Harvard. Stanford. MIT. Yale. These are some of the names of the most prestigious universities in the US — a country you’d think would draw international students to pursue the most lucrative PhD degrees.
But recent data suggests otherwise.
In a post-pandemic world, data from a College Scorecard report titled “Buyer Beware: First-Year Earnings and Debt for 37,000 College Majors” revealed surprising details of post-college outcomes for students and families about that all-important first year after graduation.
A master’s degree graduate in dentistry from Ohio State University, for example, earned US$19,267 a month with a US$2,019 monthly debt repayment.
Meanwhile, a PhD graduate in Registered Nursing at Marshall University earned US$14,700 with a US$2,152 monthly debt repayment.
Beyond this, the report also found that:
- First-year earnings for the same degree in the same major can vary by US$80,000 at different colleges and universities.
- Workers with less education can often make more than workers with more education.
- Higher levels of education do not always result in higher student loan repayments.
The report contains many more surprises in what we thought we knew about the link between university education and its impact on our salaries.
Nursing is one of the most lucrative PhD degrees in the US. Source: AFP
What are the most lucrative PhD degrees according to the College Scorecard report?
The reports provide us with two forms of metrics.
Looking at the highest first-year returns, we can determine the most lucrative PhD degrees by subtracting the monthly debt repayment from a graduate’s monthly earnings.
Using an earlier example, a PhD graduate in Registered Nursing from Marshall University would have a net monthly earning of US$12,548.
You can cross-check this data with the state rankings to see how earnings, debt, and earnings net of debt stack up across majors and institutions.
This shows us that the Registered Nursing PhD graduate is making over US$20,000 more than the average PhD graduate in West Virginia, where Marshall University is based.
We can also see that a PhD law graduate from Cornell University in Ithaca, New York, has a net monthly earning of US$12,806. The monthly earnings net of debt in New York, however, is US$4,728.
Which university or state you study in may impact how much you earn. Source: AFP
The lowest-paying PhD degrees
According to the report, most PhD graduates had a monthly earning of US$6,000 and a monthly debt payment of US$1,000.
But there are those who earn far less than this — even resulting in negative net income, i.e. owing more than earning. Here are some of the lowest-paying PhD degrees from this data:
- PhD in Clinical Counselling and Applied Psychology (Pontifical Catholic University of Puerto Rico-Arecibo): Monthly earnings of US$1,617 with a monthly debt payment of $1,056
- PhD in Law (John F. Kennedy University): Monthly earnings of US$1,360 and a monthly debt payment of US$1,508
- PhD in Alternative and Complementary Medicine and Medical Systems (National University of Health Sciences): Monthly earnings of US$2,264 and a monthly debt payment of US$1,583
- PhD in Alternative and Complementary Medicine and Medical Systems (University of Bridgeport): Monthly earnings of US$2,305 and a monthly deby payment of US$1,683
- PhD in Music (Florida State University): Monthly earnings of US$531 and a monthly debt payment of US$2,108
Highest paying PhD degrees: Why it’s important to be paid well
In Australia, the standard scheme to fund the living costs of PhD candidates is a tax-free stipend from their university. The university is allocated the funds via the Research Training Programme (RTP).
Last year, the stipend was US$28,854 annually (indexed annually against inflation). That’s only two-thirds of the national minimum wage after an increase to US$42,246.88.
With a weekly income of US$554.88, PhD candidates are well below the poverty line of US$608.96 for a single person if they have to pay for housing.
What’s happening in Australia is not isolated. According to a report by journal Nature, only a “few” PhD programmes pay a living wage.
This is concerning not only because today’s scholars deserve better pay given the importance of their work to advancing knowledge, but also because there are many expenses that can crop up in the midst of their research.
They could discover that more equipment is needed or that it needs fixing, for example. Then there are conferences to attend so that they have the latest updates in their field.
Nursing and law are some of the most lucrative PhD degrees in the US. Source: AFP
10 most lucrative PhD degrees
From our observation, nursing and law are some of the most lucrative PhD degrees you can pursue in the US. Here are some examples:
1. University of San Francisco, San Francisco
Programme: PhD in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing
Monthly earnings: US$14,383
Monthly debt payment: US$739
2. University of Missouri-Kansas City, Kansas City
Programme: PhD in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing
Monthly earnings: US$14,033
Monthly debt payment: US$1,023
3. Virginia Commonwealth University, Richmond
Programme: PhD in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing
Monthly earnings: US$14,975
Monthly debt payment: US$1,183
4. Cornell University, Ithaca
Programme: PhD in Law
Monthly earnings: US$14,600
Monthly debt payment: US$1,794
Marshall University is a R2 Doctoral Universities – High Research Activity, according to the Carnegie Classification. Source: Marshall University/Facebook
5. Marshall University, Huntington
Programme: PhD in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing
Monthly earnings: US$14,700
Monthly debt payment: US$2,152
6. Louisiana State University Health Science Centre-New Orleans, New Orleans
Programme: PhD in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing
Monthly earnings: US$13,667
Monthly debt payment: US$1,702
7. Duke University, Durham
Programme: PhD in Law
Monthly earnings: US$13,517
Monthly debt payment: US$1,608
8. University of Buffalo, Buffalo
Programme: PhD in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing
Monthly earnings: US$13,125
Monthly debt payment: US$1,120
9. Texas Christian University, Fort Worth
Programme: PhD in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing
Monthly earnings: US$13,092
Monthly debt payment: US$1,016
10. California State University-Fullerton, Fullerton
Programme: PhD in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing
Monthly earnings: US$12,492
Monthly debt payment: US$398
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