how to make the most money with a phd

Highest Paying Doctorate Degrees [2024 Guide]

We’ve identified the 25 highest paying doctorate degrees. Compare salaries and job prospects.

Completing a PhD may open up doors in terms of career advancement. Plus, it may not take as long as you think to complete if you enroll in the shortest doctoral programs .

Editorial Listing ShortCode:

The following list contains the highest paying doctorate degrees along with career outlook and job growth statistics.

25 Highest Paying Doctorate Degrees

All career statistics and salary data are provided by the U.S. Bureau of Labor Statistics .

Click on the area of study you’re interested in to jump to that section.

Aerospace Engineering

Chemical engineering, pharmacology, business administration, cybersecurity, electrical engineering, data science, biochemistry, information security assurance, biomedical engineering, information technology and computer science, occupational therapy, criminal justice, engineering, organic chemistry.

While all of these industries are growing, some provide better job prospects than others.

• Annual Median Salary (Bureau of Labor Statistics): $208,000
• Job Growth: 4%

One of the more specialized high paying doctorate programs is in immunology. Immunology is the study of disease prevention and immunity. Due to the specialized nature of the study here, jobs are typically well paid and much more specific.

A person who has studied immunology may be expected to work in research or academia but is also likely to land high-paying roles within the medical industry and at hospitals. The demand for this area of expertise is also rising faster than the average job growth, meaning there should be plenty of opportunities for graduates.

A PhD in immunology is a lot of hard work and is, therefore, suited to someone who already has considerable experience working in the medical industry. Those with an academic background in medicine should consider applying for an immunology program.

• Annual Median Salary (Bureau of Labor Statistics): $129,850
• Job Growth: 7%

Of the three main sciences, physics can be the one that is the most fruitful for taking a doctorate. People who take a PhD in physics are likely to land themselves a position as either a researcher or a professor.

There are also several other high paying positions that are possible for someone who takes this career path, including more specialized roles or becoming lead physicists and consultants.

Physics is also one of the job markets that is predicted to see a considerable amount of growth for the next 10 years. Pursuing a physics doctorate can be perfect for someone who already has experience in physics or someone who already has either a bachelor’s or master’s degree in the subject combined with some practical experience.

• Annual Median Salary (Bureau of Labor Statistics): $118,610
• Job Growth: 3%

Aerospace engineering is a field that would likely attract those who already have a background in either science or engineering. It is one of the fastest growing industries in the world, and demand for jobs is expected to increase as the years roll by. So the length it takes to get a PhD should be taken into consideration so you can quickly enter this field during its booming growth.

The doctorate focuses on the engineering of various different types of spacecraft and can be incredibly demanding. According to the Bureau of Labor Statistics, the salary potential for this field is as high as $171,220.

• Annual Median Salary (Bureau of Labor Statistics): $110,860

Math may not be the glamorous subject to study at doctorate level, but it can open up a wide range of potentially lucrative career options.

Math can allow students to work in various sectors of the economy and business, and they may also work in research or as a math lecturer or professor at a top university.

• Annual Median Salary (Bureau of Labor Statistics): $109,760
• Job Growth: 5%

Taking a doctorate in management can be a logical step in the career of someone who has a history of working in business, project management, or the economy as well as several other sectors.

Earning this doctorate can open up chief executive roles within companies and roles like chief operations officer and supply chain management. It may also lead to regional and national management roles.

• Annual Median Salary (Bureau of Labor Statistics): $108,540

Another engineering-based field that presents doctorate students with some big money career options is chemical engineering. The field combines a number of different disciplines, including all of the sciences, math, and statistics, as well as engineering.

It is a complex doctorate to take, but the rewards may be worth the effort, with the Bureau of Labor Statistics showing salaries up to $168,960 available in this field.

• Annual Median Salary (Bureau of Labor Statistics): $108,350
• Job Growth: 14%

One of the most popular PhDs to take is in economics. Economics is a social science that studies and theories about the production and consumption of goods and the effect that this has on society and the economy.

Taking a PhD in economics may open up a lot of doors. Working in the financial sector is usually lucrative, and a doctorate in economics can help give you an edge over competitors in what is a notoriously feisty industry. Top earners can make around $198,230 per year.

Economics analysis is a skill that is highly sought after, especially in the medical, legal, and education sectors.

While on the face of it, some people may believe that studying economics leaves you consigned to an office for the majority of your working life, the reality is that it can open up a lot of doors in a lot of different sectors. It may also provide you with a lot of travel opportunities and chances to meet new people.

A doctorate in economics may be perfect for someone who already has some experience in the field or for someone who has studied economics, math, finance, or business to a higher level and wants to take the next step in their academic and professional career.

• Annual Median Salary (Bureau of Labor Statistics): $107,270
• Job Growth: 6%

Pharmacology is big business these days, and taking a doctorate in the subject may lead to some lucrative opportunities. It is expected that someone who wants to study pharmacology will have a background in the subject with a master’s degree being heavily preferred.

There are a lot of pre-requisites for getting onto a pharmacology doctorate program, but the Bureau of Labor Statistics is showing salaries going as high as $164,980.

• Annual Median Salary (Bureau of Labor Statistics): $103,650

Getting a doctorate in business administration can open up a lot of doors. Students who end up taking their doctorate in business administration often end up working as leading and chief executives as well as entrepreneurs and financial advisors.

According to the Bureau of Labor Statistics, salaries for someone with a doctorate in this field can be as high as $208,000. It can be ideal for someone who has a background in business or economics who wants to take the next step in their career.

• Annual Median Salary (Bureau of Labor Statistics): $103,590
• Job Growth: 31%

As the world of IT continues to grow, so does the demand for more and more cybersecurity. The field is one of the fastest-growing in the world, and getting a doctorate in the subject may land you a range of different high paying jobs.

According to the Bureau of Labor Statistics, roles like IT managers can offer doctorates a salary of up to $208,000. This sector is also constantly growing, and as such, the demand and the salaries should continue to grow as time passes.

• Annual Median Salary (Bureau of Labor Statistics): $100,830

When it comes to job demand, electrical engineering is one of the safest career paths to go down. Electrical engineering has a huge impact on our day-to-day lives.

Most of our day-to-day electrical appliances exist as a result of electrical engineering, and taking a doctorate in the field may open the door to some pretty lucrative research and project management positions. It is advised that someone who takes a PhD in electrical engineering already have practical experience in the field.

• Annual Median Salary (Bureau of Labor Statistics): $98,490

A doctorate in education can open up a lot of different career options in that sector. A lot of doctors of education end up working in either research or in top positions at schools as principals and superintendents.

According to the Bureau of Labor Statistics, the average salary for someone working in education administration with a doctorate is around the $199,400 mark. A number of doctor of education programs do not require a dissertation .

• Annual Median Salary (Bureau of Labor Statistics): $98,230

Data is quickly becoming the most valuable commodity on the planet, and as such, the demand for data specialists and researchers is growing at an impressive rate.

Data science doctorates offer a gateway into these positions, and they usually come with some pretty high salaries. According to the U.S. Bureau of Labor Statistics, salary for a data scientist can go as high as $165,230, and with this field ever-expanding, the demand for these positions should continue to increase.

• Annual Median Salary (Bureau of Labor Statistics): $94,270

Biochemists study the chemical and physical makeup of living organisms. Due to the specialized nature of the subject, research positions in this sector typically pay incredibly well.

According to the Bureau of Labor Statistics, biochemist doctorates can start out at around $67,710 but can increase up to $169,860 or more. This doctorate may suit someone with a background in chemistry or some other science discipline.

• Annual Median Salary (Bureau of Labor Statistics): $92,870

Information assurance is a new discipline that has been created as a result of the times we live in. Information assurance is effectively another type of cybersecurity that is designed to protect people’s data from third parties and other potentially dangerous sources.

A background in any sort of computer or data-related field can be ideal for getting onto an information assurance course. Due to the increasing demand for data protection, jobs in this sector can be particularly lucrative, and the demand for these jobs is expected to increase as time rolls on.

The demand for experts in this industry is very high and is only predicted to grow over the next decade.

• Annual Median Salary (Bureau of Labor Statistics): $92,620

Biomedical engineering is becoming an incredibly popular field of research. It is an ever-growing and developing industry, and as such, the demand for expertise in the area is on the rise.

Getting a PhD in biomedical engineering is likely to secure you a lucrative research job for a university or a job in a hospital or the medical industry. According to the Bureau of Labor Statistics, an average salary in this field for a senior position ranges from $127,980 to $169,860.

• Annual Median Salary (Bureau of Labor Statistics): $92,270
• Job Growth: 35%

Statistics is one of the most versatile doctorates available today. Statistics are used in a wide range of different sectors, including finance, research, business, health care, government, and many others.

A doctorate in statistics can be ideal for someone who has a background in math or business. According to the Bureau of Labor Statistics, the top salary for someone working in statistics can be as high as $150,840.

• Annual Median Salary (Bureau of Labor Statistics): $91,250
• Job Growth: 11%

The world of IT is constantly growing, and as it does, the demand for experts grows with it. Getting a doctorate in information technology and computer science can be an incredibly lucrative career move, with the Bureau of Labor Statistics showing top earners taking home as high as $208,00.

The jobs that can be accessed, such as chief technology officers or research roles within the industry, tend to be incredibly well-paid. This doctorate attracts people who have backgrounds in IT-related fields, such as computer science or computer programming.

• Annual Median Salary (Bureau of Labor Statistics): $86,280
• Job Growth: 16%

For someone who already has experience working in occupational therapy, earning a doctorate in the field can be a huge benefit. Not only can it open the door for them to move up in the industry, but it can also expand their knowledge of the subject area.

It can provide them with theory-based research while also working on their leadership and management skills. According to the Bureau of Labor Statistics, occupational therapists holding a doctorate degree may reach a salary as high as $122,670.

The job growth for this doctorate is also incredibly high, which means it may be an excellent career path to enter in terms of job security.

• Annual Median Salary (Bureau of Labor Statistics): $86,110

The number of career options that are available to someone who has a doctorate in criminal justice is typically vast. Working as a criminologist, a criminal justice researcher, or a federal law agency admin can earn graduates a lot of money.

This course of study is best suited for someone who already has real-world experience working in the criminal justice or law sector.

• Annual Median Salary (Bureau of Labor Statistics): $83,160

Engineering jobs are almost always in demand, and while there are a lot of high paying jobs available for those who have an undergraduate or master’s degree, taking a doctorate in the field can really help you advance your career.

An engineering degree is already one of the highest paying associate degrees , highest paying bachelor degrees , as well as one of the highest paying masters degrees , but the doctorate can be perfect for someone who already has experience working in engineering and wants to take that next step in their career.

A director of engineering job title and other project management positions may offer some very high salaries, about $208,000 or more, according to the Bureau of Labor Statistics.

• Annual Median Salary (Bureau of Labor Statistics): $82,180

With the stigma around mental health finally disappearing, the demand for jobs in psychology is on the rise. While a normal degree or masters in psychology may allow you to get jobs as a psychiatrist or a psychologist, higher-paying positions can become available following a doctorate.

It may also open up roles in research and as a university lecturer in the subject. The doctorate is suited to someone who already has their masters in psychology or who has a significant amount of experience working in the field.

• Annual Median Salary (Bureau of Labor Statistics): $80,790
• Job Growth: 9%

Getting a degree in philosophy can potentially lead to a surprisingly lucrative career in research or working as a lecturer. The doctorate is suited for someone who wants to work in research and who has a background in philosophy or religious studies.

According to the Bureau of Labor Statistics, salaries in this field are around $80,790 per year working in a research role, and up to $180,360 for college professors.

• Annual Median Salary (Bureau of Labor Statistics): $79,300

Organic chemistry, perhaps more than any of the other sciences, can open up a lot of different career options for doctorates. As well as research and academic positions, someone who studies organic chemistry may be able to land a job in a number of different areas, including geology, the pharmaceutical industry, and engineering.

Organic chemistry is a notoriously difficult subject to study, though, so it is vital that you have a solid background in chemistry and some work experience before attempting to join the program. According to the Bureau of Labor Statistics, salaries can go as high as $139,650 in this field.

• Annual Median Salary (Bureau of Labor Statistics): $69,000
• Job Growth: 2%

A doctorate in English can open a range of different academic doors for potential students. A PhD in English may be perfect for someone who already has an academic background in the subject and can also be perfect for qualified teachers and writers looking to take the next step in their career.

According to the Bureau of Labor Statistics, a doctorate in English may qualify you for a potential career in a lecturing position with salaries as high as $180,360, as well as positions within the publishing industry.

What Are the Different Types of Doctorate Degrees?

There are six common types of terminal degrees.

• Doctor of Philosophy (Ph.D.) – Traditionally reserved for those who want to remain in the world of academia, Ph.D. degrees focus on maximizing your ability to impart this advanced knowledge to incoming students. Outside of teaching, Ph.D. candidates also focus on pushing the limits of research and theoretical study within their chosen fields.
• Doctor of Business Administration (DBA) – The DBA experience is all about turning your terminal research in the areas of finance, marketing, accounting, and other related fields into applicable real-world skills. DBA graduates traditionally work in the corporate sector as executive officers and other ranking members of various managerial teams.
• Doctor of Psychology (PsyD) – PsyD students aim to provide clinical services within a wide range of settings, including group, familial, medical, scholastic, and even corporate environments. Earning this degree can give you the power to serve as a practicing clinician or specialized counselor.
• Doctor of Education (EdD) – Capturing an EdD degree is the first step toward a leadership role within the corporate and administrative side of the education field. Working as a principal, district supervisor, or even regional superintendent all fit into the professional path of this degree.
• Doctor of Social Work (DSW) – If you’re interested in educating others on the best practices and leading theories of modern social work and community interaction, then a DSW program could be your option. Holders of this degree research and educate others in the social work field via hands-on training in the classroom and the office, as well as provide answers and guidance in unique or exceptional social issue cases.
• Doctor of Public Health (DPH) – Like most of the other degrees in this review, earning a DPH is all about the desire to lead others in a chosen workplace environment. In this case, that means maintaining residency as an administrator or public health coordinator at a hospital or a similar clinical setting.

The type of doctorate degree you will want to earn depends on your career goals and primarily whether you want to teach the subject or continue working in your field.

Campus or Online: Which One Is Right for You?

It’s no big secret that whichever doctorate route you choose, you will most likely be rewarded for your hard work and research via ample compensation. However, you can make this process a little easier on yourself by focusing on a path – either online or on-campus – that suits your unique needs and daily requirements.

While the appeal of the traditional college experience is the major selling point for the on-campus approach, working on your degree from home is a flexible alternative that can shape and mold itself to your current personal and professional schedule by allowing you to work on your research and coursework at your own pace.

Adding in that these doctorate programs often waive Graduate Record Examination (GRE) minimum scores based on your GPA, as well as reduce or completely remove residency requirements, is further proof that this approach is at least worth your consideration as you plan out your academic future.

Questions Related to Earning a Doctorate

Here are our answers to a few more questions you might have.

How Much Do PhD Graduates Earn?

PhD Graduates make on average close to $100,000, with some job positions paying nearer the $70,000 mark and others going well about $208,000 (Bureau of Labor Statistics).

There may be some who question whether it is worth taking the time to invest in a PhD. Doctorate programs require a lot of time and effort, but studies suggest that PhD students typically earn more and find it easier to attract higher-paying jobs than those with just an undergraduate or a master’s degree.

What Are the Highest Paying Degrees?

A lot of degrees can lead to well-paying jobs. The more specialized a degree is in a certain field, the higher the chances are that it will be well paying. These degrees currently tend to be those in the engineering sector, as these are the ones that offer the most in-demand jobs.

What Is the Highest Paying PhD Degrees?

Once again, this one will depend on how specialized your PhD is and how in-demand that expertise is at a given time. Engineering PhDs tend to be evergreen, while there is an increasing demand for those with PhDs and knowledge in computer science and other IT related subjects.

PhDs usually provide those who have them with a lot of the highest paying jobs opportunities.

Are There Any Degrees Higher than a PhD?

No, there are no higher degrees than a PhD.

A PhD, also regularly referred to as just a doctorate, is as high as you can go academically. It is a specialized research doctorate that demonstrates a high level of expertise in a field. Most people who obtain their PhD tend to stay on at universities as either a member of a research team or as a lecturer.

Do you need a masters to get a PhD ? While many PhD programs require you to earn a masters first, it is possible to earn your PhD without having earned a masters. These are the direct entry bachelor’s to PhD programs offered by some universities.

Getting Your Doctorate Degree

It is important that you take the time to do your research into what doctorate will help your career the most. Once you have done this, you can begin to find the right university and program for you and begin the next step in your academic and professional career.

Now that you understand your career prospects and doctorate opportunities, it’s time to lay out the blueprint for a successful future.

Outside of conducting research on each of the areas that interest you, feel free to use the search tool below to find accredited universities that offer online doctoral programs in your chosen field.

When paired up with the rest of what you’ve learned here, there’s nothing that can stop you from finding the right school – and program of study – to fit your personal and professional goals moving forward.

• Majors & Careers
• Online Grad School
• Preparing For Grad School
• Student Life

Top 10 Highest Paying PhD Degrees in 2024

The highest possible degree you can get in any field is a doctorate or a PhD. Obtaining a doctoral degree can help to greatly further your career, but unfortunately, PhDs aren’t always that easy to earn. The average time a doctoral candidate spends to receive their PhD is anywhere from seven to ten years, and during this time, it also becomes a balancing act.

However, if you manage to earn your PhD, you stand to increase your salary by a significant amount. Chances are, you might also find more opportunities in the future.

The best doctorate degrees are always the ones that you’re passionate about. But, if you find yourself asking, “what should I get my PhD in?,” this list of the highest paying PhDs might just help you out if you’re looking to have a lucrative career.

Looking to get a master’s instead? Check out: Highest Paying Master’s Degrees You Can Get in 2024

Table of Contents

What’s the Best PhD to Get?

If you’re trying to figure out the best-paid PhD, we’ve compiled a list of the top 10 fields with the highest earning potential.

Here are some quick facts:

• The PhD with the highest mid-career salary is in Chemical Engineering , with an average salary of $146,000 . This field also has a pretty good early career, with the average salary sitting at $96,100 .
• When it comes to the highest early career earnings, a PhD in Computer Science  is your best bet since the average salary is $118,000 . This field also has one of the highest $145,000 .

It’s worth noting that your earning potential in any given field can also depend on your location. For example, a doctorate in computer science might earn you more money in San Francisco or other similar tech hubs. The best PhD degrees, at least for earning potential, can depend on where you intend to work.

Here are the best PhD degrees by salary, ranked from lowest to highest.

Of course, the best doctorate degree for you depends on your particular situation. When answering the question “what should I get my PhD in?,” consider your preferences and interests as well as what you want to do in the future.

Top 10 Highest Paying PhD Degrees

The salary figures of the highest-paid PhD degrees depicted in this article were taken from PayScale and BLS.gov , based on data of those with PhDs.

10) Statistics

Salary in Early Career: $105,000

Salary in Mid Career: $131,000

BLS 2020-2030 Job Growth Outlook: 33%, much faster than average

Statisticians collect and analyze data via various statistical methods. They help various businesses, organizations, and even the healthcare industry collect and interpret data so they can solve problems, strategize, and plan ahead.

If you want a career as a statistician, you’ll need to have an undergraduate degree and a master’s degree at a minimum. Having a PhD in Statistics can help increase your earning potential by giving you an advantage over your peers.

The Bureau of Labor and Statistics (BLS) has the job outlook for mathematicians and statisticians growing by a projected 33% rate throughout 2020-2030. According to their website , this is a much faster growth rate than the average growth other fields are experiencing. It appears that statistics  qualifies for the most in-demand PhD degree — on this list, at least. Therefore we can suggest it as the best PhD for jobs, since it’ll be pretty easy to find one once you graduate.

9) Biomedical Engineering

Salary in Early Career: $88,100

Salary in Mid Career: $133,000

BLS 2020-2030 Job Growth Outlook: 6%, on the low end of average

In simple terms, biomedical engineering is the fusion of engineering, medicine, and biology. In particular, in this field, problem-solving techniques and principles used by engineering are applied to the fields of biology and medicine for healthcare. It’s an interdisciplinary field that is growing in popularity over time.

Biomedical engineering is continually evolving thanks to the constant pursuit of knowledge. Because of this, the field continues to grow and can always use people who know theory and are well versed in the life sciences.

Getting a PhD in this field can open up opportunities for you in a variety of areas. You can work in research, at universities, in manufacturing, and even in hospitals. A doctorate is required if you want to work in research or at universities.

The BLS  states that jobs in the biomedical engineering field are projected to grow at a 6% rate over the following seven years.

Salary in Early Career: $93,700

BLS 2020-2030 Job Growth Outlook: 7%, about average

If you’re interested in becoming a physicist, you’ll definitely need a PhD . Most careers for physicists, particularly in research and academia, require you to have a doctoral degree in the field. You can become a research advisor, a physics professor, a (lead) physicist, or a researcher.

According to the BLS , the job outlook for physicists is looking good. The projections are positive, sitting at a 7% increase until 2024, and this rate is on par with the average national growth rate for most occupations.

7) Engineering

Salary in Early Career: $93,600

Salary in Mid Career: $137,000

The world always needs engineers. However, a doctoral degree is not always necessary if you want to work as an engineer — unless, of course, you want to work in research. Research opportunities in the engineering field are only given to PhD candidates or graduates.

You can choose to go for a general track or a specialty such as materials science, mechanical engineering, computer engineering, and chemical engineering. If you have a PhD in engineering , you can take positions like project manager, engineering director, and specialty positions like aerospace engineer or chemical engineer.

6) Physical Chemistry

Salary in Early Career: $73,600

Salary in Mid Career: $138,000

Although the early career salary for PhD graduates of physical chemistry is one of the lowest on this list, it ramps up and is one of the highest-earning on this list in the mid-career.

But what exactly is physical chemistry?

Physical chemistry is a branch of chemistry that applies the theories and techniques of physics to chemical systems (or the study thereof). It’s the study of the behavior of matter on the atomic and molecular levels. Alongside this, physical chemistry is also the study of chemical reactions.

As a physical chemist, you’ll most likely work in labs and research facilities. These research opportunities are awarded only to those with PhDs, and a PhD can also open the door for even more lucrative careers in high-tech or materials science.

The job growth and outlook for physical chemists are below average. However, the average annual wage makes it one of the most profitable ones.

5) Pharmacology

Salary in Early Career: $75,400

Salary in Mid Career: $141,000

BLS 2020-2030 Job Growth Outlook: -2% decline

Pharmacology is the study of drugs and drug actions, or how drugs work within the body. It’s a branch of biology, medicine, and the pharmaceutical sciences. Having a PhD in pharmacology can help you find careers in research.

PhD programs  in this field often build upon other areas, such as biochemistry, molecular bio, cell bio, physiology, and neuroscience. Depending on the track you choose, you can become a researcher in a particular field.

Pharmacology can also lead you to a career as a pharmacist.

The average early career wages for pharmacists are low because it can depend on location or position. For example, pharmacists who work at grocery stores or drug stores often earn less than their entry-level researcher counterparts.

Unfortunately, the current rate of growth for this field is -2%  from 2020-2030. So while there will still be opportunities, it may be harder to find a job.

4) Electrical Engineering

Salary in Early Career: $103,000

Salary in Mid Career: $144,000

If you have a PhD in electrical engineering, you stand to earn quite a good amount of money. Electrical engineering has one of the highest average early-career salaries and one of the highest mid-career to boot.

