Importance of formal education for building successful career
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Education is the basic building block of a human in his/her life.
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I've always believed that the pursuit of a PhD is a noble venture. You spend years and years of your life toiling away to move human knowledge in a small tiny area, just a little bit forward. It is fantastic for humanity. Ideally it also delivers personal satisfaction, and a fulfilling career that pays you well enough (if not outrageously well!).
Usually for PhDs at the end of their education/thesis there was an opportunity to move on to a position in academia to teach, or pursue knowledge further. The graph above illustrates the sad truth that this is no longer an option.
Since 1982, almost 800,000 PhDs were awarded in science and engineering (S&E) fields, whereas only about 100,000 academic faculty positions were created in those fields within the same time frame. Source: http://goo.gl/Yl0g1y
Academia is not the only option of course, one can always consider non-academic options. This choice poses a challenge most job seekers don't consider.
A non-academic entity will give you a job if your skills are commercially monetizable. You could take a job managing people, you could take a job doing molecular research, you could take a job analyzing data. Lots of choices.
But is your degree, your wonderful effort to push the boundary of human knowledge in a tiny small area in a significant way, commercially monetizable? If it does not, all your investment in earning the PhD might not have a commensurate financial impact on your life (or even bring professional satisfaction).
All of us on LinkedIn have a shared concern for our careers and investment in education. The above graph, and reality, have two implications we all should really care about.
1. If commercial monetization becomes an important consideration criteria, will that reduce the number of people willing to push the boundaries of human knowledge in all the areas required? I think it will, and that will be disappointing.
I'm not sure what the best solution is. Should we increase funding and establish innovation centers were anyone with a proven track record of moving human knowledge boundaries is guaranteed a position, and a well enough salary? Something else?
2. When you think about the next investment in your own career, a bachelors degree, a masters degree or taking one of the many free online options now available, should you focus on what is commercially monetizable or just follow what best piques your curiosity?
The answer might seem obvious: "Follow your passion! Follow your curiosity!!" But as the graph above suggests, that might not always be financially rewarding in the near term and if that does not happen it might not be personally rewarding in the long term.
Tough, tough, tough challenge.
Formal education is not necessary (at least for a few) to achieve personal or professional success. But it no longer seems sufficient either. Each person will figure out their own path, but I hope you'll pause, give this graph and reality a bit of a thought, and then.... do the very best you are personally capable of!
Follow Me If U R Satisfied.
Usually for PhDs at the end of their education/thesis there was an opportunity to move on to a position in academia to teach, or pursue knowledge further. The graph above illustrates the sad truth that this is no longer an option.
Since 1982, almost 800,000 PhDs were awarded in science and engineering (S&E) fields, whereas only about 100,000 academic faculty positions were created in those fields within the same time frame. Source: http://goo.gl/Yl0g1y
Academia is not the only option of course, one can always consider non-academic options. This choice poses a challenge most job seekers don't consider.
A non-academic entity will give you a job if your skills are commercially monetizable. You could take a job managing people, you could take a job doing molecular research, you could take a job analyzing data. Lots of choices.
But is your degree, your wonderful effort to push the boundary of human knowledge in a tiny small area in a significant way, commercially monetizable? If it does not, all your investment in earning the PhD might not have a commensurate financial impact on your life (or even bring professional satisfaction).
All of us on LinkedIn have a shared concern for our careers and investment in education. The above graph, and reality, have two implications we all should really care about.
1. If commercial monetization becomes an important consideration criteria, will that reduce the number of people willing to push the boundaries of human knowledge in all the areas required? I think it will, and that will be disappointing.
I'm not sure what the best solution is. Should we increase funding and establish innovation centers were anyone with a proven track record of moving human knowledge boundaries is guaranteed a position, and a well enough salary? Something else?
2. When you think about the next investment in your own career, a bachelors degree, a masters degree or taking one of the many free online options now available, should you focus on what is commercially monetizable or just follow what best piques your curiosity?
The answer might seem obvious: "Follow your passion! Follow your curiosity!!" But as the graph above suggests, that might not always be financially rewarding in the near term and if that does not happen it might not be personally rewarding in the long term.
Tough, tough, tough challenge.
Formal education is not necessary (at least for a few) to achieve personal or professional success. But it no longer seems sufficient either. Each person will figure out their own path, but I hope you'll pause, give this graph and reality a bit of a thought, and then.... do the very best you are personally capable of!
Follow Me If U R Satisfied.
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