Indi, >do the PHD graduates have significant gain in terms of "financial returns" or it is more of "symbolic achievement" over MBA graduates? Are there any direct correlation between PHD and monetary gains? If yes; is it only confined to any specific genre or field, i.e., Science, psychology, business (or even sub-category within these categories)? I do not think there is a direct correlation b/w $$ and PhD. I think the desire to earn high amounts of money is long gone once you enter grad school. It is more of being a part of an elite group of people who have solved a significant problem in the area of your expertise. I know of some people who are in PhD because they do not want a 9-5 job - they are not ready for it (maybe lazy!!). Rather, they like a flexible schedule in academia. >Among those who pursue PHD degree, do so because they want to broaden or more appropriately narrow the "view/ specialty" in the field that they already have significant achievement/experience; OR; because they pursue the degree because the lack of it. No, you do not need to have an experience in an area that you would like to do more research in. It is more like a training where you will thoroughly understand and know the "system" in your area. At the same time you can't limit yourself to that area, but be open to anything that you can apply what you know to the new "system". sweetP