Electrical Engineering is the application and study of mathematics  and physics combined with electromagnetism, electronics, and electricity. This discipline deals with the research and design of systems, equipment, and devices that use electricity. The results of electrical engineering are seen in day-to-day life. The advances humanity has made in the field have resulted in modern-day staples like the radio and the television.

A doctorate in engineering can help you go into research. If you are more of an idea generator, you can pursue a career in invention and product development. This discipline had plenty of opportunities in various fields such as transportation, computing, manufacturing, and aviation.

3) Computer Science

Salary in Early Career: $118,000

Salary in Mid Career: $145,000

BLS 2020-2030 Job Growth Outlook: 22%, much faster than average

Computer Science is one of the highest-paying fields, both in early and mid-career salary averages. A doctorate in this field allows graduates to become experts in certain computer science subfields. If you want to get a PhD in this field, you’ll need a bachelor’s degree or a master’s in computer science .

If you choose to research in this field, you’ll need a doctorate to qualify for research opportunities. You can also find non-academic careers as an information research scientist, a hardware engineer, programming, and even robotics. It truly comes as no surprise that Computer Science is one of the best-paid PhD programs considering technology continues to progress over the years.

The job outlook for this field is expected to grow by 22%  until 2030, making it one of the best and most in-demand PhDs on this list

2) Organic Chemistry

Salary in Early Career: $83,400

Salary in Mid Career: $146,000

Organic chemistry shares a spot with #1 for the highest-paying PhD, at least for mid-career salaries. However, early wages are lower, which earns this field its #2 spot on this list.

If you want to pursue a career in organic chemistry, earning a PhD in this field can get you a research position, and you may even find yourself leading a research team. However, to qualify for advanced research positions, you’ll need a PhD in the field from an accredited institution whose programs are approved by the ACS or the American Chemical Society.

You may also find jobs in academia as a professor.

1) Chemical Engineering

Salary in Early Career: $96,100

BLS 2020-2030 Job Growth Outlook: 9%, on the high end of average

Sitting at number one on this list is chemical engineering. This branch of engineering combines various fields into one, and you’ll see physics, chemistry, microbiology, biochemistry, and math . This interdisciplinary field helps solve problems related to fuel, food, chemicals, or drugs.

If you earn a PhD in chemical engineering, you may find yourself prepared with expert-level knowledge of the current research findings, practices, and the core fundamentals of the field. After you graduate, you may find opportunities in research and academia and find jobs in areas like biotechnology.

Paying for Your PhD

One obstacle that many doctoral candidates run into is the cost of earning a PhD. If you find yourself wondering how you can afford to pay for your PhD, there are a few common ways you can ease the financial load.

• Student loans  – Many PhD candidates take out student loans to help them afford the tuition and living expenses while working on their doctorate full (or even part) time. You can choose to take out a loan for the full tuition plus living costs, or you can take a smaller loan to cover only a part of the expenses.
• Scholarships, grants, and fellowships  – Savvy PhD candidates seek out scholarships, grants, and fellowship opportunities to help them pay off their tuition and living expenses more easily.

Related: Graduate School Scholarships Guide

• Seek financial support from your employer – Some employers help support their employees’ education by offering partial or full scholarships as they seek higher education. This option may not always be possible, of course, as it depends on the field you are pursuing and whether it has any relation to your current place of employment.
• Teach where you are studying  – One of the most common ways doctoral students earn extra financial support for their studies is through teaching — particularly at the school in which they are studying. Teaching can help students cut down on tuition costs as many educational institutions may offer lower rates for their studies. Some colleges and universities will even offer teaching assistant positions that offer flexibility and enough compensation to cover part of the tuition costs.

Already decided on going to grad school? Here’s everything you need to apply .

Frequently Asked Questions

Which phd has the highest salary.

According to this list of the highest paying PhD degrees, the current most lucrative PhD is Organic Chemistry.

Can PhDs make a lot of money?

Yes, but the road there can be long and winding. There are also many factors that can affect how much you earn, such as your location, industry, position, and even your employer. Additionally, “a lot of money” is relative — what do you consider a lot of money? It may benefit you to check out salary information on the Bureau of Labor Statistics website or on websites like PayScale or Salary.com. Check if the average earnings meet your expectations before making your decision on your PhD.

Is a PhD worth it for salary increases?

The BLS says that in 2020, those with a PhD earned median weekly salaries more than 20%  more than those with just a bachelor’s degree. It can depend on the field and the position, but this does appear to be the case generally. Data also shows that doctorate holders can earn significantly more over their lifetimes. For example, male PhDs earn as much as $1.5 million more  compared to high school graduates. Female PhDs earn $1.1 million more on average.

Do PhDs get paid more than master’s degree holders?

Yes. According to the World Education Services ( WES ), doctorate holders do earn more than those with master’s degrees. However, how much more they earn depends on their field. For example, engineering PhDs only earn 7% more than master’s degree holders in the field. However, in the field of psychology, you can earn up to 33% more if you have a PhD rather than a master’s.

Does job location matter when considering the highest paying doctorate degrees?

In any form of employment, your location matters. In fact, aside from your field or line of work, your location may be the next biggest determinant of your salary. The same is true even if you don’t have a PhD. For example, if you work in the field of information technology or computer science, you’ll most likely have a higher salary in places like San Francisco or Seattle.

You’ll likely find plenty of PhDs in some of the most lucrative industries in a certain city or state. IT and Computer Science PhD holders will often find the highest-paying opportunities in tech hubs  around the country. Geologists will find the highest-paying work in areas rich in natural resources. Researchers, on the other hand, will likely find the best-paying work in areas with research universities and institutions.

Many of the highest-earning jobs for PhDs are located in cities or states where their specific industry is highly supported.

Are there any degrees higher than a PhD?

Nope! The PhD, also known as the doctorate or doctoral degree, is the highest possible academic degree you can earn. PhDs are specialized degrees often earned through research. They demonstrate an extremely high level of understanding of the subject and expertise in your field. A lot of people who earn their PhD usually go on to stay in academia to teach or continue their research.

Choosing the Best Doctoral Degrees

It’s not always about answering the question, “What’s the highest paying PhD?” In the end, choosing the best doctoral degree for you comes down to a matter of preference and interest.

Earning a PhD is seldom easy — but with hard work, you can set yourself up for a bright future ahead with a lucrative yet fulfilling career.

Chriselle Sy

Chriselle has been a passionate professional content writer for over 10 years. She writes educational content for The Grad Cafe, Productivity Spot, The College Monk, and other digital publications.  When she isn't busy writing, she spends her time streaming video games and learning new skills.

• Chriselle Sy https://blog.thegradcafe.com/author/chriselle-sy/ The Best Academic Planners for 2024/2025
• Chriselle Sy https://blog.thegradcafe.com/author/chriselle-sy/ Graduate Certificate vs Degree: What’s the Difference? [2024 Guide]
• Chriselle Sy https://blog.thegradcafe.com/author/chriselle-sy/ The 18 Best Scholarships for Black Students in 2024-2025
• Chriselle Sy https://blog.thegradcafe.com/author/chriselle-sy/ The 25 Best Gifts for Nursing Students in 2024

Top 20 Cheapest Online PhD Programs in 2024

10 best online doctoral programs in education [2024], related posts.

• How New Grads Research Companies to Find Jobs

• Experience Paradox: Entry-Level Jobs Demand Years in Field

• Grad Trends: Interest in Artificial Intelligence Surges

Applying to Big Tech This Year? Here’s How to Ace It.

73% of job seekers believe a degree is needed for a well-paying role–but is it?

Tech Talent Crunch: Cities with More Jobs Than Workers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

• Computer Science Graduate Admission Trends: Annual Results
• The Best Academic Planners for 2024/2025

© 2024 TheGradCafe.com All rights reserved

• Partner With Us
• Results Search
• Submit Your Results
• Write For Us

Find A Degree

Ph.D.s That Pay: The 15 Highest Paying Doctoral Degrees

Phd program rankings.

• Fully Funded PhDs in Education
• Doctor of Nursing Education
• Ph.D.: No Application Fees
• No-GRE Online Ph.D. in Psychology
• No-GRE Online Ph.D. Programs
• Fast Online Doctoral (Ph.D. and Ed.D.)
• The Most Affordable Online DBA
• Doctorate in Public Policy/Administration
• Doctor of ABA
• Transitional Doctor of Physical Therapy (DPT)
• Doctorate in Marketing
• ALL Ph.D. Degree Program Rankings

Career Guides

• Acupuncture and Oriental Medicine
• Aerospace Engineering
• Behavioral Health (D.B.H.)
• Chemical Engineering (PhD CE)
• Chemistry (D.Chem.)
• Clinical Nutrition (D.C.N.)
• Speech-Language Pathology (CScD)
• Criminology (D.Crim.)
• Economics (DEc)
• Health Science (D.H.S./D.H.Sci)
• Library Science (D.L.S.)
• Molecular Biology (Phd Mol Biol)
• Occupational Safety and Health (D.O.S.H.)
• Physics (Ph.D. Physics)
• ALL PhD Career Guides

Valuable Resources

• Best Laptops for Ph.D. Students
• Gift Ideas for Ph.D. Students
• Burnout & Chronic Stress
• The Key to Free Grad School
• Ph.D. Guide for International and Domestic Students
• Habits Of Highly Effective Leaders
• Online Doctorate Reputation
• Journals for Ph.D. Students
• Earning a PhD
• Write a Perfect Essay Like a PhD
• Master’s Degree As a Bridge To Ph.D.
• Self-Funding Your PhD
• Importance of Accreditation
• Online Ph.D. Support Groups
• Getting Accepted to an Online Ph.D.
• Common Fears of Ph.D. Students
• Habits of Successful People
• US Doctoral Degrees
• ALL VALUABLE RESOURCES

Frequently Asked Questions

• Why earn a Doctorate Degree?
• What are the Ph.D. Admission Requirements?
• How Much Does a Ph.D. Cost?
• How many years will it take for me to achieve my doctorate degree online?
• Do online doctorate degree programs require campus visits?
• Ph.D. vs. Doctorate
• ALL FREQUENTLY ASKED QUESTIONS
• Highest-Paying Doctoral Degrees
• Famous Ph.D. Theses In History
• Struggles Only a Ph.D. Student Would Understand
• Ph.D. Requiring Residencies
• The World’s Richest Doctors
• Academic Conferences
• Most Popular PhD Degrees
• ALL Ph.D. Highlights

What are the highest paying doctoral degrees ? Despite stories of candidates being “overqualified” for job openings, or potential employers passing over applicants with “useless” degrees, Ph.D. holders have the lowest average unemployment rate of any level of educational attainment.

Generally speaking, gaining more years of higher education is almost always good for your earnings potential!

Short of professional degrees (which include Doctors of Medicine and Juris Doctors, or lawyers), Ph.D.’s also earn the most over their lifetime when compared to other degree types. Take a look at the highest-paying doctoral degrees!

Additional Resources: America’s Most Popular PhD Degrees

The Highest Paying Doctoral Degrees

Now that we’ve covered the important factors that affect Ph.D. earnings (including industry and location of employment), let’s take a look at what specific highest-paying doctoral degrees are available on a national level.

We’ve looked at over 50 of the most common doctoral degree programs in terms of early career earnings, mid-career salaries, and “maximum” earnings. While there are obviously outliers with Ph.D. programs in many of these fields, “maximum” career earnings were taken by noting the earnings of the top 10% of earners with the degree in question, or the average salary for degree holders with the degree in a single city, whichever is greater.

Below we’ve ranked the highest paying doctoral degrees by their “maximum” salaries.

Ph.D. in Statistics

Statisticians utilize statistical analysis to aid in decision-making and product development in a wide range of industries. Commonly employed in business, health care, government roles, think tanks, technology, and non-profits, statisticians are in high demand among organizations that intake enough data to require statistical analysis.

Most statistician jobs require a master’s degree, so obtaining a doctoral degree in statistics helps statisticians to stand out even more in this sought-after profession. It’s noteworthy that doctorate degrees in statistics have one of the highest starting salaries of doctorate degrees surveyed. Their “maximum” salary, however, is slightly lower than the remaining professions in our ranking.

• Average Early Career Salary: $58,310
• Average Mid-Career Earnings: $67,230
• ‘Maximum’ Earnings: $78,760

SEE : DOCTOR OF STATISTICS (PH.D. STAT.) SALARY AND INFORMATION

Ph.D. in Biomedical Engineering

As populations age and health care becomes more reliant on big data and technology, Biomedical Engineering stands to play a more and more central role in healthcare solutions.

In fact, the Bureau of Labor Statistics notes that Biomedical Engineering roles are expected to increase by more than 5% in the next seven years. Presently a doctoral degree in Biomedical Engineering stands as the primary way to become involved with research in biomedical research.

Often paired with an M.D., some medical device makers who also practice as medical doctors make substantially more than the maximum salary listed below. Just looking at the Ph.D. in the subject, however, the most common job description includes designing, studying, or improving biomedical devices.

Common locations of employment for biomedical engineering include hospitals, consulting firms, research groups, university settings, and manufacturing companies. It’s worth noting that while early-career average earnings are on the lower end of our list, by mid-career, Ph.D.’s in biomedical research are farther into the pack.

• Average Early Career Earnings: $62,647
• Average Mid-Career Earnings: $70,619
• ‘Maximum’ Earnings: $88,164

SEE: DOCTOR OF BIOMEDICAL ENGINEERING (BME PH.D.) SALARY AND INFORMATION

Ph . d. in im munology.

Immunologists are medical researchers (and for those with M.D.s, practicing physicians) who focus on disease immunity. For those holding Ph.D.s in Immunology, common work settings include teaching in universities, research in universities or hospitals, policy-related roles, or research in public and private labs.

While dual M.D.s and Ph.D.s are often required to pursue research on your own as an immunologist, just one of these two degrees focused on immunology is required to obtain a position in public and private research settings.

Since 2004, there has been a widespread shortage of immunologists across the nation. This has led to 10%+ additional vacancies in job openings each year over the last decade. This has been reflected in the rising income of immunologists.

When looking at early, mid, and maximum salaries for immunologists, it’s of note that those holding both Ph.D.s and M.D.s stand to make substantially more than those with “just” a Ph.D. in the discipline.

• Average Early Career Salary: $248,453
• Average Mid-Career Earnings: $276,843
• ‘Maximum’ Earnings: $368,422

SEE: DOCTOR OF IMMUNOLOGY SALARY AND INFORMATION

Ph.d. in pharmacology.

Pharmaceuticals are big business, and pharmaceutical researchers are on both the front line with patients in need and scientific endeavors expanding the field. Those who pursue Ph.D. in pharmacology (a distinct degree from a Pharm.D.) are expected to have a master’s degree in related material.

Doctor of Pharmacy degrees, on the other hand, are shorter programs requiring 60-90 credit hours of prerequisites at the undergraduate level.

Pharm.D. programs prepare students for being pharmacists, while Ph.D.’s in pharmacology prepare students for research and instruction roles. While entry-level earnings are lower for Ph.D.s than Pharm.D’s, Ph.D.s can earn significantly more in research roles by their mid and late-career.

• Average Early Career Earnings: $112,065
• Average Mid-Career Earnings: $118,979
• ‘Maximum’ Earnings: $133,394

SEE: BEST ONLINE SCHOOLS FOR DOCTOR OF PHARMACY (PHARM.D.)

Ph.D. in Electrical Engineering

Electrical engineers are some of the most versatile engineering types, finding employment in aviation, consumer goods, technology, transportation, logistics, and a wide range of other industries. While most forms of electrical engineering already provide a steady and well-compensated gig for life, Ph.D.s in electrical engineering are highly sought after.

While a Ph.D. in electrical engineering may still do some engineering work (some will work exclusively on topics they have specialized in) many hold advanced degrees in engineering instead of supervising teams.

For roles like chief technology officer, head of product, staff research engineer, project expert, and director of research and development, having a doctorate degree in electrical engineering may help candidates to stand out in extremely competitive fields. Additionally, moving up the corporate ladder that far increases pay far beyond that of “run-of-the-mill” engineers.

For the top 10% of earners holding a Ph.D. in electrical engineering, over $78,000 in compensation is the norm, often ranging much higher depending on the role performed.

• Average Early Career Salary: $73,027
• Average Mid-Career Earnings: $77,006
• ‘Maximum’ Earnings: $88,708

SEE: DOCTOR OF ELECTRICAL ENGINEERING (D.E.E.) SALARY AND INFORMATION

Ph.d. in clinical psychology.

Ph.D.s in clinical psychology have a wide range of career paths to choose from. For those looking to practice clinical psychology, a 1-year externship program is often required, where students obtain experience working with patients. Ph.D.s will also often specialize in one area. Common areas include health psychology, child psychology, and neuropsychology.

Additionally, Ph.D.s in clinical psychology may elect to work in case management roles, as supervisors in treatment centers, in hospital settings, in education, in corporations, or in research settings.

This wide range of occupational settings creates quite a disparity between early-career earnings and the earnings of the upper 10th percentile of clinical psychologists, as one can see below. With this range of roles one can pursue with a Ph.D. in clinical psychology, however, comes great freedom.

This versatile degree can help those in need, advance the study of the human mind, enhance corporate efficiency, or help in the education of the next generation of psychologists.

• Average Early Career Earnings: $46,400
• Average Mid-Career Earnings: $79,800
• ‘Maximum’ Earnings: $138,600

SEE: DOCTOR OF CLINICAL PSYCHOLOGY (CLINPSYD) SALARY AND INFORMATION

Ph.d. in aerospace engineering.

Ph.D.s in Aerospace Engineering is one of the few sub-discipline degrees among doctoral engineering choices. While there are many Ph.D.s that may help you advance in aerospace engineering fields (physics, other engineering degrees, natural sciences, and so forth), aerospace engineering Ph.D.s often spend additional time diving into research on one subsystem of aerospace technologies.

For example, sensors, payload analysis, failure analysis, and so forth. With that said, a Ph.D. in any engineering discipline often provides a framework through which recipients can address any engineering problem.

And — even if not initially — many Ph.D.s in aerospace engineering find themselves working in other engineering fields, running their own companies, or moving into management. As one may expect, aerospace can be quite a lucrative field and includes employers such as NASA, defense contractors, branches of the military, airlines, vehicle manufacturers, telecommunications companies, and research opportunities at universities.

• Average Early Career Salary: $67,093
• Average Mid-Career Earnings: $74,236
• ‘Maximum’ Earnings: $84,112

SEE: Doctor of Aerospace Engineering (Ph.D. AE) Career Guide: Salary and Degree Info

Ph.d. in engineering.

Ph.D.s in engineering are research-based degrees that focus on engineering at a theoretical level and prepare the recipient for either a role as a researcher or university instructor or industry work.

A similar doctorate of engineering degree is also a research degree (unique among professional degrees) and is similar in many ways to Ph.D. in engineering save for a higher focus on industry applications.

Ph.D.’s in engineering are some of the most versatile engineering degrees at the doctoral level. However, they may require time for the recipient to gather domain-specific knowledge (say, engineering related to wind tunnels, power plants, or aircraft).

This is evidenced by the growth in salary from entry-level through the highest 10% of earners in which engineering Ph.D.’s can nearly double their salary.

• Average Early Career Earnings: $69,140
• Average Mid-Career Earnings: $121,830
• ‘Maximum’ Earnings: $174,530

Ph.D. in Chemical Engineering

Chemical engineering is a multidisciplinary field utilizing physics, chemistry, economics, engineering, and math to resolve problems related to producing, using, transforming, and transporting chemicals.

Chemical engineers are routinely involved with all manner of consumer and business-facing production environments, from creating new materials for diapers to hazard assessments to large manufacturing plants.

Almost any consumer product produced on a large scale likely had a chemical engineer involved with some portion of manufacturing. So one can imagine the demand for chemical engineers is high. In fact, around 8% more chemical engineering manufacturing jobs are expected to be open in the next seven years.

For those with Ph.D.s in the discipline, employment opportunities also exist in research, academia, consulting roles, and entrepreneurship.

• Average Early Career Earnings: $75,633
• Average Mid-Career Earnings: $83,381
• ‘Maximum’ Earnings: $99,727

SEE: Doctor of Chemical Engineering (PhD CE) Career Guide: Salary and Info

Ph.d. in physics.

Physics is the study of matter and the behavior of matter through space and time. When many think of physicists, they think of the cosmos. But many of the hardest engineering problems are also related to physics.

Those with Ph.D.s in physics will likely have specialized in one or more subject matter areas including optics, the physics of sound, atomic physics, nuclear physics, and gravitational physics, among many others. This often leads to important research roles in private industry or university settings.

From cars to spacecraft to telescopes, physicists have played integral roles in advancing products. With that said, even if Ph.D.s in physics have previously specialized in one area of science, physics helps to prepare scientists with the ability to think about a wide range of problems.

For this reason, many Ph.D.s in physics may find themselves in demand in a wide variety of industries throughout their career. And many talented physicists will find themselves well compensated.

• Average Early Career Salary: $65,995
• Average Mid-Career Earnings: $71,659
• ‘Maximum’ Earnings: $114,248

SEE: Doctor of Physics (Ph.D. Physics) Career Guide: Salary and Info

Ph.d. in organic chemistry.

Chemistry is the study of the structure, properties, and reactions between compounds and materials. Organic chemistry utilizes the same research methods to focus on organic matter.

The good news is that this collection of compounds and materials (those that contain carbon) comprise a majority of known chemicals. Furthermore, all living matter is the study of organic chemistry. This means that applications for analysis through organic chemistry are veritable and limitless.

From pharmaceuticals to natural resources and geology to chemical engineering, the results of organic chemistry are all around us. Unfortunately (or fortunately if this is not the case for you), organic chemistry is known by many as one of the “hardest” subjects taught in higher education. For those who can excel in the subject matter, a wide range of career opportunities and compensations are available.

• Average Early Career Earnings: $59,968
• Average Mid-Career Earnings: $67,470
• ‘Maximum’ Earnings: $84,061

Ph.D. in Biochemistry & Molecular Biology

Biochemistry is the scientific study of chemical processes related to or within living organisms. Molecular biology is an approach to studying biological mechanisms from a molecular level.

Together these fields of study offer a uniquely fine-grained way of studying living systems. While Ph.D.s in biochemistry and molecular biology are highly specialized, they find employment in a surprisingly wide range of settings.

From state crime labs to pharmaceutical development projects, biochemists and molecular biologists are often some of the most crucial specialists for ascertaining what goes on in our body at a molecular and chemical level.

Additionally, Ph.D. programs in these disciplines may, of course, find employment in research and instruction in university settings.

With this wide range of employment settings, there is also a wide range of compensation for biochemists. For the top 10% of earners, however, the field can be quite lucrative, making it our 4th highest-paying doctoral degree for 2022 and 2023.

• Average Early Career Earnings: $67,506
• Average Mid-Career Earnings: $73,701
• ‘Maximum’ Earnings: $82,048

SEE:  Doctor of Molecular Biology (PhD Mol Biol) Career Guide: Salary and Info

Ph.d. in computer science.

Computer science is the study of the theory of computation as well as the design of computational systems. Computer science as a field of study has nearly as many sub-disciplines are there are forms of computing technology.

Though many Ph.D. recipients in the field will have specialized in a handful of technologies or theoretical components related to computing, computer science is also an approach to problem-solving that lends itself to the solving of many engineering situations.

While many with computer science degrees will find themselves in roles such as software developers early in their career, gaining a doctoral degree in the discipline can help workers quickly advance to positions such as systems architect, researcher, or development positions in subdisciplines of computer science.

Particularly highly compensated subdisciplines within computer science include information assurance, machine learning, artificial intelligence, virtual reality, virtualization, and many others.

