Immuno-guy said:
Some of the posts here seem overly optimistic about the researh lifestyle. Consider how you live now. If you do a Ph.D. your standard of living will not increase significanlty for 10 years. Sure you are content now, but will you be content as you approach your third post doc hoping to be offered that facculty position? Same car, same rental? No savings, no 401K, no Roth IRA, no retirement money, no house. Think about it. That is a lot to do without. And if you are offered that position, you'd better have an understanding spouse because if you want tenure - and we all want tenure- you'll not be seeing much of him/her. However, there are far more assistant professors than positions, so... here's the crunch, after 10 years (6 +2-3, +2-3 for PhD and two postdocs)... you may find your university stops paying you. That's right. Stops paying you. You've had your chance to bring in $$$ and you've not managed to. So they stop paying you. Meanwhile you have to contempate a career change at 35-40.
Although I do not dispute this, I have to point out that your success, enthusiasm and experience as a PhD depends on YOU, not the degree. Here at the University of California, to be a professor (assistant, associate, or full professor), you need to be: (1) continue to forward your area of research (e.g., publications), and (2) be a national if not international leader in your field. If you meet this criteria, the university won't stop paying you. Professors that leave our system more than likely, move off to other schools, rather than quit the profession. Bringing in the money is always the issue, regardless of what profession. If you are good at what you do, you will bring in the money for whatever organization you work for.
Immuno-guy said:
Most associate professors where I work regret going into research. Funding has gone from 24% under Clinton to 14%. That means you've got a 1 in 7 chance of getting government money. Do you still like research? So do I, but I certainly don't recommend it for any other reason.
Again, I do not dispute if this is happening where you are at, but here at UC Davis, and based on friends at other UC schools, associate professors do not regret getting into research. Perhaps NIH and NSF funding has gone down, however there is such a thing as private funding. In fact, as a PhD student, I am funded 100% by private companies. My PI has been a professor (tenured) at my school for some 20 odd years, and has done the NIH stuff, but has always emphasized our partnership with industry to fund our projects, and our students.
Immuno-guy said:
Poor job security, low wage (considering 10 years training after BS degree), stressful, long hours. Get an MD.
Again, this is relative. Our professors here have a starting salary of ~$42k, and can go up to ~$128k. A fellow PhD student in my lab will complete his dissertation this summer, and already has a job offer at a local biomedical company with starting salary of $80k. I would attribute this to our strong relation with the private sector though, and thus depending on what you do, who you talk to, and what you want to do, you may find more or less $$.
Immuno-guy said:
I'm a 6th year Ph.D. student, my wife has since finished medical school and much of her residency. She's getting job offers each week starting at $170K. When I graduate from a $24K PhD position, I'll be getting offers for $35K... for the next 4-6 years. Pathetic really.
I will start my 2nd year this fall, and currently on schedule (research wise) to complete my PhD by the end of my 3rd year. I have no debt thanks to my graduate student researcher salary, and tuition fee remission unlike my friends who are in med school. However, I plan to apply to our med school (retroactively) as an MSTP, or apply after my PhD since I want to PRACTICE medicine in addition to using my PhD training for research purposes. As an MSTP, I am guranteed something like $50k/yr (some of which goes to tuition remission), or I can do a post-doc in my lab and make a similar amount. So the $24-35k that you speak of does not represent every school and every person.
Ultimately, this is MY experience in this area, and clearly everyone has their own experience, both good and bad. The most important thing is to like what you are doing. Its not an easy job as a PhD, nor is it an easy job as an MD. You are expected to perform well where ever you go, and in whatever you do, and that eventually will determine how much you get paid, how long you have that job, and how happy you are. Clearly it is not dependent on if you have a PhD, MD/DO, DDS, DVM, Pharm D or whatever else. It has to do with your work ethics, your research, your motivation, and luck.