Picking a hot field
Yesterday’s Newsweek carried a story about the exploding demand for pharmacists - apparently the US will need 150,000 more by 2020 to meet the needs of aging baby boomers. Similarly, the Washington Post last week talked about the shortage of faculty in business schools. Stories like this point to hot careers, and give an idea about an applicant’s chances in those areas. Business school doctoral programs, for instance, are competing for good doctoral students. According to the Washington Post article, doctoral salaries have sharply risen, along with the international demand for business PhDs. This means that it’s a good time to apply to a business doctoral program - most also offer a reasonable stipend, healthcare and a full tuition waiver. And business schools can be fairly broad - so if you’ve been thinking of getting a PhD in industrial engineering, say, or industrial psychology or sociology, it may be possible to do it in the business school and have interdisciplinary links with other departments. Applicants for business PhDs, therefore, would be right at the front of the demand curve and be able to pick better programs in a seller’s market.
On the other hand, someone applying to a graduate program in Pharmacy might be behind the curve. The Newsweek article says that the pharmacy applicant pool has roughly doubled in the last five years, bringing down acceptance rates. So even with a good statement of purpose and a decent application, now may not be a good time to hope for admission to a good program. The article also says that with more colleges opening, the situation may ease up in the next few years. But for someone who thinks this is a perfect time to apply for a graduate degree, it may also be worthwhile to look at affiliated branches and programs such as those in chemical engineering, biotechnology, microbiology and so on. One thing to take away from the Newsweek article is that the global drug industry is booming. It is possible to latch on to it through a number of areas, not just pharmacy.
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