A PhD is a postgraduate doctoral degree, awarded to students who complete an original thesis offering a significant new contribution to knowledge in their subject. PhD qualifications are available in all subjects and are normally the highest level of academic degree a person can achieve
So when you do a PhD you do research on a niche subject and on something unique and new. You get to become an expert on that area. For some companies it matters if you have a PhD and it can have an influence on your pay, but for some companies it really doesn’t matter, and it won’t influence your pay. It all depends what you want to do later. If you want to stay in academia (university) and become a lecturer it is usually a Must to have a PhD (however I have seen lecturers without a PhD but it is not that common)
A PhD is the highest level of degree that a University can offer you. It is the key training for you to become a researcher in the field of your choice. A PhD is a 3-4 year project that you undertake from start to finish and then at the end you write a book, called a thesis, to summarise what you have done and why.
PhDs are meant to push the boundaries of what is already known, so to discover something new. This could either be something like a brand new product or theory or discovering a different use for something that already exists.
By the end of your PhD you will be the world expert of that particular topic, part of the reason the projects are so specific. For instance, I won’t be a world expert on prosthetic limbs in general, but I should be an expert on the exact technology that I am creating to help improve the fit of prosthetic legs.
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