My PhD in Engineering was valued as a 500 pound increment over the graduate joining salary (12k) at the time. This was the IT industry in the 1980s. After that it contributed nothing to my advancement in a technical career. I would have done much better to have skipped the PhD and started 4 years earlier as a plain graduate and I would have probably increased my salary by 2 or 3k in those years. But of course, other industries and career paths, would have different outcomes. A PhD was essential for a University career. But in general you didn't do a PhD then for financial reasons. I doubt I would even go to University at all, if I was starting today, as I would not want the debt. On the other hand, one guy I studied with went on to fly the Space Shuttle, and he would not have done that, following his career path, without a PhD. It's a strange old world we live in and its hard to know if the choices we make are good ones until it is often to late to change them.
In my nieces case, market/peer pressure with the competition having at least a Batchelors, many with Masters becoming increasingly the norm, in order to stand out in a crowded job marketplace felt the PHD was a very necessary qualification edge to have over the others. However, in effect over supply of highly qualified applicants in her field has depressed potential earnings.
So whilst has she decided not to follow her first choice of career, she found a very rewarding and less demanding future. Without question in many cases not having a certain qualification may exclude your from certain opportunities, having said that its down to what you want to make of your life. Her sister has an MBA in another field and is only now starting to see the benefits and some progression.
