Here's a fundamental question, is doing a PhD a terrible option compared to starting a corporate career? Well, if you have a friend who who avoids a Masters degree (1-2 years) and a PhD (3-8 years), who will be richer, more successful in the long run?

Let's see. Let's assume you were in school for 5 years after your Bachelors - by then, your friend might be a junior manager. However, some argue that if you project this salary chart out 10-15 years, your salary as PhD will most likely surpass your friends who do not have a PhD degree other than for friends who become a boss, CEO, top manager.

Is this true? Is the PhD worth 5 years worth of lost wages in industry? Or is it the quality of life that makes it worth it?

OK, I admit the math is discouraging if you're an academic, but the truth is that I'd rather have this job than one in the corporate world. There are several reasons I would expound to the corporate individual:

1. Quality of Life: While you're plugging away at 60 hour weeks and pulling 8-10 hour days, I teach 2-3 courses a semester (each one 3 hours long).
2. Quality of Life: Yes, things were crazy while I was on the tenure track, but being tenured, I sleep better during economic downturns. I might even see you in my class if you're laid off.
3. Quality of Life: I have the summers off!
4. Freedom of Thought and Work: Generally, I can choose what I teach (within reason) and what research I do. You don't have a choice.

So it's different strokes for different folks - I prefer the quality of life - oh, and did I mention the summers off?

For starting a standard career, suitable graduate degree is enough. If your profession tell you that PhD can give you good prospect then you should try to do it. Because every profession don't have need PhD for better prospect, it is depend on criteria of profession.