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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

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

Kamrul Hansen

Kamrul Hansen

Principal Scientist - Analytical Technology

at Servier Pharmaceuticals

"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 signed the offer today! I am will be working as a technical support manager - it is what you call a field scientist within Cheeky. I am super excited and already feel welcomed!"

Maria Terra Terra

Maria Terra Terra

Technical Support Manager

"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

"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 signed with ASML for 117k! (asked for 120 and they came up from 110) plus a 10% target annual bonus."

Andrew Dawes, PhD

Andrew Dawes, PhD

Senior Applications Engineer

at ASML

"I am delighted to announce that I have accepted the role of Research Scientist with a base salary of 90k. The cheeky scientist resources have helped me immensely and I am really grateful."

Amninder Singh Sekhon

Amninder Singh Sekhon

Research Scientist

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

Tharcisse Guedegbe

Tharcisse Guedegbe

Policy Researcher

at African Bank Development Group

"I got a job offer from a pharma company, which I am going to accept..thank you for your amazing support!"

Gonzalo Rosso

Gonzalo Rosso

Formulation Scientist

at Coriolis Scientist

"I am thrilled to be starting my position as a Scientist at bioMeriuex! I will be joining the device validation team to bring #invitrodiagnostics to the market!"

Alec Vallota-Eastman

Alec Vallota-Eastman

Scientist

at bioMeriuex

"Hi Isaiah, I hope you are good....I did receive and accept a job offer!"

Debadrita Pal

Debadrita Pal

Scientist

at Sanofi

"I’m happy to share that I started a new position as Medical Science Liaison at Ashfield this January, part of UDG Healthcare (now Inizio) supporting Avita Medical. Thank you to all my mentors, colleagues, and friends who have been incremental in making this dream possible for me.....It is an exciting space/time and I can’t wait for the future."

Mimi Borrelli

Mimi Borrelli

Medical Science Liaison

at Inizio

"I'm happy to share that I am starting a new position as Senior Scientist at Eikon Therapeutics!"

Hank Cheng

Hank Cheng

Senior Scientist

at Eikon Therapeutics

"I'm happy to share that I will be starting a new position as MSL at Sanofi! I want to thank everyone that took the time to speak with me about their MSL experience and to help me land this position!"

John Crawford

John Crawford

MSL-Vaccines

at Sanofi

"Just wanted to say thank you for all your help and motivation.You were great in guiding me in the right direction."

Rittik Ghosh

Rittik Ghosh

Senior Scientist

at Boehringer ingelheim

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