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

Best Of Transition: PhD Jobs & Job Search Strategies, July 31st 2021

Best Of Transition: PhD Jobs & Job Search Strategies, July 31st 2021

By: Isaiah Hankel, PhD

Every week, we at Cheeky Scientist scour the Internet for the best articles on topics that help in the search for the Best of Transition: PhD Job Search in the industry. Our two consultants independently search for the most informative articles in the categories of networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and a top overall article for the week – if it’s a recent article that can help readers find and acquire PhD jobs, then we want to include it in this weekly digest.…

If You Have A Rare PhD Background, You Must Know These 8 Facts To Get Hired Into R&D

If You Have A Rare PhD Background, You Must Know These 8 Facts To Get Hired Into R&D

By: Isaiah Hankel, PhD

Most PhDs who join the Cheeky Scientist Association want to become R&D professionals or industry research scientists. There is nothing wrong about that.  After all, the best science and the best research is done in industry. So it’s only normal that PhDs who want to stay close to science are at least considering this career path.  However, after working with PhDs for years, I realized that most PhDs want to become research scientists because they think that they will get to do the same thing they do in academia, so they are more valuable in these positions. If this is…

Best Of Transition: PhD Jobs & Job Search Strategies, July 24th 2021

Best Of Transition: PhD Jobs & Job Search Strategies, July 24th 2021

By: Isaiah Hankel, PhD

Every week, we at Cheeky Scientist scour the Internet for the best articles on topics that help in the search for the Best of Transition: PhD Job Search in the industry. Our two consultants independently search for the most informative articles in the categories of networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and a top overall article for the week – if it’s a recent article that can help readers find and acquire PhD jobs, then we want to include it in this weekly digest.…

Best Of Transition: PhD Jobs & Job Search Strategies, July 17th 2021

Best Of Transition: PhD Jobs & Job Search Strategies, July 17th 2021

By: Isaiah Hankel, PhD

Every week, we at Cheeky Scientist scour the Internet for the best articles on topics that help in the search for the Best of Transition: PhD Job Search in the industry. Our two consultants independently search for the most informative articles in the categories of networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and a top overall article for the week – if it’s a recent article that can help readers find and acquire PhD jobs, then we want to include it in this weekly digest.…

How To Use LinkedIn To Find The Best Data Scientist Jobs

How To Use LinkedIn To Find The Best Data Scientist Jobs

By: Isaiah Hankel, PhD

For the past four years, data scientist has been ranked among the best jobs in America by Glassdoor and it’s easy to see why: Data scientists command a median salary of $123,263 and they have one of the highest job satisfactions in the market.  That’s not a bad position to find yourself in! Right now, we’re in the age of big data. The problem is, there aren’t enough qualified data scientists to satisfy the need for their skillset. If you have a PhD in data analytics or data science, finding a job shouldn’t be hard. However, you don’t want to…

7 Resume Tips That Are Giving PhDs An Unfair Advantage Over Other Job Candidates

7 Resume Tips That Are Giving PhDs An Unfair Advantage Over Other Job Candidates

By: Isaiah Hankel, PhD

Resume is your marketing document. PhDs often think that their academic credentials and technical skills should be enough to get them hired in a top industry job.  They underestimate the importance of learning industry etiquette and focus on uploading resumes filled with scientific jargon and technical skills to every job posting that comes their way. As a consequence, they end up in a vicious circle of uploading resumes and never hearing back from employers. Most of these PhDs don’t even know that their resumes are getting rejected by Applicant Tracking System Software before they even reach the hands of a…

Best Of Transition: PhD Jobs & Job Search Strategies, July 10th 2021

Best Of Transition: PhD Jobs & Job Search Strategies, July 10th 2021

By: Isaiah Hankel, PhD

Every week, we at Cheeky Scientist scour the Internet for the best articles on topics that help in the search for the Best of Transition: PhD Job Search in the industry. Our two consultants independently search for the most informative articles in the categories of networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and a top overall article for the week – if it’s a recent article that can help readers find and acquire PhD jobs, then we want to include it in this weekly digest.…

The

The "From Scratch" Method Of Setting Up A Successful Job Search Strategy (5 Steps You Can’t Miss)

By: Isaiah Hankel, PhD

I am working on my job search strategy.  Just last week, I sent over 10 CVs through job portals. I hear this from PhDs all the time. They don’t know what a PhD-level job search actually looks like, so they send a bunch of resumes or LinkedIn requests and expect to see results. The thing is, that strategy will take them nowhere.  It isn’t even a strategy. Recently one of our members noticed why uploading resumes online, not only is not a strategy, but is a waste of time.  “I have been following CSA strategies a lot, but today I…

Best Of Transition: PhD Jobs & Job Search Strategies, July 3rd 2021

Best Of Transition: PhD Jobs & Job Search Strategies, July 3rd 2021

By: Isaiah Hankel, PhD

Every week, we at Cheeky Scientist scour the Internet for the best articles on topics that help in the search for the Best of Transition: PhD Job Search in the industry. Our two consultants independently search for the most informative articles in the categories of networking, CVs/resumes, interviews, transferable skills, academic blues, industry positions, and business acumen. Our consultants vote on a top article for each category and a top overall article for the week – if it’s a recent article that can help readers find and acquire PhD jobs, then we want to include it in this weekly digest.…

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.