Every year a few students ask me my thoughts about whether they should pursue doctoral studies and I respond with what has come to be known as ‘The Speech.’ Essentially, ‘The Speech’ runs something like this: ‘Do not do it if you think you are going to find a job at the end of it; do it for the sake of doing it. There are almost no jobs going in academia these days, and humanly speaking, time and chance are what make the difference between the one who gets the big break and the one who never even makes a shortlist. For every student who finds an academic job, there are countless others who do not. I studied with people much more talented than I am who ended up selling insurance or working in a bank.’Read the whole thing. Here's the conclusion:
The advice is, I believe, good. The chances of finding a job are slim; and with a PhD you actually make yourself less employable for other things. This is not to say you should not do a PhD; but you need to be realistic about what you can expect. Of course, all human beings are, to some extent, narcissists: I have never given ‘The Speech’ to anyone who did not believe that they were destined to be the one in a thousand who lands the plum job—after all, I ignored similar sage advice on similarly narcissistic grounds more than twenty years ago; but at least I try to bring a little reality to bear on the situation.
Too many theological students come unstuck not because they do not master the sophisticated intricacies of their chosen fields of specialization but rather because they failed their apprenticeships in the basics, the corporate disciplines of church attendance, submission to elders, hard work for the local body, and the individual disciplines which flow from these: private prayer and Bible reading, a crying out to God for his mercy, and a burning desire to be mastered by the Word of God. Successful theological students are never the subjects in theological study; rather they are always the objects of God’s grace. And the church is the place where they will be held accountable for these things. The church, not the seminar room, provides their only true home, their best classroom, and their best form of strenuous spiritual rest. Theological study at the highest level is a high calling indeed; but just for this very reason those who pursue it need to make especially sure that they truly are humble servants of the church.