That's the question on the blogs this week (see here and here). The question arises because each professor will have some number of students during their career (10-20 is common among the faculty I know), whereas the number of professorships increases very slowly. So the number of PhDs being produced far exceeds the number of academic positions.
As pointed out elsewhere, this neglects the fact that many PhD students have no intention of going into academia. Even so, it's clear the system is set up to produce more graduates who want academic jobs than there are jobs available. Prodigal Academic wonders if that's any different from any profession -- generally, there are more people who want the best jobs than there are best jobs to go around. Unlike PA, who doesn't think there's a problem, Citation Needed thinks most people entering graduate school aren't aware of how unlikely it is that they will get a tenure-track job, partly because it isn't in the schools' interest to mention this.
It depends
I largely agree with these fine posts, but I think they overgeneralize. Not all PhD programs are the same. Different fields vary wildly in terms of number of students produced, the likelihood of getting an industry job, etc., and also in terms of the caliber of the program. For instance, nearly every graduate of the psych program at Harvard goes on to get a tenure-track job. A sizable percentage get tenure-track jobs at the top institutions (Harvard, Yale, UChicago, etc.).
On the other hand, at even highly-respected but lower-ranked schools, getting a tenure-track job seems to be the exception. Here I have less personal experience, but a friend from Harvard who is a post-doc at a well-known state school was surprised to discover basically none of the students in that program expected to get an academic job. I've heard similar stories from a few other places.
A common problem
This isn't unique to academia. Many people believe lawyers earn a lot of money. Much fuss is made in the New York Times about how starting salary at a major law first is around $170,000/year (or was, prior to the Great Recession). While basically anyone who graduates from the top three law schools who wants such a job can get one (some go into lower-paying public-interest or public-service work), at most law schools, few if any graduates land such jobs and most lawyers never earn anywhere near that money. As a first approximation, nobody who graduates from law school lands a big firm job, just as, as a first approximation, nobody with a PhD gets a tenure track job at a top research institution.
From my vantage point, the problem is that media (newspapers, movies, etc.) fixate on the prosperous tip of the iceberg. Newspapers do this because their target audience (rather, the target audience of many of the advertisers in newspapers) are people who themselves graduated from Harvard or Yale and for whom getting a tenure-track job or being partner at a major law firm is a reasonably common achievement. Movies and television shows do this for the same reason everyone is beautiful and rich on the screen -- nobody ever said Hollywood was realistic.
This is fine as it goes, but can get people into trouble when they don't realize (a) that the media is presenting the outliers, not the norm, and/or (b) just where their own school/program fits into the grand scheme of things. As Citation Needed points out, it's not necessarily in the interest of less successful schools to warn incoming students that their chances of a job are poor. And, particularly in the realm of undergraduate education, there are certainly there are schools who cynically accept students knowing that their degree is so worthless that the students will almost certainly default on their loans.
What to do
Obviously the real onus is on the student (caveat emptor) to make sure they know what their chances of getting the job they want are prior to matriculating -- and this is true for every degree, not just PhDs. For most schools -- undergraduate and particularly graduate -- you can get data on how graduates fare in the marketplace. This can help determine not only which school to go to but whether it's worth going to school at all (it may not be). But to the extent it is in society's interest that people aren't wasting time and money (often as not, taxpayer money), it is worth considering how, as a society, we can make sure that not only is the information available, but people know that it's available and where to get it.
As pointed out elsewhere, this neglects the fact that many PhD students have no intention of going into academia. Even so, it's clear the system is set up to produce more graduates who want academic jobs than there are jobs available. Prodigal Academic wonders if that's any different from any profession -- generally, there are more people who want the best jobs than there are best jobs to go around. Unlike PA, who doesn't think there's a problem, Citation Needed thinks most people entering graduate school aren't aware of how unlikely it is that they will get a tenure-track job, partly because it isn't in the schools' interest to mention this.
It depends
I largely agree with these fine posts, but I think they overgeneralize. Not all PhD programs are the same. Different fields vary wildly in terms of number of students produced, the likelihood of getting an industry job, etc., and also in terms of the caliber of the program. For instance, nearly every graduate of the psych program at Harvard goes on to get a tenure-track job. A sizable percentage get tenure-track jobs at the top institutions (Harvard, Yale, UChicago, etc.).
On the other hand, at even highly-respected but lower-ranked schools, getting a tenure-track job seems to be the exception. Here I have less personal experience, but a friend from Harvard who is a post-doc at a well-known state school was surprised to discover basically none of the students in that program expected to get an academic job. I've heard similar stories from a few other places.
A common problem
This isn't unique to academia. Many people believe lawyers earn a lot of money. Much fuss is made in the New York Times about how starting salary at a major law first is around $170,000/year (or was, prior to the Great Recession). While basically anyone who graduates from the top three law schools who wants such a job can get one (some go into lower-paying public-interest or public-service work), at most law schools, few if any graduates land such jobs and most lawyers never earn anywhere near that money. As a first approximation, nobody who graduates from law school lands a big firm job, just as, as a first approximation, nobody with a PhD gets a tenure track job at a top research institution.
From my vantage point, the problem is that media (newspapers, movies, etc.) fixate on the prosperous tip of the iceberg. Newspapers do this because their target audience (rather, the target audience of many of the advertisers in newspapers) are people who themselves graduated from Harvard or Yale and for whom getting a tenure-track job or being partner at a major law firm is a reasonably common achievement. Movies and television shows do this for the same reason everyone is beautiful and rich on the screen -- nobody ever said Hollywood was realistic.
This is fine as it goes, but can get people into trouble when they don't realize (a) that the media is presenting the outliers, not the norm, and/or (b) just where their own school/program fits into the grand scheme of things. As Citation Needed points out, it's not necessarily in the interest of less successful schools to warn incoming students that their chances of a job are poor. And, particularly in the realm of undergraduate education, there are certainly there are schools who cynically accept students knowing that their degree is so worthless that the students will almost certainly default on their loans.
What to do
Obviously the real onus is on the student (caveat emptor) to make sure they know what their chances of getting the job they want are prior to matriculating -- and this is true for every degree, not just PhDs. For most schools -- undergraduate and particularly graduate -- you can get data on how graduates fare in the marketplace. This can help determine not only which school to go to but whether it's worth going to school at all (it may not be). But to the extent it is in society's interest that people aren't wasting time and money (often as not, taxpayer money), it is worth considering how, as a society, we can make sure that not only is the information available, but people know that it's available and where to get it.