10 Most Valuable and Rewarding Doctorate Degrees
10 Most Valuable and Rewarding Doctorate Degrees: A doctorate degree (Ph.D.) is the highest degree you can receive in a given profession, but acquiring it isn’t simple. On average, Ph.D. applicants commit seven to 10 years of their lives to get a doctorate after finishing undergraduate studies.
However, the income potential varies tremendously depending on the discipline. Some of the most profitable PhDs give six-figure early career incomes, while mid-career earnings (based on 10+ years of professional experience in the area) approach $130,000 per year.
When is a suitable time to obtain a Ph.D.?
Since there is no such thing as the optimal time to acquire a doctoral degree, you’ll have to choose the time frame that works best for you.
Finding the correct moment for you to pursue your Ph.D. is vital since it takes a long time to acquire one – anywhere from 4-8 years. Some individuals opt to finish their higher education degrees all at once, but, this doesn’t work for everyone.
Life’s circumstances get in the way or perhaps you wish to get some career experience first before you seek a Ph.D.
What Are the Highest Paying Doctorate Degree Jobs?
1 – PhD in Chemical Engineering
Early Career Earnings: $96,100
Mid-Career Earnings: $146,000
Chemical engineering is a discipline of engineering that integrates physical sciences like chemistry and physics, life sciences like biochemistry and microbiology, and mathematics to address difficulties in the usage of chemicals, pharmaceuticals, food, or fuel.
Chemical engineering PhD programs are meant to educate engineering professionals with an expert understanding of the field’s key foundations and current research techniques and discoveries.
In recent years, chemical engineering has been acknowledged as the top doctorate degree by salary-offering continuous employment growth and excellent early career and mid-career incomes.
Chemical engineers commonly work in biotechnology and commercial services as researchers.
2 – PhD in Organic Chemistry
Early Career Earnings: $83,400
Mid-Career Earnings: $146,000
The mid-career pay for a PhD in organic chemistry is tied with chemical engineering, however, the early career compensation is lower.
According to the Bureau of Labor Statistics, employment change is constant, although the job forecast through 2024 is just 4% (slower than the 7% average).
Most organic chemistry PhD students seek positions in research and find themselves directing research teams, while others find teaching posts in colleges and universities. Advanced research roles demand PhDs in organic chemistry from authorized universities with programs approved by the American Chemical Society.
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10 Most Valuable and Rewarding Doctorate Degrees
3 – PhD in Computer Science
Early Career Earnings: $118,000
Mid-Career Earnings: $145,000
A PhD in computer science permits students to become specialists within a technical discipline of computer science.
Applicants to this sort of doctorate degree program should have achieved a bachelor’s or master’s degree in computer science or demonstrate proof of preparation in related fields. Most computer research scientist occupations need a PhD.
The BLS predicts the employment outlook for computer scientists is predicted to expand by 15% through the year 2024 (8% faster than the national average). Both academic and non-academic professions are open to PhD graduates in computer science.
Non-academic employment include computer hardware engineers, information research scientists, or other experts on interdisciplinary projects like data mining, programming, or robotics.
4 – PhD Electrical Engineering
Early Career Earnings: $103,000
Mid-Career Earnings: $144,000
Advances in electrical engineering are visible in daily life. One hundred years ago, the radio gave amusement and fifty years later, the television supplanted it.
These discoveries and developments need electrical engineering. Earning a PhD in electrical engineering opens the door to research and innovation job pathways in industries that promise stable development such as aviation, manufacturing, computers and transportation.
Career growth frequently involves extra education and training. Most team leaders holding supervisory jobs have advanced degrees like a PhD in electrical engineering
5 – PhD in Pharmacology
Early Career Earnings: $75,400
Mid-Career Earnings: $141,000
A PhD in pharmacology sets the basis for a career as a researcher or pharmacist in different health organizations. PhD programs provide intensive training in the study of medications and chemicals on living beings.