• Average Early Career Earnings: $117,667
• Average Mid-Career Earnings: $130,949
• ‘Maximum’ Earnings: $149,109

SEE: Best Online Doctor of Computer Science Degree Programs

Ph.d. in economics.

Economics is the social science that is intent on studying the production, consumption, and distribution of services and goods. Economic analysis often falls into a variety of categories that a Ph.D. candidate in economics could choose to focus on.

Broadly, these segments of economic analysis include micro and macroeconomics, theoretical analysis and applied analysis, normative and positive economics, and rational and behavioral economics.

As with all social sciences, each competing school of thought offers its own insights, and many are highly sought after in many domains of industry and public life. Economic analysis is particularly sought after in fields such as education, health care, criminology, and finance, among others.

A Ph.D. in economics can, of course, also elect to work in research or academic settings depending on their skill set. While early-career earnings are quite solid for those with Ph.D.s in economics, those moving into consulting roles or finance can command much higher salaries.

• Average Early Career Earnings: $78,124
• Average Mid-Career Earnings: $93,369
• ‘Maximum’ Earnings: $106,848

SEE:  Doctor of Economics (DEc) Career Guide: Salary and Info

Ph.d. in information assurance.

Information Assurance is a discipline just recently brought to prominence by the massive amount of data and information held in computing devices and networks. With the rise in prominence of the internet and connected devices, many corporations and public entities have been unable to keep up with cybersecurity demands.

As of 2019, over 1 million cybersecurity openings will be unfilled nationwide. Additionally, the average age of those currently working in cybersecurity is approaching 50, meaning a lack of younger talent.

Though they will still need hands-on experience at lower levels, Ph.D.s in information assurance are great candidates for being the go-to resource on cybersecurity for organizations. As such, being a Ph.D. in information assurance in many organizations could put you on a shortlist for advanced positions such as chief information security officer.

While the average early and mid-career salaries of information assurance Ph.D.s are quite strong, many C-Level information assurance roles can bring in $300,000+.

The top 10% of jobs for the highest-paying Ph.D. in Information Assurance bring in over $100,000 a year or more, making information assurance the highest-paying Ph.D. surveyed in this year’s ranking.

• Average Early Career Earnings: $86,682
• Average Mid-Career Earnings: $96,249
• ‘Maximum’ Earnings: $106,915

SEE:  Doctor of Information Assurance (Ph.D. IA) Career Guide: Salary and Info

What is a ph.d..

First, we should clarify exactly what degrees we’re talking about. A Ph.D. is an abbreviation for Doctorate of Philosophy. Ph.D. holders obtain Doctorate of Philosophy degrees in some subjects. Though “Philosophy” is in the title, this is largely a historical artifact from when the study of philosophy encompassed most of the traditional arts and sciences.

Today, someone holding a Doctorate of Philosophy in Statistics will have mainly studied statistics and supporting disciplines within their course of study. The underlying spirit of the degree still applies, however.

“Philosophy” means “lover of wisdom,” while a doctorate is the highest degree in a university. Therefore, a doctorate of philosophy is the highest degree awarded to a “lover of wisdom” within the university system.

Typically this means that Ph.D. graduates have endeavored upon unique and substantial research in their field of choice and have attempted to advance their field of study.

While there is a range of common doctorate degrees, many are not Ph.D.s.

This usage of the term Ph.D.– though technically correct — is contrary to the common usage of the term. In ordinary conversation, Ph.D. and “Doctorate” are often used interchangeably. The main exception to this rule is that many people do distinguish between common professional degrees (including medicine and law) and more research-centered Ph.D.s.

In our investigation, we’re looking specifically at Ph.D.s, and not professional doctoral degrees. Though in many of the most lucrative Ph.D.s listed below, we do discuss the differences and similarities between Ph.D.s and professional degrees in the same subject.

Does job location matter when considering the highest-paying doctorate degrees?

In employment, location matters. In fact, along with your line of work, the location may be the single most significant determinant of compensation.

After all, the minimum wage in some cities approaches the average wage of earners in some states. The average hourly wage in America as a whole more than triples in a handful of the most populous cities.

In short, no conversation about payment of Ph.D. is complete without reference to where the said Ph.D. is working. While looking at the earnings of the entire population in locations is a good indicator of whether or not Ph.D.s may make more in an area, Ph.D.s tend to occupy a disproportionately high degree of jobs in the most lucrative fields in a region.

In a region rich with natural resource extraction, many Ph.D.’s are likely employed in geology or natural resources. In an area rich with information technology organizations, more Ph.D.s in computer science are probably employed.

This is partially accounted for by the trend of universities with large research presences in a field helping to foster entrepreneurship in a given field throughout the region. High concentrations of researchers and university funding help to create more business opportunities. In turn, this draws more talent to the universities in the region.

This is to say that average earnings within a region are at times not directly tied to Ph.D. earnings. Rather, an average salary in a region may be quite low, while opportunities for Ph.D. holders may be centered around the most well-supported industries specific to the region. With that said, many of the highest-earning cities and states in the nation are also the centers of highest compensation for Ph.D. graduates with doctoral degrees.

Does the industry matter when considering the highest-paying doctorate degrees?

The industry employing a Ph.D. holder is equally important (and often tied) to the location in which doctoral workers work when talking of compensation. While many top universities have highly regarded programs in many disciplines, many universities are known for just a handful of programs are the graduate level. This leads to geographic clusters of Ph.D.s in very different industries.

An example of the above may be seen in the following. The University of Iowa and the University of Mississippi are both well-known for their graduate programs in creative writing. A disproportionately high number of graduate degree holders in the vicinity of both universities are writers or writing instructors.

Even Ph.D.-level graduates in English literature don’t lead to as high of an income as say, chemical engineering. This industry discrepancy (among others) leads to great clusters of highest-paying doctoral degrees in California’s Bay Area, or Minnesota’s Twin Cities region (both of which are home to top-ranked chemical engineering schools).

Along with location, the industry in which a Ph.D. works is integrally tied to earning power. Below is a sampling of average earnings for the highest-paying doctoral degree by industry.

See also: Top Free (or Cheap!) Online Ph.D. Level Courses

Check this out for more information: Jobs That Require a Ph.D. or Doctorate Degree

Highest-Paying Doctorate Degrees

Written by Intelligent.com Higher Education Team

Published: December 5, 2023

Compare School Options

Most schools have rolling admissions and financial help so you can start your degree in a few weeks!

Obtaining a doctorate degree can open the door to a wide range of fulfilling and high-paying careers. While doctorate degree programs may take several years to complete, they can drastically boost your earning potential as you join a small pool of experts in your chosen field. According to the Bureau of Labor Statistics , workers with a Doctor of Philosophy (Ph.D.) earn an average weekly salary of $2,083, while those with a professional doctorate (M.D., J.D., etc.) earn $2,080. This is significantly more than the average income of workers with a bachelor’s degree ($1,432 per week).

Not all doctorate-level jobs pay the same, though. To help you get as much value as possible out of your college education, we’ve reviewed the ten highest-paying occupations that typically require a doctorate for entry-level positions.

Our Ranking Criteria

To find the highest-paying doctorate degrees, we used the latest occupational projections data from the Bureau of Labor Statistics. We chose degrees based on their median annual salaries and the types of jobs that can be obtained with them. We also found the top programs for these degrees in the United States to give you a better idea of how you can start your path to your new career.

The Highest-Paying Jobs You Can Get With a Doctorate Degree

1. physician/surgeon.

Median Salary: $229,300

What They Do: Physicians and surgeons are responsible for diagnosing and treating medical conditions. The day-to-day tasks of a physician typically include examining patients, ordering tests, prescribing medication, and designing treatment plans. Surgeons operate on patients to repair injuries and fight disease. Many physicians and surgeons specialize in a particular area of medicine, such as cardiology, neurology, emergency medicine, or family medicine.

How to Become One: To become a physician or surgeon, you’ll need to earn a Doctor of Medicine (M.D.) or Doctor of Osteopathic Medicine (D.O.). These programs require applicants to have a bachelor’s degree and take around four years to complete. You’ll then need to complete an additional three to seven years of training (depending on your specialty) through a residency at a hospital or clinic. All states require physicians and surgeons to be licensed. Board certification, while not required to work in this field, will further enhance your credibility and open up more job opportunities.

• Projected Job Growth, 2022-2032: 3%
• Highest-Paying States: South Carolina, Alaska, Wyoming, Nebraska, Oklahoma

Top Academic Programs for Physicians and Surgeons:

Median Salary: $212,740

What They Do: Dentists provide medical services for teeth, gums, and other parts of the mouth. These services often include examining patients and diagnosing dental issues, removing tooth decay and filling cavities, performing root canals, and applying whitening agents. When necessary, dentists will administer anesthetics and prescribe medication. Dentists spend much of their time educating patients about dental hygiene as well.

How to Become One: After earning your bachelor’s degree, it will take another four years of school to earn a Doctor of Dental Surgery (DDS) or Doctor of Medicine in Dentistry (DMD). You will also need to be licensed in order to practice as a dentist. Licensure requirements vary by state — in addition to earning your doctorate, you may need to pass the National Board Dental Examination as well as a state clinical examination.

• Highest-Paying States: Delaware, Rhode Island, North Carolina, New Hampshire, Arkansas

Top Academic Programs for Dentists:

3. Podiatrist

Median Salary: $148,720

What They Do: Podiatrists diagnose and treat medical issues with feet and ankles, including calluses, ingrown toenails, heel spurs, bone fractures, arthritis, and diabetes complications. They examine patients, review X-rays and other medical tests, prescribe medication, and perform surgeries. Podiatrists may work in a hospital or urgent care facility, operate their own private practice, specialize in sports medicine, or focus on academic pursuits such as conducting research and attending conferences.

How to Become One: You’ll need to earn a Doctor of Podiatric Medicine (DPM) to work in this field. Most DPM programs require applicants to have a bachelor’s degree and take about four years to complete. After earning your DPM, you’ll then need to complete a residency program in a hospital or clinic, which will take another few years. You must also become licensed to practice in your state.

• Projected Job Growth, 2022-2032: 1%
• Highest-Paying States: Minnesota, Nebraska, Connecticut, Washington, Virginia

Top Academic Programs for Podiatrists:

4. Physicist/Astronomer

Median Salary: $139,220

What They Do: Both physicists and astronomers study the concepts of space, time, energy, and matter. Their work may include developing theories, conducting experiments, and designing new scientific equipment and software. They often write academic papers and attend conferences to share their findings as well. Astronomy is a specialty within the field of physics that focuses on studying outer space and celestial bodies such as planets and stars.

How to Become One: You’ll need to earn a Ph.D. in physics, astronomy, or astrophysics to become qualified for this role. Applicants must have a bachelor’s degree to get into one of these Ph.D. programs, and they typically take about three to five years to complete. Many physicians and astronomers start their careers through a postdoctoral fellowship — these temporary positions allow you to work under the supervision of a senior scientist and continue refining your research skills after earning your Ph.D.

• Projected Job Growth, 2022-2032: 5%
• Highest-Paying States: Pennsylvania, Idaho, South Carolina, New York, Connecticut

Top Academic Programs for Physicists and Astronomers:

Median Salary: $135,740

What They Do: Lawyers provide advice on legal issues and represent their clients in court. Their work may involve researching and interpreting laws, presenting evidence and performing oral arguments during trials, and preparing documents such as contracts, lawsuits, and wills. Lawyers often specialize in a particular area of the law, such as criminal defense, intellectual property, or environmental issues.

How to Become One: This career path will require you to earn a Juris Doctor (J.D.) degree, which takes about seven years of attending college full-time. To access the most lucrative opportunities in this field, you will likely need to graduate from a T14 law school . You will also need to pass the bar exam in order to practice as a lawyer in your state.

• Projected Job Growth, 2022-2032: 8%
• Highest-Paying States: District of Columbia, California, Massachusetts, New York, Connecticut

Top Academic Programs for Lawyers:

6. Pharmacist

Median Salary: $132,750

What They Do: This occupation involves dispensing medications and educating patients about proper drug usage and storage, as well as potential interactions and side effects. They spend much of their time dealing with paperwork, including tasks such as managing patient records, keeping track of inventory, and corresponding with insurance companies. In compounding pharmacies, they also mix ingredients in order to create custom medications.

How to Become One: After graduating high school, it typically takes about six years for aspiring pharmacists to earn their Doctor of Pharmacy (Pharm.D.) degree. You’ll also need to complete an internship in a hospital or retail pharmacy. All states require pharmacists to be licensed — the exact requirements for licensure vary by state, but you’ll at least need to pass the North American Pharmacist Licensure Exam (NAPLEX) and a test on pharmacy law.

• Highest-Paying States: California, Alaska, Oregon, Washington, Minnesota

Top Academic Programs for Pharmacists:

7. Optometrist

Median Salary: $125,590

What They Do: Optometrists diagnose and treat vision problems. Their main responsibilities are performing vision tests, prescribing eyeglasses and contact lenses, and performing minor eye surgeries. It’s important to note that there is a difference between optometrists and ophthalmologists — ophthalmologists often work in a similar role, but they have more medical training and are able to perform more complex surgeries than optometrists.

How to Become One: Doctor of Optometry (O.D.) degree programs require applicants to have a bachelor’s degree and take around four years to complete. In addition to coursework, these programs include a clinical training element that allows you to practice treating patients. You’ll also need to pass a series of National Board of Examiners in Optometry (NBEO) tests and become licensed in your state to practice optometry.

• Projected Job Growth, 2022-2032: 9%
• Highest-Paying States: Alaska, North Carolina, Kentucky, Massachusetts, Texas

Top Academic Programs for Optometrists:

8. Biochemist/Biophysicist

Median Salary: $103,810

What They Do: Biochemists and biophysicists conduct research on the chemical and physical properties of living things and biological processes. Their work involves planning research projects, writing reports on their findings, reviewing literature, and attending conferences. Another key responsibility is writing grant proposals to organizations that may be able to fund their research, such as government agencies and private foundations.

How to Become One: You’ll need a Ph.D. in biochemistry or biophysics to work as an independent researcher in this industry. Such Ph.D. programs usually require applicants to have at least a bachelor’s degree in a related field (biology, engineering, etc.), and they take about five years to complete.

• Projected Job Growth, 2022-2032: 7%
• Highest-Paying States: California, Indiana, Virginia, Massachusetts, New Jersey

Top Academic Programs for Biochemists and Biophysicists:

9. Veterinarian

Median Salary: $103,260

What They Do: Veterinarians provide medical care for animals. They examine animals for health issues, prescribe medication, perform surgery, and euthanize animals when necessary. Many veterinarians exclusively treat pets — in addition to cats and dogs, this may include birds, reptiles, rabbits, and rodents. Other veterinarians specialize in caring for livestock, such as cattle, horses, pigs, and goats.

How to Become One: After earning a bachelor’s degree, you’ll then need to complete four additional years of college at an accredited veterinary school in order to earn your Doctor of Veterinary Medicine degree (also known as a DVM or VMD degree). You will then need to pass the North American Veterinary Licensing Examination and meet any other requirements for licensure in your state. This is the fastest-growing occupation that requires a doctorate for entry-level positions, so you should have no problem finding a job and advancing your career once you have your license.

• Projected Job Growth, 2022-2032: 20%
• Highest-Paying States: Hawaii, Wisconsin, Connecticut, New Jersey, Arizona

Top Academic Programs for Veterinarians:

10. Medical Scientist

Median Salary: $99,930

What They Do: This occupation involves conducting medical research, such as investigating the causes of diseases and creating new treatments. The responsibilities of a medical scientist may include researching and developing drugs and medical devices, designing and managing clinical trials, and standardizing drugs for mass production. Also, they often write articles for medical journals in order to share their findings.

How to Become One: To become a medical scientist, you will either need a professional doctorate in medicine (M.D., D.O., Pharm.D., etc.) or a Ph.D. in a related field, such as genomics or immunology. Completing a dual degree program that allows you to graduate with both a medical degree and a Ph.D. would make you especially well-prepared for this role.

• Projected Job Growth, 2022-2032: 10%
• Highest-Paying States: Connecticut, New Jersey, Tennessee, California, Massachusetts

Top Academic Programs for Medical Scientists:

Frequently Asked Questions

What is a doctorate degree.

A doctorate degree is the most advanced degree you can obtain in most fields. It serves as proof of your expertise in a specific subject area, as it requires significant time, research, and analysis to obtain.

As mentioned above, there are two types of doctorate degrees: Doctor of Philosophy (Ph.D.) and professional doctorates such as Doctor of Medicine (M.D.) and Juris Doctor (J.D.). A Ph.D. is a research-focused degree, and to obtain one, students spend much of their time studying and conducting their own research. Professional doctorates focus on practical applications of skills in real-world scenarios.

Who should pursue a doctorate degree?

There are generally two main reasons to consider pursuing a doctorate degree: your ideal job requires it, or you are very passionate about a specific subject.

Keep in mind that a doctorate may take up to seven years to complete, and many high-paying careers only require a bachelor’s or master’s degree. While obtaining a doctorate can be very rewarding, it’s important to consider the significant amount of time, money, and effort you will have to commit to completing your program.

What doctorate degree pays the most?

With an average salary of $229,300, physicians and surgeons make more than any other profession — entering this field will require you to earn a Doctor of Medicine (M.D.) or Doctor of Osteopathic Medicine (D.O.) degree. Several other medical occupations that require a doctorate for entry-level positions, such as dentist, podiatrist, pharmacist, and optometrist, also have exceptionally high salaries.

How much does a doctorate degree cost?

The total cost to get a doctorate degree varies significantly depending on the university you attend, your residency status, your chosen discipline, financial aid eligibility, and more. For example, earning an M.D. at an Ivy League school can cost nearly $80,000 per year in tuition and fees alone, while completing a Ph.D. program at a public college may cost less than $20,000 per year. When planning your program path, make sure to consult your university’s financial aid office to learn how you can get help paying for your doctorate degree.

Interested in a degree instead?

Learn more about online degrees, their start dates, transferring credits, availability of financial aid, and more by contacting the universities below.

School Finder

Highest paying phd.

Earning a Ph.D. degree is a long process. So it’s essential to consider whether you are enrolled in one of the highest-paying Ph.D. degree programs. The highest paying PhD programs can be time-consuming, and they can also be expensive. Therefore, you’ll want to think about the earning potential of any Ph.D. program when choosing to enroll.

What Is a Ph.D.?

A Ph.D. is the highest academic degree one can earn. While the typical Ph.D. degree requires a student to complete an area of research and write a thesis, a Ph.D. degree is unique in its format. 

Featured Programs

Students typically spend about three years doing the research before defending their thesis. Their location will depend on the field of study.

A Ph.D. student works at the cutting edge of their field, producing new results that interest other scholars. A doctorate will qualify a student to use the title Doctor and add credentials after their name. So advanced degrees typically offer better pay and prestige.

What Is the Difference Between a Ph.D. And a Doctorate?

Initially, these terms seem very similar. Doctorate and Ph.D. are used interchangeably in academia. Both types of degrees are at the top of the educational degree ladder. 

A doctorate refers to many fields, such as professional degrees, scientific disciplines, and humanities.

A Ph.D. (Doctor of Philosophy) is a subcategory of a doctoral degree. It is more distinct and clear-cut and usually entails only humanities and science. 

Someone who says they’re pursuing a doctorate is doing a Ph.D. in a particular field. So it’s important not to confuse the two terms. 

PhDs are more academic and research-oriented by nature. Often, they focus on disseminating knowledge through research. That means reviewing existing literature and assessing what is emerging in a particular field. Most phd graduates work extremely hard to reach their academic goals, so those with the highest paying phd degrees have definitely earned it!

How Long Does It Take To Earn a Ph.D.?

Regardless of what you are studying, Ph.D. programs typically take 5-6 years to complete. The highest paying phd degrees can take longer, though. Some estimates say it takes 8.2 years to finish a Ph.D. But this is only an average. Your exact duration depends on how many courses, exams, and dissertations you need to do.

Before taking the comprehensive exams, students take advanced courses in their field for a few years. Following this, students have to finish a dissertation project, which can take a while. But with the recent boom in distance education, students can now earn a Ph.D. even faster. 

You Might Also Want To Check Out School Rankings for the Largest Online Nonprofit Colleges

Getting a High-Paying Ph.D. Degree Online

Technology has made it possible for colleges and universities to offer online courses. This includes doctoral programs. These programs allow candidates to complete almost all their requirements online.

When you don’t have access to your preferred university, or if you work full-time, it’s an easy option. Online doctorate programs are designed for busy professionals who can’t take time off work to study. 

However, not all online doctorate programs are 100 percent online. You’ll have to give your doctoral dissertation in person for some programs. The dissertation is your final step to earning your degree. 

If the committee wants to revise your work, you’ll have to do the oral defense again. A dissertation defense could require a trip to campus, but some online schools allow you to do it via conference call. In addition, the school may need you to do orientations, workshops, or residencies for phd programs.

During your school search, ensure you will be able to meet any physical attendance requirements before enrolling in an online doctoral program.

Related: TOP FASTEST ONLINE PHD PROGRAMS: STUDENTS BEFORE PROFITS

Top Highest Paying Ph.D. Degrees Methodology

We have compiled a list of the highest-paying doctoral degrees. These phd programs have been selected based on income for the most common careers for those with a Ph.D. The figures show the median hourly pay according to the U.S. Bureau of Labor Statistics.

Keep in mind that income for these doctoral degrees can vary widely depending on your experience level. Pay for these advanced degrees can also be different depending on where you live. Additionally, Ph.D. graduates should note that an early career salary will differ from mid-career salaries.

These highest-paying doctorate degrees are ordered from highest to lowest pay.

Highest Paying Ph.D. Degrees: Students Before Profits

#1 medicine.

MEDIAN PAY: $208,000 +

A Ph.D. in Medicine is one of the most common and highest-paying doctoral degrees one can earn. Medical doctors and Physicians use tests and exams to diagnose patients. Their findings lead them to prescribe medication and treatments to help heal illnesses and injuries. They’re often the first types of doctors patients see because they have a wide range of medical knowledge. 

Doctors usually work in teams, with nurses and techs assisting them. They can also work in schools, hospitals, clinics, or residences. In addition, some graduates of Ph.D. in Medicine degree programs work as researchers in labs. Most phd programs in medicine are academically challenging, but they also lead to some of the highest paying phd jobs.

According to the U.S. Bureau of Labor Statistics , the hourly pay for a Physician is more than $100 per hour. The number of jobs annually is 727,000. Over the next decade, job growth is expected to increase by four percent. 

MEDIAN PAY: $147,450

The highest-paying doctoral degree on our list is a Ph.D. in physics. As a physicist, you will gain knowledge of the laws that govern our physical realm. Physicists find careers as professors, advisors, and in research positions.

Physicists can find themselves working with nuclear energy, space travel, aviation, and much more. Other physicists find exciting careers working in academics or at the research level. A Ph.D. in Physics often results in some of the highest paying Ph.D. jobs available.

According to the U.S. Bureau of Labor Statistics , the hourly pay for a Physicist is $70.89. The number of jobs annually is 19,500. Over the next decade, openings are expected to increase by eight percent.

#3 COMPUTER SCIENCE

MEDIAN PAY: $131,490

Computer Science comes in third on our list. A Ph.D. in Computer Science is one of the highest paying Ph.D. degrees. With a Ph.D. in computer science, graduates can find careers as computer scientists. In addition, their advanced knowledge of computer science will enable them to work for software firms. 

Ph.D. graduates in computer science will also be ready to help develop the software of tomorrow. And they can also engage in computer science topics such as machine learning and artificial intelligence. Computer scientists may also work on the research side or academic level. Other related phd programs include Cyber-Security and Information Systems .

