PhD students and contract staff known as “postdocs”, described by one student as “the ugly underbelly of academia”, do much of the research these days.

In some areas five years as a postdoc is now a prerequisite for landing a secure full-time job.

About one-third of Austria’s PhD graduates take jobs unrelated to their degrees. In Germany 13% of all PhD graduates end up in lowly occupations. In the Netherlands the proportion is 21%.

In America only 57% of doctoral students will have a PhD ten years after their first date of enrolment. In the humanities, where most students pay for their own PhDs, the figure is 49%.

in 1966 only 23% of science and engineering PhDs in America were awarded to students born outside the country. By 2006 that proportion had increased to 48%. Foreign students tend to tolerate poorer working conditions, and the supply of cheap, brilliant, foreign labour also keeps wages down.

The earnings premium for a PhD is 26%. But the premium for a master’s degree, which can be accomplished in as little as one year, is almost as high, at 23%

PhDs in maths and computing, social sciences and languages earn no more than those with master’s degrees

the skills learned in the course of a PhD can be readily acquired through much shorter courses.

In one study of British PhD graduates, about a third admitted that they were doing their doctorate partly to go on being a student, or put off job hunting.

The more bright students stay at universities, the better it is for academics. Postgraduate students bring in grants and beef up their supervisors’ publication records.

Writing lab reports, giving academic presentations and conducting six-month literature reviews can be surprisingly unhelpful in a world where technical knowledge has to be assimilated quickly and presented simply to a wide audience.

Many of those who embark on a PhD are the smartest in their class and will have been the best at everything they have done. They will have amassed awards and prizes. As this year’s new crop of graduate students bounce into their research, few will be willing to accept that the system they are entering could be designed for the benefit of others, that even hard work and brilliance may well not be enough to succeed, and that they would be better off doing something else.