Put bluntly if you've got £2k a year I'm (absolutely) sure you'll find some University that will take your money (to be honest whether its in your interests or not). I'm not trying to be offensive here (really I'm not), but can't you find more interesting/worthwhile things to do with your time?

Actually, the drop out rate is exceptionally high for the PhD and far exceeds the figures for other degrees. I mentioned this in a previous post--according to several sources I've read (including 'Getting Your PhD') 40% complete on-time while 60% either miss their completion deadline or drop out altogether. I'm not fond of percentages, but this one seems to appear in several recent sources.

I suppose I don't really have the stats on that - just the experience

Drop out rates for our university are quoted as 21% for 2007. but in my experience in the uni (8 years) a starting class of 100 could easily be as few ass 40-50 by final year, with about 80-90% of those starting 4year completing

Masters students, again not as high as that but they do seem to find it easier not to submit their final projects when they are in trouble and I'd estimate at least a 10% fail to submit

Whereas with PhDs - in my experience of the about 30 PhDs that have started, 1 dropped out completely (after dropping out coming back and dropping out again) and 2 failed to submit within 4 years - one of those is because she got a job and it wasn't so important for her to submit but she is still working towards it (slowly), the other I don't know about. so based on my experience that'd be about 3% dropout and 6% fail to submit within 4 years - a bit of a small sample tho ;) (hope my maths is right ;)

Here is a previous link:
http://www.postgraduateforum.com/showmessage.asp?thread=2405&cat=3&keyword=success%20rate&newview=1&stype=TM&category=0

anyway I expect the reason is that most people have to really fight to get into PhD positions compared to degrees and a lesser extent masters so it makes the decision to stop a particularly hard one

just reading Xenos post - I think 60% seems pretty high - certainly as I've said in our Uni and experience of surrounding Unis - maybe this depends on the type of Phd you are doing?

I say by all means go for it! If you get into it and find its just not what you want--well--nothing says you HAVE to stay in it for the duration, and you might just find yourself really enjoying it, despite what you read. I think that the frustrations vary dependant on your field--i.e., if you are mainly desk based or library based versus doing things in labs where your specimens go kaplooey when the freezer breaks down. My retired parents take courses at their local university on an "audit" basis, that this they do not get graded and they do not pay fees, but they fully participate, and take 2-3 courses per semester, and do it--why? For the love of learning.

Sure, they COULD do something else, and they DO have other pursuits, but I think that learning for the value of learning is just fine. It seems to be something being tossed by the wayside with the current focus on "econometrics" and universities as giant trade schools. Learning has value all on its on.

The idea that a fat paycheck is what we all should be aiming for with out question is one I do not agree with. Money does NOT buy happiness. The lack of it does not make you happy, either, you need a certain amount to meet the basics of life, but life is not more fulfilling if you have 4 TVs instead of one, or none, and a larger car than your neighbours.

If money did buy happiness, then I would have made far different life choices than my current ones--once upon a time I could spend £s by the thousands and not bat an eye because of the financial circumstances I had whilst married! But money alone does not buy happiness, and if you want to do the PhD for no more than simply doing it, then I say go for it, what do you have to lose?!

Hmmm, I've encountered the same figures as xeno regarding drop-out rates. Whilst that is scary, there is no way of knowing how these figures are amassed and precisely what they are based on, and admittedly they are conjoined with the 'failure to submit on time' figures. Anyway, I really don't pay attention to figures, or I'd be even more anxious than I already am!

I think as Xeno said, they should be taken with a bit of a pinch of salt - but at the same time there is no doubt a PhD is hard and only the tenacious will survive

olivia, my mum just started a science degree this year. she is enjoying it immensely. she is 53 and it is her first university experience, and it is unrelated to her job. why is she doing it? well, why not?

Marriage having about the same "succes" rate as a PhD--does that deter loads of people from getting married?! NO! Do some marriages succeed--whatever that means? YES! Stats are no reason to do or not do a PhD.

Olivia - love your parents, and would say you take after them. Shani, your ma is a youngster compared with me and especially with the lady in Australia who last year completed a medical related Masters at the age of 94 and while being encouraged to do a doctorate, said she felt she was too old!! Wouldn't be surprised if she did undertake this.
You have all been most encouraging, and while there are hills to climb if I go ahead, it's nice to know you might all be out there to help. And what DO I have to lose? (besides family, friends!) And what a great excuse for myself not to do jobs around the house.

Hi Amicrazy

Yes, and you do (I think) have to be a little bit crazy to consider PhD study (but madness, they say, is often the other half of genius). I say go for it - if you love to learn - and just take the ups and downs as they come. At least, doing it for pleasure (rather than for a job) means some of the bad times (to do with deadlines, accountability, etc.) won't be so great for you. That, in itself, can also be a bad thing, of course. It also depends on what you want to study - your initial questions sounds like a good one for PhD study (*chuckle*). If you manage to land on something you're passionate about and can find a (good, interested) supervisor, then you could get a lot of joy out of PhD study.

I love my PhD... and (sure) I did consider dropping out at one point (methodology madness)... but it's a bridge most of us come face to face with at some point, I think... it's that point where you just weight things in the balance (usually when you realise that a PhD isn't like other postgraduate degrees - it's a form of training in research methods... an entry point to academia, really... whether or not you ultimately go there or not) and ask yourself - is that where I really want to be, and is it worth the effort?