Mr Munqe-chick did a PhD and really enjoyed it, as people have already said you certainly do NOT do it for the money but for the enjoyment of the research (even if it does get a little tedious when writing up at the end). If you get a PhD it gives you some many world wide opportunities to do post docs all over the world. Mr MC then went off to America for 2 years, he didn’t enjoy the post doc but it was the best 2 years of his life, lots of climbing, MTBing and doing really cool stuff. After that (this was 10 years ago!!) he struggled to get a job but did another 2 year post doc in the UK and then worked in research for 8 months before deciding that after 10 odd years of science he wanted a complete change and joined the police. He doesn’t regret what he has done one bit, loved the work and found it very challenging. It is also amazing how banks, shops etc treat you differently when you have “DR” on your letters etc.
My brother also did a PhD (finishing about 4 years ago), again he went on to do it as he was struggling to find a job. Again loved the research and the work that he completed. Hard work towards the end writing it all up but definately worth it when you see that book you’ve completed at the end. He hasn’t had a problem getting jobs afterwards but not in academia. He worked in Swindon for EPSRC the research council giving grants for uni research projects. He has now moved to Aberdeen and is working as a corrosion engineer for Lloyds register and enjoying it.
In this current climate I would think it may be a good time to get on and do it, in 3-4 years the climate will have picked up again!
I haven’t done it but from my brother and partner, I’d say “DO IT DO IT”!!!!
And lots of free time (if you want it) to ride your bike!!! remember though you do have to want to do it as you have lots of time doing research on your own and treated like an adult. (This is all opinion from what they’ve told me … I just got a BA).
Good luck.