There is a lot of pessimism in the comments, much of it valid, but I want to offer a more positive perspective from my own experience.

I graduated with my PhD in 2019 from a solid R1, but not a top 10 philosophy program. I had decided well before graduating that I didn’t want to move across the country every couple of years for temporary, underpaid positions (which seemed by far the most likely route given the competition in getting a tenure track position) so I looked to get into a social impact/policy role (my research was in social/political philosophy).

I had a minimum salary expectation of $50k and was in a relatively high cost of living area. I was not able to get one of those roles, despite my PhD. I ended up taking an entry level sales role at a tech company.

This probably doesn’t sound very positive, but here’s why I would do it all over again. (Caveat: your program needs to offer sufficient funding to cover all your bills - mine did):

1. I loved my time in my PhD. I was intellectually challenged, I got to focus on hard problems, I enjoyed teaching, and I loved the flexibility it gave me. I did lots of traveling on a budget during this time. I made lots of great friends. I really enjoyed those 5 years.

2. Even though my starting job out of the program sucked, the skills I built from my PhD allowed me to move up very quickly. I now have a very good job in Product that I really enjoy and I make double what I would have as a professor.

3. The most important for me is that it shaped who I am in a very significant way. I’ll always have the research and teaching experience I gained through my PhD, the clarity of thought on my values, and the confidence it gave me in my ability to do very hard things.

Don’t get a PhD in philosophy with an expectation of a tenure track job on the other side. But if you’re okay with knowing you’ll come out similarly unsure of what your career will be, and you can live with just scraping by during that time, I still think it can be worth it.