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Students sometimes tell me they’re applying to PhD programs as a backup in case they don’t get a job as a software engineer or whatever. I get that the job market is rough but this is like saying you’ll start a company if you don’t find a job. Like starting a company, a PhD is the far *more* risky path and requires incredible grit over a long period. It isn’t just that you might realize after a couple of years that a PhD isn’t for you. The bigger risk is that you complete a PhD but end up overqualified on a niche topic after having spent 5-7 years on it. The research world, like acting, sports, music, or book publishing, is set up as a tournament, with lots of extremely competent people competing for a small number of highly desirable slots. We can talk about whether that’s fair and whether it’s inherent or can be changed, but as a professor I feel the least I can do is loudly and repeatedly warn people about what they’re getting into.