These programs build on biochemistry, molecular biology, cell biology, neuroscience, and physiology disciplines, preparing degree candidates as experts in their research. While the mid-career wage is considerable, entry-level pay might be ordinary depending on job area.
For instance, grocery store pharmacists may receive a lesser wage than an entry-level research pharmacist. According to the BLS, the employment outlook for pharmacists is predicted to be 3%, which is less than the 7% average growth rate.
6 – PhD in Physical Chemistry
Early Career Earnings: $73,600
Mid-Career Earnings: $138,000
According to the American Chemical Society, physical chemistry is the study of how matter acts on both a molecular and atomic level. It is also considered as the study of how chemical reactions occur.
Most physical chemists operate in labs and research facilities. These research opportunities demand the best degree attainable in the area. Earning a Ph.D. in physical chemistry offers perfect preparation for high-tech and materials research employment that pay exceedingly well.
While the employment growth is below average for physical chemists, the median yearly compensation places this doctorate degree in the center of our list of high-paying PhDs.
7 – PhD in Engineering
Early Career Earnings: $93,600
Mid-Career Earnings: $137,000
A PhD in engineering is the highest degree available in the subject. While a doctorate degree is not necessary for many fields of engineering, research opportunities are only offered to PhD applicants and graduates.
The degree includes numerous fields for independent studies, such as chemical engineering, materials science, computer engineering and mechanics.
Some colleges provide a broad degree program instead of concentrating on specific expertise.
Jobs for PhD candidates include director of engineering jobs, engineering technicians, and project managers. On average, the predicted growth rate for engineering employment over the next seven years is 3%, according to the BLS.
8 – PhD in Physics
Early Career Earnings: $93,700
Mid-Career Earnings: $135,000
Physicists normally need a PhD for professions in academia and research. This high-paying PhD degree leads to careers as research consultants, lead physicists, or physics instructors.
After completing a PhD, many degree applicants continue their careers in academia as postdoctoral researchers. Employment of physicists is anticipated to expand 7% between now and the year 2024, roughly as fast as the national average for all professions.
The BLS forecasts around 1,500 new jobs added to the 20,000 current employment over the next few years. This specialist doctorate degree delivers one of the best mid-career incomes on our list.
9 – PhD in Biomedical Engineering
Early Career Earnings: $88,100
Mid-Career Earnings: $133,000
Biomedical engineering has become a major subject of multidisciplinary study. This subject is continually changing and needs professionals highly trained in biological sciences, computational methodologies, and theory.
Earning a PhD in biomedical engineering opens the door to research possibilities in a broad variety of sectors. Most biomedical engineers work in hospitals, factories, research centers, and universities.
A doctorate degree is essential for most research possibilities, particularly in university settings. The employment outlook is positive.
According to the BLS, the predicted growth rate will climb by as much as 5% over the following seven years. Both early and mid-career earnings are also on the increase.
10 – PhD in Statistics
Early Career Earnings: $105,000
Mid-Career Earnings: $131,000
Statisticians assist to address issues in companies, healthcare sectors, and organizations by gathering and evaluating data via statistical approaches.
Careers as statisticians demand a master’s degree and beyond. Earning a PhD degree in statistics places you above the competition and gives you a high earning potential. Also, the employment prospects for statisticians are highly bright.
The Bureau of Labor Statistics (BLS) reveals that the predicted growth rate is likely to rise by 33%, which is substantially above the national average.
Industries employing statisticians include the federal government, financial organizations, and scientific research and development services. A PhD is necessary for most research employment.
Everything You Should Know About the Highest-Paying Doctorates
As you investigate and navigate which PhD route would best take you toward your chosen area, your selection process will incorporate other essential considerations. Doctoral programs differ considerably from one other, one important distinction being research vs professional doctoral degrees.
As you begin to evaluate the programs you’re interested in, try your best to find out how well the program will fit with your lifestyle, learning style, and long-term objectives.
10 Most Valuable and Rewarding Doctorate Degrees