However, I think it's not the Ph.D. that is not the problem - instead, it's the postdoc. While a Ph.D. is a terminal degree associated with prestige and career advancement, the outcome of postdoctoral training is far more diffuse. It ostensibly prepares you for academia yet often fails to teach essential academic skills like writing grants as the sole PI. The funnel is also really narrow, and many postdocs transition to industry after a few years - often in a very similar role and salary that they would have got straight out of their doctoral training anyway.