Get a PhD—but leave academia as soon as you graduate

By Allison Schrager. Allison Schrager is an economist with a focus on pension issues.
Enrolling in a PhD program is, from an economic perspective, a terrible decision. But that doesn’t mean you shouldn’t do it. Just don’t let it ruin your life.
Here’s how that could happen: After nearly 10 years in graduate school and substantial debt, you still end up a part-time or adjunct professor (and still in debt). According to the Chronicle of Higher Education, these jobs make up 76% of the academic labor force, pay less than $3,000 a class, and lack benefits and job security.
Here’s how to avoid that predicament: Contrary to what they tell you in graduate school, the world outside the ivory tower isn’t so bad. And so the minute you get the PhD, you must leave academia. More...