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Been working for ten years plus and thinking of a career change. I work in finance and since every friggin market is blowing up these days I might be out of a job in 6 months, so one of my backup plans (and longer-term desires) is to go into teaching, either by geting a PHD or (another) Masters - preferably in strategic management or finance, but I'm kinda open. I've also been thinking about the teaching English abroad route but frankly think it might get pretty old/boring after awhile and I will want something more in the end, so that's why Phd came to mind.

In particular I would like to hear thoughts on:

-how long did it take?
-overall workload
-money situation (stipends, total expenses, etc.)
-additional hours grading papers/doing TA stuff
-job situation (inverted pyramid hierarchical structures at Universities, chances of jobs)
-room & board
-healthcare coverage
-colleagues - how are they?
-time off (2 months in summer right? how great is this really?)

In particular I think I'd like to study abroad, preferably Europe or maybe even South America so wondering if anyone has any experience there.

Thanks!

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I quit my job after 8 years to finish a PhD after getting a Masters. I really really miss working, I think the working life is much better than the student life. Although I think my old workplace was kind of special, if you don't love your workplace, student life is nice because you make your own workplace. The reason why I did left is because I love basic research problems, and the only way I will be totally free to work on problems of my own choosing is to have a PhD.

It seems like you are NOT talking about an MBA, which is way different because you pay your own way and in that way an MBA more like law school.

On your individual questions:

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-how long did it take?

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5 years is typical.
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-overall workload


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You pick your own hours, but the hours never cease. You work a lot of nights and weekends. I'd say in the end it's roughly the same as having a job, but it feels like you are working harder.

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-money situation (stipends, total expenses, etc.)


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I am $25/hr for 20 hours, and I think that's typical. Expenses are practically zilch besides rent. If you want to maintain your old lifestyle you'd need a side job, which would suck. I personally play poker to retain my old lifestyle, but that also kind of sucks because poker is mentally draining and I have to save my brain for school. So I need to limit my poker hours.
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-additional hours grading papers/doing TA stuff


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This is part of your stipend. It's part of the 20 hours. Most semesters people just do a Research Assistantship, which plain blends into being a grad student, I get paid to do the work I need to do anyway to graduate. It depends on your advisor's financial situation (so consider that when you are applying!). Advisors who don't have a lot of money will need you to TA more.

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-job situation (inverted pyramid hierarchical structures at Universities, chances of jobs)

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Hopefully I covered this. One thing is you get used to a certain level of respect at work. When you become a grad student people treat you like you are 20 years old again.

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-room & board

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I rent an apartment, I think that's what most do.
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-healthcare coverage


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Check with the university, but a large university should give you medical, dental, eyecare.
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-colleagues - how are they?

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Quiet. But very nice people.
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-time off (2 months in summer right? how great is this really?)


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Haha, no time off. I mean, you could always just tell your advisor that you are traveling and they'll let you. International students do this especially. Working hours are MUCH more informal. But unless you say otherwise they'll want to pay you, and you'll feel guilty about taking too much time off.

Another way to put it: You can take all the time off you want, but you'll graduate that much later.