Should I Quit My Job for an Industrial Engineering PhD?

[Helicobacter]

I got accepted into the top3 schools for industrial engineering. I currently make 60k (pretax).

The most important factor is obviously enjoyment. My current job I don't mind much (the discomfort experienced is tantamount to a loss of about 15k/yr posttax). But how much will I enjoy myself during and after the PhD program *? I don't read industrial engineering books in my free time (which proves that I am not that extremely dedicated or obsessed) but I like to think a lot of daily situation in terms of probabilities, distributions, shadow prices, rates, and tradeoffs - and some abstractions of models I come up with I find enjoyable. People I know would describe me as an analytical person.

The next most important factor is pure revenue.
[post tax remains][length of the program][current earnings-research money] = 2/3*4*(60k-15k) = 120k = [total opportunity loss in the next 4 years]. I don't know how much money an average PhD in IE makes after graduation**.

Time requirements (incl. transportation). Currently: 9h. PhD: 12h

Please clear up some of the uncertainty in * and **. Also, might there be some other factors I missed?

 

[astroperson99]

Good reading/writing skills is very important for graduate work. If you do mind reading/skimming over lots of papers (most of the time learning new theory/getting your head wrapped around them as a result), I don't recommend it. Also be prepared to lose a lot of extra time that you normally get from a 9-5 job. You could spend weeks or months working constantly in the lab or trying to write a paper out in time. On the bright side, depending on how your supervisor is like, your deadlines/schedule are much more relaxed.

Engineering PhDs, IMO, makes 90k-100k if you land a decent job. HOWEVER, some employers don't want to pay that much, so you will have to be really good in your field/assess the employability of your thesis topic.

 

[Helicobacter]

Thanks for your feedback. One key thing with industrial engineering is also that it's more borderline applied math rather than technology/engineering.

I assume I would perform average or a little below average in the PhD curriculum.

EDIT: I think you have identified a third important factor: time.

 

[astroperson99]

I think its okay if you perform average in the PhD curriculum, as long as it isn't extremely poor. Keep in mind that scholarships normally look at it, but also look at the papers you've published.

The most important factor still is your thesis topic and amount/quality of papers published. If you manage to publish a lot of decent papers (not easy) I think you are pretty good for scholarships.

 

[Matrix0]

As a scientist, it is important to carefully consider all factors before making a decision. Pursuing a PhD in industrial engineering is a big commitment, both in terms of time and money. It is important to weigh the pros and cons before deciding to quit your job and pursue this degree.

Firstly, it is important to assess your level of interest and passion for industrial engineering. While you may not read books on the subject in your free time, your ability to think analytically and enjoy creating models suggests that you have a strong foundation and potential for success in this field. However, it is important to also consider whether you will enjoy the work and research involved in a PhD program. It can be a long and challenging journey, and it is important to have a genuine interest in the subject matter to stay motivated and committed.

Another important factor to consider is the financial aspect. While the potential opportunity loss in the next 4 years may seem significant, it is important to also consider the potential salary and job opportunities after completing the PhD. It is difficult to determine an average salary for a PhD in industrial engineering, as it can vary based on industry, location, and other factors. However, having a PhD can often lead to higher paying positions and opportunities for advancement in the field.

Additionally, it is important to consider the time requirements of a PhD program. While it may require more hours than your current job, it is important to also consider the potential for flexibility and balance in your schedule. PhD programs often offer opportunities for teaching or research assistantships, which can provide valuable experience and may help offset some of the financial burden.

Overall, it is important to carefully weigh all factors and consider your personal goals and values before making a decision. It may also be helpful to speak with current PhD students or professionals in the field to gain more insight and information. Ultimately, only you can determine whether pursuing a PhD in industrial engineering is the right decision for you.