I assume your PhD would be scientific or technical? If so, doing a regular PhD you would be paid tuition plus $25-45k/year (with research/TA/etc). With this in

I assume your PhD would be scientific or technical? If so, doing a regular PhD you would be paid tuition plus $25-45k/year (with research/TA/etc). With this in mind, assuming a five-year PhD: 1. Choosing the first option, you are essentially being paid $225-325K extra during the PhD, in exchange for a 15-year commitment to the DOE. Certainly, you would easily be able to make up this amount doing a regular PhD then going into industry for 15 years (with a higher salary than government can pay). 2. Choosing the second option, you are deciding to give up ~$1M in exchange for a PhD. It is unlikely the PhD (versus 5 years experience) will grant you much higher of a salary as an engineer, unless you are an extraordinary researcher or you hope to become a research director or executive with it. Keep in mind that a PhD is ultimately training for becoming a researcher. So, I would recommend a PhD only if you really enjoy the field, most importantly enjoy doing research, and are okay with a lower salary for the duration. Also consider what ultimate job you want to have and if a PhD can better help you attain it. After all, it seems you already have a desirable skillset.