Is Phd Worth It Today?

 Is a Ph.D. worth the effort today?

To make a long story short, it is missing the point. This article from the Economist is a few years old. However, the academic world is criticized even more today. Indeed, there are many areas where a high-level specialization does not make financial sense and constitutes "surplus schooling." However, we must look at the issue from the prism of R&D in STEM fields. From this perspective, this article and the criticism are wrong.  

There are many areas in mathematics, computer science, chemistry, physics, etc., where the extra time spent in grad school is essential for studying enough of the breadth and depth of knowledge. It is evident if we compare textbooks, journals, and conference proceedings from a couple of decades ago and recent years. Many fields have advanced tremendously. It isn't easy to catch up and become a world-class specialist in essential areas such as education, research, and new inventions. It might take a lot more time today. If, as a civilization, we want scientific progress in STEM-related fields, discoveries, or building a better future, we have to promote Ph.D. programs as one of the best ways to accomplish those goals.

https://medium.economist.com/why-doing-a-phd-is-often-a-waste-of-time-349206f9addb

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