the linked document gives a (LIFETIME) earnings gap in STEM for masters vs phd as < 100k. Considering good negotiation skills can create a delta in salary of mo

the linked document gives a (LIFETIME) earnings gap in STEM for masters vs phd as < 100k. Considering good negotiation skills can create a delta in salary of more than 10k, thats a difference on the order of statistical noise. You are right, the income element is orthogonal to phd or not. But if one cares about where one lives AND enjoying ones work, more than one cares about teaching at a university somewhere on the planet, they'll be much happier not doing a phd program. Research is fun, learning is fun, engineering great new tech is fun. A phd is a university teaching certificante, not a magic "i can do good research and build great tech" certificate (though they can be highly correlated.).