Avoid grad school

if you can, via Tyler Cowen. Some excerpts with which I totally agree:

2. PhD programs are pyramid schemes
It’s very hard to get a job teaching at a university. And if you are not going to teach, why are you getting a degree? You don’t need a piece of paper to show that you are learning. Go read books after work. Because look: In the arts, you would have a better chance of surviving the Titanic than getting a tenure-track position; and once you adjust for IQ, education, and working hours, post-PhD science jobs are among the most low-paying jobs you could get.

3. Business school is not going to help 90% of the people who go.
Here’s the problem with business school. Most people want to work for themselves, but you can’t learn entrepreneurship in school – you have to learn by doing. And a business degree that is not from a top school is not going to get you very much at all, according to recruiting firm Challenger & Gray. Finally, Harvard Business School has acknowleged that if you are planning to downshift for kids around the time you are 30, your ability to leverage an MBA is drastically compromised.

4. Law school is a factory for depressives.
It used to be that if you had a law degree it was a ticket to a high salary and a safe career. Today many people go to law school and cannot find a job. This is, in a large part, because law school selects for people who are good with details and pass tests and law firms select for people who are good at marketing themselves and can drum up business. Law firms are in a transition phase, and they have many unfair labor practices leftover from older generations, for example, hourly billing and making young lawyers pay dues for what is, today, a largely uncertain future. Which might explain why the American Bar Association reports that the majority of lawyers would recommend that people not to go into law.

5. The medical school model assumes that health care spending is not a mess.
Medical school is extremely expensive, and our health care system does not pay enough to doctors for them to sanely accept the risk of taking $200,000 in debt to serve as doctors. Specialists like opthalmologists have great hours, and plastic surgeons have great salaries, but most doctors will be stuck in a system that is largely broken, and could easily break them financially – like OBGYNs who cannot afford to deliver babies in New York because they can’t afford the malpractice insurance with their salary.

Good career advice here.

Disclosures: I did not go to grad school, but did take 4 courses here, and took the GMAT before graduation and scored a 780. My parents and siblings did go on to higher ed, and the only one who did not receive a PhD (all in sciences) got 2 Masters degrees. My spouse is an attorney. Many of our college friends are doctors. We also have friends and family who are professors or associate deans.