I've worked both as a mechanical engineer (on the list) and as a post-doc researcher (one of the most bitched about professions in the comments). As an engineer with just a bachelor's degree, I made pretty decent money, but I didn't care for the work. I then went back to grad school and received a stipend that was a fraction of my engineering salary, spent five years doing that, then 3 years as a post doc. I now make more money than I did as an engineer, but perhaps not as much as I would have made if I had stuck in engineering for the last 7 or 8 years (don't have too much information about the alternate history that involves me not going to grad school). Anyway, even if I didn't ever get promoted, and I'm making better cash now than I would have otherwise, I still figure that I cost myself more than $200,000 plus interest, so the real value (when factoring in salary increases) is probably much higher. So the question becomes whether it's worth it. The answer is simple. Yes. It's not possible to put a price on happiness, and I am much happier as a scientist than I ever would've been as an engineer (not that there's anything wrong with engineering; just wasn't for me). I've never starved. I've never wanted for much. So in that sense, I've always made enough money to keep me from suffering (although I would certainly recommend having money over not having it any day, all other things equal). The post-docs who bitch about how much post docs get paid probably have never held a real job before, and they therefore vastly over-inflate their importance to the world (the old trap of "I work hard and went to a lot of school, so I should get paid in a way that reflects that"...nonsense, really). When I was in graduate school there was another student who was trying to start a grad student union. He approached me with all the reasons why we're getting royally fucked by the university, the government, society, etc. The only response I gave him was that I went to grad school to be a free man, and joining a union would be the least free thing I could think of. I entered into a contract for a set wage, for a set number of years, and I felt that I was perfectly able minded enough to do so. The point is that one needs to gather all the information available before making a judgement about what to study, including what their priorities as a person are. If teaching makes you happy, then teach. But don't whine when you make 70% of what your peers make (a. you're still making a living wage, and d. you get a shitload of time off). Finding a career that speaks to you is going to be the best decision that you can make for yourself. Someone is always going to have more money that you. Who gives a shit?
Also, money isn't the only ROI that should be measured in this situation. How many more hours did you work as an engineer? How much less flexible was your day? Quality of life isn't measured in dollars alone. In fact, I'd suggest the dollars are at the bottom of the list for most people. 1. Autonomy -Can I control when and how I work. 2. Mastery -Will I have the ability to get better at what I do and grow my knowledge and ability 3. Purpose -Is what I'm doing having an impact? Then.... money. If you've not watched the Daniel Pink RSA Animate, check it out.The point is that one needs to gather all the information available before making a judgement about what to study, including what their priorities as a person are. If teaching makes you happy, then teach. But don't whine when you make 70% of what your peers make (a. you're still making a living wage, and d. you get a shitload of time off). Finding a career that speaks to you is going to be the best decision that you can make for yourself. Someone is always going to have more money that you. Who gives a shit?
I would always suggest studying that which you are passionate about rather than that which will make you the most money. If, years down the road you find that you would rather earn more money than continue in your chosen career, there are a number of ways to make a lot of money that don't require a formal education. The decision would become more difficult when there are two things you are passionate about and one of them you are just slightly more excited about but it pays 1/3 of the other. This is when I might actually suggest picking that which you are still excited about but perhaps not as much as the other, in order to make more $.
I don't have much disagreement with this advice, but I think it has to come with the caveat that school these days isn't simply about earning potential, but weighing that potential against what you paid for school. I have a BA in history and a law degree. I paid a fraction of tuition for both undergrad and law school due to scholarships (I also worked during undergrad but didn't make enough to really put a dent in anything except room and board.) I consider myself lucky to not carry the same debt burden as most of my peers, but it is still ultimately an encumbrance and it colors literally every decision I make, both short and long-term. If you are like me and independence is a pivotal element of happiness, you should consider if your academic passion will end up becoming a hinderance in itself simply because what you pay and what you can earn won't balance out.I would always suggest studying that which you are passionate about rather than that which will make you the most money.
Agreed. But it can't be ignored either. Money can't buy happiness, but lack of money can surely make one stressed. I went through some pretty poor times in graduate school (eating a two day old Hot-and-Ready is not a proud experience), but I always had the hope that that state wouldn't last forever. Hope is a powerful motivator, while its antithesis, despair, is the worst feeling known to man. I think in the what-shall-I-do-with-my-life caluculation that we all make, money should be a large factor insofar as one should decide what standard of living is acceptable, and then throw out all the careers that don't match that. If you are comfortable living on $20K, your options are obviously much more wide open than if you feel like you need $150k. There's nothing wrong with either, IMO....money isn't the only ROI that should be measured in this situation