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my question is what does an engineering PhD get you, aside from the ability to be a professor? right now i think id really like to pursue a PhD but i know that is from a naive standpoint, so i wanted to learn more about it. does PhD change a lot compared to a masters in getting a job outside of universities? does it matter a huge amount for salary? any contribution is appreciated, thanks.
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You should only pursue a PhD if you are actually interested in research and discovering something new. If you don't care about that - and most engineers don't - then a master's degree will more than suffice. In fact, you'll probably end up making
more with a master's overall because you won't have had to spend so much time in school pursuing the PhD.
However,
pursuing the PhD, at least in its initial stages, may be highly beneficial to some people. For example, it is a cost-effective way to get a master's, as most PhD programs will pay you a stipend while you're in the program, and you can use that financing to just pick up a master's and then leave. (Many people do just that - heck, I know a guy who picked up
two master's degrees at MIT while on a PhD stipend, and then immediately left the PhD program for a very nice job). A PhD program may also provide you with a powerful entrepreneurial opportunity. That is precisely what happened to the founders of Google: the original Google algorithm and search engine was their PhD dissertation project, and they decided to use it not to graduate but instead to start a company and make money. Many engineering PhD programs at the top schools are replete with students who are perennially considering dropping out to start companies based on their research. To use MIT as an example again, there is one rather infamous guy who hung around in the graduate program for nearly
15 years without ever graduating (although I think he finally was awarded a master's degree recently). Instead, he just used his time to continually start new business ventures. {I'm sure this guy's stipend ran out at some point, but I"m not privy to the details.}
But the point is, the PhD itself is probably appropriate only to those who truly care about research, but the PhD
process may be useful to a broader category of people.