worth earn more money than those with little to no self-worth.

Your self-esteem impacts your salary potential as much as your cognitive abilities.

With a PhD, you’ll have advanced cognitive abilities and improved self-confidence. It’s a win-win that can lead to a salary increase of more than $30,000 a year.

Want to boost your salary with a PhD? You can earn this credential from the comfort of your own home. Whether you already have an established career or you want to transition directly from a master’s program into a PhD curriculum, Online PhD Degrees is here to help.

Sources
https://www.wes.org
https://www.payscale.com
http://jobsontoast.com
http://review.chicagobooth.edu
https://www.inc.com
https://www.forbes.com
https://www.businessinsider.com