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Which Future Do You Want? Scarcity In Academia Or Abundance In Industry?

Academia = Scarcity

The academic system is not sustainable.

As a PhD, you have witnessed this first-hand: dead-end postdocs, limited funding, high rates of depression, and so many other issues within academia.

But, all this can boil down to academia being associated with scarcity.

Scarcity mindset.

Scarcity of funding.

Scarcity of opportunities.

Scarcity of happiness.

This limited vantage point from within academia makes it seem as if there is not enough to go around.

And, well, within the academic system there isn’t enough to go around.

And, the data proves it…

According to the World Economic Forum, 649 PhDs are granted every day.

This is well above the number of professorships that open up every day.

The disparity between the available professorships and the increasing number of PhD graduates means that very, very few PhDs will ever become professors.

The Royal Society found that 99.45% of PhDs will NOT become professors.

That is nearly all PhDs!

But, if you are like most PhDs, you started graduate school with the goal of becoming a professor, completely unaware of this daunting statistic.

How could this essential information have been kept from aspiring graduate students?

Because, those professors in power are out of touch.

The National Science Foundation found that less than 20% of tenured professors are under the age of 40.

Despite the fact that people under the age of 40 make up approximately 80% of the workforce.

Aspiring PhDs often remain unaware of this data until it is too late.

Until they reach the end of their studies and are unsure what to do next.

And, this is reflected in the high unemployment rate of recently graduated PhDs.

According to the National Science Foundation, less than 65% of PhDs have a job lined up at graduation.

The scarcity of academia is harming PhDs.

It’s harming the next generation of great innovators and thinkers.

Although there is not enough opportunity to support PhDs in academia, there is another option: Industry.

Industry = Abundance

While academia places limitations on those within it, via funding or other limited opportunities, industry removes those limitations.

Industry is all about abundance.

Companies want an abundance of profits.

They adopt an abundance mindset and, from that perspective, see the potential for unlimited growth.

In industry, there are many job opportunities available for PhDs, there are high salaries available to PhDs, and there are supportive company cultures available to PhDs.

The data demonstrates this abundance…

According to a recent MassBio report, there has been a 143% growth in openings requiring a PhD in less than 10 years.

Companies can see the value that PhDs will bring to their organizations.

So, they have created positions for PhDs like you and are ready to bring PhDs on and support them.

The growth of available jobs is even higher for STEM PhDs.

As reported by The Manufacturer, jobs in the science, research, engineering, and technology fields will grow 2x as fast as other careers.

Your STEM PhD is in high demand.

Alongside this high demand for your PhDs expertise, you will also be highly valued and compensated in industry.

PhDs are significantly underpaid in academia.

As reported by The Scientist, regardless of field or experience level, the average industry salary for a PhD is $125,937 versus just $86,021 in academia.

That is nearly a $40,000 gap.

Imagine what you could do with 40,000 extra dollars every year.

But, it’s not all about the money.

In industry, PhDs also report much, much higher job satisfaction levels than in academia.

And, STEM PhDs benefit more than any other group.

A recent news report found that STEM careers deliver the highest level of satisfaction across industry sectors (81%).

In industry, PhDs are well-compensated, experience high levels of job satisfaction, and have an abundance of opportunities to grow.

The difference between academia and industry is extreme. In academia, PhDs are given false hope that they will become professors. They are strung along a dead-end career path and all the while, they are underpaid. Too many PhDs become stuck in academia and are not sure how to escape the scarcity mindset that surrounds them. But, outside academia, in industry, there is a very different path available to PhDs. A path of abundance — where there is a growing number of jobs available to PhDs, where they will be well-compensated, and where they will work in a supportive culture.

Which future do you want?

To learn more about how you can transition into an industry career, including instant access to our exclusive training videos, case studies, industry insider documents, transition plan, and private online network, get on the wait list for the Cheeky Scientist Association.

References:

Nature: Some Hard Numbers On Science’s Leadership Problems

Royal Society

National Science Foundation

Pew Research Center

The Scientist

Academics.com

MassBioEd Report 2018

Elearning infographic, based on data from WeForum and Fast Company

Pew Research Center

US Bureau of Labor and Statistics

The Manufacturer

Irish Tech News
If you’re ready to start your transition into industry, you can apply to book a free Transition Call with our founder Isaiah Hankel, PhD or one of our Transition Specialists. Apply to book a Transition Call here.

