Responding to twofish, notice how i specifically did not say education, but get "the degree" out of the way, i do agree with most of the things that you are saying. The reason I am not doing a PhD is largely temperament, I don't really have the patience to do 4-5, if not 6 years of academics again, not that i don't want to learn more things.As for the job prospects, there are always special cases, I was just trying to cover the situation in general. Personally, i know exactly what i want to do, and even if the times are tougher, I do not particularly mind.And in terms of the experience, PhD is unique, and there's really nothing else in life like it... so i wouldn't discount it for those that went through it. It is just a personal preference to tackle more problems with imprecision and practical constraints than to delve more deeply in a particular problem, and resolve it from the bottom up.Lastly, i do realize I am buying into what they are selling, I've largely tried to avoid this, and if i could have gotten to where i wanted to be without it, i would have skipped this. I could even cite examples of how it gave me a helpful nudge at times, but this would just be my own experience. But given the opportunity, i just thought, why not? The knowledge value add is not tremendous given most people already have an advanced degree or something very quantitative, but given the short investment in time, it's just a signaling tool in my opinion, fairly expensive yes, but not unreasonably so, and sometimes necessary to get your foot in the door.As for the market, I would agree that markets may not recover for a fairly long while, but i can see myself applying my skills in different ways. And i think a degree like this would, if nothing else but for the signaling, give you a bit more room to maneuver, to convince others that you may be good at something that may not directly relate to what you did.