Long-Term Career Earnings in Academia Might Offset the Opportunity Cost of Full-Time PhD and Postdoctoral Education for Physical Therapists Who Hold a Doctor of Physical Therapy Degree

Physical Therapy · 5 authors, 9 centres

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TL;DR

This economic modeling study compared 30-year career earnings between PhD-trained academic physical therapists and clinical physical therapists using salary data from APTA and CAPTE. Despite initial earnings deficits during PhD and postdoctoral training, PhD-trained careers had substantially greater long-term cumulative earnings after break-even.

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This study modeled the financial impact of full-time PhD and postdoctoral training for physical therapists holding a DPT degree compared with a clinical physical therapy career over a 30-year period. Salary data were drawn from the 2016 APTA Median Income Report (adjusted to 2019) for clinical careers and the 2019 CAPTE Annual Accreditation Report for academic careers. A survey of 75 DPT program directors informed time-to-promotion assumptions. Relative to clinical practice, 4 years of PhD training produced an earnings deficit of $264,854, rising to $357,065 after 2 years of postdoctoral training. Over 30 years, however, a clinical physical therapist earned $449,372 less than a nonmajority scholarship academic career and $698,704 less than a majority scholarship academic career. Present value adjustments at a 3% discount rate confirmed that PhD careers still achieved greater cumulative earnings. Limitations include reliance on single-point-in-time salary data and fixed training durations, and several financially relevant factors such as loan repayment programs and scholarships were not modeled.

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other

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research methods

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AI pipeline

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ORIGINAL PAPER

PMC10152085

Long-Term Career Earnings in Academia Might Offset the Opportunity Cost of Full-Time PhD and Postdoctoral Education for Physical Therapists Who Hold a Doctor of Physical Therapy Degree

Physical Therapy

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ABSTRACT

Abstract Objective Rigorously trained physical therapy researchers are essential for the generation of knowledge that guides the profession. However, there is a current and projected dearth of physical therapy researchers capable of sustaining research programs in part due to perceived financial barriers associated with pursuit of a doctor of philosophy (PhD) degree, with and without postdoctoral training, following doctor of physical therapy (DPT) degree completion. This study aimed to evaluate the financial impact of PhD and postdoctoral training, including opportunity cost, years to break even, and long-term earnings. Methods Clinical and academic salaries were obtained via the 2016 APTA Median Income of Physical Therapist Summary Report and 2019 CAPTE Annual Accreditation Report. Salaries were adjusted to total compensation to account for benefits and compared over a 30-year period starting after DPT education. Total compensations were also adjusted to the present value, placing greater weight on early career earnings due to inflation and potential investments. Results Relative to work as a clinical physical therapist, 4 years of PhD training result in an earnings deficit of $264,854 rising to $357,065 after 2 years of additional postdoctoral training. These deficits do not persist as evidenced by a clinical physical therapist career earning $449,372 less than a nonmajority scholarship academic career (DPT to PhD to academia pathway) and $698,704 less than a majority scholarship academic career (DPT to PhD to postdoctoral training to academia pathway) over a 30-year period. Greater long-term earnings for PhD careers persist when adjusting to present value. Conclusions Although there is an initial opportunity cost of PhD and postdoctoral training represented by a relative earnings deficit, advanced research training results in greater long-term earnings. Impact The findings of this study allow physical therapists interested in pursuing PhD and postdoctoral training to be better informed about the associated financial ramifications. Keywords: Cost–Benefit Analysis, Education: Faculty, Education: Professional, Physical Therapists

CITATION EXPORT

Alexander J Garbin, Jennifer E Stevens-Lapsley, R Mark Gritz et al.. Long-Term Career Earnings in Academia Might Offset the Opportunity Cost of Full-Time PhD and Postdoctoral Education for Physical Therapists Who Hold a Doctor of Physical Therapy Degree. Physical Therapy. (2023). https://doi.org/10.1093/ptj/pzad015

AUTHORS

5 · 9 CENTRES

Alexander J Garbin, Jennifer E Stevens-Lapsley, R Mark Gritz, Carole A Tucker, Michael J Bade

1VA Eastern Colorado Geriatric Research, Education, and Clinical Center (GRECC), VA Eastern Colorado Health Care System, Aurora, Colorado, USA
2Physical Therapy Program, Department of Physical Medicine and Rehabilitation, University of Colorado, Aurora, Colorado, USA
3VA Eastern Colorado Geriatric Research, Education, and Clinical Center (GRECC), VA Eastern Colorado Health Care System, Aurora, Colorado, USA
4Physical Therapy Program, Department of Physical Medicine and Rehabilitation, University of Colorado, Aurora, Colorado, USA
5Adult and Child Consortium for Health Outcomes Research and Delivery Science, University of Colorado, Aurora, Colorado, USA
6Division of Health Care Policy and Research, University of Colorado, Aurora, Colorado, USA
7Nutrition, Metabolic & Rehabilitation Science Department, University of Texas Medical Branch - Galveston, Galveston, Texas, USA
8VA Eastern Colorado Geriatric Research, Education, and Clinical Center (GRECC), VA Eastern Colorado Health Care System, Aurora, Colorado, USA
9Physical Therapy Program, Department of Physical Medicine and Rehabilitation, University of Colorado, Aurora, Colorado, USA