UK University chair of a STEM dept graduate school chipping in here: Every September during induction I point out to the PhD students that there are (around) te

UK University chair of a STEM dept graduate school chipping in here: Every September during induction I point out to the PhD students that there are (around) ten of them in the room and our department advertised (around) 1 job last year. We also tell them this when they are applying for the PhD in the first place. They seem unfazed. Our PhD course lasts no longer than 4 years (good students are out in 3) and they appear to be highly employable at the end of it - both as postdocs and in industry. Having seen the US system at first hand as well, I'd say that the lower opportunity cost (time to finish) makes the whole process fairer on the students - graduating with a PhD at 25 still seems like a great opportunity. Doing the same at 32 is a very different prospect. I have no idea what the situation in the humanities is like. Finally - UK research councils (who often fund PhD students) are very open about the fact that PhD students must now be taught a host of 'transferrable skills' to equip them for non-academic jobs.