2024 PhD Industry Salary Report by Field
Comprehensive analysis of PhD salaries across industries including biotech, consulting, data science, and tech. Industry trends and compensation data with detailed breakdowns by location, experience level, and career path.
Key Takeaways
- • Median PhD industry salary: $118,000 (up 8% from 2023)
- • Consulting offers highest starting salaries at $165,000 median
- • Biotech PhD salaries range from $95K-$180K based on role and location
- • Remote work opportunities increased PhD earning potential by 15-25%
Executive Summary
Industry trends show significant salary growth across all sectors for PhD professionals in 2024, with particularly strong gains in artificial intelligence, biotechnology, and climate technology. The median industry salary for PhDs reached approximately $118,000, representing an 8% increase from 2023.
Geographic location continues to be the strongest predictor of compensation, with Bay Area PhDs earning 40-50% more than national averages. However, the rise of remote work has democratized access to high-paying positions, with increasing numbers of professionals working fully remote in roles previously requiring on-site presence.
Data Sources
Industry Reports: Professional associations and recruiters
Analysis Period: 2024 calendar year
Industries: 12 major sectors
Geographic Coverage: National and regional data
Salary Breakdown by Industry
🏢 Management Consulting
Top-tier consulting firms (MBB) continue to offer the highest entry-level compensation for PhDs, with total compensation packages often exceeding $200K when including bonuses and benefits.
🧬 Biotechnology & Pharmaceuticals
Biotech salaries vary significantly based on company size and funding stage. Established pharma offers higher base salaries, while startups compensate with equity potential.
📊 Data Science & Analytics
Data science roles show the strongest growth in remote work opportunities, with many positions offering location-independent compensation at Bay Area levels.
💻 Technology & Software
Tech companies increasingly value PhD analytical skills for product management and technical leadership roles, with compensation competitive with traditional engineering tracks.
Geographic Salary Variations
🌉 Highest Paying Metro Areas
🌍 Remote Work Impact
Remote positions increasingly allow access to higher-tier salaries regardless of location, with many remote PhDs reporting competitive compensation with major metro areas.
Salary Progression by Experience
Salary by PhD Field
Computer Science
Highest demand across all industries
Physics
Strong growth in quantum computing and fintech
Chemistry
Steady demand in pharma and materials
Biology/Biochemistry
Biotech boom driving growth
Neuroscience
AI/ML applications increasing value
Engineering
Consistent across multiple sectors
Mathematics/Statistics
Data science surge continues
Economics
Strong in consulting and fintech
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