NUC: Lecturers Must Obtain Doctorate Degree By 2009

The pay issue was just one of the main reasons why I opted for a Masters.

PhDs do not necessarily get paid more than Masters degree holders however, they make the bulk of their money from research grants they are able to hussle for.

A new PhD holder can get paid 40K a year while a Master's Holder can get about 2 times of that depending on the field of study and what industry.

Most Master's Holders tend to work in industries while PhDs have majority of opportunities available to them in the education sector with universities and research institutions. 
 

@Kobojunkie
Even though your links is not from multinational industries, they still show that PhDs are paid much higher than Masters.

A company that is still struggling will of course employ more Masters degree holders because they may not be able to pay a lot of PhDs. But a well established Multinational industry/company needs and employs PhDs as every living thing needs water. And in these kind of industries the pay is in no way comparable to a Masters.

You still sound like ‘because of the stress involved in getting a bachelor (or any first degree)’ one should stop with a secondary school certificate. Well it requires more than just a wish for people who finally made it into inventions or innovations. So because it could be stressful (depending on how u see it anyway), we should not strive for the best? We will wait for other nationalities to acquire the best and then we start seeking for their help in technology/sciences in our country. Even research institutes you mentioned, I guess you have no idea what these institutes generate financially. I guess you have no idea what a single patent can give. How dare you compare a Masters degree and a PhD degree?

I still maintain you look up this.Just get an idea of how much a PhD is paid in a multinational industry.

Well when you are not sure or clear about something, you should not make comments like these.

Look out the highlighted comments and see that you have no clue what you are talking about. You can make your choice on the level of education you want to stop with, but don't come and feed us with these kind of ststements.

Yes the topic is about PhD but you switched to telling us "that A new PhD holder can get paid 40K a year while a Master's Holder can get about 2 times of that depending on the field of study and what industry." and you want us to clap for you and digest such statements just because u want to use it to justify your "opted option"

Meanwhile PhDs in multinational is still about PhD (not masters) okay

There is a difference between mini cab drivers and black cab drivers.Mini cab drivers don't make money as they have to pay all sorts and a lot are usually illegal anyway.But black cab drivers who actually own the cabs earn more than the average medical doctor in the UK.The doctors who earn in excess of £100k/PA are General practitioners.As for Consultants the pay is between £72k-161K/Per Annumn.Registrars earn between £40k-72K/Per Annumn and House Officers can earn as little as £25k/Per annumn depending on the hospital.These are rough estimates.See link below

http://www.nhscareers.nhs.uk/details/Default.aspx?Id=553

But the consultants/GPs make up less than 25% of the total doctor population in the UK.The rest are Registrars and Staff Grades who earn around £40-55K/Per Annumn.Mind you it takes 6 years to become a doctor and another 6-10 years to become a Consultant depending on your area of specialisation.

Now come to the black cabs.The rate now is £3.00 for the first mile and subsequent miles are charged at £1.30.That is if you are moving freely.So a distance from Ojuelegba to LUTh which is about 2 miles will cost you about £4.30 if there is no go slow.And it is less than 5 minutes.And these drivers are classified as self employed,meaning it is what they declare that they are taxed on.So if you earn £300/day and you say you made only £70 in that day you will be taxed at the lower rate between 10%-22%.Now a doctor earning £55,000/Annumn gets taxed 40%.So tell me who earns more?
We are too pre-occupied with titles(my son is a doctor,I am an Engineer,I am an Accountant) in Nigeria.In the west,no one cares what you do for a living,as long as it is legal.With the dearth of plumbers,many city workers are retraining and becoming plumbers to make a killing.Call a plumber at night and you will understand why professionals in the UK are retraining to become a plumber.Escorts(Ashewos) -that is a moral issue.I can't do that.And it is totally different from cabbing my friend.Until we drop the mentality of paper qualification over technical know how we will never move forward as nation.I heard on this forum that tony elumelu made a third class.Yet he runs one of Nigeria's biggest banks.In the Western world,Universities will be jumping over themselves to get him to lecture their MBA students.And ofcourse he will be paid handsomely,third class or no third class.

Don't get me wrong,I enjoy being a doctor,but if you are looking for the money then believe me jobs like cabbing and plumbing will give you more money when you figure in the time and hard work it takes to become a Consultant in Medicine.

Have you considered moving to a new country?? Or better still Nigeria?? By the way, How much do Nigerian doctors make??? I doubt PhDs are in the high earning brackets in any country. At least not here. I remember I opted for a masters rather than a PhD cause of the pay. But maybe all you need to do is look around. Over here, doctors make over 300k a year and this is just for starting doctors in some fields.

The pay issue was just one of the main reasons why I opted for a Masters.

PhDs do not necessarily get paid more than Masters degree holders however, they make the bulk of their money from research grants they are able to hussle for.

A new PhD holder can get paid 40K a year while a Master's Holder can get about 2 times of that depending on the field of study and what industry.

Most Master's Holders tend to work in industries while PhDs have majority of opportunities available to them in the education sector with universities and research institutions. 

Abi o.

