[quote=davelj]
Is this opportunity cost? I’m unaware of any reputable PhD program in which the candidate pays for the doctorate. Although perhaps I’m just thinking of the business/economics/finance/science/engineering areas. Generally, the candidate receives a stipend to teach undergrads and assist professors with research. Maybe folks pay for PhDs in certain liberal arts subjects.[/quote]
Nope – he paid for it. And worked on it while still working. (He took some time off to research and write his doctorate). Like I said – this was done for personal reasons, and he was still able to command management consultant rates working – which is MUCH better pay than student teaching.

I doubt he’ll recoup the investment in wages… he did it for personal reasons (always wanted a PhD, other family members had PhDs – wanted to achieve the goal before aging mom died, etc.)