According to the U.S. Bureau of Labor Statistics , the hourly pay for a computer science phd is $63.22. The number of jobs annually is 33,000. Over the next decade, openings are expected to increase by 22 percent. That’s much faster than the national average.

See also: Best Online Master’s Degree Programs in Computer Science

#4 POLITICAL SCIENCE

MEDIAN PAY: $122,510

A Ph.D. in Political Science is an excellent choice for a high-paying doctorate. Political Scientists have some of the highest paying phd jobs in the country. Political scientists study government development and implementation. They evaluate political ideas for cities, states, or countries to see what works.

Political Science is a numbers-based job, and part of it is collecting and analyzing data. Usually, political scientists work in an office full time. However, some may work remotely during campaigns or events. Political scientists hold one of the highest-paying Ph.D. degrees on our list.

According to the U.S. Bureau of Labor Statistics , a political scientist’s hourly pay is $58.90. The number of jobs annually is 7,000. Over the next decade, openings are expected to increase by nine percent.

Interested in Learning More About the Highest Paying PH.D. Degrees in Political Science? Check Out These Political Science Careers . 

#5 AEROSPACE ENGINEERING

MEDIAN PAY: $122,270

Ph.D. graduates in Aerospace Engineering have the credentials for some of the highest paying phd jobs in the aviation industry. They can be lead engineering technicians, project managers, and directors.

These engineers use their subject knowledge to create concrete processes and solutions. They design aircraft and spacecraft vessels and equipment. Many aerospace engineering jobs will accept a master’s degree instead of a doctoral degree. Yet a Ph.D. in engineering is required to have the highest-paying jobs in the field.

According to the U.S. Bureau of Labor Statistics , the hourly pay for an Aerospace Engineer is $57.78. The number of jobs annually is 61,400. Over the next decade, job growth is expected to increase by eight percent.

#6 DATA SCIENCE

MEDIAN PAY: $108,660

A Ph.D. in Data Science is an excellent, high-paying Ph.D. degree. Data Scientists help businesses make more intelligent decisions by analyzing and interpreting digital data. They combine technology and social science skills to find and manage trends. 

By applying industry knowledge and contextual understanding, data scientists uncover solutions. As a result, their salaries and job growth reflect their high demand in today’s data-driven economy. Data scientists have some of the highest paying phd jobs in the nation.

According to the U.S. Bureau of Labor Statistics , the hourly pay for a Data Scientist is $52.24. The number of jobs annually is 10,598. Over the next decade, openings are expected to increase by two percent. Another one of the highest paying phds related to data science is computer engineering.

See also: Best Online Masters Software Engineering Programs .

And if you are just entering this field, you might also be interested in a bachelor’s degree in computer science.

MEDIAN PAY: $105,630

An Economy Ph.D. is another high-paying degree making our list. An economist works to improve a company’s financial health. They have advanced understanding of market dynamics. These experts help businesses set reasonable prices for products and services. And they identify new markets and improve user interfaces based on consumer behavior. 

Economists with doctorate degrees are in high demand as the job market is evolving. They may also work as consultants to government agencies or in private firms. A higher education in this field typically starts with an undergraduate degree and then a master’s degree in economics.

According to the U.S. Bureau of Labor Statistics , the hourly pay for an Economist is $50.79. The number of jobs annually is 18,600. Over the next decade, openings are expected to increase by 13 percent. That is faster than the national average. The highest paying phds in economics will have plenty of job options over the coming years.

#8 CHEMICAL ENGINEERING

MEDIAN PAY: $105,550

A Ph.D. in Chemical Engineering tops our list as one of the highest paying Ph.D. degrees. A chemical engineering degree focuses on the crossover of chemistry and the physical sciences. 

Students study topics including biochemistry and microbiology. They learn how to work with and create many chemical compounds. As a result, many chemical engineers work in pharmaceuticals, biotechnology, and biomedicine.

According to the U.S. Bureau of Labor Statistics , the average salary for Chemical Engineers with doctorate degrees is $50.75 per hour. The number of jobs annually is 26,30. Over the next decade, openings are expected to increase by nine percent.

You might also like:

• Best PhD in Engineering Management Online
• Best bachelor’s Degree in Engineering Programs Online
• Best Master’s Degree in Engineering Programs Online

#9 ORGANIC CHEMISTRY

A Ph.D. in Organic Chemistry is another one of the highest-paying Ph.D. degrees. This phd program typically results in some of the highest paying phd jobs in academia or research. For example, graduates will use their organic chemistry knowledge to work with research teams. Others end up employed at universities and colleges teaching advanced subjects.

According to the U.S. Bureau of Labor Statistics , the hourly pay for an Organic Chemist is $34.34. The number of jobs annually is 94,400. Over the next decade, openings are expected to increase by six percent.

#10 ELECTRICAL ENGINEERING

MEDIAN PAY: $101,780

A Ph.D. in Electrical Engineering is another one of our highest paying doctoral degrees. A Ph.D. in Electrical Engineering can result in many high-paying Ph.D. jobs. Those with Ph.D.s in Electrical Engineering can work in the design or manufacturing of electronics. 

Electrical engineers with doctorate degrees tend to have a hand in some of the most essential products of our times. For example, they can design computers, televisions, or smartphones. A Ph.D. in electrical engineering is needed to work in a senior-level position as an electrical engineer.

According to the U.S. Bureau of Labor Statistics , the hourly pay for an Electrical Engineer is $48.93. The number of jobs annually is 313,20. Over the next decade, openings are expected to increase by seven percent.

See Also: Best Master’s Degree Programs in Electrical Engineering

#11 BIOMEDICAL ENGINEERING

MEDIAN PAY: $97,410

Those who earn a Ph.D. in Biomedical Engineering have some of the highest-paying Ph.D. degrees. Biomedical Engineering graduates use their knowledge to design new products for the biomedical field. For example, they work to develop advanced implants and limb replacements. They also develop other critical therapies for people. 

Biomedical Engineers must understand biology as well as manufacturing and engineering. As a result, biomedical engineering jobs have some of the best outlooks of any of the highest-paying doctoral degrees on this list.

According to the U.S. Bureau of Labor Statistics , the average salary for a Biomedical Engineer is $46.83 an hour. The number of jobs annually is 19,300. Over the next decade, openings are expected to increase by six percent.

The Highest Paying PH.D. Degrees in Biomedical Engineering Start With Small Steps. Check Out These Affordable Bachelor’s in Biotechnology Programs

#12 STATISTICS

MEDIAN PAY: $96,280

Another one of our highest paying doctorate degrees is a Ph.D. in Statistics. With a Ph.D. in Statistics, graduates will find themselves working as statisticians. Statisticians are crucial in many different industries. They can work in healthcare, government, the private sector, and more. 

Many financial institutions look to employ statisticians. As a result, statisticians can expect to see a very high growth rate in jobs over the coming years. While a master’s degree is enough for some career paths as a statistician, a Ph.D. in Statistics yields the highest-paying Ph.D. jobs.

According to the U.S. Bureau of Labor Statistics , the hourly pay for a Statistician is $46.29. The number of jobs annually is 44,800. Over the next decade, openings are expected to increase by 33 percent. That is much higher than the national average. And it makes statistician the fastest-growing career on our list.

#13 PHARMACOLOGY

MEDIAN PAY: $95,310

Another highest-paying Ph.D. is in Pharmacology. With a Ph.D. in Pharmacology, graduates can work in high-level careers in the pharmaceutical industry or in research. Pharmacologists work to develop new medicines or perfect existing ones. 

The highest-paying jobs in pharmaceuticals are typically found at the research level. So if you’re seeking one of the highest-paying Ph.D. jobs, a research pharmacist position may be right for you.

According to the U.S. Bureau of Labor Statistics , the hourly pay for a Pharmacologist is $45.82. The number of jobs annually is 133,90. Over the next decade, openings are expected to increase by 17 percent. That’s much higher than the national average.

#14 ATMOSPHERIC SCIENCE

MEDIAN PAY: $94,570

Another high-paying Ph.D. degree is a doctorate in atmospheric science. Graduates with this degree are experts in Earth’s atmosphere, climate, and weather. Their data is used to develop weather and climate reports, forecasts, and climate change research. 

Atmospheric Scientists work inside weather stations, labs, or offices. Sometimes, they do fieldwork, which means examining the weather outdoors. When there are weather emergencies, they may have to work long hours.

According to the U.S. Bureau of Labor Statistics , the hourly pay for an Atmospheric Scientist is $45.47. The number of jobs annually is 10,700. Over the next decade, openings are expected to increase by eight percent.

#15 BUSINESS ADMINISTRATION – MANAGEMENT

MEDIAN PAY: $93,000

Business Administration degrees are commonly sought-after degrees. Graduates with this degree work in many fields of business and are always in demand. However, a Ph.D. in Business Administration with an emphasis on Management is one of the highest-paying degrees. As a result, these degree holders can work as Management Analysts. 

These professionals help a company improve its operations by analyzing the data that the company collects. They can also suggest changes that will help the organization perform better. In addition, they monitor the daily activities of a company to identify areas where the organization can improve its processes. A management analyst may be hired to work in a small office or for a larger corporation.

To pursue the highest paying Ph.D. degrees in this field, it can be helpful to first take master’s degree programs in busi ness.

According to the U.S. Bureau of Labor Statistics , the hourly pay for a Management Analyst is $44.71. The number of jobs annually is 907,600. Over the next decade, openings are expected to increase by 14 percent. That is faster than the national average.

Related: The Best Online Doctorate Degrees in International Business

#16 GENETICS

MEDIAN PAY: $80,150

A Ph.D. in Genetics makes our list as another high-paying Ph.D. degree. Graduates with this degree can work as Genetic Counselors. These are health care workers who specialize in medical genetics. Genetic counselors look at family history for risk of inherited conditions and genetic disorders. In addition, their job is to educate patients and professionals on genetic diseases and how to get tested for them. 

Genetic Counselors counsel patients on the ethical and social issues surrounding genetic disorders. They also help them cope with a genetic diagnosis.

According to the U.S. Bureau of Labor Statistics , the hourly pay for a Genetic Counselor is $38.54. The number of jobs annually is 2,400. Over the next decade, openings are expected to increase by 26 percent. That is much higher than the national average.

To get into the field of genetics, students usually begin with a bachelor’s degree in health sciences. Then, they move to master’s in genetics programs. The highest paying phds in this field have years of education, but the rewards are worth it.

#17  PSYCHOLOGY

MEDIAN PAY: $81,040

Not only is a Ph.D. in Psychology a high-paying degree, but it is also a rewarding career path. It is one of the highest levels of education out there. Graduates with these degrees can work in schools, medical institutions, or private offices. Sometimes, psychologists also work in the field of law enforcement.

Psychologists can help people cope with life’s issues and mental health problems better by applying professional training and clinical skills. Using a wide range of techniques, they consider each person’s unique values, behaviors, and circumstances. Psychologists typically start with a bachelor’s degree in psychology and work up to a phd program.

According to the U.S. Bureau of Labor Statistics, the hourly pay for a Psychologist is $38.96. The number of jobs annually is 178,900. Over the next decade, openings are expected to increase by eight percent. Those who complete a phd program will have ample opportunities for some of the highest paying phd jobs available.

See Also: What Jobs Can You Get With Doctorate Degrees in Organization Psychology?

#18 PHYSICAL CHEMISTRY

MEDIAN PAY: $79,760

A Ph.D. in Physical Chemistry often yields a long career working in laboratories or research. This high-paying Ph.D. often leads to some of the highest-paying Ph.D. jobs. Physical chemists find the highest paying roles in material sciences or other high-tech fields of study.

Researchers in physical chemistry develop new products and processes that drive entire industries. Therefore, the knowledge of chemical reactions gives these graduates one of the highest-paying doctorate degrees. These experts may also find themselves in chemical engineering positions.

According to the U.S. Bureau of Labor Statistics , the hourly pay for a Physical Chemist is $38.34. The number of jobs annually is 92,400. Over the next decade, openings are expected to increase by six percent.

#19 IMMUNOLOGY

MEDIAN PAY: $79,260

Another high-paying Ph.D. degree is one in Immunology. Immunologists are medical researchers who focus on disease immunity. People with Ph.D.s in Immunology tend to work in universities, hospitals, research labs, policy roles, and public labs. 

Even though you often need both an M.D. and a Ph.D. to become an immunologist, only one of these two degrees is necessary to get a job in the public or private sector. Most Immunologists are also MicroBiologists. In fact, molecular biology is one of the most common courses for immunology phd students.

According to the U.S. Bureau of Labor Statistics, the hourly pay for a Microbiologist is $38.11. The number of jobs annually is 21,400. Over the next decade, openings are expected to increase by five percent.

#20 EPIDEMIOLOGY

MEDIAN PAY: $78,830

A high-paying Ph.D. degree in Epidemiology is an excellent choice. Epidemiology is one of the highest paying phd degree programs you can pursue. Graduates in this field are called epidemiologists. This is one of the fastest-growing career fields on our list. Epidemiology is the study of how health and disease spread among populations. 

Epidemiology PhDs get the chance to make something special and unique. They use science to help people heal. As a result, they achieve sustainable and lasting health and wellness both individually and in the population.

According to the U.S. Bureau of Labor Statistics , the hourly pay for an Epidemiologist is $37.90. The number of jobs was 7,800. Over the next decade, openings are expected to increase by 30 percent. That is much higher than the national average. This means that the highest paying phds in epidemiology will have plenty of career options in the future.

#21 ANTHROPOLOGY

MEDIAN PAY: $61,910

While a Ph.D. in Anthropology pays less than the other degrees on our list, it’s still a significantly high-paying Ph.D. Graduates with this degree commonly become anthropologists. An anthropologist studies human diversity. 

The field includes biology, history, language, and culture. Anthropologists do mainly research. For example, some anthropologists travel to various parts of the world to study primates in their natural habitats. However, some also teach anthropology at colleges. A Ph.D. in anthropology may also lead to a career in education.

According to the U.S. Bureau of Labor Statistics , the hourly pay for an anthropologist $29.76. The number of jobs annually is 8,500. Over the next decade, openings are expected to increase by seven percent.

THIS CONCLUDES OUR RANKING OF THE HIGHEST PAYING PH.D. DEGREES.

• 10 Best Online Doctorates at Nonprofit Colleges
• Top 10 Nonprofit Online Colleges in Georgia
• Online Bachelor’s in Computer Science
• Top 10 Nonprofit Online Colleges in Virginia
• DIFFERENT TYPES OF LEGAL STUDIES DEGREES
• 15 Best Paying Jobs in Energy
• 10 Top Organizational Leadership Jobs by Salary
• Top 10 Affordable Online Colleges in NYC

Infographics

• How To Focus Despite Distractions
• Online College Enrollment: By the Numbers
• Most Profitable Non-Profit Organizations
• College Tuition Around the World

6 Ways to Earn Additional Income as a PhD Student

By ProFellow Founder Dr. Vicki Johnson

Getting a PhD often means sacrificing a full salary for several years as you study. Even if you are fully funded and receive a full-tuition scholarship and annual living stipend, graduate student stipends are usually just enough to help you get by. Many students will want – or need – to supplement their student income to be able to live in areas with a high cost of living, pay for childcare, contribute to retirement, and travel while they are finishing their degree. The good news is, full-time graduate students, especially those in the dissertation stage of their degree, have quite a bit of autonomy to be able to work part-time and make more income (even if outside, part-time work is discouraged by the university – my advice is, do what you need to do!).

While I was a full-time PhD student–and international student at that–I was able to increase my income in several ways over the course of my studies. Here are six practical ways that you can earn additional income as a PhD student.

1. Fellowships

There are a wide variety of academic and professional fellowships that offer funding that can increase your income as a graduate student. Some fellowships can be used on top of your existing funding or student Assistantship income. To find fellowships, you can search our database of more than 1,300 fellowships programs here ! Here are a few of your options.

Research Fellowships: These fellowships can provide funding for your dissertation or thesis research, or research you may be doing as an extracurricular activity while you are a student. The funding typically supports you directly and often will provide funding to cover materials, travel expenses and professional development. Check out:

• 20 Research Fellowships in Europe for Current Doctoral Students
• 12 Multi-Country Research Fellowships
• 17 Fellowships in Asia For Early Doctoral Students
• 30 Dissertation Research Fellowships for Doctoral Students
• 26 STEM Graduate Fellowships for Minorities and Women
• 10 Short-Term Fellowships for Research Abroad

Language Study Fellowships: If you are studying a language or would benefit from foreign language immersion to complete your dissertation research, there is funding for this goal! Check out:

• 9 Language Study Fellowships for Undergraduates and Graduates
• 30 Alternatives to the 2021-2022 Fulbright US Scholar Grant

Summer Fellowships: These 2-week to 3-month long fellowships can help you gain valuable research or professional experience while you are a student during your summers. Do NOT miss an opportunity to pursue summer fellowships while you are a student (especially if your funding package does not offer summer funding!). Check out:

• Top 10 Summer Fellowships of 2021
• 7 Summer Social Justice Fellowships
• 32 Summer Fellowships in Europe for U.S. Citizens

Project-Based Fellowships : There are also a wide range of project-based fellowships that would fund you to execute a project that aligns with the funding bodies’ mission. One of these awards might be in alignment, or directly fund, some element of your dissertation research!

• 10 Fellowships for Independent Scholars Around the World
• 24 Fellowships in the UK for Graduates and Researchers
• 19 Fellowships for a Self-Designed Project Abroad

2. On-campus jobs

Most universities offer part-time jobs on campus which might have the benefit of some tuition remission that, in turn, increases your overall income. For graduate students, there are often research or teaching assistantship options that fit in with your degree really well. If those opportunities are not available, there are likely administrative roles that need to be filled.

Many schools have websites that list their job openings, but you can also speak with your advisor or other students to learn about the possibilities of taking on a part-time job on campus.

3. Cash-based part-time jobs

Simple cash-based part-time jobs like tutoring and babysitting can be an easy way to supplement your income without having a set time commitment or a lot of extra responsibilities. I did a little night-time babysitting as a graduate student, and often I was able to study while the children slept! Likewise, a friend of mine who was studying Music would play piano at weddings and other events and give piano lessons to supplement her income. I’ve also seen fellow graduate students check in on the elderly, paint houses, help organize events, and more – see where there is a need and get creative with your time!

4. Freelance work

While I was a PhD student, I was able to land a number of paid projects and gigs online as a freelancer. Upwork and Fiverr are freelance platforms with a vast number of one-off and recurring online gigs for academic writers and copy-editors – roles where you can flex your skills in your free time! If you have other highly sought-after skills like graphic design, coding, marketing, or sales, even more opportunities are available to you.

Freelancing can help you make a higher wage than you would at another type of work because you are providing a more niche service, and Upwork allows you to freelance without the burden of getting an independent business license, hounding clients to pay, and creating complex legal documents or contracts. While it can take a few clients to find your footing, it can be a lucrative way to pass your free time and even lead to full-time job opportunities down the road.

5. Consulting work

Because I had a robust professional network from my 15 years of work experience, while I was a PhD student, I was able to reach out to my network and land several paid consulting opportunities with nonprofits and government agencies. If you have a strong network too, don’t miss this opportunity to let your former colleagues know you are in the market for consulting gigs. Depending on your level of work and research experience, you can command an hourly rate of $50 to more than $200/per hour (make sure you research what your competitive rate can be before starting on this process). Keep in mind that taxes and other expenses may be taken out of your income and prepare accordingly. 

6. Help faculty prepare grant applications

While I was a PhD student, I also contributed to large research grant applications spearheaded by my PhD supervisor. When he landed some of those grants, he was able to subcontract me for work that supported the execution of the grant, such as the data collection, coding of the data, and the write-up. Ask your PhD supervisor if there are opportunities for you to help them prepare a large grant application, with the end goal of helping you achieve more funding. 

Increasing your income as a graduate student often begins with being fully-funded in the first place! Many graduate schools fully funded all or most of their PhD students, and ProFellow lists over 1,000+ fully funded programs in more than 60 disciplines in our free Directory of Fully Funded Graduate Programs and Full Funding Awards . Get your copy today!

© Victoria Johnson / ProFellow, LLC 2021, all rights reserved

Related Posts:

• Fully Funded PhD Programs in Spanish and Portuguese
• Fully Funded PhD Programs in English
• Fully Funded PhD Programs in History
• Fully Funded PhD Programs in Philosophy
• Fully Funded PhD Programs in Cinema and Media Studies

Dr. Vicki Johnson , Fully Funded

Fully Funded Master’s Programs in Anthropology

Fully funded mfa programs in studio art and visual art, find and win paid, competitive fellowships.

Be alerted about new fellowship calls for applications, get insider application tips, and learn about fully funded PhD and graduate programs

Fellowship Resources

• Calls for Applications
• Upcoming Fellowship Deadlines
• Fellowships Database
• Interviews with Fellows
• International Fellows Network
• Graduate Funding Directory

Fellowship Tips

• What is a Fellowship?
• Fully Funded Course
• Graduate School Funding
• Fellowship Application Tips
• Fulbright Application Tips
• Fellowship Application Guide
• Our Mission, History & Values
• ProFellow Winner Testimonials
• Fully Funded Course Testimonials
• Fellowship Industry Report
• Advertise With Us
• Terms & Privacy

ProFellow is the go-to source for information on professional and academic fellowships, created by fellows for aspiring fellows.

©2011-2024 ProFellow, LLC. All rights reserved.

• Skip to main content
• Prospective Students
• Current Students
• Apply Apply
•   Follow Us

How PhD Students Get Paid

The most common questions (and biggest misconceptions) about getting a PhD revolve around money. Maybe you’ve heard that PhD students get paid just to study, or maybe you’ve even heard that PhD students don’t get paid at all.

It makes sense — how you make money as a PhD student is different from most other career routes, and the process can be highly variable depending on your school, discipline and research interests. 

D o PhD students get paid?

Most of the time the answer is yes. PhD programs that don’t offer some form of compensation, like stipends, tuition remission or assistantships, are rare but they do exist. On the other hand, some programs, like a PhD in Economics , are so competitive that unpaid programs are virtually unheard of. 

To help you gain a better understanding of PhD funding and decide if getting a PhD is worth it for you, here are some of the most common examples of how PhD students are paid. 

PhD Stipends

Most PhD programs expect students to study full-time. In exchange, they’re usually offered a stipend — a fixed sum of money paid as a salary — to cover the cost of housing and other living expenses. How much you get as a stipend depends on your university, but a range for the average PhD stipend is usually between $20,000 - $30,000 per year.  

In some cases, your stipend will be contingent upon an assistantship.

Assistantships

A PhD assistantship usually falls into one of two categories: research or teaching. 

For research assistantships , faculty generally determine who and how many assistants they need to complete their research and provide funding for those assistants through their own research grants from outside organizations. 

A teaching assistantship is usually arranged through your university and involves teaching an undergraduate or other class. Assistantships allow graduate students to gain valuable experience leading a classroom, and helps to balance out the university’s stipend costs. 

Fellowships

Fellowships provide financial support for PhD students, usually without the teaching or research requirement of an assistantship. The requirements and conditions vary depending on the discipline, but fellowships are generally merit based and can be highly competitive. Fellowships usually cover at least the cost of your PhD tuition , but some may even pay for scholarly extracurricular activities, like trips, projects or presentations. 

Fellowships can be offered through your university or department as well as outside sources. 

Part-time Employment

PhD candidates don’t commonly have additional employment during their course of study, but it is possible depending on your discipline and the rigor of your program. Flexible, low-demand jobs like freelance writing or tutoring can be a natural fit for many PhD students, and might be flexible enough to balance along with your coursework. 

