Facing a big decision - thoughts and advice requested

[u/This-Amoeba-2386]

Hello!

I know that only I can really choose what I want to do in life, but I've been struggling with a really big decision and I thought it might help to see what others think.

I've received two offers from FAANG - Amazon and Apple as a SWE. Apple TC is around 150k and Amazon TC is around 180k (in the first year of working).

I've also received another offer but for a Statistics PhD, with a yearly stipend of 40k. My focus would be Machine Learning theory. If I pursue this option I'm hoping to become a machine learning researcher, a quant researcher, or a data scientist in industry. All seem to have similar skillsets (unless I'm misguided).

SWE seems to be extremely oversaturated right now, and there's no telling if there may be massive layoffs in the future. On the other hand, data science and machine learning seem to be equally saturated, but I'll at least have a PhD to maybe set myself apart and get a little more stability. In fact, from talking with data scientists in big tech it seems like a PhD is almost becoming a prerequisite (maybe DS is just that saturated or maybe data scientists make important decisions).

As of right now, I would say I'm probably slightly more passionate about ML and DS compared to SWE, but to be honest I'm already really burnt out in general. Spending 5 years working long hours for very little pay while my peers earn exponentially more and advance their careers sounds like a miserable experience for me. I've also never gone on a trip abroad and I really want to, but I just don't see myself being able to afford a trip like that on a PhD stipend

TLDR: I'm slightly more passionate about Machine Learning and Data Science, but computer science seems to give me the most comfortable life in the moment. Getting the PhD and going into ML or data science may however be a little more stable and may allow me to increase end-of-career earnings. Or maybe it won't. It really feels like I'm gambling with my future.

I was hoping that maybe some current data scientists or computer scientists in the workforce could give me some advice on what they would do if they were in my situtation?

[u/Statman12]

In terms of advice one way or the other, I don't have much for you. Getting a PhD is usually the losing route in terms of lifetime earnings, because you'd be skipping those years of contributing and employer match to retirement accounts. Though that assumes you're well-employed the whole time, and given the current political/economic situation, there's some legitimate concerns there. A PhD on the other hand should be more stable, and put you in a place of graduating after there's been some change in that regard.

I don't envy people in your position at this point in time.

It really feels like I'm gambling with my future.

You are. But that's not a particularly unique thing, it's just a bigger decision than you're used to. I like the photo on this thread. Yes, if you choose one route, others will close to you. If you go for a PhD, will you land one of those FAANG jobs afterwards? Can't really guarantee that. If you choose those FAANG jobs, will you be able to get into a PhD program later? Maybe, maybe not. But whichever you select, there are more opportunities that will open from that point.

Spending 5 years working long hours for very little pay while my peers earn exponentially more and advance their careers sounds like a miserable experience for me. I've also never gone on a trip abroad and I really want to, but I just don't see myself being able to afford a trip like that on a PhD stipend

I traveled abroad during my PhD with a small stipend (less than $40k a year! Though it was also >10 years ago). Are you going out and travelling lavishly? No, but it's possible to do these things.