The system of PhD education in the United States and many other countries is broken and unsustainable, and needs to be reconceived. In many fields, it creates only a cruel fantasy of future employment that promotes the self-interest of faculty members at the expense of students. The reality is that there are very few jobs for people who might have spent up to 12 years on their degrees. . . .I take special note of the sentence, "The technologies that have transformed financial markets and the publishing, news and entertainment industries are now disrupting the education system." Yes, indeed. Campuses may eventually become analogous to "big box" chain bookstores: relics of an earlier day, before a good education could be delivered electronically.
"Higher education in the United States has long been the envy of the world, but that is changing. The technologies that have transformed financial markets and the publishing, news and entertainment industries are now disrupting the education system. In the coming years, growing global competition for the multibillion-dollar education market will increase the pressure on US universities, just when public and private funding is decreasing."
And more here, where this passage stood out: "Finally, it may be time to encourage some young people to forgo graduate education and enter the workforce. Some companies actually prefer to hire recent college graduates—or even undergraduates—because they believe that PhD students are not well-prepared for real-world jobs."