All in all, it’s fair to say that though the form of payment may be unfamiliar, PhD students do in fact get paid. But keep in mind that while most PhD programs offer some kind of funding for students, it’s not guaranteed. 

Want to know more about how to pay for a PhD ? Explore our Guide to Choosing and Applying for PhD Programs . 

Learn more about

doctoral degrees at SMU, and how you can choose the right program and thrive in it, in our Guide to Getting a PhD.

Request more

Information.

Complete the form to reach out to us for more information

Published On

More articles, recommended articles for you, do phd students pay tuition unpacking the cost of a phd.

Choosing to pursue a PhD is a major milestone, but it comes with a host of concerns and questions....

Funding Options for PhD Students

Pursuing a PhD is a significant commitment of your finances and time. From tuition, living...

Figuring Out How the Physical World Works: An Interview with Ph.D. Fellow, Rujeko Chinomona

From an early age Rujeko was fascinated by how the physical world worked. She began to find answers...

Browse articles by topic

Subscribe to.

Highest PhD Stipend In USA: Best Universities with Highest Paid PhD Stipends

If you are here, chances are you are exploring universities that offer the highest PhD stipends in the USA. Well, you are at the right place.

This article delves into institutions that not only prioritise research and education but also ensure their students are well-supported financially. 

From Stanford’s impressive stipends to the competitive packages at Princeton, we uncover the top universities where PhD candidates can focus on their studies without the burden of financial constraints, setting a benchmark for academic excellence and support.

Highest PhD Stipend In USA

Which Universities Offer The Highest Phd Stipend In USA?

Stipends can help easy the journey of many PhD students, and here are the highest paying PhD stipends in the USA:

Stanford: At Stanford University, PhD students are at the top, with a whopping $45,850 stipend, the highest PhD stipend, making it a dream for many. This hefty sum covers not just tuition but also living expenses, a critical factor in places with a high cost of living.

Princeton: Princeton University isn’t far behind, offering its graduate students between $47,880 to $50,400 . The university sweetens the deal with a full fellowship stipend paid in August for new students, setting a high bar for PhD stipends in the United States.

South Carolina: The University of South Carolina offers a different kind of allure with a minimum stipend of $34,000. This amount, boosted by a “Provost Fellowship Top Off,” brings the total to at least $36,000. For students pursuing a PhD, this financial aid is significant, especially when considering the cost of living in South Carolina compared to more expensive states.

Rice: Rice University present compelling options with their departmental stipends and fellowship packages. Rice offers up to $40,000 a year.

Houston:  University of Houston provides a substantial $31,000, coupled with a Graduate Tuition Fellowship, enhancing the value of the stipend further.

Ohio: Ohio University stands out for its generosity, surpassing many with diverse assistantships that include a full tuition waiver and a stipend, showcasing the range of stipends available to PhD students in the United States.

Boston: Boston University guarantees a package that includes a stipend, tuition scholarship, and health insurance credit, adjusting the stipend amount based on the program and academic year.

Cornell: CornellUniversity demonstrates its commitment to graduate education with an 8% increase in graduate assistantship and fellowship stipends, ensuring students receive competitive financial support.

These universities not only offer some of the highest PhD stipends but also ensure that the stipends do justice to the living costs, making them the best universities for prospective PhD candidates to consider.

Are These Stipends Enough To Pay For Cost Of Living?

Generally stipends are offered to assist PhD students manage their living costs, while being able to focus on their study and research work.

But here’s the catch. Even the highest PhD stipend may not stretch as far as you’d hope in cities where the cost of living is sky-high.

Rent, groceries, and other living expenses can quickly eat into your stipend, making financial management a crucial skill for PhD students.

The story changes a bit when you look at universities in areas with a lower cost of living. The University of South Carolina, for instance, offers a minimum stipend of $34,000, which goes further in a less expensive city.

For many PhD students, the stipend is just part of the financial puzzle. Teaching assistantships, research assistantships, and external fellowships can supplement your income, but these come with their own commitments and pressures.

And remember, that stipend isn’t just for living expenses. It often needs to cover:

• student fees,
• health insurance,
• and sometimes even a portion of your tuition.

So, are PhD stipends enough? It really depends on where you’re studying and how you manage your finances. While some students find their stipends sufficient, others juggle additional jobs or seek external funding to make ends meet.

It’s a delicate balance, one that prospective PhD candidates should consider carefully before diving into their doctoral studies.

Can International Students Get PhD Stipends In The US?

For international students dreaming of a PhD in the US, the question of funding is crucial. You might wonder, “Can I get a stipend too?”

The good news is, yes, international students are often eligible for PhD stipends just like their US counterparts.

In fact, universities like Stanford and Princeton offer substantial stipends, with amounts that aim to cover living expenses and sometimes more.

These stipends are part of fellowship packages, which means they’re not tied to teaching or research assistantships, offering more freedom for your studies.

But here’s something you might not know. The value of the stipend can greatly depend on your department and research area. Some departments offer higher stipends based on the availability of funds and the nature of the research.

Also, the cost of living can vary widely across the US, so a stipend that is generous in one city might be just enough to get by in another.

International PhD candidates often worry about additional costs like:

• health insurance
• tuition fees, and
• travelling homw.

Many US universities cover these expenses as part of the stipend package, easing the financial burden on students.

So, if you’re an international student looking to pursue a PhD in the US, rest assured that stipends are within reach. But, it’s wise to research and understand the stipend amount, what it covers, and how it stacks up against the living costs in your chosen city.

Can PhD Students Get Stipends Outside Of USA?

When you look beyond the US for PhD programs, you’ll find some attractive stipends that make the academic journey more viable.

For example, Norway and Denmark shine with stipends around $55,000, setting a high standard for supporting PhD candidates.

This level of financial aid is not just about covering tuition but ensuring that living expenses don’t become a burden. It’s a model that some of the best universities around the globe are starting to follow.

In countries like these, the stipend for PhD students does more than just cover the basics. It respects the fact that these students are often at the highest level of education, having possibly completed a master’s or bachelor’s degree.

The value of the stipend reflects the cost of living, allowing students to focus on their research interests without the constant worry of financial strain.

PhD programs in such regions offer more than just a high PhD stipend; they offer a living wage ratio that many find hard to match.

This approach not only attracts international students but also sets a precedent for how PhD stipends should be structured.

It’s about recognising the contribution of doctoral students and ensuring they can pursue their academic and research goals without undue hardship.

This insider detail reveals a stark contrast to places where stipends do not cover living costs, highlighting a progressive stance on supporting postgraduate students.

Highest-Paying Stipend For PhD Students

Universities offering the highest PhD stipends in the USA demonstrate a commitment to fostering academic excellence by alleviating financial pressures on their students.

 These institutions stand out not just for their academic prowess but for their dedication to supporting PhD candidates through substantial stipends.

As prospective students navigate their options, these universities emerge as beacons of opportunity, ensuring that financial aid goes hand-in-hand with world-class education and research opportunities, shaping the next generation of scholars.

Dr Andrew Stapleton has a Masters and PhD in Chemistry from the UK and Australia. He has many years of research experience and has worked as a Postdoctoral Fellow and Associate at a number of Universities. Although having secured funding for his own research, he left academia to help others with his YouTube channel all about the inner workings of academia and how to make it work for you.

Thank you for visiting Academia Insider.

We are here to help you navigate Academia as painlessly as possible. We are supported by our readers and by visiting you are helping us earn a small amount through ads and affiliate revenue - Thank you!

2024 © Academia Insider

8 best PhDs that offer the highest stipends

The best PhDs not only open the gates to knowledge but also offer some of the most generous stipends to help you achieve your dream. These stipends are not just numbers; they are the lifeboat allowing you to dive headfirst into your studies without worrying about the financial tides. 

Think of the great minds that have treaded the PhD path before you – Marie Curie, Albert Einstein and Martin Luther King Jr. The secret to their success wasn’t just their brilliance; it was the support they received during their PhD journeys. 

A stipend can be the catalyst for greatness, allowing you to focus on your research, collaborate with brilliant minds, and turn your academic dreams into reality. 

The best PhDs give you more than just a qualification. It acts as a catalyst to greatness.

Types of PhD stipends

When it comes to stipends, there are two main types: financial and non-financial. Financial stipends are a helping hand for students, given without needing any specific work in return.

They appear as financial assistance on your statement at the end of the year.

On the flip side, there are stipends given in exchange for the work you put in at the university. These aren’t considered financial aid; instead, they’re like salaries 

You might be wondering if your stipend is subject to taxation. Well, it depends on the type. If it’s a financial stipend, it’s generally not taxable. It’s like a gift to help you out.

However, if your stipend is in exchange for your university efforts, like work or research, it’s considered income and is subject to taxation.

The best PhDs have great stipends — which you should treat as a package. Source: AFP

PhD stipends: It’s a package

Your PhD stipend is made up of several important components to support you through your academic journey.

The living stipend is the main part, covering your accommodation, food, transportation and other daily needs.

It’s the primary source of financial support, and how much you get can vary based on factors like location, school, major and cost of living. 

The tuition waiver or fellowship is a significant perk considering the often hefty costs of a PhD education, especially in fields like Chemistry or other STEM subjects.

Health insurance is another crucial part of the package, ensuring you have access to affordable medical care to keep you healthy and productive. 

Then there’s the research grant or funding, providing extra money for things like textbooks, research materials, and conference fees.

As you delve into your academic journey, you might also find yourself as a teaching assistant (TA) or research assistant (RA), gaining work experience and building valuable professional connections.

So, your PhD stipend isn’t just about the financial support – it’s a comprehensive package designed to nurture and propel you forward in your academic pursuits.

The most powerful people in the world listen to those with the best PhDs. In this photo, India’s Prime Minister Narendra Modi and US First Lady Jill Biden listen to Anchal Sharma, a PhD candidate at the Indian Institute of Technology. Source: AFP

PhD stipends: More than just financial aid  

It’s important to treat your PhD stipend as something more than just scholarship money or salary.

Consider investing in specialised training courses or workshops relevant to your field.

Use your stipend to enrol in programmes that deepen your expertise and introduce you to the latest trends.

Think of it as adding layers to your professional skillset, making you a sought-after expert in your field.

Another useful way to make good use of your PhD stipend is by attending conferences and networking events.

Allocate registration fees, travel and accommodation funds to immerse yourself in a sea of knowledge and connections.

Conferences are like treasure troves of insights, letting you learn from industry leaders and exchange ideas with peers.

Networking at these events can open doors to collaborations, job opportunities and a broader understanding of your field.

Your stipend is a golden ticket, allowing you to actively participate in your professional community and stay updated on cutting-edge developments. 

Salary vs stipend

Your salary is like a regular paycheck you get for your job – it’s consistent, predictable and typically based on the hours you work or the tasks you complete.

It’s your stable income, like a steady river flowing into your bank account.

On the other hand, a stipend is more like a fund for a specific purpose, usually tied to education, research or training.

It’s not your regular 9-to-5 wage. It’s an allowance to support you in certain activities, such as pursuing a degree, researching, or attending professional development opportunities.

While a salary is your everyday bread and butter, a stipend is more like the extra toppings – there for a specific reason and not necessarily a routine.

So, who gets to hop on the stipend train? Usually, it’s candidates who are engaged in specific activities that need a bit of financial backing.

Students diving into research, interns honing their skills, or anyone pursuing specialised training are likely candidates.

Stipends often aim to support learning, growth or projects rather than being your everyday paycheck. It’s like a boost for those dedicating their time and effort to something beyond their regular work.

So, if you’re on a mission to deepen your knowledge, contribute to research or enhance your skills in a particular field, chances are you could receive a stipend.

When it comes to PhD programmes, the pay and stipends can vary . Generally, STEM (Science, Technology, Engineering, and Mathematics) PhD programmes offer higher stipends than other fields.

For example, in the US, institutions like MIT and Stanford are known for generous stipends for STEM candidates. These stipends often cover tuition, living expenses and even healthcare. 

The best PhDs can help you develop valuable transferrable skills which are valuble in the working world. Source: ETX

1. Stanford University

Stanford University is renowned for having the best PhD programmes in the world. This is mainly due to the fact that it offers one of the highest stipends globally, securing its position as a top-tier institution for doctoral candidates. 

In the 2020/2021 academic year, PhD students at Stanford University received a stipend or teaching assistantship of US$45,850 , marking it the world’s highest-paid PhD stipend.

Newly admitted PhD candidates automatically qualify for financial assistance for up to five years, provided they maintain a good academic record and meet the stipend requirements.

This support of fellowship salary, research or teaching assistantship showcases the university’s dedication to offering one of the most competitive PhD stipends.

Stipends are distributed shortly after students meet the minimum enrolment requirements, and any obligatory expenses, such as university housing rent, are deducted before the stipend is issued. 

Earning a PhD can be costly both in terms of time and money, and it may take several years to complete a successful doctoral programme. Source: ETX

2. Princeton University

Embarking on a PhD at Princeton University promises academic excellence — and positions you among recipients of one of the highest-paid stipends in the US. 

In February, The Daily Princetonian reported that the Princeton Graduate Students United (PGSU) has announced that the university will raise some graduate student stipends by US$5,000 in the 2023/24 academic year.

This made the annual stipend rate for this academic year b etween US$47,880 and US$50,400 .  

If you’re a new incoming graduate student, you’ll be paid your first fellowship stipend in full for the month of August .

The best PhDs can help students build relationships with professionals in their field, learn about job opportunities and gain insight into industry trends and best practices. Source: ETX

3. University Of South Carolina

The University of South Carolina is a top institution with one of the best PhD programmes, offering some of the highest stipends to its students. 

From 2022, the university’s minimum total stipend has been US$34,000.

This makes the minimum monthly rate of at least US$3,778 for programmes that operate on a nine-month schedule and US$2,834 for those on a 12-month schedule.

There’s a “Provost Fellowship Top Off” valued at US$2,000, bringing a student’s stipend to at least US$36,000.

The university’s commitment extends to various scholarships, including the IRIX/David L. Coffen Fellowship and the Jerome D. Odom Fellowship, both in the field of chemistry.

The highest-qualified candidates are considered for Presidential Fellowships.

4. Rice University 

Rice University stands out by offering departmental stipends for qualified PhD candidates — amounting up to US$40,000 per year .

Candidates earn this by working as a research/teaching assistant for an assigned faculty member while maintaining full-time student status and continue making satisfactory progress toward their PhD.

The best PhDs will help you learn about yourself, about others and about the world around you. Source: AFP

5. University of Houston

With an annual stipend of US$31,000 annually , the financial support provided at the University of Houston is substantial. 

The Graduate Tuition Fellowship (GTF) further enhances the financial package for eligible students, covering tuition and fees, resulting in a net annual benefit of US$20,800.

Meeting a 3.00 grade point average and working as a graduate assistant are prerequisites for GTF eligibility, proving the university’s dedication to maintaining academic excellence among its doctoral candidates.

The fellowship covers nine semester credit hours (SCH) in the fall and spring semesters and six in the summers. 

6. Ohio University 

Ohio University’s financial support for PhD students is among the most generous in the country –surpassing over 1,000 other universities.

Here, s tipends come in different forms. Examples are teaching assistantships, research assistantships and graduate assistantships. 

At the School of Communication Studies , for example, eight to 12 new students are offered graduate assistantships that provide a full tuition waiver and a stipend of approximately US$16,100 per academic year.

A PhD degree holds high value in the job market as well as in the research world. Source: AFP

7. Boston University 

At Boston University, all PhD students in good standing are guaranteed the following:

• five years of stipend support
• 100% tuition scholarship
• a health insurance credit

How much? That varies by PhD programmes but its website states a range from US$27,318 for eight months to US$40,977 for 12 months for the 2024/25 academic year.

8. Cornell University 

For the 2023/24 academic year, Cornell graduate assistantship and fellowship stipends grew by 8% . 

This made the minimum 12-month assistantship rate US$43,326 and increased the minimum nine-month academic year stipend to US$32,494.

Here, a graduate assistantship refers to “ an academic appointment requiring 15 to 20 hours a week , averaging no more than 15 hours per week for the base stipend as established by the Board of Trustees.” They receive full tuition credit and a stipend.

Meanwhile, a fellowship refers to an “arrangement in which financial support is given to a graduate student to pursue his or her degree without any obligation on the part of the student to engage in teaching and/or research in furtherance of the university’s academic mission.”

Popular stories

Best movies about smart people to help you figure out your university, career, and life.

Beyond South Africa: The best African countries to visit for summer break

Skip the tourist trap: The coolest countries to visit aren’t the ones you’d expect

Dance, drink, and have endless fun in these cities with the best nightlife for students

5 countries offering the highest PhD stipends

10 top UK universities accepting 2024 applications

The Stanford grad helping international students get into top US and UK unis

• Bipolar Disorder
• Therapy Center
• When To See a Therapist
• Types of Therapy
• Best Online Therapy
• Best Couples Therapy
• Best Family Therapy
• Managing Stress
• Sleep and Dreaming
• Understanding Emotions
• Self-Improvement
• Healthy Relationships
• Student Resources
• Personality Types
• Guided Meditations
• Verywell Mind Insights
• 2024 Verywell Mind 25
• Mental Health in the Classroom
• Editorial Process
• Meet Our Review Board
• Crisis Support

Psychologist Salary Info: The 9 Highest Paying Careers

Which psychology jobs pay the best salary?

Kendra Cherry, MS, is a psychosocial rehabilitation specialist, psychology educator, and author of the "Everything Psychology Book."

Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital.

Psychology can be a high-paying job, but it is important to recognize that there is tremendous diversity among psychology professions, and  salaries and yearly earnings are just as varied. In a struggling economy, many students have turned their interest toward some of the highest-paying careers in psychology. The highest-paying psychologist career salaries average around $167,000.

While many psychology careers have a higher-than-average yearly salary, it is important to remember that actual income depends upon various factors, including geographic location, employment sector, educational background, and years of experience.

Learn more about some of the highest-paying psychology careers, the typical salaries for such professions, and the educational requirements for entering these fields.

Psychiatrist

Average Salary:  $216,090 per year

Educational Requirements:  Considered a medical career, psychiatry is significantly tied to the study and application of psychology. Approximately eight years of post-undergraduate study. After earning a bachelor's degree, aspiring psychiatrists must graduate from medical school and then complete a four-year residency.

Psychiatry is one of the highest-paying fields tied to psychology. However, salaries can vary considerably within this field depending upon your specialty area , where you are employed, and the type of work you perform.

Industrial-Organizational Psychologist

Average Salary: $105,310

Educational Requirements: In most cases, a master's degree in psychology is the minimum training required, although having a doctorate degree may be to your advantage. While there are opportunities available at the master's degree level, earning a doctorate degree in industrial-organizational psychology offers greater opportunities and higher salaries.

Industrial-organizational psychologists use their knowledge of psychology to tackle workplace issues. Increasing worker productivity, selecting the best employees for particular jobs, and developing market research surveys are just a few things that an industrial-organizational psychologist might do.

The Bureau of Labor Statistics reports that I/O psychologists in the scientific research and development industry earned an average annual wage of $122,660. Those employed at colleges, universities, and professional schools earned an average of $110,070.

According to the Society for Industrial and Organizational Psychology , the average salary for a doctorate-level consultant was $167,000.

Neuropsychologist

Average Salary: $90,460 per year

Educational Requirements: A doctorate degree in neuropsychology or clinical neuropsychology is needed to work in this field.

Neuropsychologists specialize in the study of the brain and cognitive science.   People who work in this field often perform cognitive tests, run brain scans, assess people suffering from brain injury, and study how drugs impact the nervous system. They may work at colleges and universities, hospitals, research centers, mental health clinics, and pharmaceutical labs.

Clinical Psychologist

Average Salary: $81,330 per year

Educational Requirements: In most states, clinical psychologists must have a doctorate degree in psychology. In addition to this education, they must also complete one to two years of supervised residency and pass state licensing exams in order to practice as a licensed clinical psychologist.

Clinical psychologists are trained in assessing, diagnosing, treating, and preventing mental illness. This is also the largest area of employment within psychology. Clinical psychologists work in various settings, including hospitals, mental health clinics, and private practice.

The Occupational Outlook Handbook reports that in May 2019, those employed in individual and family services earned an average of $85,140. Those employed in the offices of other health practitioners earned an average of $100,300 per year.

Engineering Psychologist

Average Salary: $79,818 per year

Educational Requirements: Entry-level positions require a master's degree, but those with a doctorate will find greater employment opportunities and better salaries.

Engineering psychologists work to improve the design of systems, operations, and equipment in order to increase efficiency, improve productivity, and minimize injury. As with other specialty areas of psychology, the area of employment plays a major role in determining salary. Engineering psychologists who work in the private sector earn considerably more than those employed in university settings.

Counseling Psychologist

Average Salary: $72,540 per year

Educational Requirements: A PhD, PsyD , or EdD degree is required to become a counseling psychologist.

Counseling psychologists perform many of the same tasks as clinical psychologists such as offering psychotherapy and mental health treatment, but they typically work with clients suffering from less severe forms of mental illness.

While mental health is one of the largest areas within counseling psychology, some people in this field opt to conduct research. They also teach university courses or provide vocational counseling.

Forensic Psychologist

Average Salary: $59,440

Educational Requirements: While there are some jobs available with a master's degree, you will typically need a doctorate degree in clinical, counseling, or forensic psychology.

Forensic psychologists deal with psychological issues related to the law. Some of the duties that a professional in this field might perform include developing psychological profiles of criminals, dealing with child custody issues, investigating child abuse, providing expert testimony, preparing witnesses to testify in court, and offering training to law enforcement.

School Psychologist

Average Salary: $58,360

Educational Requirements: Most states require completing a 60-credit school psychology specialist program, which leads to a master's or EdS degree. Approximately 32% of school psychologists hold a PhD , PsyD, or EdD degree.

School psychologists work within the educational system to diagnose and treat behavior and learning problems in children. They often collaborate with other professionals, including teachers and doctors as well as parents, to help kids overcome social, emotional, behavioral, and academic problems.

According to the Occupational Outlook Handbook published by the U.S. Department of Labor, jobs in this field are expected to grow by approximately 10% over the next decade.

Sports Psychologist

Average Salary:  $55,000 per year

Educational Requirements:  Most jobs require a master's or doctorate degree in sports psychology or in related areas such as clinical or counseling psychology. Sports psychologists  are interested in the psychological components of sports and athletics.  

Professionals in this field often focus on topics such as  motivation  and athletic performance. They utlizie their knowledge of psychology to help athletes perform better or to help people recover from sports injuries.

While salaries for sports psychologists typically range between $60,000 and $80,000, those working with professional athletes often earn over six figures.

What Psych Career Is Best For You? Take the Quiz

This fast and free psychology careers quiz can help you get a better sense for which kind of psychology career might be the best fit for your personality, career interests, salary needs, and more.

Frequently Asked Questions

While specific salaries vary depending on factors including experience and location, psychiatry tends to be the highest-paying psychology-related career.

They can! However, it is important to recognize that individual salaries vary a great deal. According to the U.S. Bureau of Labor Statistics, the median salary for psychologists is $81,040. However, the lowest paid 10% made less than $47,850 per year. Your own salary may depend on factors such as your specialty, training, experience, area of employment, and geographic location.

Psychology can be a good career if it is suited to your interests and goals. The field is expected to experience modest growth in the coming year, and there are always opportunities for growth depending on where your interests lie. The growing need for mental health services and an aging population means that there will be a need for trained psychologists.

