New research shows graduates with PhD qualifications benefit from a significant earnings premium in the years after they graduate from college compared to those with master’s and honours degrees.
The findings are contained in a Higher Education Authority analysis of doctoral graduate outcomes based on statistics provided by the Central Statistics Office.
It comes against the backdrop of a debate in education circles about the value of PhDs, given the low stipends and the length of time it takes to qualify, which is usually between four years full-time and six years part-time.
The study tracked earnings of thousands of graduates over a 10-year period with honours degrees, masters degrees and doctoral degrees or PhDs.
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The data shows doctoral graduates successfully enter the labour market with higher earnings than those with lower levels of educational qualification and maintain this earnings premium for at least a decade.
One year after graduation, for example, a student with a PhD has median weekly earnings of €755. This compares to €515 for master’s degree holders and €430 for graduates with honours degrees.
The same pattern is maintained after 10 years with PhDs' weekly earnings at €1,360, compared to €1,070 for master’s degree holders and €965 for those with honours degrees.
The data also shows evidence of a gender gap in earnings between men and women with PhD qualifications.
Seven years after graduation, men were more likely to have a weekly salary of more than €1,600 per week (35 per cent of males compared to 25 per cent of women).
Doctoral graduates also have the highest employment rates of all levels of education.
Given the strong competition for roles in academia, the report says it is reassuring that skills developed by doctoral graduates are being utilised in other roles and are valued by employers.
While a majority of PhD students are Irish (60 per cent), the proportion of international students has been growing steadily over the last decade, up from 35 per cent to 41 per cent.
Data indicates up to seven years after graduation, one third of PhD graduates are assumed to be working abroad. Half of these doctoral graduates were Irish nationals.
“This finding suggests that the standard of an Irish doctoral degree has equipped doctoral graduates with the necessary knowledge, skills and abilities to forge careers outside of Ireland,” the report says.
“The encouraging aspect of this is that experience gathered by doctoral graduates while abroad can deliver a positive impact upon returning to Ireland by both enriching the research ecosystem and providing economic benefits.”
