Although you are not ready to commit for 5 years, you can still join a Phd program. Depending on the school and program, about 2 years from your start date, you will face Qualifying Examination. After you complete that, you can quit the program, which will automatically give you Masters. If you are seriously thinking about going to grad school, you probably should submit all your applications by end of December. If you have a PhD, I don't think it matters much whether you have previous industry experience. Every year companies hire a lot of people with PhDs with no previous work experience. Hope this helps.