Long ago the college degree was a hallmark of scholarship and perseverance. It demonstrated that a graduate had the ability to follow-through with goals and to deliver, which are arguably two of the most important qualities for real world success. But while this core idea still holds true today, four year degrees have also become something of a prerequisite for professional entry level work. The bachelor degree has become the new high school diploma, which in many ways is an unusual portent for where educational norms are headed in the future. In a world where the sea of career competition is full of people who have the same generic, collegiate profiles, differentiation has become a key survival tactic amongst graduates in the corporate niche.

A little less than ¼ of college grads go on to pursue higher education today. And sure—lots of those students get advanced degrees because they’re genuinely interested in honing their knowledge, but can that be said for everyone? Half of all students pursuing PhDs in engineering do it to put off the job search, which actually seems like a smart thing to do given the current state of the economy. Another look at the bottom line, however, reveals otherwise.

PhDs are expensive. More than half of people pursing these degrees are still financed by their parents. Teacher’s assistants get paid minimal wages to work arduous hours, on top of having to study as full time students. The PhD is often seen as the pinnacle, the mountaintop of anyone’s educational experience. Lots of people think that by having the title of doctor they’ll make more money and increase their chances of getting better jobs. Yet people with PhDs have only a 3% earnings margin over their peers with master degrees, and most doctoral students leave college over 30 K in debt.

Advanced degrees definitely distinguish you from the crowd, but in ways you might not expect. Before you consider graduate education or a PhD, make sure you’re prepared to take on the long and winding road ahead.