Depends on what the degree is in. I can’t say that a run-of-the-mill master’s provides an advantage over 5 years of real work experience, unless it’s just been

Depends on what the degree is in. I can’t say that a run-of-the-mill master’s provides an advantage over 5 years of real work experience, unless it’s just been VBA. PhD’s are often but not always (perceived as, anyway) thinkers instead of doers. But in areas with high cognitive demands and worthwhile applications (in crypto, distributed systems, compilers, etc) the signalling effect might be really strong. However, if you had to stop earning to achieve that, your career earnings might not totally balance out. (An extra 100k a year from MAGAA or the right startup certainly could.)