A lot of fellows nowadays have a B.A., M.D., or Ph.D. Unfortunately, they don’t have a J.O.B.
Kyara Tobias of Online PhD Programs helped create the following infographic and asked me to post it here.
While I think that the graphic is a bit unfair to janitors and the solutions (acting, music) are hopefully only ironic, it highlights a very important issue: much more people get PhDs than can actually work in academia. So be certain that you want to do a PhD, and why, and what you want to do with or without it afterwards. And while I haven’t looked into it, I would suspect that there’s a huge difference between, e.g., humanities and engineering in other aspects. My guess is that humanities have a hard time finding a job outside academia, while those in engineering have a hard time refusing the pay benefits outside academia. But I might be wrong.
But as written, make sure you know what you are getting into. Doing a PhD can be extremely fun and interesting, but it can also be an excruciating time.