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

CIO

Pew Research Center

US Bureau of Labor and Statistics

The Manufacturer

Irish Tech News

Join Cheeky Scientist Association
Get Free Job Search Content Weekly
Isaiah Hankel, PhD
Isaiah Hankel, PhD Chief Executive Officer at Cheeky Scientist

Isaiah Hankel holds a PhD in Anatomy and Cell Biology. An expert in the biotechnology industry, he specializes in helping other PhDs transition into cutting-edge industry career tracks.

Isaiah believes--from personal experience--that if you feel stuck somewhere in your life, it’s a clear sign that you need to make a change. Don’t sit still and wait for the world to tell you what to do. Start a new project. Build your own business. Take action. Experimentation is the best teacher.

Isaiah is an internationally recognized Fortune 500 consultant, CEO of Cheeky Scientist, and author of the straight-talk bestsellers Black Hole Focus and The Science of Intelligent Achievement.

Similar Articles

A PhD In Leadership: 9 Academic Skills That Turn You Into A Boss

A PhD In Leadership: 9 Academic Skills That Turn You Into A Boss

By: Isaiah Hankel, PhD

How many PhDs miss their calling as leaders because of academic failure?  I remember my own academic education well. Like other PhDs, no one taught me how to develop my leadership skills. Leadership is a core part of real life, of industry. But it’s not a focal point for academia, which is why so many students get their PhDs only to face a harsh reality… Instead of success and recognition, PhDs feel used. They’ve been used by a university system that chewed them up and spit them out. There is no clear path to success or fulfillment, only unanswered questions.…

7 Ways To Keep Your Job Search Alive In A Recession

7 Ways To Keep Your Job Search Alive In A Recession

By: Isaiah Hankel, PhD

I’ve lost a job. I was offered a contract, and they pulled it back. Everybody is ignoring me on LinkedIn now.  I was communicating with somebody about an upcoming interview, and now they’re not replying to my emails. My postdoc is not going to be renewed.  This is the kind of message I’ve been getting from countless PhDs all over the world. The recession has made things challenging for everyone. A lot of PhDs thought academia was going to take care of them, but they’ve found out the hard way that it isn’t true. For weeks now, I’ve been warning…

How These 3 Leadership Skills Can Protect Your Career During A Recession

How These 3 Leadership Skills Can Protect Your Career During A Recession

By: Sarah Smith, PhD

The current crisis reminds me of something that happened to me years ago. I had an interview with a big company, and it was scheduled to take place on an upper floor of a tall building. I took the elevator, which turned out to be the wrong choice. Normally, I’d have chosen the stairs, but I was feeling nervous and didn’t want to make my heart rate increase – it was already beating fast. The elevator got about halfway up to my floor and abruptly stopped. The doors didn’t open. There were several other people in there with me, and…

5 Ways To Limit PhD Anxiety And Protect Your Career

5 Ways To Limit PhD Anxiety And Protect Your Career

By: Elliott Brecht, PhD

You should have seen my academic CV. It was a total disaster. By academia’s standards, it was fine. But I had a real monster of a CV, over 5 pages long and full of academic jargon. And there was no cover letter either. Can you guess what industry employers did after taking a glimpse at my CV? They probably threw it away – that’s assuming it even reached employers. More likely, it was filtered out of candidacy by application tracking software. You might think that, given the current situation, you should be focusing your time on other things, not career…

Secure PhD Jobs With The 15-Point Coronavirus Career Plan

Secure PhD Jobs With The 15-Point Coronavirus Career Plan

By: Isaiah Hankel, PhD

Isaiah Hankel has your guide to navigating the world of PhD jobs during the coronavirus crisis and using this temporary downtime to your advantage. The financial markets have crashed worldwide.  I can tell you from experience what’s going to happen next. I was a PhD student in 2008 during the financial crisis, and history tells us the hiring market is next to crash. After 2008, I felt like there were no jobs, and I had no industry network to connect with. My PI couldn’t help me – he didn’t know anybody either.  He was in the academic bubble with me. …

5 Visa Processes International PhDs Master To Lock Down A Job

5 Visa Processes International PhDs Master To Lock Down A Job

By: Arunodoy Sur, PhD

Visa Processes for PhDs can be complicated – luckily, contributing author Arunundoy Sur, PhD, can break it down for you. I started applying for jobs early. I was preparing to graduate, and I felt lucky to receive some positive responses right away. In a very short period of time, I had interviews lined up with 4 different companies. I went through multiple rounds of interviews and even reached the stage of salary negotiation in 3 of these cases. It all seemed to be going well. Being proactive was paying off, and now I had a new job lined up before…

Coronavirus Panic Proves The World Needs PhDs In These 9 Industry Roles

Coronavirus Panic Proves The World Needs PhDs In These 9 Industry Roles

By: Isaiah Hankel, PhD

Isaiah Hankel, PhD, discusses the global reaction to the coronavirus and how it demonstrates that industry needs PhDs more than ever. The need for scientists is rising, and it’s rising fast. With the recent outbreak of the “coronavirus,” media have reported all kinds of information, not all of it true and accurate. News and other media outlets thrive on timely reportage, and unfortunately, panicked viewers will pay more attention than relaxed ones. The effects of this panic are already observable. Who is in the best possible position to work against this alarmist racket?  Scientists holed up in academia? No. In…

3 Strategies For Motivation And Accountability During A Job Search

3 Strategies For Motivation And Accountability During A Job Search

By: Sarah Smith, PhD

As with most long-term projects, consistent accountability requires motivation. Research done at the University of Rochester identified two types of motivation: intrinsic and extrinsic. Intrinsic motivation is the kind of curiosity that drives you to pursue knowledge all the way to mastery. PhDs almost always have a lot of this motivation. Loving your field of study and wanting to advance it is what made you push your way through a doctoral program. Intrinsic motivation derives from natural satisfaction – when the task is its own reward. The problem is that intrinsic motivation rarely drives a job search. What PhDs need…

PhDs Are Entrepreneurs - 3 Ways To Start A Business And Quit Denying Your Leadership Skills

PhDs Are Entrepreneurs - 3 Ways To Start A Business And Quit Denying Your Leadership Skills

By: Joydeep Pal, PhD

Are you a PhD with your heart set on becoming a CEO? Pause for a moment and recognize how rare you are. The majority of PhDs will never cross the gap between working for other people and working for themselves. Entrepreneurship in general is rare, but becoming an entrepreneur after completing a PhD is exceptional. Study EU examined the largest companies on each continent, and they reported that among these companies’ CEOs, a mere 10% can boast a doctoral degree. But the question is this: Why don’t more PhDs go this route? After all, as a PhD, you have a…

Top Industry Career eBooks

Complete LinkedIn Guide For PhDs

Complete LinkedIn Guide For PhDs

Isaiah Hankel

The LinkedIn tips & strategies within have helped PhDs from every background get hired into top industry careers.

20 Most Popular Industry Career Tracks For PhDs

20 Most Popular Industry Career Tracks For PhDs

Isaiah Hankel, PhD & Arunodoy Sur, PhD

Learn about the top 20 industry careers for PhDs (regardless of your academic background). In this eBook, you will gain insight into the most popular, highest-paying jobs for PhDs – all of which will allow you to do meaningful work AND get paid well for it.

Industry Resume Guide for PhDs

Industry Resume Guide for PhDs

Isaiah Hankel, PhD

Learn how to craft the perfect industry resume to attract employers. In this eBook for PhDs, you will get access to proven resume templates, learn how to structure your bullet points, and discover which keywords industry employers want to see most on PhD resumes.