Are there too many PhDs?

American PhD programs are a bit easier to get into than American MD programs, but the graduation rate is much lower for PhDs. I think I benefited from this when I was applying to graduate school as a medical school dropout. If it were the other way around, I certainly would’ve had a much harder time getting in.

But that begs the question, has the PhD degree become over saturated in the sense that a majority of degree earners no longer go on to teach at universities–the whole point of the degree? Does having all these PhDs going into private industry, who are in a sense just glorified masters thesis students, cheapen the degree?

I believe that people who enter PhD programs with the intent of going into industry are perhaps are just there either because the degree is paid for, or for the Dr. title. I think, in that sense, what we should have instead are generously funded merit-based scholarships for masters thesis programs because I think, at the end of the day, the PhD degree is a scholarly degree much in the same way the MD degree is meant to train clinicians in patient-facing roles.

The benefit of reducing the numbers of PhD students is that more attention and resources could be allocated to individuals who are serious on pursuing a life in academia. Overall, labeling student more appropriately will enhance the educational experience and the overall outcome for all.