Higher Education vs. Professional Opportunities: The Value of Ph.D. Studies

Background: The Doctor of Philosophy (Ph.D.) is a doctoral research degree that represents the highest level of academic qualification awarded by universities. It is expected that professionals holding a Ph.D. degree can target higher-paying jobs. However, little is known about the real correlation between Ph.D. holders and professional career development. For the first time, a study was undertaken among Ph.D. graduates from the Complutense University of Madrid (UCM), one of the largest universities in Spain, to understand the value of the Ph.D. on students' satisfaction and career prospects. Methods: An anonymous questionnaire, created through Google Forms with three sections (sociodemographic data, academic data about doctoral studies, and employment status), was sent to Ph.D. graduates from UCM between 2015 and 2022. Results: A total of 107 Ph.D. graduates participated in this study. Responders felt that the Ph.D. degree has positively impacted their soft skills development and capability for constant learning but has minimal impact on their overall employability, although the employment rate was 94%. Most of the jobs undertaken by the Ph.D. holders were linked to academic research areas and were located in Spain, with salaries ranging between 14,000 and 50,000 EUR. Conclusions: Universities should implement novel policies at the Ph.D. level to ensure students are not only exposed to the scientific environment but are also prepared and qualified for highly skilled jobs. It is key to creating a community along with the private sector and providing the necessary tools for fostering Ph.D. students' satisfaction and career prospects.

Automated summary

This study investigated the impact of a Ph.D. degree on students' satisfaction and career prospects among graduates from the Complutense University of Madrid. The findings suggest that the Ph.D. degree has a positive influence on the development of soft skills and the ability for continuous learning, while its impact on overall employability is minimal.