- #1
gravenewworld
- 1,132
- 26
Before you even start reading, if you are pursuing your degree to work in academia or for altruistic reasons, GREAT! However, this thread isn't for you so don't bother responding. If you actually care about your 401(K), your stock options, what kind of lifestyle you will be able to afford, and your retirement account, then keep on reading, this thread is for you. If you aren't going to read this entire post, then don't bother responding either.
People will tell you that you shouldn't pursue science if you are interested in making money. This is completely faulty logic in my opinion. If science interests you, what would be wrong with making money off of doing something you love to do? Yes folks, there are some wealthy scientists out there who make in excess of $300,000 per year in industry, and not all of them are PhDs believe it or not.
Alright where to begin?
Let's start with what everyone is concered about:
"How much am I going to make?"
Let's look at the general pay scheme for the company I work at. The pay scheme is pretty much the norm in industry (with room for some deviations of course). The levels and titles might be called different things, but where you will be placed in the scheme given your education and experience is pretty much always the same in all different types of industries.
Research Associate: BS/BA with 0-2 years experience or equivalent
Associate Scientist: BS/BA with 2+ years experience or MS
Research Scientist I: BA/BS with 4+ years experience or MS with 2+ years experience
Research Scientist II: BA/BS with 6+ years experience or MS with 4+ years experience
Research Investigator: BA/BS with 8+ years experience or MS with 6+ years experience or PhD
Senior Research Investigator: BA/BS with 10+ years experience MS with 8+ years experience or PhD with 2+ years experience
Principal Research Investigator: BA/BS with 15+ years experience MS with 13+ years experience or PhD with +7 years experience
Research Fellow: BA/BS with 20+ years experience MS with 18+ years experience or PhD with 12+ years experience.
Principal Research Fellow: open to anyone with an outstanding career
Pay starts at about $40-50 grand on the bottom with increments of about $5000 between each level.
Notice a few things. A bachelor's or master's is capable of running their own programs and even being in charge of PhDs given that they have enough experience. The level of degree doesn't matter that much so in industry when compared to experience. How long would a PhD take? 4+ years after graduating and then another 4+ years of postdocs. Well, if you look at the scheme you could get a Masters and 6+ years experience in that amount of time and be on the same level as a PhD who is for the first time entering industry.
Also, look harder. Let's say you are on the very bottom. Most companies will pay for additional education. Thus, if you are BS you could earn your master's degree WHILE working. This could be completed in 2-3 years. If you choose to study while working, you get to gain experience WHILE getting an advanced degree. Thus in 2-3 years after getting your BS you could be a Research Scientist I since you now have a Master and 2+ years experience. You could completely skip the Associate Scientist level all together. Since you skipped a level, you could be on par witha PhD with just working in industry for 6 years, if you went to school while working.
Think about all the income you would lose if you decided to get a PhD. You would lose out on 8 years of income, while someone who just went right into industry with a bachelor's would be getting paid the same as you in only 6 years if they chose to studying for a master's while working. They would also be making a salary for that entire 6 years as well. In industry a PhD isn't always worth it.
Nature has had some interesting articles recently on finding employment as a scientist in industry. Anyone who is thinking about going into industry should read these:
"A degree of professionalism: There's a growing career path for students who like science, but don't want to be academics."
Nature Vol 445 25 Jan. 2007
From the article:
"A question of supply and demand: Simply having a PhD may not be enough-you need to marry scientific expertise with the right skills."
Nature Vol 445 4 Jan. 2007
From the article:
"Great expectations: You know what you want from a job. But how do you convince an employer that your skills are relevant?"
Nature Vol 445 18 January 2007
From the article:
"Are we producing to many PhDs?"
Nature Vol 445 4 January 2007
From the article:
People will tell you that you shouldn't pursue science if you are interested in making money. This is completely faulty logic in my opinion. If science interests you, what would be wrong with making money off of doing something you love to do? Yes folks, there are some wealthy scientists out there who make in excess of $300,000 per year in industry, and not all of them are PhDs believe it or not.
Alright where to begin?
Let's start with what everyone is concered about:
"How much am I going to make?"
Let's look at the general pay scheme for the company I work at. The pay scheme is pretty much the norm in industry (with room for some deviations of course). The levels and titles might be called different things, but where you will be placed in the scheme given your education and experience is pretty much always the same in all different types of industries.
Research Associate: BS/BA with 0-2 years experience or equivalent
Associate Scientist: BS/BA with 2+ years experience or MS
Research Scientist I: BA/BS with 4+ years experience or MS with 2+ years experience
Research Scientist II: BA/BS with 6+ years experience or MS with 4+ years experience
Research Investigator: BA/BS with 8+ years experience or MS with 6+ years experience or PhD
Senior Research Investigator: BA/BS with 10+ years experience MS with 8+ years experience or PhD with 2+ years experience
Principal Research Investigator: BA/BS with 15+ years experience MS with 13+ years experience or PhD with +7 years experience
Research Fellow: BA/BS with 20+ years experience MS with 18+ years experience or PhD with 12+ years experience.
Principal Research Fellow: open to anyone with an outstanding career
Pay starts at about $40-50 grand on the bottom with increments of about $5000 between each level.
