I realize we’re mostly US-centric here on HN, but I have greatly benefited from my Physics Ph.D. Obtained in Denmark, while being paid $55000 a year throughout the study (standard rate for PhD students in DK). In Denmark most people will hold a state sponsored Masters degree, so it has served me well in the private industry as a differentiator. Combined with an MBA (yes, I hear the snuffing sounds guys) it has been the perfect package for senior engineering management.