I am considering starting a full-time self-funded PhD in September. Has anyone had experience of this? Is it a good idea and what was your experience?

I think it depends whether you are in a sound financial position or not. If you are, so long as you are realistic about the employment outcomes at the end i.e. statistically most PhD graduates will never get permanent academic jobs, and will not resent the financial sacrifice if it doesn't work out, then why not. If on the other hand, you are going to struggle to survive, then I think you have to think very hard about whether it's worth it for you as an individual. Today's Guardian had an article on some things you might want to think about:http://www.guardian.co.uk/money/2011/aug/12/careers-phds-beyond-academia?INTCMP=SRCH

Good advice and good article bewildered. Food for thought...

Just to add, although I had no intention of self-funding, a very well meaning lecturer took the time to talk me through funding and self-funding and strongly encouraged me not to self-fund for many of the reasons given by bewildered.

I'm starting my PhD in October 2011 at the University of Southampton and will be self-funded. The idea of going to spend 3-4 years studying without a guaranteed income is a very scary feeling but it all depends on what you want from it and how passionate you're about doing a PhD. For me, it has been a lifelong ambition and a challenge I dream to overcome. So I'm prepared to risk it all for living my dream.

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I was self-funded but this was on a part-time basis. I was working full-time so had the financial means to support my part-time study. I left my job for maternity leave but had the finances saved in the bank to cover the final three years so effectively I did not need loans to cover the expenses.  I have to agree that spending monies for a full-time PhD in the hope of securing a high paid job (in academia etc) is unrealistic these days. The financial climate has really changed the job market with more people becoming students and less jobs for those completing. You need to really consider the reasons for doing a self-funded full-time PhD, being self-funded part-time whilst working part-time is a more usual option. However, if you have the resources available without massive debt being incurred then why not!

It is very common in my field (humanities) for students to self-fund part-time. They fit the PhD alongside full-time jobs, sometimes having to work a day less at work each week to manage the PhD. But this way it's more financially feasible, and less of an outlay.

I'd be very concerned personally about self-funding full-time. You have the additional cost of maintenance to take into account, as well as a higher rate of fees over a shorter period. And what happens at the end of the PhD if you have difficulty finding a job? Academic jobs are as rare as hens teeth now. And often having a completed PhD can make it harder to find other jobs, so much so that people on this forum often end up hiding their PhDs in their CVs when applying for other jobs.

But it can be done. Natassia on this forum is currently doing it. So you could get advice from her. I'd expect she'll chip into this thread sooner or later.

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I would think VERY carefully about this.

If you're doing it as a career move - consider whether this is really going to help you. Many academic fields are over saturated with PhD graduates and jobs are very hard to come by. Recent PhD completers who have looked outside academia for work have reported that the PhD can be as much of a hindrance as a help. Do some research into what the prospects are like in your field. If you think a PhD will be genuinely likely to help then could you wait until a funded opportunity arises?

If you're doing this because it's an interest/passion - consider whether you could carry on your interest as a hobby, or find a job that allows you to dabble a bit. There's nothing stopping you pursuing this as a PhD in 5, 10, 20 years time when the funding situation may be more amenable and the job market better.

Essentially consider whether 3 years of full time effort with no financial recompense and no guarantee of a job or enhanced career prospects at the end of it is worth the sacrifices. Sorry if this sounds harsh but reality is that this is probably the worst time ever to choose a full time self-funded PhD.

HazyJane, Actually I think you are giving excellent advice and providing a sound assessment of the current situation.

Thanks Delta. I realise it's probably not a welcome perspective. But I've always been a pragmatist, and my romantic notions of academia have long since vanished.

I'm doing a PhD cos my career has reached a bottleneck where having one will be advantageous. But in my field the outlook is comparatively good, and there are opportunities outside academia where a PhD will be if not desirable then at least not be a hindrance. And I'm trying to orientate my project so that I gain not only generic but specific transferable skills. And I'm funded.

If these things weren't the case then I would be very hesitant about starting a PhD at the moment. Other people may be more willing to take a larger gamble than I am, but there are limits beyond which it is no longer sensible. You have to figure out where your situation lies on the spectrum.