Huge money in science - (Mar/19/2009 )

Just one loose question, I've been wondering. What is the way for a biologist with Master's or PhD degree to make most salary possible, I mean countries like US or in the "old" EU? Actually I'd prefer to go into science, but if I'm not competetive enough - which, considering surplus of us, is always possible - I'd like to be less a noob about the issue. Asking such things in the lab would make people feel I am not decided, but that's just my way of thinking, I like to keep my eyes open. If outside academy, then big cash, second best choice...

If you want to make money - certainly get the PhD. The MS is not that more valuable than the BS.

Depends where my friend. In Canada, M.Sc. (Master of Science) is a full degree higher than B.Sc. Master is not an "unfinished PhD" like in some countries. So depending where you are, your Master will give you more or less advantages.

And as for the money, one old wiseman said : If you want to make money, do not become a scientist.

Just dont go to science.
You cannot make any money in science, only if you have a smart idea and you sell it.
If not, take your 1000 $ a month and work as hell.

I did this mistake some years ago

PhD will certainly have more opportunities (in a wide/wise way). If you just want to make money, then doing PhD is waste for you.

Disagree entirely thapa. PhD's in industry are paid much more than masters - MS starts at little more than BS.

GeorgeWolff on Apr 16 2009, 10:44 AM said:

PhD's get paid more than MS and BS... straight from uni, but a PhD wont get paid more than someone (BS) that has been working in industry for as long as you've spend doing your PhD No surprises there really, you both have equal experience, and the industry guy will know things you definitely dont learn in an academic institution. In fact you may end with a manager that "only" has a BS.

My advice is: ONLY do your PhD if you really want to, but never for the money. PhD years are hard and frustrating (thou very rewarding in the end), but in my personal opinion doing a PhD for the money is just not worth it.

I do have a PhD (which I enjoyed and suffered equally), and now work in industry. The reward of having a PhD is not in my salary now (which btw is much lower than that of any postdoc); the best reward is my personal satisfaction and all the things I learend during those very hard but enjoyable 4 years!

ps: this is probably different in different countries, so worth informing yourself of your particular situation.

I agree with GeorgeWolff, a phD is always better to earn the big money.
In belgium you need a phD if you want to become the director of the researchunit or even want to become a teacher.
People with phD simply have more changes in becoming the manager and thus making a lot more money.
Besides that: the higher the degree, the higher the paycheck in general.
I do not know how this is in us, but still in Belgium it is like that I think in your country too... in the whole EU it is like this I think.

What almost a doctor said is true: in the beginning someone with a lower degree, but with some years of experience will get more, but after a while you will go up the ladder and they will still be stuck. And a BS as manager ? Almost impossible: here you need a certain degree to get up the ladder and the higher you want to get , the higher your degree needs to be. The higher the spot on the ladder the higher the payckeck... .

pito on Thu Apr 16 17:36:43 2009 said:

Aside from academics, is there any use for a PhD? I'm halfway in mine and still haven't seen anyone graduating with a job outside of academics.

Money in science? hahahaha!

either
a) discover something supremely important then patent it

or

discover something very important, win nobel prize, then live off the impressive speaking fees you will be offered from then on

Either way, I think making tons of money out of science requires you to either be very very clever, or very very lucky.