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ABOUT ISAIAH HANKEL, PHD

CEO, CHEEKY SCIENTIST & SUCCESS MENTOR TO PHDS

Dr. Isaiah Hankel is the Founder and CEO of Cheeky Scientist. His articles, podcasts and trainings are consumed annually by millions of PhDs and other professionals in hundreds of different countries. He has helped PhDs transition into top companies like Amazon, Google, Apple, Intel, Dow Chemical, BASF, Merck, Genentech, Home Depot, Nestle, Hilton, SpaceX, Tesla, Syngenta, the CDC, UN and Ford Foundation.

Dr. Hankel has published 3X bestselling books and his latest book, The Power of a PhD, debuted on the Barnes & Noble bestseller list. His methods for getting PhDs hired have been featured in the Harvard Business Review, Nature, Forbes, The Guardian, Fast Company, Entrepreneur Magazine and Success Magazine.

Isaiah Hankel, PhD

Here's What Others Are Saying

"One thing I feel I did great was joining the association as a Diamond member. Modules and Classes helped me to prepare ahead of the search- to do and to go right. The other useful thing was the accountability forum....your classes and modules really helped me to believe in myself and have confidence in myself. I value myself as a PhD. I gave a shot for a senior scientist position, and got one!"

Nabina Paudyal

Nabina Paudyal

Senior Computational Scientist

at Colossal Biosciences

"Thank you for your support. I greatly benefited from your DD talks on the importance of networking on LinkedIn and resume-building tips. Your team member Meera was very helpful in building my LinkedIn Profile and resume. Thank you!"

 Taranum Sultana

Taranum Sultana

Research Administration

"I'm happy to share that I'm starting a new position as Device and Date Scientist at Intel Corporation!"

Darpan Verma

Darpan Verma

Device & Data Scientist

at Intel Corporation

"I'm happy to share that I'm starting a new position as Clinical Scientist at Arvinas!"

Ana Luiza C. Zaninotto

Ana Luiza C. Zaninotto

Clinical Scientist

at Arvinas

"The made an offer and I accepted it. I am excited and nervous to start a new job and leave academia!"

Valentina Dallacasagrande

Valentina Dallacasagrande

Sr. Scientific Advisor

at reVision Therapeutics, Inc.

"I am happy to share that I have started a new position!....I look forward to learning from experience colleagues and apply the"

Augustina Kwesie Osabutey

Augustina Kwesie Osabutey

Water/Wastewater Engineer

at Barr Engineering Group

"I am happy to share I am starting a new position!"

Mary Hidde

Mary Hidde

Clinical trial manager

at Medspace

"I'm happy to share that I'm stating a new position as Medical Science Liaison at Celltrion Healthcare Co, Ltd.!"

Tammy Virdi

Tammy Virdi

MSL

at Celltrion Healthcare Co, Ltd

"I landed a dream job as a revenue management analyst at british airways."

James Washak

James Washak

Revenue Management Analyst

at British Airways

"I'm excited to share that I'm starting a new position as Senior Filed Application Scientist at NanoString Technologies, Inc.!"

Alex Woychek

Alex Woychek

Senior Field Application Scientist

at NanoString Technologies, Inc.

"New offer - went ahead and signed contract today - - excited and thank you for the confidence booster - grateful for investing in Cheeky Scientist."

Wael Bahnan

Wael Bahnan

Senior Scientist

at Minervx ApS

"I started my new job as an MSL on the 13th. I never would have got an interview without your company's help on CV and interview prep. I am on a much better salary and have a much better quality of life than I did as a postdoc. So thank you."

Edward Law

Edward Law

MSL

at AbbVie

"I'm happy to share that I'm starting a new position as R&D Scientist II at Chemring Sensors and Electronic Systems, Inc.!"

Karim Dawkins

Karim Dawkins

R&D Scientist II

at Chemring Sensors and Electronic Systems, Inc

"I'm happy to share that I’m starting a new position as an associate computational scientist at md anderson cancer center!"

James Jennings

James Jennings

Associate Computation Scientist

at MD Anderson Cancer Center

"I started working with you all back in October 2022 and it took me about four months to secure my new role. I actually had two six figure salary offers in the learning and development arena! One was from a prestigious HBCU and the other one was with a scientific research organization. I signed my six figure offer letter for a Head of Talent Development role with the scientific research organization on March 1st. I negotiated and received a $7,500 increase in salary and I also received an increase in my relocation package. I cannot thank you all enough!"

Dr. Rhonda Anderson

Dr. Rhonda Anderson

Head of Talent Development

at Southern Research

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