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PhD Salaries and Lifetime Earnings

PhDs employed across job sectors show impressive earning potential:

“…[T]here is strong evidence that advanced education levels continue to be associated with higher salaries. A study by the Georgetown Center on Education and the Workforce showed that across the fields examined, individuals with a graduate degree earned an average of 38.3% more than those with a bachelor’s degree in the same field. The expected lifetime earnings for someone without a high school degree is $973,000; with a high school diploma, $1.3 million; with a bachelor’s degree, $2.3 million; with a master’s degree, $2.7 million; and with a doctoral degree (excluding professional degrees), $3.3 million. Other data indicate that the overall unemployment rate for individuals who hold graduate degrees is far lower than for those who hold just an undergraduate degree.” - Pathways Through Graduate School and Into Careers , Council of Graduate Schools (CGS) and Educational Testing Service (ETS), pg. 3.

Average salaries by educational level and degree (data from the US Census Bureau, American Community Survey 2009-2011, courtesy of the Georgetown University Center on Education and the Workforce):

The Bureau of Labor and Statistics reports higher earnings and lower unemployment rates for doctoral degree holders in comparison to those with master’s and bachelor’s degrees:

According to national studies, more education translates not only to higher earnings, but also higher levels of job success and job satisfaction:

“Educational attainment – the number of years a person spends in school – strongly predicts adult earnings, and also predicts health and civic engagement. Moreover, individuals with higher levels of education appear to gain more knowledge and skills on the job than do those with lower levels of education and they are able, to some extent, to transfer what they learn across occupations.” - Education for Life and Work (2012), National Research Council of the National Academies, pg. 66.

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Salary Difference Between Master’s and Ph.D. Degrees

When undergraduates are thinking about studying abroad for an advanced degree in the U.S., they have two options: apply to a master’s degree or doctoral degree program. Here we will talk about the differences between master’s and Ph.D. degree programs and also compare the lifetime earnings of both degrees in respective occupations.

What Are Master’s Degrees?

A master’s degree is the first level of graduate study designed to give you a solid education in a specialized field after you finish a bachelor’s degree. It usually requires one to two years of full-time study. Master’s degrees tend to be a more career-oriented program. Upon completion, graduates are expected to have advanced knowledge within a specialized field and have analytical, evaluation, and professional application skills. One disadvantage is that there are limited scholarships for international students who are master’s candidates in the U.S.

What Are Ph.D. Degrees?

Ph.D. is an abbreviation for Doctor of Philosophy, which is a doctoral degree. Obtaining a Ph.D. degree means you have an exclusive specialty in your field. Ph.D. candidates are expected to engage in thought experiments, reason about problems, and solve problems in sophisticated ways . Students can apply for a Ph.D. program directly after completing a bachelor’s degree, while some schools also require a master’s degree before entering a Ph.D. program. The exact number of years varies from four to eight years, which highly depends on the field, the student’s research topic, and the student’s skills. A Ph.D. degree also requires students to pass comprehensive exams and a large scholarly project called a dissertation .

For international students, financial aid opportunities might be a big motivation to apply for a Ph.D. degree. Schools recognize that those trying to acquire their doctoral degree need more assistance due to the length of study.

Salary Differences Between Master’s and Ph.D. Graduates

After looking at the different commitments the two degree programs require, you may also want to look at the average salaries for master’s and Ph.D. graduates. Below is an income chart from the United States Census Bureau about employee’s work-life earnings that refer to different occupations and education levels attained.

Note: This chart is for 25 to 64-year-olds who are working full-time, year-round. Source: www.census.gov

Overall, the average life earnings of doctorate holders are higher than other degree holders within the same industries. However, the life earning gap between master’s and Ph.D. holders varies on different majors or fields of study. For example, in biological science occupations, a Ph.D. holder earns 27 percent more than that of a master’s holder. Whereas in some other fields, such as business, there is only a small difference of 8 percent.

If you are looking for ways to improve your career, obtaining an MBA degree may be worthwhile financially as graduates receive similar work-life earning as Ph.D. graduates. But if you’re looking to pursue a Ph.D. degree within a highly focused field, then check out the top 50 U.S. colleges with the most international graduate students.

So, consider pursuing a Ph.D. degree if you truly love your field, enjoy your studies, and want the benefits and prestige associated with the doctoral degree. If you are looking for a change in field, industry, or a promotion, then getting your master’s might be enough.

Do you want to further your education and need funding? Check out our free Funding Your Education e-guide.

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Datapoint: How much do psychology graduates earn?

Vol. 52 No. 8 Print version: page 21

• Working as a Psychologist
• Salaries of graduates with psychology degrees in the United States vary widely, with those who have higher degrees tending to earn more. 1, 2
• The median salaries of psychology bachelor’s, master’s, and doctoral/professional degree holders in 2019 were $50,000, $60,000, and $90,000, respectively. 3
• About 38% of bachelor’s degree holders earned at least $60,000, the median salary of master’s degree holders.
• About 17% of bachelor’s degree holders and 19% of master’s degree holders earned at least $90,000, the median salary for doctoral or professional degree holders.

2019 salary distributions by psychology degree level

Want more information? See CWS’s interactive data tools  or contact CWS .

Note: Salaries greater than $200,000 were combined in the last group.

1 National Science Foundation, National Center for Science and Engineering Statistics. (2021). 2019 National Survey of College Graduates. [Public use data file]. https://ncsesdata.nsf.gov/datadownload/ .

2 Data include psychology graduates working across a wide range of work sectors and occupation types, including psychology and non-psychology related jobs.

3 Values are based on full-time (35 hours/week or more) annual salary. These salaries have not been adjusted for inflation.

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