Bad News for PhD Students

Bad News for Ph.D Students:

Only 1 out of 10 graduates land the job they studied on average 8.2 years for.

Last year there were 140,000 doctorates awarded but only 16,000 new professorship openings.

Adjunct positions now comprise 76% of college faculties, with 4 out of 5 adjuncts bringing in less than $20K annually.

The worst news of all to me is the fact that many Christians who want to teach will "fall back" on pastoral ministry as plan B when they can't land the academic job they want.
See this info graphic

Also see Peter Enns' unasked for advice about getting a PhD in biblical studies. Also see here, here, here, here, here, and here.

Here are David Fitch's takeaways:

"a.) do a Ph.D. only if it’s paid for, and if it’s part of a vocational goal that is not full time teaching. Ph.D.’s can be helpful to those in various fields – writing – research – editing – publishing etc. One can even pursue ministry while teaching in a University/seminary as a side hobby (but not the means to earn a full time salary).

b.) In ministry, after one has sufficient practical experience, engaged in serious theological reflection, writing and publishing, full-time teaching opportunities may emerge. You didn’t necessarily plan on this. It happened and it does happen. In fact I would say practicioner/scholars is the wave of the future in the seminaries. But one should not see a Ph.D. as direct one-way ticket to a job in teaching."