A Word From Verywell

Choosing a career is a big decision, and the salary is just one of many factors you need to consider. Money is an important component, but factors such as job outlook and quality of life are also essential.

So is becoming a psychologist worth it? Only you can decide. Think about how a particular career may suit your personality and goals in life before committing. In the end, the best job for you is the one you will enjoy the most and fulfills your personal and professional needs.

Zavlin D, Jubbal KT, Noé JG, Gansbacher B. A comparison of medical education in Germany and the United States: from applying to medical school to the beginnings of residency. Ger Med Sci. 2017;15:Doc15. doi:10.3205/000256

Torpey E. Business careers with high pay.  Career Outlook,  U.S. Bureau of Labor Statistics, 2016.

Kossek EE, Baltes BB, Matthews RA. How Work-Family Research Can Finally Have an Impact in Organizations. Ind Organ Psychol . 2011;4(3):352-369. doi:10.1111/j.1754-9434.2011.01353.x

U.S. Bureau of Labor Statistics. Occupational employment and wages, May 2021: 19-3032 industrial-organizational psychologists .

Society for Industrial and Organizational Psychology. The SIOP income and employment report is here !

Harvey PD. Clinical applications of neuropsychological assessment. Dialogues Clin Neurosci. 2012;14(1):91-9.

Wahass SH. The role of psychologists in health care delivery. J Family Community Med. 2005;12(2):63-70.

U.S. Bureau of Labor Statistics. Occupational employment and wages, May 2019: 19-3031 clinical, counseling, and school psychologists .

Iudici A, Salvini A, Faccio E, Castelnuovo G. The clinical assessment in the legal field: An empirical study of bias and limitations in forensic expertise. Front Psychol. 2015;6:1831. doi:10.3389/fpsyg.2015.01831

Burrow-sanchez J, Call ME, Adolphson SL, Hawken LS. School psychologists' perceived competence and training needs for student substance abuse*. J Sch Health. 2009;79(6):269-76. doi:10.1111/j.1746-1561.2009.00409.x

U.S. Bureau of Labor Statistics. Psychologists: Job outlook . Occupational Outlook Handbook .

Röthlin P, Birrer D, Horvath S, Grosse holtforth M. Psychological skills training and a mindfulness-based intervention to enhance functional athletic performance: design of a randomized controlled trial using ambulatory assessment. BMC Psychol. 2016;4(1):39. doi:10.1186/s40359-016-0147-y

American Psychological Association. Hot careers: Sports psychology .

• U.S. Bureau of Labor Statistics. Occupational Outlook Handbook. 

By Kendra Cherry, MSEd Kendra Cherry, MS, is a psychosocial rehabilitation specialist, psychology educator, and author of the "Everything Psychology Book."

What's The Most Popular PhD Among Billionaires?

• Share to Facebook
• Share to Twitter
• Share to Linkedin

Eric Schmidt delivering a 2012 commencement address at U.C. Berkeley, his Ph.D. alma mater.

P lenty of billionaires never went to college . Some, like Mark Zuckerberg, are famous for dropping out . But at least 35 U.S. billionaires hit the books hard back in the day, spending years in school obtaining a Ph.D. before going on to build or bolster fortunes in the world of business.

Long before he became the CEO of Google, Eric Schmidt helped develop an early internet network and met his future wife Wendy while hitting the Greek Theatre and “wandering up and down Telegraph [Avenue]” as a Ph.D. student at U.C. Berkeley. “It felt like a new world was being imagined right here on campus, in all the different labs and workshops and dorms,” Schmidt recalled in a 2012 commencement address . “There was something in the air that made you think—something that made you dream.”

Schmidt (estimated net worth: $16.2 billion) studied electrical engineering and computer science for his doctorate in 1982, when the computer was named Time ’s “person of the year,” then went to work for tech firms Sun Microsystems and Novell before being recruited to lead Google, where he was chief executive from 2001 to 2011.

The man behind the Garmin GPS, Min Kao ($4.2 billion), also studied electrical engineering, for a Ph.D. from the University of Tennessee. So did Henry Samueli ($7.7 billion), who got his doctorate from UCLA in 1980 and was a professor at the school when he cofounded semiconductor giant Broadcom in 1991 with one of his electrical engineering Ph.D. students, Henry Nicholas III ($6.6 billion).

In all, at least nine American billionaires got an engineering Ph.D., the most popular degree among high-dollar doctorates. Another 26 got their advanced degree in something else, ranging from STEM fields like biology and chemistry to operations research, marketing and social policy. These billionaires, who account for less than 5% of the 735 Americans on Forbes’ 2023 list , are worth a collective $165 billion. Many made big bucks from their specialized knowledge, while others found great wealth in completely different domains.

Peggy Cherng ($2.5 billion) has a doctorate in electrical engineering from the University of Missouri and worked in software engineering for McDonnell Douglas and 3M, but struck gold by cofounding the Panda Express fast food chain with her husband in the 1980s. “While I may not be using the specific content of my research,” says Cherng–whose thesis involved developing a computer program to test for congenital heart disease–“the critical thinking and analytical skills I gained have been an asset in every aspect of who I am today.”

Both David Shaw ($7.9 billion) and David Siegel ($6.8 billion) made their billions on Wall Street, armed with Ph.D.s in computer science, which ties as the second most popular billionaire doctorate, with six graduates. Other computer scientists include Charles Simonyi ($5.2 billion), an early Microsoft employee largely credited with creating the Word and Excel programs, and James Clark ($2.9 billion), who cofounded the Netscape web browser.

Also with six: Biology, whose students include Apple chairman Art Levinson ($1.3 billion), a Princeton biochemical sciences Ph.D. who spent decades at biotech firm Genentech and has written more than 80 scientific articles, and Timothy Springer ($2.1 billion), a professor of biological chemistry and molecular pharmacology at Harvard, where he got his Ph.D in molecular biology and biochemistry. He was an early investor in Covid-19 vaccine maker Moderna.

Chemistry comes in fourth, with at least five Ph.D.s, including husband and wife Li Ge ($5.6 billion) and Ning Zhao ($1.2 billion), U.S. citizens who live in China, who studied at Columbia University before launching Shanghai-based pharmaceutical and healthcare manufacturing services firm WuXi AppTec. Physics rounds out the top five, with at least three Ph.D.s.

Not that you need to go into one of these five fields to strike it rich as a doctorate. Cliff Asness ($1.6 billion) studied finance, writing a thesis on “variables that explain stock returns”–then made a fortune as a quantitative investor. Scott Smith ($1 billion), who cofounded cloud computing company Qualtrics with his two sons, holds a Ph.D. in “marketing, quantitative methods and social psychology.”

Then there’s Jeffrey Lurie ($4.4 billion), who grew up around his family’s movie business but got his Ph.D. in social policy from Brandeis University. “It was a wonderful time of intellectual curiosity,” Lurie tells Forbes . “It appealed to me because you could look at the key structures that impact the quality of life for people, domestically and globally, and analyze whether we’re maximizing our policies to improve lives.”

His degree is not an obvious choice, given his current job: CEO and owner of the Philadelphia Eagles. But Lurie says he’s found his doctorate useful in running the NFL team, which requires coming up with winning policies for both on the field and off it as “a good corporate citizen.” As the team, which won Super Bowl LII in 2018 and lost Super Bowl LVII in February, prepared for this week’s NFL draft, Lurie said he would lean on “the rigorousness and the discipline for analysis” that his Ph.D. helped instill–skills he thinks could benefit many students considering a post-graduate degree. “It doesn't matter the area you study so much as your commitment to real analysis,” says Lurie. “Those skills come into play no matter what field you’re in.”

“A Ph.D. opens doors,” adds Panda Express cofounder Cherng, “but it does not define your success.”

Here are the most common Ph.D.s held by American billionaires:

Net worths are as of the 2023 world’s billionaires list, 1. engineering.

9 billionaires | Notable student: Romesh T. Wadhwani ($5.1 billion), founder of software firm Symphony Technology Group. Electrical engineering, Carnegie Mellon ‘72.

2 (tie). Computer science

6 billionaires | Notable student: Benoit Dageville ($1 billion), cofounder of cloud-based database company Snowflake. Computer science, Paris IV - Jussieu ‘95.

2 (tie). Biology

6 billionaires | Notable student: Patrick Hanrahan ($1.5 billion), Stanford professor and cofounder of software firm Tableau. Biophysics, University of Wisconsin-Madison ‘85.

4. Chemistry

5 billionaires | Notable student: Frank Laukien ($2.7 billion), CEO of scientific instruments maker Bruker Corp. Chemical physics, Harvard ‘88.

3 billionaires | Notable student: H. Fisk Johnson III ($4.8 billion), chairman and CEO of SC Johnson. Physics, Cornell ‘86.

• Editorial Standards
• Reprints & Permissions

The 25 Most Lucrative Careers in Psychology

By Jack Kelle

Photo Extremist via Compfight cc

Psychology is one the most popular bachelor’s degrees in the nation. It ranks among the top 3 majors at the undergraduate level and offers students increasingly diverse career paths as various industries develop over time. As more students pursue their degree in psychology , there is a growing need to illuminate the best career paths in the field. Many people who get into psychology want to know what the highest paying psychology jobs are. So we’ve narrowed it down to the 25 most lucrative and viable options. The salary of each career is weighted by the stability of its industry, so an extremely lucrative career will be ranked lower if it operates in a shrinking or unstable market and vice versa. Similarly, we have ranked the salaries according to the amount of schooling or experience required to enter into the specific career.

1: Psychiatrist $177,520

Compfight cc

• Mean salary: $177,250
• Years of education: 12
• Focus: Medicine/Therapeutic Practice
• Stability & Growth: Slightly Above Average/Industry Experiences Steady Yearly Growth

Psychiatrists are medical doctors who evaluate, diagnose, and help prevent disorders of the mind and either prescribe medicine or employ psychotherapy or a combination of the two as treatment. The mean annual salary for a psychiatrist is $177,250, which equates to about 85 dollars an hour. Psychiatrists who specialize are able to garner even higher salaries. For example, those employed at residential care centers earn a mean annual salary of $212,490. Psychiatry is an extremely demanding endeavor, however, as it requires about 12 years of schooling, which includes a bachelor’s degree, medical school, and a 4 year residency program, and in turn may generate a large amount of debt or student loans. Despite the immense time and effort required, psychiatry as an industry experiences steady growth from year to year, offers stable six-figure salaries, and has extremely high salary potential for those who are willing to specialize. For these reasons, psychiatry takes the number one spot on our list.

2: Private Practice Clinical Therapists ≈ $150,000

psy-com via Compfight cc

• Mean salary: ≈ $150,000
• Years of education: 6-8+
• Focus: Therapeutic Practice
• Stability & Growth: Above Average/Industry Experiences Steady Yearly Growth

Private practice clinical therapists often run their businesses out of home offices, and independently practice therapeutic techniques to treat their clients. To enter into such private practice, one has to first has to earn a bachelor’s and then pursue a master’s degree (2 years) in clinical therapy. It is common for therapists to then pursue a doctorate in clinical therapy (2 years) because the success of private practice hinges on the accolades and rapport of the practitioner. This independence is both a weakness and strength of this career path. It allows the individual to self-market, establish self-made hours, and set the fee for services offered, which creates high-end salaries reported to range most commonly from 150,000 to 200,000 annually.

3: Industrial-Organizational Psychologist $98,800

Meet the Media Guru via Compfight cc

• Mean salary: $98,000
• Years of education: 6-8
• Focus: Consultation
• Stability & Growth: Greatly Above Average/Industry Experiences High Yearly Growth

Industrial-Organizational Psychologists are human efficiency experts who specialize in working with companies and corporations to keep employees efficient, healthy, and working hard. The majority of industrial-organizational psychologists enter their careers with a master’s in I/O psychology, but salaries increase substantially with doctoral education. The industry for this career is one of the most stable and expanding on this list. Companies around the world are dedicating time and money to making their employees more efficient and happier, and are hiring I/O psychologists right out of school to make this happen. And, as the number of job opportunities in this field increases, so do the mean annual salaries. These trends justify this career’s spot in our top 3.

4: Neuropsychologist $86,645

Ian Ruotsala via Compfight cc

• Mean salary: $86,645
• Years of education: 8
• Focus: Assessment/Consultation
• Stability & Growth: Average/Industry Experiences Average Yearly Growth

Neuropsychologists study cognitive science and the brain. Neuropsychology is a much more lucrative career at the doctorate level (4 years post undergrad), where neuropsychologists perform cognitive tests, run brain scans, study how drugs impact the nervous system, and consult victims of brain injuries. Although there is no data presented by the Bureau of Labor Statistics for neuropsychologists, PayScale reports that the average annual salary is $86,645, and while the bottom ten percent in the field earns just $57,908, the top earning neuropsychologists bring home $143,476 annually.

5: Clinical Psychologist $72,220

drewleavy via Compfight cc

• Mean salary: $72,220
• Years of education: 8+
• Focus: Therapeutic Treatment

Clinical Psychology is the single largest employment area in Psychology, but there is still plenty of opportunity for prospective students and professionals. The high-paying jobs in this industry require doctorate study in clinical psychology, which are highly competitive, and most programs require a 1 year internship. Despite the rigorous schooling involved, the sheer size and opportunity associated with clinical psychology makes it a high-ranking career option.

6: Engineering Psychologist $80,000

Michele Ficara Manganelli via Compfight cc

• Mean salary: $80,000
• Focus: Consultation/Design
• Stability & Growth: Above Average/Industry Experiences Average Yearly Growth

Engineering psychologists use their understanding of the human mind to improve and develop products and technology. This is a relatively new industry, and its growth exceeds the number of engineering psychologists, so it is a great option for those looking to meld psychology and technology. The typical requirement for this career is a master’s in engineering psychology, but doctoral level engineering psychologists report dramatically higher salaries. According to the Human Factors and Ergonomics Society, starting salaries for engineering psychologists range between $48,000 and $75,367, while doctoral level professionals employed in the private sector earn $179,160.

7: Correctional Facility Psychologist $85,000

neilalderney123 via Compfight cc

• Mean salary: $85,000
• Focus: Assessment/Therapeutic Treatment
• Stability & growth: Above Average/Industry Experiences Average Yearly Growth

Correctional facility psychologists conduct assessments and therapeutic sessions with inmates in a correctional facility environment. This stressful and potentially dangerous setting of this work means employers offer higher salary in compensation, and competition is usually less of a factor than it is in other professions. Typically, correctional facility psychologists have a master’s level degree in clinical psychology, although doctoral education increases the salaries available. For those who thrive in a more stressful or uncomfortable environments, this is a great option.

8: Military Psychologist $80,000

The U.S. Army via Compfight cc

• Stability & growth: Greatly Above Average/Industry Experiences High Yearly Growth

Men and women who have served in the armed forces often experience trauma or other discomfort that requires therapeutic treatment. Military psychologists are government employed psychologists who specialize in dealing with soldiers and post-traumatic stress disorder (PTSD). As the research on the link between PTSD and armed forces increases, the demand for treatment and prevention methods increases significantly. This career opportunity is a great option for those looking to work with veterans, or to study PTSD.

9: Corporate Manager 100,000+

vetusto via Compfight cc

• Mean salary: $100,000+
• Years of education: 4-8
• Focus: Management/Consultation
• Stability & growth: Average/Industry Experiences Yearly Growth

When considering career options with a psychology degree, big business probably doesn’t come to mind. In actuality, however, a background in psychology is excellent preparation for corporate work. Corporate managers with psychology degrees are often able to direct their employees more accurately and more efficiently. While there is little data on the specifics of these salaries, corporate managers report six figure salaries and up. This is a great career path for those with a predisposition for business and managing.

10: Administrative Hospital Psychologist $95,000

pennstatenews via Compfight cc

• Mean salary: $95,000
• Focus: Management
• Stability & growth: Average/Industry Experiences High Yearly Growth

As integrated healthcare models become more accepted in the mainstream, psychologists are being brought into primary care facilities. Administrative hospital psychologists oversee and manage the psychologists stationed in a hospital. This position is relatively new, and thus the data on it is sparse; however, existing data suggests that middle-ground salaries sit around $95,000, while positions of greater responsibility offer much greater salaries.

11: Forensic Psychologist $69,280

West Midlands Police via Compfight cc

• Mean salary: $69,280
• Stability & growth: Above Average/Industry Experiences High Yearly Growth

Forensic Psychology may currently be one of the hottest and fast growing careers in psychology due to its glamorous portrayal in modern novels, popular TV shows, and movies, however, the reality of the job may not be as appealing. While the high-stress and uncomfortable situations associated with this profession boosting available salaries, the subject matter of the job may be a turn-off for some. Forensic psychologists lend their skills to insurance claim cases, child custody disputes, child abuse accusations, and other legal disputes in need of a psychological perspective. While the mean average salary is nothing to gawk at, experience and education can lead forensic psychologists to six-figure salaries and specialization, which allows one to focus on his or her favored area of the profession.

12: Teaching Psychologist $79,360

LauraGilchrist4 via Compfight cc

• Mean salary: $79,360
• Focus: Teaching/Theory
• Stability & growth: Average/Industry Experiences Average Yearly Growth

A large number of psychologists use their skills and education to teach new generations of psychologists. The most lucrative option for teaching psychologists is to seek professorship at a university, where the mean salary is about $80,000. University teaching positions require extensive experience and at least a master’s degree although most universities will require doctoral degrees. To earn the highest salaries, teaching psychologists should seek tenure opportunities at upscale universities where salaries nearly double.

13: Genetics Counselor $63,700

IRRI Images via Compfight cc

• Mean salary: $63,700
• Focus: Genetics/Counseling

Often referred to as a “job of the future,” genetics counseling is a newly emerging, and potential lucrative career path. Genetics counselors offer support, guidance, and assistance to individuals with a genetic disorder, or to families who are at risk of passing on a genetic disorder. Genetics counselors usually have backgrounds in both genetics and counseling, with a at least one master’s degree. Genetics Counselors with PhDs can attain salaries around $150,000.

14: Market Research Analyst $60,570

University of Salford via Compfight cc

• Mean salary: $60,570
• Focus: Market Analysis/Consultation

Psychologists are taught to recognize the underlying trends and motivations in human behavior which are crucial components to the sales and marketing industries. Market research analysts study market conditions and analyze consumer trends to help determine what products people want, who will buy them, and at what price. The median salary for market research analysts is about $60,000, with huge variation according to experience and education. Huge growth is expected in this field with 32% growth projected by 2022.

15: Experimental Psychologist $69,280

• Focus: Experimentation/Theory

Experimental psychologists study cognitive, emotional, and social processes and human behavior. Experimental psychologists work independently or as part of a team of researchers to reach their goals. The mean annual salary of experimental psychologists is about $69,000, however, those with doctoral degrees can earn salaries of $116,343 or more. This industry is highly stable and growing, as psychological research becomes more important to various other industries.

16: Special Education Teacher $53,220

nnebeel via Compfight cc

• Mean salary: $53,220
• Focus: Teaching

Special education teachers work with individuals who have learning disabilities or mental handicaps. Special education teachers are required to hold at least a bachelor’s degree and attend special teacher training. Compared to the schooling and experience required by other psychology professions, special education requires the least and offers the most. As special education enrollment increases substantially year by year, job growth is expected to be substantial.

17: School Psychologist $59,440

William Berry 916 via Compfight cc

• Mean salary: $59,440

School psychologists work in schools to help students of all ages deal with life stressors and any relevant mental conditions. School Psychology is a rapidly growing field due to federal education legislation. While the mean average salary of school psychologists is decent, much higher salaries can be earned after experience and higher education. Typically, the quality and rapport of the school in which the psychologist is stationed determines the salary.

18: Social and Community Service Manager $57,950

cliff1066™ via Compfight cc

• Mean salary: $57,950
• Focus: Management/Budgeting

Social and Community Service Managers work with members of the community to identify and address public needs. These professionals usually oversee community projects and manage budgets and fundraising. The typical requirement for such work is at least a bachelor’s degree in social work, however, psychologists are also highly sought after for such positions. Experience and education determine the types of projects a social and community service manager will oversee, which also determines the salary earned.

19: Sports Psychologist ≈$50,000

Baha’i Views / Flitzy Phoebie via Compfight cc

• Mean salary: ≈$50,000
• Focus: Consultation/Therapeutic Practice

Sports psychologists specialize in the psychological components of sports and athletics such as motivation, performance, and injury management. Sports psychologists work in a wide range of environments, from schools to hospitals to professional sports teams, and their salaries reflect this diversity. Although the data is currently sparse, the salary range most commonly reported is from about $45,000 to $85,000, with experience and education level being the determining factor.

20: Geropsychologist ≈$50,000

calafellvalo via Compfight cc

• Focus: Assessment/Consultation/Therapeutic Practice

Geropsychologists specialize in working with geriatric populations which is a rapidly growing group in the United States. In 2004, Americans 65 and older made up 12 percent of the population and by 2050 they’re expected to make up 21 percent. Although there is little data to establish the average salaries of this profession, we do see a decent range of reported earnings. Geropsychologists working in a government research organization bring in $56,714 while those working in a veterans affairs hospital earn around $70,000.

21: Marriage and Family Therapist $45,720

SalFalko via Compfight cc

• Mean salary: $45,720
• Stability & growth: Average/ Industry experiences extremely high yearly growth

Marriage and family therapists work with individuals, couples, and families to help build better relationships and address underlying issues. Stigmas that previously surrounded this kind of therapy are dissipating, and the industry shows remarkable growth projected at 41% through 2020. At a minimum, a master’s degree in counseling or a related field is required to become a licensed marriage and family therapist. Despite outliers with six-figure salaries, this is one field where experience and education do not explicitly yield greater returns.

22: Career/Vocational Counselor $46,000

Peter Samis via Compfight cc

• Mean salary: $46,000
• Stability & growth: Average/ Industry experiences high yearly growth

Due to rapidly changing and evolving job markets, students and professionals often seek the aid of career and vocational counselors to help them establish career paths best suited to individual strengths and weaknesses. Career and vocational counselors employ personality tests and other assessments to determine the type of careers in which an individual is most likely to excel. While the mean average salary is not extremely impressive, this career path requires less schooling than other paths, requiring at minimum a bachelor’s degree with additional training, and offers a steadily growing job opportunities.

23: Recreational Therapist $45,520

daystar297 via Compfight cc

• Mean salary: $45,520
• Focus: Therapeutic Practice/Project Managing

Recreational Therapists plan, direct, and/or coordinate medically-approved recreational activities for individuals in hospitals, schools, or other institutions. Typically these programs are directed at helping individuals with mental or physical illnesses or disabilities. Experience and higher education earns greater salaries, with the top 10% of these therapists making about $70,000. Since this is a relatively new field it offers growing opportunity and flexible salaries.

24: Mental Health Counselor: $39,710

Photo Credit: deltaMike via Compfight cc

• Mean salary: $39,710
• Focus: Assessment/Therapy

Mental health counselors help people with problems concerning their personal lives and their emotional and mental well-being such as marital, family, and education problems, and substance abuse issues. Most states require at least a master’s degree in counseling in order to become a licensed counselor. While the industry is growing, with expected 37% growth through 2020, the average mean salaries remain fairly low. In order to garner high salaries, mental health counselors must be experienced and educated, and as such lucrative paths within this career are highly competitive.

25: Substance Abuse Counselor $38,520

KJGarbutt via Compfight cc

• Mean salary: $38,520

Substance abuse counselors help individuals overcome physical, mental, and emotional reliance on drugs. They work extensively with addicted individuals to help them overcome their vices. As addiction and substance abuse becomes more covered by insurance companies, the industry and earnings grow, with growth projected at 31 percent through 2022. Typically, most employers require at least a master’s degree to work as a substance abuse counselor, but often extensive experience trumps this requirement. Professionals on this career path seeking higher salaries should seek doctoral education and apply for positions at high-end treatment centers, where salaries can jump into the six digits.

