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Should You Do a PhD? It might sound like a rather odd question given that you’ve picked up this book. I feel like you might have asked yourself this question already. Several times. You’ll probably have discussed with others as well. You may even be so prepared as to have had this discussion with potential supervisors and have reached out to those already in a PhD program to see if it’s the right fit for you. But even then, I ask you to contemplate this again: “should you do a PhD?” Like I said, I’m sure you’ve asked yourself this question already, but I would really, and I do mean REALLY, like to emphasize that deciding to do a PhD is serious business. The reason the PhD is such serious business is that it comes at a massive, what economists call, opportunity cost. Without too much jargon, an opportunity cost is the cost of all the other things that you could be doing with your resources during the duration of the PhD. When I say resources, I predominantly mean time, money and attention (or cognitive effort, if you prefer). If you’re committing yourself to doing a PhD, that is a 3-to-7-year commitment. The reason the year range is so wide on this commitment depends on where and in what field you’re doing the PhD. PhDs in the US easily take 6 years, because they have integrated training (essentially a master’s degree) in the first 2 years of the program. This is also true for the field of economics, where the training is also integrated (MRes). In the UK, a program can be as short as 3 years, where there is no integrated training at all, and funding (the money you’re being paid to do research) simply stops after those 36 months. Whichever program duration you happen to find yourself in, what I’m trying to say, in a rather “beating around the bush” type of way, is that 3 years is a long time. And 7 years is an even longer time. There are many other things that you can do in that time. Trust me, I’ve had many visions of the things I could be doing with my time had I not done a PhD. These visions come to me particularly often when I’ve had an especially rough day. Or month. Anyway, without much further ado, I think the best way of going about this is to first dive into reasons to not do a PhD, second, to look at reasons often cited for doing a PhD and whether they’re any good and, last, to dispel some serious misconceptions!