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Depends on what area/focus. A PhD takes about 7 years or so and it’s like a project not like undergrad. My dad has a PhD and went into industry rather than academia but beyond that not sure where else you could go with it
I know my principal has their PhD. I don’t know that’s always necessary if you want to move into that kind of role. I’ve always seen PhD‘s as something people get if they want to go into teaching at the university level.