Overall Trends in High Salaries

Cayusa via Compfight cc

If you’re looking to bring in sky high salaries, then there are some basic principles you can apply to your career choices. Listed below is a breakdown of the most important underlying trends and factors at play in the most lucrative and viable career paths. Although these points are drawn from this analysis of the best careers in psychology, they certainly apply to career choices in general and outside of this focus.

• The most obvious and most determinant factor in achieving sky high salaries is education.

While it may be possible to earn an amazing salary without a master’s or doctoral degree, having such degrees only raises your chances of obtaining it, and opens the door to many opportunities and specializations that would otherwise be unreachable. Also, education may make up for a lack of experience. If you’re attempting to enter into a new career, having an impressive academic background might outweigh inexperience.

• Salaries not determined by education are probably determined by experience.

Experience is a golden ticket on any career path. If you’ve got your eyes set on the highest salaries in your profession, then get as much experience as possible. Developing a formidable background in your specific field of work will set you apart from the pack, and make you a prime candidate for those more competitive and high-paying positions. And, conversely to the first point, if you’re lacking higher education, then having a large amount of experience might be your saving grace.

• Enter into a growing industry.

Do your homework. Make sure that the career that you’re pursuing will still be around in 10 years. It doesn’t make sense to be a typewriter salesman when computers are now the mainstream. And, if you’re pursuing those gargantuan salaries, then make sure that your industry will also be thriving. The Bureau of Labor Statistics Website ( Homepage ) offers great information concerning the estimated growth of industries for years to come.

• Become specialized.

Most industries and careers contain small niches of specialization. Few make the time and effort to become experts in such specialties, but those who do are rewarded significantly. And, it usually shrinks the number of competitors you’ll be up against.

• Be dynamic.

So many of the obstacles blocking the way to higher salaries and other opportunities are arbitrary. Stay in the habit of improving your skillsets and making yourself more competitive in your field to earn the job you want and the salary you deserve.

Ready to start your journey to becoming a psychologist? Find an online undergraduate psychology degree program

• http://www.bls.gov/
• http://nces.ed.gov/programs/digest/d12/tables/dt12_290.asp
• http://www.apa.org/careers/resources/guides/careers.aspx
• http://www.payscale.com/research/US/Job=Neuropsychologist/Salary
• http://psydprograms.org/what-is-the-psyd-salary-outlook/
• http://www.businessinsider.com/the-5-highest-paying-jobs-you-can-get-with-a-psychology-degree-2011-9
• http://www.counselingdegreehub.com
• http://www.calhr.ca.gov/state-hr-professionals/pages/9284.aspx
• http://business.time.com/2011/11/21/nine-jobs-of-the-near-future/slide/genetic-counselors/
• Psychology Education
• Bachelors in Psychology
• Masters in Psychology
• Doctorate in Psychology
• Psychology Resources
• Psychology License
• Psychology Salary
• Psychology Career
• Psychology Major
• What is Psychology
• Up & Coming Programs
• Top 10 Up and Coming Undergraduate Psychology Programs in the South
• Top 10 Up and Coming Undergraduate Psychology Programs in the Midwest
• Top 10 Up and Coming Undergraduate Psychology Programs in the West
• Top 10 Up and Coming Undergraduate Psychology Programs in the East
• Best Psychology Degrees Scholarship Opportunity
• The Pursuit of Excellence in Psychology Scholarship is Now Closed
• Meet Gemma: Our First Psychology Scholarship Winner
• 50 Most Affordable Clinical Psychology Graduate Programs
• 50 Most Affordable Selective Small Colleges for a Psychology Degree
• The 50 Best Schools for Psychology: Undergraduate Edition
• 30 Great Small Colleges for a Counseling Degree (Bachelor’s)
• Top 10 Best Online Bachelors in Psychology Degree Programs
• Top 10 Online Child Psychology Degree Programs
• 10 Best Online Forensic Psychology Degree Programs
• Top 10 Online Master’s in Psychology Degree Programs
• Top 15 Most Affordable School Psychology Programs
• Top 20 Most Innovative Graduate Psychology Degree Programs
• Top 8 Online Sports Psychology Degree Programs
• Recent Posts
• Does Psychology Require Math? – Requirements for Psychology Majors
• 10 Classes You Will Take as a Psychology Major
• Top 15 Highest-Paying Jobs with a Master’s Degree in Psychology
• The Highest Paying Jobs with an Associate’s Degree in Psychology
• The Highest-Paying Jobs with a Bachelor’s in Psychology
• Should I Major in Psychology?
• How to Become a CBT Therapist
• What is a Social Psychologist?
• How to Become a Clinical Neuropsychologist
• MA vs. MS in Psychology: What’s the Difference?
• PsyD vs. PhD in Psychology: What’s the Difference?
• What Can You Do with a Master’s in Psychology?
• What Can You Do With A PhD in Psychology?
• Master’s in Child Psychology Guide
• Master’s in Counseling Psychology – A Beginner’s Guide
• Master’s in Forensic Psychology – A Beginner’s Guide
• 8 Reasons to Become a Marriage and Family Therapist
• What Do Domestic Violence & Abuse Counselors Do?
• What Training is Needed to Be a Psychologist for People of the LGBTQ Community?
• 15 Inspiring TED Talks on Intelligence and Critical Thinking
• The 30 Most Inspiring Personal Growth and Development Blogs
• 30 Most Unethical Psychology Human Experiments
• 30 Most Prominent Psychologists on Twitter
• New Theory Discredits the Myth that Individuals with Asperger’s Syndrome Lack Empathy
• 10 Crazy Things Famous People Have Believed
• Psychology Infographics
• Top Infographics About Psychology
• The Birth Order Effect [Infographic]
• The Psychology of Dogs [Infographic]
• Can Going Green Improve Your Mental Health? [Infographic]
• Surprising Alternative Treatments for Mental Disorders [Infographic]
• What Can Humans Learn From Animals? [Infographic]

Get the Reddit app

An online community for sharing academic works and discussion of issues and events relating to academia and the related political, economical, and social structures. This is NOT the place to ask questions about your homework, your particular school or professors, or to get admission advice! Survey posts must be approved by mods in advance, must include contact/IRB info, and must be specific to academia.

How Do People Afford Living While Doing a PhD??

>>Post edited, clearly including my income, triggered way too many people and call me entitled for trying to see how most people balance life/work/money when doing a phd, and somehow this comes across as me asking for hand outs<<

Okay I'm not going to bore you with the details, but I'm thinking about doing my PhD....and this is not an easy decision... I live in a modest apartment but I do have bills.. (don't we all) So to get to the point, If I do my Ph.D which is a life commitment...how on earth do people, adults who have families and bills, afford this? In my eyes isn't doing a PhD, atleast for my field would be constant research, working on R&D and doing actual academic work and research...not allow you to work full time? I wouldn't be able to work at my company any longer for the duration of my PhD process so how do people live?? How can they just stop their mortgage...or rent or all their bills for years? Do they just have mass amounts of money saved?

The Savvy Scientist

Experiences of a London PhD student and beyond

How to Earn Money Online for Students

Who doesn’t love making extra cash? Read on to learn my top tips for how students can earn money online without compromising your studies.

Whether you’re looking for high hourly rates, flexible hours, or opportunities to enhance your personal and professional development, this guide has got you covered. Discover various income streams that can supplement your student loan or PhD stipend while making the most of your time as a student.

Let’s explore the endless possibilities of online earning!

Student Money Making Considerations

I think it is first worth saying that your time is valuable. Being a student opens up a fantastic range of opportunities that are not open once your graduate, so do make the most of them! Here is a post I’ve written about making the most of opportunities.

If you’re already satisfied with your finances then making extra money may not be a good use of your time. This is especially true with inefficient jobs which require a large time commitment at a low hourly rate.

But if you’re determined to learn how to make earn money online, read on for my in-depth student’s guide. In this post I have focused on streams of income with immediate earning potential, however if you’re feeling entrepreneurial you can of course start your own business. This tends to involve a great deal of upfront effort, but may prove fruitful in the long term.

I am going to focus on ways to earn money online which fulfil as many of the following criteria as possible:

• High hourly rate
• Flexible hours
• Contribute to your personal and professional development
• High availability

Tutoring is probably the first job that sprang to mind when you considered how to earn money online as a student. The only tutoring I’ve done has been free of charge (see below*) but I do know many PhD students who do it on the side. It can be rewarding both financially and personally, as you start to see improvements in the students.

The typical scenario will see you helping students prepare for school exams but you may also find opportunities to help more junior university students. Pay will vary a lot depending on your credentials and how you market yourself, £30 per hour and above is typical.

Online tutoring is as flexible as you make it, however do factor in the time it takes for preparation.

Hourly rate: 4/5 Flexible hours: 3/5 Personal development: 2/5 Availability: 3/5 Tutoring Overall Score: 12/20

*Feeling altruistic and want to help out students who can’t afford a tutor? Universities often have volunteering schemes such as Pimlico Connection at Imperial. I did this for one term when I started my PhD. No pay but a lot of satisfaction and the potential to make a big difference to the students you help.

Matched Betting

The wildcard! In a nutshell matched-betting involves taking advantage of promotional sports betting and casino game offers: flipping the odds in your favour, massively increasing your odds of regularly winning.

You might have seen sketchy looking adverts about it, but rest assured that you genuinely can make decent cash doing it from the comfort of your bedroom. I subscribe to a matched betting service* which makes the process of finding and capitalising offers very simple.

A typical offer may see you make £20 for 20-30 minutes work , with some offers being much more time efficient and others less so. There are a series of simple sign-up offers you can begin with which got to me to a quick profit of around £1000 profit. After these sign-up offers there are usually recurring offers for existing customers too.

*This is an affiliate link, please read more about my policy relating to them here .

I started matched betting several years ago and in total have made almost £10,000. The nice thing with matched betting is that it is tax free!

You can do it as much or as little as you have time for and it’s easy to fit around your work. You won’t learn anything useful from doing it but the flexibility is almost unrivalled. In summary, provided you’re careful it’s a fantastic way to make money as a student!

If you’re interested I have now written a huge post, guiding you through matched betting:

• The Student Guide to Matched Betting: Make Easy Money Online

Hourly rate: 4/5 Flexible hours: 5/5 Personal development: 1/5 Availability: 5/5 Matched Betting Overall Score : 15/20

Market Research Sessions

You’ve probably seen TV shows with a group of consumers thrown in a room to discuss their use of a certain product, with executives taking notes behind a one way mirror. The setting isn’t always like that, but the opportunities to make money as a student with market research are prevalent. It’s becoming increasingly common for virtual opportunities to be offered too.

There are agencies you can register with and they’ll regularly email new opportunities targeted at various demographics. I’ve done sessions on topics as diverse as gardening through to chocolate bars. You don’t need to be a student to apply for these but they do suit the potential flexibility of being a student.

The premise is simple: you provide an insight into your decision making process or feedback on a product to inform product development. Sometimes the work will involve going to a single one hour long session, other times you’ll be recording video diaries for a week or a month from home. Pay is often around £50 per hour or more.

Along with the products themselves I’ve received bonuses like an iPod to be able to record video diaries on which is an extra perk.

If you decide to attend a session in person make sure to factor in commuting time: earning £75 for a one hour session might sound great but if it takes an hour to get there it’s less efficient than it sounds. The sessions can be interesting but don’t really offer much in the way of personal development. Opportunities are sporadic and certainly not financially dependable so see them as a bonus.

Here are some companies which email me with market research opportunities:

• TakePartInResearch *
• Trend Market Research

*These are both affiliate links, please read more about my policy relating to them here .

Hourly rate: 5/5 Flexible hours: 4/5 Personal development: 1/5 Availability: 2/5 Market Research Overall Score: 12/20

Prolific is similar to other online survey sites, but as well as making money you’re participating in academic studies. As of February 2021 I’ve been using Prolific for a few months now and have made just over £100 at roughly £10 an hour .

The nice thing compared to other ways of making money is that you can pick up studies at your convenience. A lot of the time the studies are actually pretty interesting too.

The worst thing about it is that there aren’t currently a constant stream of high earning surveys so the potential to earn lots of money is limited. Hopefully as the platform develops the opportunities will increase.

I wrote a whole article with my thoughts and tips for using Prolific here .

Hourly rate: 2/5 Flexible hours: 3/5 Personal development: 3/5 Availability: 2/5 Prolific Overall Score: 10/20

Bank Switching Offers

To entice customers, banks often give out free cash for you to switch to them. Usually these offers are for £50-£100. Recently I got paid £100 to switch a current account to RBS, not bad for 10 minutes work.

In 2019 I detailed some of the money I made from these here . See available offers in the UK listed here .

Switching is now really simple, with all your direct debits etc automatically carried across, so switching takes less than half an hour: making this a good hourly rate!

If you’re able to save money, the linked savings accounts associated with many of these accounts are great too. The issue is that there aren’t that many banks and you can’t do these offers that frequently so it certainly isn’t a long term solution to make money. I still recommend making the most of these very easy offers and I usually switch accounts every 12 months or so.

Do be aware that sometimes there are required minimum monthly deposits. Usually you are okay to “game” it (i.e. if deposits of £1000 per month are required, you can simply transfer money back and forth amongst several of your own accounts up to this amount).

Hourly rate: 4/5 Flexible hours: 4/5 Personal development: 1/5 Availability: 1/5 Banking Offers Overall Score: 10/20

Selling on eBay

I make money selling old belongings on eBay, and have averaged about £200 per month since starting my PhD.

This method of reliably making money only really applies if you’ve got loads of old belongings hanging around which A you no longer want and B have value. So it’s certainly not for everyone nor a sustainable long term income source. Nevertheless it’s worked great for me to both make money (over £10,000!) and give my belongings a new lease of life.

I wrote a post about it here: How I make money selling belongings on eBay .

It is great to see the rise in thrifting and reducing our demands on the planet. Even if you’ve just got some old clothes you’re no longer wearing, try selling them. As well as eBay there are loads of other platforms this applies to such as Depop , Shpock etc.

Hourly rate: 2/5 Flexible hours: 5/5 Personal development: 1/5 Availability: 2/5 eBay Overall Score: 10/20

How to Earn Money Online for Grad Students

In addition to the money making opportunities listed above, there is one additional way of making money open to you specifically as a masters or PhD student.

But before we delve into it I’ll first address whether it’s ok to earn extra money during your PhD, after all you’ll usually be receiving a stipend to pay you for your work.

The simple answer is that usually you are fine to make some extra money on the side and working as a graduate teaching assistant is often actively encouraged .

However there will normally be limits on the number of hours you can work outside of your PhD studies, so if in doubt consult your department for further details.

Although not strictly limited to grad students, a lot of consulting roles will want you to demonstrate some expertise. Having several years of experience and a degree or two under your belt will significantly help with this.

I’ll begin by saying that I only have a small amount of experience in this area. Opportunities exist in many fields and you’ll typically hear about consulting opportunities through one of the following channels:

• Your supervisor may have a history of working with certain companies
• Department-wide emails targeted at PhD students to provide specialised help
• Adverts around campus
• Signing up to a consultancy agency

Of course you can also set yourself up as an independent consultant. Working with an external company through consulting can be a valuable experience for both academia and industry.

Recently I signed up to Kolabtree , a website connecting businesses and independent consultants. I’ve had some offers for work but haven’t yet taken on any. Be aware of the 20% platform fee. Even so I like the idea and setting up a profile doesn’t take long.

Hourly rate: 4/5 Flexible hours: 3/5 Personal development: 5/5 Availability: 2/5 Consulting Overall Score: 14/20

In addition to all of the ways to earn money online described above, I’d also encourage PhD students to keep an eye on any graduate teaching assistant (GTA) opportunities available. For more details see my full post on GTA roles .

The majority of these will be in person, but you may also find the occasional online role from time to time.

Summary: How to Earn Money Online for Students

Below is a brief summary of the key points we’ve discussed above.

• Tutoring: Offer your expertise to help younger students prepare for exams. Tutoring can be financially rewarding and flexible.
• Matched Betting: Take advantage of promotional sports betting and casino offers. Matched betting can be a lucrative way to make money online as a student.
• Market Research Sessions: Participate in market research studies to provide feedback on products or decision-making processes. These sessions can pay around £50 per hour or more.
• Prolific: Participate in online surveys and academic studies through the Prolific platform. Studies can be interesting and you can earn money at your convenience.
• Bank Switching Offers: Take advantage of banks’ offers to switch accounts and receive free cash. This can be a quick way to make money, but opportunities are limited.
• Selling on eBay: Sell old belongings on eBay or other platforms like Depop or Shpock to make money and give your items a new lease of life.
• Consulting (typically for graduate students): If you have expertise in a field, consider consulting opportunities, which can be beneficial for academia and industry connections.

As you can see, there are loads of ways for students to earn money online, each with their own pros and cons. No single one of these income streams is perfect for everyone, so which to choose will depend on your own skills, availability and priorities. However, there is nothing to stop you from utilising a mix of different income streams, giving you exposure to more opportunities to make money.

Keep in mind any limitations on the number of hours you can work outside of your studies, especially for graduate students receiving stipends.

Personally, from this list I’ve made the most money from eBay and matched betting . Then a much smaller and less dependable source has been market research opportunities and Prolific.

Best of luck with smashing both those money making and academic goals. Happy hustling!

Hopefully that’s helped to answer the question of how to earn money online for students. If you have any suggestions for income streams I should include, please do let me know in the comments.

You can also subscribe to stay updated on new posts:

Share this:

• Click to share on Facebook (Opens in new window)
• Click to share on LinkedIn (Opens in new window)
• Click to share on Twitter (Opens in new window)
• Click to share on Reddit (Opens in new window)

Related Posts

Minor Corrections: How To Make Them and Succeed With Your PhD Thesis

2nd June 2024 2nd June 2024

How to Master Data Management in Research

25th April 2024 27th April 2024

Thesis Title: Examples and Suggestions from a PhD Grad

23rd February 2024 23rd February 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Notify me of follow-up comments by email.

This site uses Akismet to reduce spam. Learn how your comment data is processed .

Privacy Overview

• Share full article

Advertisement

Supported by

Michelle Goldberg

The Most Important Primary Election of the Year Is Also a Heartbreaker

By Michelle Goldberg

Opinion Columnist

Update: George Latimer defeated Jamaal Bowman in the Democratic congressional primary on Tuesday.

On Tuesday, voters in New York’s 16th Congressional District will cast ballots in the most expensive House primary race in American history, and if the polls are right, Representative Jamaal Bowman, a left-wing Democrat, is going to lose. In the primary four years ago, Bowman rode the insurgent energy of the Black Lives Matter movement to an upset victory against a longtime incumbent, Eliot Engel, one of Congress’s most reliable supporters of Israel. But the urgent utopian hopes of that moment have long since faded. Now Israel’s champions, many of whom have never been comfortable with Bowman, are striking back, capitalizing on a political environment transformed by Oct. 7.

Bowman’s challenger is the Westchester County executive, George Latimer, who refuses to criticize Prime Minister Benjamin Netanyahu of Israel, putting Latimer not just to Bowman’s right but also to the right of President Biden and Senator Chuck Schumer, the majority leader. A June Emerson poll showed Latimer leading by 17 points. If Bowman is defeated, he will be the first member of the Squad — a group of young, very progressive Black and brown members of Congress — toppled by a moderate. Given that the American Israel Public Affairs Committee’s super PAC has poured more than $14.5 million into the race, a Bowman loss will probably serve as a warning to other politicians about the cost of breaking with Washington’s pro-Israel political consensus.

“This is, in my view, one of the most important elections in the modern history of this country,” Senator Bernie Sanders of Vermont said at a rally for Bowman on Friday, speaking about the obscene sums being marshaled on Latimer’s behalf. I think Sanders was exaggerating, but the contest is probably the most important congressional primary this year. It’s setting a precedent for big money interference in local politics and tearing at the longtime progressive alliance between Black people and Jews. It could intimidate into silence Democrats who have qualms about Israel’s treatment of the Palestinians, or if Bowman manages an upset, it could embolden them. These high stakes make his carelessness in giving his enemies ammunition especially frustrating.

It was always going to be hard, after Oct. 7, for Bowman to bridge the gulf between his convictions and the expectations of many of his Jewish constituents. His district, which includes a small slice of the Bronx as well as the suburbs of southern Westchester, is among the country’s most Jewish, and many of his voters, traumatized by Hamas’s attack on Israel and by increasingly visible antisemitism in America, wanted someone who would stand resolutely with the Jewish state. Bowman was never going to do that; he was horrified by his encounter with Israel’s occupation during a congressional trip in 2021, and he’s been anguished by the mass death and suffering of Palestinians in Gaza, where he believes Israel is committing a genocide. There is something deeply admirable about his refusal to subordinate his values to political expediency.

But Bowman has also been reckless in stomping on ideological land mines. Among his greatest unforced errors was claiming that reports of Israeli women being raped on Oct. 7 were a “lie” used for “propaganda.” (He later apologized .) Though he says he continues to support a two-state solution, he’s fallen into the left-wing habit of using “Zionist” as an insult, such as when he referred to the “Zionist regime we call AIPAC.” Speaking to Politico , he complained about the “decision” some Jews have made to segregate themselves, which many saw as an insult to the Orthodox communities in his district. I suspect Bowman didn’t know that the idea of Jews as clannish is an antisemitic trope, but when you have lots of Jewish constituents, understanding their sensitivities is part of the job.

To be clear, Bowman isn’t the only one showing a lack of sensitivity. The campaign against him has been ugly and sometimes frankly racist. Latimer has accused Bowman of caring only about his “Black and brown” constituents and of having an “ethnic” advantage. After the candidates’ first debate, a vice chair of the Westchester County Democratic Committee called Bowman an “angry, lying Black man” on Latimer’s Facebook page, adding that she’d be glad to see him have a stroke. Before Friday’s rally with Sanders, which took place in the picturesque village of Hastings-on-Hudson, some residents sent a letter to local leaders fretting about the threat of “paid agitators” endangering the community.

We are having trouble retrieving the article content.

Please enable JavaScript in your browser settings.

Thank you for your patience while we verify access. If you are in Reader mode please exit and  log into  your Times account, or  subscribe  for all of The Times.

Thank you for your patience while we verify access.

Already a subscriber?  Log in .

Want all of The Times?  Subscribe .

Screen Rant

How much money the dallas cowboys cheerleaders actually make.

Your changes have been saved

Email Is sent

Please verify your email address.

You’ve reached your account maximum for followed topics.

15 Best Football Movies & TV Shows

What happened to madeline salter after america’s sweethearts: dallas cowboys cheerleaders, what happened to kelcey wetterberg after america’s sweethearts: dallas cowboys cheerleaders.

Custom Image by Debanjana Chowdhury

• Dallas Cowboys Cheerleaders are among the highest-paid in the NFL, earning $15-20 per hour for practices and $500 per game, with seasoned members making up to $75,000 annually.
• The squad's pay is under scrutiny due to their demanding schedule and relatively low wages compared to other team members, leading to lawsuits and calls for better compensation.
• America's Sweethearts: Dallas Cowboys Cheerleaders, a Netflix docuseries, explores the intense training, strict rules, and personal lives of the iconic cheerleading squad.

