While those with Ph.D.'s often go into careers as university professors, many also work outside academia in scientific research, publishing, or other arenas. A Ph.D., otherwise known as a doctorate, can be an excellent choice for those who are passionate about contributing to a specific field; those with this degree typically earn several hundred thousand dollars more over their career than those with a master's degree. That said, competition for jobs as professors can be cutthroat. Students contemplating a Ph.D. program should research their options and career prospects carefully.