America is the land of PhDs. In 2009 the only other country that could compare with our 19,733 newly awarded PhDs in the physcial and life sciences would be China, who graduated around 50,000. When looking at the numbers, the US seems like it is on the right track to educating its populace and bringing the country into an age where science and technology is king.
Too Many PhDs and Not Enough Employment
However, problems arise as other statistics come to light. Although the number of PhDs that are graduating are growing, statistics prove that their job prospects are dropping. In 1973, 55 percent of all PhDs in the sciences found employment after their degree. However, in 2006 (only 33 years later), it had dropped to a shocking 15 percent. At this point, academia is overflowing with the amount of highly trained scientists while private industries such as the pharmaceutical and biotechnology industries are actually downsizing. This means that highly-trained scientists are now taking on jobs that do not actually require a PhD – which calls to question whether or not staying in academia is really the best route for most scientists.
The rate at which PhDs are graduated but the poor job prospects of those who already have them depicts a system in need of change, if not an overhaul. However, the system is stubborn, and those that try to switch up ages old tradition inevitably are met with resistance. In fact, pushing PhD candidates into and through the system is actually financially advantageous to schools, as they can hire cheap labor in the form of postdoctoral candidates for their research projects.
The US higher education system has long been in need of change, and is slowly answering the call, but it is not fast enough for those who suffered through their postdoctoral studies with little to show for it. In fact, the average salary difference in the US between those with PhDs and those without is miniscule (see infographic).
How Many More Doctorate Degree Graduates Can American Support?
The PhD as we know it provides less and less security to the holders, and is no longer the near-guarantee of a well-paying job the way it was in 1973. Of course, the world at large has far less security it had in 1973, and has changed so much it is almost unrecognizable. The story of the PhD is the same story as the college degree; its value is now questioned and the system seems outmoded. However, this is not to say it is valueless anymore. There will always be research and those who work to push the boundaries of science to its limits. The question is one of quantity – how many more can acdemia realistically support?
Read more about the state of scientific postdoctoral studies internationally in Nature News.