Educated individuals holding Ph.D.s command a lot of respect in our society. They are seen as the cream of the crop, the smartest of the smart, considered excellent lecturers, and respected for their intellects and opinions. Yet these folks must enjoy our respect as a big benefit of the job, because academic jobs pay disappointingly.
After completing a Ph.D. program and lengthy dissertation, academics have spent up to eight years in college. Postdoctoral study often follows that, particularly if the candidate seeks a tenured position.
Once hired, academics often perform the following work:
- Teach
- Operate labs
- Publish papers
- Write grants
Yet seldom do they make more than $45,000. Those in the business arena of academia are in the same boat—teaching business principles from basic economics to advanced finance—without the salary expected of one in business. So, while academia may seem like a great option for those who enjoy the culture and the prestige, think twice before commiting to this low-paying career.