Most of us learn a tremendous amount in grad school—it can be a life-changing experience. But there is a reason why jokes like a PhD stands for piled high and deep are so popular. They contain an element of truth.
For example, while in graduate school for behavior analysis, I learned that “data” is a plural noun. When talking about the data, it was never considered appropriate to say something like, “The data is…” Always say, “The data are…” I’ve heard frequent jokes over the years about how this is a great way to make fun of people who don’t know better, or how you might be asked to resign for using “data is” in a sentence. But recently, someone told me there is now active debate in some circles that maybe the word data should be considered singular after all.
This is a classic example of what is often called an “academic debate.” These things can be easy to get sucked into, but in reality, don’t make any difference at all in the real world.
Now, of course, it isn’t always easy to tell the difference between what is an “academic debate” and what is absolutely essential to learn. Therefore, in graduate school (like just about every other kind of school), you will learn some essential stuff, but you also learn an awful lot of stuff you will never use. In math class, we learned to tell time and count money—both essential skills. But we also learned to factor quadratic equations. Unless you are a math teacher, or your child needed help with homework, you probably never looked at quadratic equations again.
In graduate school, I learned some essential stuff, like how to assess and treat severe problem behaviors. But I also learned plenty of other stuff that was academic debate (e.g., never say “data is”).
In general, people are overly impressed with a degree. While academic knowledge can matter, what you really want is someone who can both walk-the-walk and talk-the-talk. A degree, generally, only guarantees someone can talk-the-talk, which is often the least important part of the process.
When hiring, does it matter if the person has Master’s degree or a PhD? People will generally assume the person with the PhD is more qualified. That may be true. But it may not. If you are a good talker/writer, you can probably get the degree. Don’t be too impressed with good talkers. What really matters is what people do.