I think this article makes sense and makes a strong case for valuing a PhD if you have already completed one and don't plan to enter academia. You haven't waste

I think this article makes sense and makes a strong case for valuing a PhD if you have already completed one and don't plan to enter academia. You haven't wasted your time. But it doesn't make a strong case for choosing to pursue higher education beyond a proper, legit masters degree. I know MS degrees have been somewhat cheapened, as they are a quick and easy degree that qualifies for the much higher federal loan limits. A university can enroll lots of MS students, supervise them poorly, and profit. But there are still MS programs with a lot of integrity, where you can learn (provided you seek out the opportunity) to write a grant, publish, and do intense data analysis. In STEM, many masters programs also tend to offer RA and/or TAships, which means you can graduate with minimal debt, and you'll have the opportunity to present at mini-conferences or seminars. You won't be as good at this as you would if you pursued a PhD, but if you get a job and keep working on it, you will be better off in 4-5 years. That said - if you want to go the academic route, a PhD is so close to essential that I'm happy to give a half hand wave and call it essential.