<p>
</p>
<p>Yeah, for certain disciplines, I think what you just said is part of the answer. Let’s face it. Some majors don’t exactly offer a lot of job possibilities, and the ones that exist don’t really pay that well. I was talking to one PhD student who confessed that she was actually getting paid more as a student than she probably would have gotten if she had gotten a job. That is, her doctoral stipend and the scholarships she was able to win (of which she has a few) pay her more money than a typical entry-level job would probably pay her. She also enjoys a far more enjoyable lifestyle, i.e. free use of the (lavish) university gym, full health care coverage as part of the university system, and perhaps the biggest perk of all: excellent time flexibility/autonomy. For example, if she needs to take several hours out of the day to run an errand, she is free to do so without having to ask for anybody’s permission. If she wants to take an entire weekday off (and then make up for it on the weekend), she is free to do it. Very few companies will allow you this sort of flexibility. </p>
<p>It is for these reasons that people in certain disciplines justifiably view the PhD student lifestyle as quite desirable, relative to the alternatives. That henceforth drives the admissions percentages down.</p>