Notice a few things. A bachelor's or master's is capable of running their own programs and even being in charge of PhDs given that they have enough experience. The level of degree doesn't matter that much so in industry when compared to experience. How long would a PhD take? 4+ years after graduating and then another 4+ years of postdocs. Well, if you look at the scheme you could get a Masters and 6+ years experience in that amount of time and be on the same level as a PhD who is for the first time entering industry.
Also, look harder. Let's say you are on the very bottom. Most companies will pay for additional education. Thus, if you are BS you could earn your master's degree WHILE working. This could be completed in 2-3 years. If you choose to study while working, you get to gain experience WHILE getting an advanced degree. Thus in 2-3 years after getting your BS you could be a Research Scientist I since you now have a Master and 2+ years experience. You could completely skip the Associate Scientist level all together. Since you skipped a level, you could be on par witha PhD with just working in industry for 6 years, if you went to school while working.
Think about all the income you would lose if you decided to get a PhD. You would lose out on 8 years of income, while someone who just went right into industry with a bachelor's would be getting paid the same as you in only 6 years if they chose to studying for a master's while working. They would also be making a salary for that entire 6 years as well. In industry a PhD isn't always worth it.
Nature has had some interesting articles recently on finding employment as a scientist in industry. Anyone who is thinking about going into industry should read these:
"A degree of professionalism: There's a growing career path for students who like science, but don't want to be academics."
Nature Vol 445 25 Jan. 2007
From the article:
Recruiters in many industries say that a large fraction of their recruits don't nee dto be PhDs, and may even be better off without them.
"A question of supply and demand: Simply having a PhD may not be enough-you need to marry scientific expertise with the right skills."
Nature Vol 445 4 Jan. 2007
From the article:
In the past, becoming a good researcher served as adequate preparation for a carreer as a scientist. Now, although solid rsearch skills are as essential as ever, in many cases they are insufficient when it comes to contributing in a given work setting or advancing one's career...Most training environments are focused on research, and pay little attention to the practical requirements of the labor market, perhaps owing to the fear that time spent by trainees thinking about something other than their specific discipline mght detract from prductivity.
"Great expectations: You know what you want from a job. But how do you convince an employer that your skills are relevant?"
Nature Vol 445 18 January 2007
From the article:
Working in the field of human resources has given me first hand experience of the problems faced by both academics and employers seeking skilled workers. One of the most significant issues in the scientific sector is a mismatch in expectations. Often, a single vacancy in industry can generate hundreds of applications from academic scientists. Yet, despite this apparent wealth of choice for the prospective employer, none of the initial applicants will secure the job--leaving both sides disappointed.
This happens because industry often expects its candidates to have a set of specific attributes--it wants them to be highly motivated, to have a sound background in research, such as a good academic postdoc, and to have done at least one internship in industry. Meanwhile, what most academic candidates offer is a good research background, management experience and a host of 'soft' skills, such as writing and presenting data. But they often fail to explain how these skills will help them meet a company's needs.
"Are we producing to many PhDs?"
Nature Vol 445 4 January 2007
From the article:
[Are Western universities currently producing too many PhDs or too few? The answer depends largely on whether you are recruiting for a job or looking for one. For recent graduates who are struggling to beat hundres of other applicants to claim a full time post, the answer is fairly obvious. But for those in industry who are trawling this sea of talent, the issue is less clear cut. Many recruiters say that they are unable to find the skills they require in the traditional marketplace. Depending on your level of cynicism, this is either an honest assessment or an apologia for outsourcing farther afield. /QUOTE]
So what to conclude from all of this? In industry a PhD is NOT required. Too often, employers have way too many PhD candidates with absolutely 0 useful skills and knowledge. I would be lying if I said that there were no positions for which a PhD is required. But be aware that for those positions, competition will be intense. Those who will do the best will have skills that the employer will find useful. You can have all the book knowledge in the world, but if you have never even performed that experiment you learned about in your book in a real lab, you are pretty much toast. Also be aware that employment opportunities for PhDs also depend on your specialty. Since I am a chemist I will use chemistry as an example. A PhD who specializes in organic synthesis or analytical chemistry has a MUCH MUCH greater chance at finding employment in industry than someone, who say, specializes in physical/theoretical chemistry. Employers want knowledge that will make them profits, not Nobel prizes. PhDs will give you more expertise not necessarily more flexibility. I have seen it a countless times, rooms full of scientists have no sense of economics at all. Scientists are constantly trying to improve on existing products/technology, but in some cases improvements aren't necessarily needed in order to make a PROFIT. Some scientists will spend years and years trying to beat the best product out there and spend millions of dollars doing so, when they could have marketed their product 5 years ago and made a profit even though it wasn't better than the competition. As long as you can carve out a niche market, profit is possible. You need to be more than just a scientist, you have to be aware of costs and financial issues. In order to find decent employment you should be aware of the market, gain managing skills, and learn how to present you work to not only scientists, but those in other areas like marketing, finance, and human resources.
In industry learning is done all the time on the job, even for PhDs. Much of the science done in industry is practical. A lot of the theories taught in academia are not used at all in industry. You have to be comfortable with this, especially if you choose to spend a lot of your time pursuing an advanced degree BEFORE you even enter into the market place.