Undergrad: 80k Masters: 87k PhD: 114k In addition to the fact that the Undergrad may be making more than $114K by the time the PhD student has acquired a PhD,

Undergrad: 80k Masters: 87k PhD: 114k In addition to the fact that the Undergrad may be making more than $114K by the time the PhD student has acquired a PhD, there's also the issue of selection bias. Perhaps, on average, people choosing to get PhDs are more capable than people with Bachelor's degrees. In this case, the extra degree could be absolutely useless, and yet people having a PhD would still earn more.