I tire for these guys, once they cross over to the west, every single thing about Nigeria is rubbish.

@Debosky

Nice Analysis bro

@ BlueBand

Yo've not answered my question.

How much do these cab drivers pay to their contollers?
@Topic

We want PHD holders as lecturers. It is that simple!

Go and read my post again.I said black cab drivers who own their cabs.And not mini cab drivers who have to rent their cabs from either controllers or outsiders.On the average to hire the radio from a controller is £100/week.And if you own your own can you can actually set up your own control room in your house staffed by your wife or child.Look,self employed guys make a lot of money because of the tax break they get.What you declare is what you get taxed on.You don't want to know what I pay as tax every month.

Your submission is full of good intentions, but often incoherent and your logic is often flawed and inconsistent. For example:There are also cases where people with MScs, MBAs and whatever else, as well as people with no academic degrees whatsoever, have been seen driving cabs. So what exactly is your point?

Also:See above.

If your point is supposed to be complementary to bluebands' argument, then it falls woefully short. Blueband has diligently sought to support his assertion that PhD holders do in some cases drive cabs due to perceived economic benefit (as opposed to intellectual satisfaction), although I cannot say how successfully he has done this. 

You, on the other hand, are trying to prove what with your assertions?

@ Akolawole:
Kobojunkie has already made this point, although with regard to a different educational system. It is not rare at all. In fact it is increasingly more common at the top UK universities (OXbridge, IC, UCL, etc) that people go right to their PhDs from their undergraduate degree; and conversely less common to see people who have first done an MSc.

A few warnings:
Students sometimes enroll in a Ph.D. program for the wrong reasons. After a while, such students find that the requirements overwhelm them. Before starting one should realize that a Ph.D. is not:

Prestigious in itself
Almost everyone who has obtained a Ph.D. is proud of their efforts and the result. However, you should understand that once you graduate, you will work among a group of scientists who each hold a Ph.D. degree. (One faculty member used to chide arrogant graduate students by saying, ``I don't see why you think it's such a great accomplishment -- all my friends have a Ph.D!'').

A guarantee of respect for all your opinions
Many students believe that once they earn a Ph.D. people will automatically respect all their opinions. You will learn, however, that few people assume a Ph.D. in one subject automatically makes you an authority on others. It is especially true in the science communicaty; respect must be earned.

A goal in itself
A Ph.D. degree prepares you for research. If all you want is a diploma to hang on the wall, there are much easier ways to obtain one. After you graduate, you will have occasion to compare your record of accomplishment to those of other scientists. You will realize that what counts is the research work accumulated after a scientist finishes their formal education.

A job guarantee
When an economy slows, everyone can suffer. In fact, some companies reduce research before they reduce production, making Ph.D.s especially vulnerable. Furthermore, once a person earns a Ph.D., many companies will not hire that person for a non-research position. As in most professions, continued employment depends on continued performance.

A practical way to impress your family or friends
Your mother may be proud and excited when you enroll in a Ph.D. program. After all, she imagines that she will soon be able to brag about her child, ``the doctor.'' However, a desire to impress others is insufficient motivation for the effort required.

Something you can ``try'' to find out how smart you are
Sorry, but it just doesn't work that way. Unless you make a total commitment, you will fail. You will need to work long hours, face many disappointments, stretch your mental capabilities, and learn to find order among apparently chaotic facts. Unless you have adopted the long-range goal of becoming a researcher, the day-to-day demands will wear you down. Standards will seem unnecessary high; rigor will seem unwarranted. If you only consider it a test, you will eventually walk away.

The only research topic you will ever pursue
Many students make the mistake of viewing their Ph.D. topic as a research area for life. They assume each researcher only works in one area, always pursues the same topic within that area, and always uses the same tools and approaches. Experienced researchers know that new questions arise constantly, and that old questions can become less interesting as time passes or new facts are discovered. The best people change topics and areas. It keeps them fresh and stimulates thinking. Plan to move on; prepare for change.


Easier than entering the work force
You will find that the path to successful completion of a Ph.D. becomes much steeper after you begin. The faculty impose constraints on your study, and do not permit unproductive students to remain in the program.

Better than the alternatives
For many students, a Ph.D. can be a curse. They must choose between being at the top among people who hold a Masters degree or being a mediocre researcher. The faculty sometimes advise students that they must choose between being ``captain of the B team'' or a ``benchwarmer'' on the A team. Everyone must decide what they want, and which profession will stimulate them most. But students should be realistic about their capabilities. If you really cannot determine where you stand, ask faculty members.

A way to make more money
While we haven't heard any statistics for the past couple of years, graduate students used to estimate the ``payoff'' using the starting salaries of Ph.D. and M.S. positions, the average time required to obtain a Ph.D., the value of stock options, and current return on investments. For a period of at least five years that we know, the payoff was clearly negative. Suffice it to say that one must choose research because one loves it; a Ph.D. is not the optimum road to wealth.

http://www.cs.purdue.edu/homes/dec/essay.phd.html  PERDUE UNIVERSITY

How would a master holder earn more than a more technically proficient PhD holder? it beats me, where is the common sense in this.