<p>Interesting figures, QuantMech. Not at all surprising.</p>
<p>RE law school: it’s also only 3 years. Most PhD programs take considerably longer. The average length-to-degree time in my field is over 7 years (post undergrad). That’s in part because many people flounder in the dissertation stage or end up teaching a lot (“fully funded” can mean tuition remission with a stipend, or it can also mean teaching duties plus benefits and tuition remission). </p>
<p>I don’t advise anyone to go for a PhD unless 1) there is full funding and 2) you can accept, both intellectually and emotionally, that there is an exceptionally high chance of placement failure at the end of your training, and you may have to start your professional life all over again. It’s #2 that college seniors just can’t grasp. They have the optimism of youth and the belief that they are special, that the odds don’t apply to them. This is not unique to those seeking PhDs!</p>