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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 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 am deeply grateful for all the incredible support, professional and personal, I got here and was essential for me to get here. I just completed 4 months at my present company and successfully transitioned, from the training process to working full-time in the team in the team I was hired for, this last week! I never fully thanked Cheeky for all the help they gave me in the training in the job search process, in a way that I was able to realize succes on one of the first jobs I applied for, only a bit more than a couple of months after joining the association. I heard and was told it was possible to have such quick results,but I never believed that it would happen to me; for this I am deeply grateful for you all! Joining CSA was one of the best decision I have ever made, and is something that will still help me for many years to come, for as long as my career goes on!"

Jose Hugos Elsas

Jose Hugos Elsas

Geophysical Researcher

at CGG

"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

"I have been quiet here for a while but happy to finally share that I've transitioned! It was a long and challenging journey towards transition, being at another full-time job plus being a toddler mom, but I am so thankful I found this supportive community that has helped me and motivated me throughout."

Shobana Sekar

Shobana Sekar

Senior Bioinformatics Scientist

at Roche

"Hi Isaiah, I got hired yesterday!....Thanks for all of your encouragement provided by way of your presentations."

Beverly Brereton

Beverly Brereton

Compliance Manager

at Enel North America

"'....all the modules and associates really helped me understand the job and interview aspects really well. Meera specially helped me a lot prepare for the 8 interviews (written, analytical, on-site, assessments). She was very prompt in responding to my questions and concerns and really helped me keep my morale whenever I felt I might loose this position.... This is something I was looking for in a job so it is perfect for me."

Haymanti Bhanot

Haymanti Bhanot

Editorial

at Elsevier

"BIG NEWS!! Lufthansa offered me the gig!!"

Marco Milesi

Marco Milesi

at Lufthansa

"Extra thrilled...I now have a full-time job lined up before I even graduate. Yay! Cheeky Scientist helped me get my internship, 3 offers, and the offer I wanted at a competitive salary because I had other offers to leverage. All before I even graduated."

Srishti Dasarathy, PhD

Srishti Dasarathy, PhD

AI Research Engineer

at Lockheed Martin

"I am THRILLED to share that I am starting a new position... my sincerest thanks and gratitude to all the inspirational people who've I met along the way in my journey as an aspiring MSL, who helped make this happen."

Leandra Mangieri

Leandra Mangieri

Medical Science Liaison

at Allergan Aesthetics

"I am BEYOND ECSTATIC to finally say I am starting a new position as Patent Examiner in Biomedical Engineering at USPTO!"

Jo Ramos

Jo Ramos

Patent Examiner in Biomedical Engineering

at USPTO

"Hi Isaiah - I just want to inform you that I've accepted a job offer from Sandoz, Inc. I want to say a special thank you to you and your dedicated staff for all your help and support throughout the job search stage."

Odeniel Sertil

Odeniel Sertil

Manager, Regulatory Affairs Biosimilars

at Sandoz, Inc.

"Good news...I've secured a job! Thank you for your support during the job search process and for giving me the courage to transition from academia to industry."

Marlyn Brookins

Marlyn Brookins

Regulatory Submissions Coordinator

"I'm happy to share that I'm starting a new position as Scientist in Pharma Division at NeoGenomics Laboratories! After all the trainings and advice I could get a 25% increase in my salary! So I’m very happy for that."

Maribel Donoso

Maribel Donoso

Scientist in Pharma Division

at NeoGenomics Laboratories

"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 am happy to share I am starting a new position as Principal Fatigue Specialist at Qantas!"

Gemma Paech

Gemma Paech

Principal Fatigue specialist

at Qantas

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