America's Sweethearts: Dallas Cowboys Cheerleaders outlines the intense career and training of the cheerleaders for the Dallas Cowboys, as well as their controversial pay. The Dallas Cowboys Cheerleaders (also called America's Sweethearts) features 36 members, many of whom are new recruits. The series offers an intimate look into the auditions, training, and personal lives of these iconic cheerleaders. The show's creator, Greg Whiteley, also made the multi-season Netflix show Cheer in 2020, which focused on the drama of a college cheer team.

Cheerleading has been a staple in the National Football League (NFL) since 1954, with 24 of its 32 teams currently featuring cheer squads . Prospective cheerleaders undergo scrutiny based on their technique, kicks, splits, appearance, stage presence, enthusiasm, and personality during recruitment. Released as a Netflix original, America's Sweethearts: Dallas Cowboys Cheerleaders shines the spotlight on the cheerleading squad for the Dallas Cowboys, the various nuances of their work, and even the pay they receive, which may not be what most would expect.

NFL football is right around the corner, which means it's time to curl up and revisit all of the best football-focused movies and television shows.

The Dallas Cowboys Cheerleaders Make $75,000 Per Year

The cowboys are the most valuable team in the league.

According to Forbes , the Dallas Cowboys are the NFL’s most valuable team, estimated at $9 billion. Reflecting this status, the Dallas Cowboys Cheerleaders (DCC) are among the highest-paid cheerleaders in the league. Reports suggest they earn between $15 to $20 per hour for practices and receive $500 per game. The most seasoned members' annual earnings can reach around $75,000. However, not all cheerleaders receive this level of compensation. In the series, former Cowboys cheerleader Kat Puryear says, "I would say I’m making…like a Chick-fil-A worker who works full-time."

The total salary includes game performances, hourly wages for practices, and public appearances. The girls are compensated around $50-75 to represent the team at events, such as conferences, corporate events, and hospitals throughout the year. The squad has made over 83 USO appearances since forming in 1961. Annually, the team dedicates over a thousand hours to participating in charitable events and other public engagements. Requests for appearances are open to the public and can be submitted through the squad's official website.

How The Dallas Cowboys Cheerleader Salary Compares To Other NFL Teams

The cowboys cheerleaders are some of the highest paid in the nfl.

According to NBC Sports Boston , other cheerleaders are paid about $15-20 an hour and $150 a game. This amounts to an average salary of about $22,500 a year. Along with the Dallas Cowboys Cheerleaders, some of the other highest-paid squads in the league cheer for the Miami Dolphins, Minnesota Vikings, New England Patriots, and Philadelphia Eagles. Squads also get paid more if the team advances to the playoffs, as they get to perform in more games, making both the team and the cheer squad more valuable.

Specific pay structures for cheerleading squads are often not publicly disclosed. Still, it is generally thought that the Dallas Cowboy Cheerleaders receive the highest compensation among all squads. Payments can also vary based on the cheerleaders' experience levels and seniority within the team. Typically, cheerleaders remain with a team for three to five seasons, with some transitioning to new career paths afterward and others staying on for many years. Kelli Finglass, the Dallas Cowboys' cheer coach featured in the docuseries, has been involved with the team for nearly two decades, contributing to the squad's longevity and success.

Why The Pay For NFL Cheerleaders Is So Controversial

Several lawsuits have helped boost wages for the cheerleaders.

Historically, NFL cheerleaders have been among their teams' lowest-paid employees. A 2022 report by NBC Sports Boston showed that the average cheerleader makes less than NFL waterboys and mascots. In 2021, several cheer squads filed lawsuits against the league, suing for wage theft, unsafe working conditions, sexual harassment, and discrimination. According to Marketplace , before the lawsuit, Cowboys cheerleaders earned what amounted to an hourly wage of $8, with some teams earning as little as $5 an hour. The teams don't have to offer them benefits or living wages because the cheerleaders are considered independent contractors instead of employees.

The cheerleaders receive significantly less than the other parts of the team despite working similar, if not more, hours. The docuseries underscores the demanding schedule of cheerleaders, who sometimes work twenty-one consecutive days to prepare for events like the Christmas Day game. Many of these cheerleaders have second jobs to supplement their income due to the inadequate cheerleading pay. The docuseries also outlines the strict rules the cheerleaders must follow, highlighting regulations regarding physical appearance, professionalism, and dedication.

America's Sweethearts: Dallas Cowboys Cheerleaders is available to stream on Netflix.

The high standards for the Dallas Cowboys Cheerleaders reflect the team's pride in their iconic cheerleading squad. Despite the significant wage gap compared to other team members, efforts have been underway to address the longstanding issue of underpayment. America's Sweethearts: Dallas Cowboys Cheerleaders delves into these issues and the rigorous standards and intensive training prospective cheerleaders undergo in their journey to join the team and earn the title of America’s Sweethearts.

Sources: Forbes , NBC Sports Boston , Marketplace

America’s Sweethearts: Dallas Cowboys Cheerleaders (2024)

• Election 2024
• Entertainment
• Newsletters
• Photography
• Personal Finance
• AP Investigations
• AP Buyline Personal Finance
• AP Buyline Shopping
• Press Releases
• Israel-Hamas War
• Russia-Ukraine War
• Global elections
• Asia Pacific
• Latin America
• Middle East
• Election Results
• Delegate Tracker
• AP & Elections
• Auto Racing
• 2024 Paris Olympic Games
• Movie reviews
• Book reviews
• Financial Markets
• Business Highlights
• Financial wellness
• Artificial Intelligence
• Social Media

Orlando Cepeda dies

Starting your first post-graduation job? Here’s how to organize your finances

FILE - A Morehouse College student lines up before the school commencement, May 19, 2024, in Atlanta. With graduation season over, many college grads are embarking on summer internships or their first full-time jobs.(AP Photo/Brynn Anderson, File)

• Copy Link copied

NEW YORK (AP) — With graduation season over, many college grads are embarking on summer internships or their first full-time jobs. Navigating your finances when you start adult life can be challenging, from understanding your health insurance and benefits to managing a budget.

Finding a job is often the first hurdle, so if you’ve accomplished that, take a moment to be proud of yourself.

“Once you do get that first job, pat yourself on the back,” said Nick Holeman, director of financial planning for Betterment, a financial advisory company.

Then it’s time to think about your financial future. With credit card delinquencies growing and interest rates still high , it’s more important than ever for recent graduates to start their adult lives on the right financial track.

Here are recommendations from experts about how to do that:

Pay attention to onboarding instructions

Getting your first job is exciting, but the onboarding process can feel overwhelming. When you start a new job, most companies offer guidance about benefits such as your 401(k) and health insurance. It’s a lot of information, but it’s important not to ignore it, Holeman said.

One key thing to focus on is your employer-sponsored retirement plan. While many companies automatically enroll you, Holeman recommends you save more than the typical 2% to 3%. Automatic enrollment allows your employer to take a set amount from your paycheck to allocate to a retirement investment account. You can choose to opt out or increase the amount you contribute.

“Because you’re automatically enrolled doesn’t mean you can’t go in and increase how much you’re contributing,” he said. “And that’s a great way to build those automatic savings habits that around going to take you throughout the rest of your career.”

Figure out your health insurance

This article is part of AP’s Be Well coverage, focusing on wellness, fitness, diet and mental health. Read more Be Well.

Some recent grads might stay on their parents’ health insurance while others might enroll in an employers’ health insurance plan. But if your job doesn’t offer health insurance, experts recommend you enroll in the Affordable Care Act .

“You shouldn’t go uninsured if you are going to be working for an employer that doesn’t offer health insurance,” said Louise Norris, health policy analyst for healthinsurance.org.

While you’re navigating the ACA’s marketplace, you must take into consideration your budget, health, and availability of doctors in your area. If your employer offers several health insurance plans, Norris recommends learning the details of the plans, such as your deductible, co-pays and use policy.

If you’re generally healthy and don’t go to the doctor often, Holeman recommends you choose a high-deductible health plan, because it will allow you to save money in a health savings account , also known as an HSA. An HSA lets you set aside pre-tax money to pay for medical expenses, which can help you cut out-of-pocket costs when you visit the doctor.

Save for emergencies

Emergencies are tough to prepare for because you never know when they will happen and how expensive they will be. However, it’s a good practice to have an emergency fund that will alleviate some of the financial burden if something goes wrong.

“Think of your emergency fund as a ‘break glass in case of emergency,’” said Holeman, who recommended that you keep your emergency savings in a separate bank account.

Emergency fund amounts vary depending on each person’s circumstances but Holeman recommends that you save three to six months of expenses. This is an ideal scenario, but any amount of savings can be helpful in case of an emergency.

Manage your credit card usage

Credit cards can help build your credit score and develop good borrowing habits, but if not used carefully, they can also get you in a lot of debt.

If you’re taking out your first credit card, Holeman recommends that you choose something that you can keep for a long time, since an important factor in your credit score is the length of your credit history. Holeman recommends your first credit card is one that doesn’t have a yearly fee and is easy to maintain.

If you’ve had a credit card before, remember that to maintain a good credit score and not fall into credit card debt, you must pay off your balance on time every month. It’s best if you use your credit card to pay for things you can already afford, recommended Steve Pilloff, associate professor of finance at Costello College of Business at George Mason University.

“Use it as a way to make payments rather than a way to borrow money. Focus on the card and not the credit,” Pilloff said.

Adjust your budget

Budgeting is a key component of your financial life, whether you’re trying to save for your emergency fund or pay down debt.

Budgets change along with your finances, so when you land that first full-time position and maybe move to a new city, you need to change your budget to reflect your current financial reality, Pilloff said.

If you’re using your budget to find ways to cut costs, Holeman recommends you focus on big expenses, such as rent or transportation costs, rather than small ones such as coffee or shopping. If you have debt, Holeman also recommends you first focus on paying off high-interest debt. If you don’t have debt, focusing on building an emergency fund and saving for short-term goals is also a great place to start setting goals for yourself.

Budgeting is not a one-time process. In order to achieve your financial goals, you have to continuously assess and adjust, Pilloff said.

With apps like YNAB and EveryDollar , you can access and easily modify your budget at any time. However, the best way to stick to a budget is finding the format that best works for you, whether that’s an Excel sheet or a notebook.

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

Democrats are talking about replacing Joe Biden. That wouldn't be so easy.

President Joe Biden's performance in the first debate Thursday has sparked a new round of criticism from Democrats , as well as public and private musing about whether he should remain at the top of the ticket.

In the modern era, a national party has never tried to adversarially replace its nominee, in part, because knows it would most likely fail. The issue came before both parties in 2016, but neither took action.

Party rules make it almost impossible to replace nominees without their consent, let alone smoothly replace them with someone else. And doing so would amount to party insiders’ overturning the results of primaries when Democratic voters overwhelmingly to nominate Biden. He won almost 99% of all delegates.

And at the moment, there’s no known, serious effort to push him off the top of the ticket.

Still, the Democratic National Committee's charter does make some provisions in case the party’s nominee is incapacitated or opts to step aside, and an anti-Biden coup at the convention is theoretically possible, if highly unlikely. So how would it work?

What happens if Biden drops out before the convention?

The only plausible scenario for Democrats to get a new nominee would be for Biden to decide to withdraw, which he has sworn off repeatedly during other bumpy stretches of his campaign.  

He could do so while serving out the rest of his term in the White House, as Lyndon Johnson did in 1968. 

If Biden were to drop out before he is scheduled to be formally nominated in August, it would create a free-for-all among Democrats, because there’s no mechanism for him or anyone else to anoint a chosen successor.

It takes a majority of the roughly 4,000 pledged delegates to win the party’s nomination. Biden’s won 3,900 of them. Under recent reforms, the party’s more than 700 superdelegates — Democratic lawmakers and dignitaries — are allowed to vote only if no one wins a majority of pledged delegates on the first ballot, so their votes could be crucial in a contested convention. 

Because Biden's opponents all won effectively no delegates throughout the Democratic nominating process, there'd be a virtual clean slate heading into the convention, and the decision would most likely come down to the convention delegates who were initially pledged to Biden.

Biden would have some influence over his pledged delegates, but ultimately, they can vote as they please, so candidates would most likely campaign aggressively to win over each individual delegate.

However, there's a potentially important wrinkle: Democrats plan to formally nominate Biden virtually ahead of the late-August convention to sidestep any potential concerns about ballo t access in Ohio, where a technical quirk has complicated things

Democrats decided to plan a virtual nomination for Biden after Ohio Republicans balked at passing pro forma legislation that would allow Biden to be on the ballot, even though the convention falls after a state deadline. But while Republicans passed a law to shift the deadline, Democrats decided to move forward with a virtual nomination nonetheless.

Could Democrats replace Biden against his will?

There’s no evidence the party would entertain a change without Biden’s consent. But even if it did, there’s no mechanism for it to replace a candidate before the convention, and certainly no way for it to anoint a chosen successor.

If large swaths of the Democratic Party lost faith in Biden, delegates to the national convention could theoretically defect en masse. Of course, they were chosen to be delegates because of their loyalty to Biden and have pledged to support him at the convention.

But, unlike many Republican delegates, Democratic delegates aren’t technically bound to their candidate. DNC rules allow delegates to “in all good conscience reflect the sentiments of those who elected them,” providing some wiggle room.

The party’s charter does include provisions to replace the nominee in the event of a vacancy. The measure is intended to be used in case of death, resignation or incapacitation, not to replace someone who has no desire to step down.

That was the measure that Donna Brazile, then the interim DNC chair, considered invoking after Hillary Clinton collapsed two months before the 2016 election, she wrote in her memoir .

In her memoir, released a year later, Brazile wrote that she was worried “not just about Hillary’s health but about her anemic campaign ... so lacking in the spirit of fight.” 

“Perhaps changing the candidate was a chance to win this thing, to change the playing field in a way that would send Donald Trump scrambling and unable to catch up,” she wrote, adding that aides to other would-be candidates contacted her, including then-Vice President Biden’s chief of staff.

But after less than 24 hours of consideration, Brazile realized the idea was untenable without Clinton’s cooperation and likely to only divide her party further. “I could not make good on my threat to replace her," she wrote.

Current DNC Chair Jaime Harrison is a longtime Biden ally who serves, essentially, at the pleasure of the president. And the national party has certainly given no indication it’s anything but fully behind his re-election.  

What happens if Biden withdraws after the convention?

To fill a vacancy on the national ticket, the chair can call a “special meeting” of the full DNC, which includes about 500 members. On paper, at least, all it takes is a majority vote of those present to pick new presidential and vice presidential nominees. But that process would most likely be anything but smooth and be filled with behind-the-scenes jockeying and public pressure campaigns. 

If a vacancy were to occur close to the November election, however, it could raise constitutional, legal and practical concerns. Among other issues, ballots have to be printed well in advance of the election, and it might not be possible to change them in time.

Would Kamala Harris replace Biden?

If Biden were to relinquish the presidency, Vice President Kamala Harris would automatically become president — but not the Democratic Party’s nominee. Nor would she necessarily be the nominee if Biden withdrew from his re-election bid while he remained in the White House.

She might be politically favored, but party rules give the vice president no major mechanical benefit over other candidates. 

Biden’s delegates wouldn’t automatically transfer to Harris, and the convention holds separate votes on nominees for president and vice president. So she would still need to win a majority of delegates at the convention. 

If the top of the ticket were vacated after the convention, she would still need to win a majority of votes at the special meeting of the DNC.

That is all, at least, under current party rules. But a vacancy at the top of the ticket is the kind of dramatic moment that might lead party leaders to revisit them in the name of easing the transition. Harris has some close allies in key places at the DNC, including a co-chair of the party’s Rules and Bylaws Committee. But nothing would be likely to happen without a fight.

Ben Kamisar is a national political reporter for NBC News.

Alex Seitz-Wald is a senior politics reporter for NBC News.

Sports betting is legal in 38 states now, but these residents wager the most

Earlier this year a record 67.8 million American adults bet on Super Bowl – that's more than a quarter of the U.S. adult population and a 35% increase  from the previous year, according to the American Gaming Association.

For 25 years, sports betting had been banned outside of Nevada – then in 2018 the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act. In the following six years, sports betting quickly became one of the most popular forms of gambling. Now 38 states and Washington, D.C. allow for online or in-person betting.

Sports betting may look like putting a wager on a basketball game or betting money on a horse race. It's the fastest-growing source of state tax revenue, The Washington Post reported. The tax revenue that sports betting generates helps  fund state resources , including roads and highway construction, public education, law enforcement and gambling addiction programs.

These states take home the most revenue in taxes from legal sports betting:

How much money do states make from sports betting?

At the end of last year, New York state took in $260 million in tax revenue from legal sports gambling. New York made the most money of any other state in the fourth quarter, according to the Census Bureau’s quarterly summary of state and local tax revenue .

The Northeast reported larger revenue amounts from sports betting, compared to other regions in the country.

Since 2021, taxation on sports betting has quadrupled, according to The Washington Post.

Which states wager the most money on bets?

Since 2018, New Jersey reported the largest total pool of money wagered on sports bets – $51.6 billion in total. New Jersey outpaced Nevada (home to Las Vegas, a city notoriously linked with gambling) in total wagers back in 2021.

According to the Legal Sports Report, operators have generated $30 billion of gross revenue from over $360 billion in money wagered.

The following states have brought in the largest handle for sports gambling:

Sports betting's rise is a cash cow: Are states doing enough to curb gambling addiction?

Who bets money on sports?

An estimated 26% of Americans have bet on sports at one point and 10% reported wagering money online, a YouGov survey found.

Men are more likely to put a wager on the game than their female counterparts, with 35% answering yes to ever betting money on a sporting event. Hispanic and white people are also more likely to bet money on a sporting event compared to Black adults.

If you or someone you know has a gambling problem, help is available. Call the National Council on Problem Gambling 24/7 at 1-800-GAMBLER (NJ, OH), 1-800-522-4700 (CO), 1-800-BETS-OFF (IA), 1-800-9-WITH-IT (IN). Sports betting and gambling are not legal in all locations. Be sure to comply with laws applicable where you reside.

Watch CBS News

What would happen if Biden stepped aside from the 2024 presidential race?

By Kathryn Watson

June 28, 2024 / 5:32 PM EDT / CBS News

President Biden's lackluster debate performance Thursday night, marked by a raspy voice , gaping facial expressions, rambling answers on key questions and a perceived failure to refute several lies from former President Donald Trump, has fueled concern among many Democrats in Washington and sparked some discussion about whether there's a way to replace him on the Democratic ticket in the 2024 presidential election. 

Biden campaign spokesperson Mia Ehrenberg, asked if the president would step aside after his debate performance, replied, "Absolutely not." Asked if there are conversations about Mr. Biden stepping aside, campaign spokesman Michael Tyler said, "There are no conversations about that whatsoever."

And a newly re-energized Mr. Biden showed no sign of backing away when he spoke at a campaign rally in North Carolina the following day. "I don't debate as well as I used to," he acknowledged, but added, "I know how to get things done. And I know, like millions of Americans know, when you get knocked down, you get back up."

Whether the 81-year-old presumptive Democratic nominee should be replaced is a question for Democrats. How that process would work in accordance with Democratic National Committee rules is another. 

Here's what the process could look like, according to experts and DNC rules. 

Biden would have to step aside voluntarily 

The president couldn't be forced to step down from the race, election law and process experts agree. It's something he would have to do voluntarily. Mr. Biden possesses nearly all of the delegates from the primary process and most states have already completed their primaries.

"This is all premised on Biden himself agreeing to do this," said John Fortier, a senior fellow at the American Enterprise Institute who studies the Electoral College process and continuity of government. 

Replacing a party nominee like Mr. Biden is "really hard and unlikely to happen," Fortier said. 

"I don't think it's going to happen because there are all sorts of reasons why it's difficult," he said. 

The timing of any replacement of a major party's nominee 

If Mr. Biden were to step aside, that would almost certainly happen "before or during the convention," Fortier said. 

Stepping aside before the Democratic convention is legally easy but politically difficult, said Derek Muller, a law professor at the University of Notre Dame who specializes in election law. 

"It's politically messy before the convention but it's not legally messy," Muller said. There is no legal impediment to his stepping aside as the presumptive Democratic nominee.

Biden would likely have significant influence on his successor if he were to step aside before the convention

If Mr. Biden were to step aside before the convention, which begins on Aug. 19 in Chicago, he would likely have significant influence on the Democratic Party's choice of who would take his place on the ticket. The most likely candidate would be Vice President Kamala Harris, Muller and Fortier agree. 

"He could negotiate of course beforehand with people to try to get a common front," Fortier said. "By far the most likely outcome is that it would go to Kamala Harris."

Delegates are loyal party people, and Fortier said he suspects they "would be able to rally the troops" around one candidate. 

"I think Harris would be the default option because she is the vice president and is the presumptive vice presidential nominee," Muller said. 

If Harris were to become the presidential nominee before the convention, she would be able to pick her VP replacement, perhaps another big-name Democrat who performed well in an open convention. 

But it wouldn't have to be Harris.

A contested convention?

At this point, the Democratic National Committee is expected to hold a virtual roll call about a week and a half before the convention, on Aug. 7, to formally nominate Mr. Biden and Harris, in order to meet a ballot certification deadline in Ohio on that date.

The convention is scheduled to begin Aug. 19 in Chicago, but an Ohio law requires that presidential candidates formally be nominated 90 days before Election Day. 

Because of the virtual roll call, "I don't know what that looks like in the event that there's going to be a contested convention," Muller said. 

If Mr. Biden did step aside and Democrats were unclear on who the nominee should be, they could decide to jettison the virtual roll call and cede Ohio to Trump, in order to give candidates a little longer to prepare their pitches for the convention.

DNC rules say delegates "elected to the national convention pledged to a presidential candidate shall in all good conscience reflect the sentiments of those who elected them."

Fortier says this means delegates must vote for Mr. Biden on the first ballot. 

"The delegates are bound on the first vote, and Biden would essentially decline or release them, and then we move onto the second round where everybody is uncommitted," he said, if Mr. Biden steps aside. 

Muller said there could be some room for interpretation, and if Democrats were to coalesce around a new candidate ahead of the convention, they might be able to vote for someone other than Mr. Biden. 

"I think there would be a strong incentive for people to not vote for Mr. Biden, but to show strength for some other candidate."

If a first ballot is inconclusive, so-called superdelegates — party leaders and elected officials in the party — could vote in subsequent ballots. And delegates would continue to vote until a nominee is secured. That could be a lengthy process, depending on how united or divided delegates are. 

If Democrats don't throw their support to one candidate, it could get messy. 

Past convention fights

Convention fights can be long and grueling. The 1924 Democratic National Convention took a record 103 ballots to nominate presidential nominee John W. Davis and vice presidential nominee Charles W. Bryan, who went on to lose in November. 

In 1968, Robert Kennedy — father of current independent candidate Robert F. Kennedy Jr. — jumped in the race late, after President Lyndon Johnson announced in late March he wouldn't seek reelection. Kennedy was on track to win more delegates than anti-war candidate Sen. Eugene McCarthy when he was gunned down just after his speech following his victory in the California primary. 

Instead of nominating an existing candidate, the Democratic Party chose then-Vice President Hubert Humphrey, Johnson's pick, at the convention in Chicago. Humphrey lost that November to Richard Nixon. 

If Democrats held a contested convention today, presidential hopefuls would go and make their pitch to the state delegations. 

But again, Fortier said replacing the top of the ticket is "really hard and unlikely to happen." 

• Democratic Party
• 2024 Elections

Kathryn Watson is a politics reporter for CBS News Digital, based in Washington, D.C.

More from CBS News

Biden says he doesn't debate as well as before but knows "how to tell the truth"

Biden struggles early in presidential debate with hoarse voice

A look at international media coverage of the Biden-Trump debate

Disappointed Democrats stick with Biden after rough debate performance