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This is a good question and definitely a legitimate concern. The attrition rates for doctoral students are estimated at above 40 per cent across all disciplines in North America. The rate for those in business is presumably lower. Still, many of us on the forum who have gone through the 'crucible' of PhD life (and also who are currently in a PhD program) have personally seen people dropping out -- voluntarily or involuntarily. The reasons are legion, including academic failures and circumstances beyond control (e.g., the coronavirus mentioned here). A PhD is not for everyone, as they say. In the United States, only around one percent of the population have such a degree. For many, a PhD is for pride, if not for money -- it is an unrealistic expectation that both materialize for everyone.
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