Is an Online Doctorate Worth It? Comparing ROI with Traditional Programs – EDTECH 4 BEGINNERS

A doctorate degree is as far as you can take your education. The academic summit. In a world where about forty percent of the population goes to college at all, and a small fraction of that minority goes onto graduate school, doctorate degrees are truly rarified air. 

Online learning, though increasingly popular, is often viewed with a degree of skepticism by those who have only been exposed to more traditional learning avenues. 

Is an online doctorate degree worth your time and money? In this article, we answer that question by looking at how the return on investment compares to that of traditional programs. 

Are Online Doctorates Legit?

A doctorate from an accredited online university is no different from one you would get from a brick-and-mortar learning institution. It is true that there isn’t really an online equivalent of Harvard—yet—which means that people who are hoping to maximize the pedigree of their doctorate may still look for traditional learning environments. 

That isn’t most of us. The majority of students look for a combination of quality and value from their advanced education. 

If that describes you, online learning may be an excellent route to consider. You do need to be mindful of the difference between national and regional accreditation:

• National accreditation: A nationally accredited university meets a set of standards established by the federal government. 
• Regional accreditation: A regionally accredited university meets local/state requirements. 

National accreditation certainly sounds more significant, but it is regional criteria that will have a bigger influence on your life. This is particularly true for careers like healthcare, social work, and education that require both a degree and a license.

If you get an online doctorate degree from a college that is not accredited in your area, you may have a hard time obtaining your license. 

As with any university decision, it is very important to do thorough research before making your decision. 

Can Any Doctorate Degree Be Earned Online?

Some educational paths require face-to-face interactions. Obvious examples include education, healthcare, and social work. Careers in which the person getting the degree may need to acquire clinical hours in addition to taking classes. 

Even these degrees can be pursued from behind a computer screen. You will still need to gain clinical or field experience, you’ll just do it from within your own community. 

If you are interested in getting an online degree in one of these fields, make sure you speak with the admissions office about how they will help you find a placement and gain experience. Sometimes, the school support is very robust, while in other cases, the burden of responsibility will fall on the student. 

What is the ROI for an Online Doctorate Degree?

PhDs have the potential to increase your earnings by a significant margin. What’s more, online degrees are usually more affordable because:

• They cost less per credit hour. Online schools have WAY less overhead than brick-and-mortar institutions. Consequently, they are often able to offer degrees for as little as half the price of a traditional university. Actual savings will, of course, vary from program to program. 
• They allow you to live and work at home. Most online curriculums are packaged in flexible formats that allow you to maintain your existing routine. You won’t need to quit your job or move across the country to live in an expensive dorm room. 

Obviously, the less you spend on your degree, the better the return. However, there are many other factors that influence the financial value of your degree.

What is Your Degree in?

A PhD in Greek Classics doesn’t have the same monetary value as a PhD in a healthcare or engineering field. The classics degree will land you a position at a university, whereas a PhD in healthcare may qualify you to be on the executive board of a hospital.

Both are good, very respectable jobs, but in terms of sheer earning potential, the CEO has an obvious advantage. 

Where Are You at in Your Career?

The younger you are, the more money you will earn off your degree. Let’s say you can get an online PhD for $20,000. Having completed the degree, you immediately get a $5000 raise. That’s not yacht money, but it can make a noticeable difference in your life. 

HOWEVER, you won’t see any actual profit on that raise for four years. The more years you have left in your career the better that return will ultimately be. 

This shouldn’t discourage someone in their forties from continuing their education. It should motivate people of all ages to avoid postponing their studies if they don’t have to. 

How Will You Leverage It?

Your degree is what you make of it. If you get your PhD and then do little more than request a raise from your existing employer, it might not get you very far. On the other hand, if you are willing to apply for new jobs, leverage offers in negotiations, and do a little networking, the degree may wind up being much more valuable. 

Often, wage stagnation happens because talented employees aren’t willing to make the moves that would put them in a position to maximize their earning potential. If you want to make the most out of your advanced degree you will need to actively seek opportunities. 

Conclusion

Are PhDs a golden ticket? To an extent, maybe. They certainly open the door to comfortable six-figure salaries. Still, there are easier ways to obtain similar incomes. Most people are partially financially motivated when they seek a doctorate degree, but successful PhD candidates usually complete their programs because they are passionate about the course material. 

Getting a doctorate degree is a labor of love. It allows you to engage at the highest possible level with ideas that you are passionate about. Ready to get started? Begin by researching what online programs will help you reach your goals. 

It may take a few months to find a perfect fit but trust that the time will be well spent!