Doing a PhD self-funded is quite risky, especially if you come out of it at the other end with nothing to show.

If you had funding, I'd have said give it a go and see how you feel six month to a year in.

Have you considered part time whilst working?

Ian

Thanks Mackem_Beefy,

I think when I decline the offer I may explore deferring, or inquiring about switching to part time.

My instinct is that I'd struggle to stay focused part time for 3-6 years. At 37 would I be interested in losing all my spare time whilst working hard, too.

I'll definitely think about the part time option... But my instinct at the moment is that with my grades and experience, if I don't do THIS PhD, and I later decide I want to do one. I should hold out for funding. It was only worth self-funding to stay with my supervisor and choose my own area. If I couldn't do that I'd want funding at another time.

Thanks everyone, I'm almost certain I'm declining the PhD offer... I may regret that in a month if I don't have a job... But that in itself should tell me that isn't reason enough to commit to a PhD!

Girlwonder: you've made the right decision. Self-funding a PhD if you have ANY financial or professional doubts whatsoever is a terrible idea. It's bad economics: there is an over-saturation of freshly minted PhDs and a dearth of academic positions. The odds of securing an academic post are low. This shouldn't be a reason NOT to pursue a PhD per se - as the qualification offers unparalleled opportunities for personal growth and development - but it's senseless to take the financial hit of self-funding (no less to forego the 3-4 years professional experience you would otherwise acquire) when there are no guaranteed prospects of landing a job at the other end. Unless you are *obsessed* with research, that is...but few people really are, and doing a PhD can be extremely tough. You really, really, wouldn't want to attempt doing a full-time PhD and working simultaneously.

As others have suggested, I'd recommend waiting, applying again, and giving it a shot if/once you've secured funding. Best of luck to you.

I would strongly advise you to consider what else you would do either:

Instead of doing a PhD (particularly if self-funding; CVs with funded PhDs always look better than those that are self-funded insofar as already-paperthin academic employment opportunities go).

Instead of being a lecturer in the event of securing a PhD.

Could you consider investing instead in training to become something like an Occupational Psychologist? Personally I'd suggest that is going to open a lot more direct career routes than a PhD is. I still don't think the Research Councils and the academic profession have much idea about the value of a PhD beyond academia, even now despite numerous studies.

@Girlwonder: I'm in a pretty comparable situation to you, and I empathise with your dilemma. After getting a First in my subject at university, I embarked on a series of spectacularly stupid career decisions which have left me bored, miserable and frustrated, in a low-status job which I hate, and which offers no creative stimulus whatsoever. It took a while (20 years) for me to decide to do a PhD, but I am very glad I did, even though it might (probably won't) lead to a job in academia. But I have to believe, and be hopeful. The way I see it, someone has to win, to carve out a career post-PhD; why shouldn't it be me?

Finding the money has been a stretch, but not an unsurmountable problem. I am lucky in that my partner is the breadwinner, so we're not wholly dependent upon my salary, even though I work full-time. Despite frequent bouts of depression, I've managed to keep going and am hoping to complete next year.

Will I get a job afterwards? I hope so, even though there are no guarantees. But strangely, being an older PhD candidate (and someone who has experience of doing a job (jobs) they dislike) is that you don't get a second chance at life. If you really think, deep down, that you want to do this, then you will ultimately regret it if you don't. Best of luck, whatever you do!