Now that the thesis has been submitted and I am awaiting the 'Judgement day' where a minimum of three hour grilling session is expected, it is time to look at options after a PhD. This is basically based on conversations with people working in different sectors.
1) If you are strong in numerical simulations and stochastic differential equations, coupled with programming skills in C++, Python, GPU processing, parallel programming, with some knowledge of financial products, consider becoming a quant in an investment bank. Pay is pretty good, and there are people I know of who have gone down this route for the money. Though an insider at Barclays told me that the job market for quants is not as rosy as before. Better to try anyway, if you want to become richer. The future is in algorithmic trading, and there was an article that talked about how financial markets could dip and bounce back up in a few seconds, making loads of money for the ones who know what they are doing, and now regulators are trying to curb the frequency of these trades to stem the supposed 'problem'. If I had my way, I will love to do that for fun, and laugh at how fast markets can crash and recover, possibly releasing some rumours to make people panic sell, and reap loads of profits buying up the undervalued financial assets.
2) Related industry. This really depends on what you did as a PhD student. I'm in the energy sector, so we're kind of looking at companies such as Rolls Royce, General Electric, Siemens, automotive manufacturers, oil companies etc. Depending on which route you take, they may have some research opening with a relatively decent pay check ready for you. Expect to be disappointed by some though, as they will put you in an entry level position alongside many fresh graduates, and you do not feel the value of your PhD degree. Still, knowing how highly technical some PhD programs can be, try and create some real value for your employers and get ahead. Having taught quite a number of undergraduates, it is obvious that some of those who get hired may be the ones responsible for future headlines when things start to blow up or fail catastrophically. I am sure employers recognise the value of PhDs, just that they know that they can get away with paying less for more. Someone should start limiting the number of PhD graduates so that we become more valued, rather than overqualified, underpaid and demoralised experts. Kind of sucks seeing some idiots being awarded with PhD degrees as well, as it causes pain for those who have the real capabilities.
3) Consultancy. Had a conversation with someone in McKinsey. They value PhD graduates, and the pay is pretty good, though you will have to start at the same level as fresh graduates. Do not be discouraged, as I was told that PhD graduates move ahead faster because of their skill sets in terms of data analyses. Expect limited job openings, as I heard that the competition for jobs is pretty stiff. Start sucking up to some professors if you still have time, so as to get recommendations from them stating how impossibly brilliant you are, and how you would have become the next Nobel Prize winner if you didn't have a family to feed.
4) Go into teaching/private tuition. Use your credentials to your advantage. Asians love to score in examinations, and will pay top dollar for the best teachers. Having a PhD means that you can try to edge out those without, as you are qualified to teach at university level. That opens up opportunities to tap into education industries at lower levels, though you will probably be bored teaching such rudimentary knowledge based on concepts that have already been proven wrong in current research. Expect earnings of around 30-50 pounds per hour in UK, which is better than the rates offered teaching in tutorials at universities.
5) Start-ups. No risk, no gain. Since you have experienced being extremely poor as a PhD student, taking such risks can't possibly be much worse, right? Knowing scientific principles well means that there are possible technological products to be derived from your knowledge. Also, the learning abilities obtained while doing a PhD can be used to learn new technologies and synergies between different disciplines can lead to award winning products. If college dropouts can create companies such as Microsoft, surely you can do better?
6) Postdoctoral position... somewhere with some money. Pay sucks in academia, so if you choose to go down this route, expect to become poorer than you were as a PhD student. The pay is slightly higher than PhD allowances, but after paying taxes and other expenses you were exempted from as a student, expect to end up poorer than you were as a PhD student. If you still love science, just do it, and hope to climb up the ladder to land some permanent academic position somewhere. That route is bound to be pretty tough, and you will really have to love the job. I know of people who have gone to financial sectors and back to academia, and they do it because of love of science and freedom to pursue their interests. Talk to professors who love their work, and they will tell you the same thing too. Advice from someone in academia whom I know is: marry someone rich if you want to be in academia. Do note that the politics can be pretty vicious in academia, and I have faced enormous problems trying to get stuff done, because others saw the value in my work, and did not want to play fair, so I have faced situations where professors stopped me from working in the labs and deprived me of equipment just so that they can publish first. Fortunately, they lacked the brains to figure certain things out, so I still did fine despite all the odds stacked against me.
Guess that is all the value I have to offer for now. Please feel free to add to the list if there are other options. Hope this helps for people who are stuck in a rut, looking for jobs after a long arduous journey of pursuing the PhD.
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