Thanks for taking the time to read.
In my opinion, you need to consider a few things in order to decide if you should go to an ML role or pursue a PhD
* Your current financial situation
* Are you in pursuit of field knowledge or industry knowledge?
* What sort of career within AI do you want to have?
* Job opportunities available in your current location
If you want to become a Data Scientist and nothing more specialized then from my observation of job role requirements in the United Kingdom, it seems that an MSc is more than enough; and taking a PhD will probably be more of a decision to make if you would like to concentrate on a specialized area of Machine Learning.
I want to address a couple of statements you made.
“So I won’t necessarily be better paid than an ML Engineer, despite the fact that I will have a PhD”
There are some ML roles that pay handsomely well, and applicants with just PhD are the only applicants that are considered, regardless of the number of professional experience years. These roles tend to be massively research-focused and go beyond the standard Data Science job requirements.
“So my market value will be less”
This is not necessarily true, as you will be completing your PhD and gaining a qualification that only a small percentage of the ML workforce currently have.
I believe your value will increase as you will have research skills that can only be gained through a PhD, and some companies like Facebook or Google are always pushing the boundaries of AI and seeking talented researchers.
You are right in assuming that the number of Data Scientist will have increased by the time you complete a Masters, but let's not neglect the fact that the demand for Data Scientist will also increase, along with the number of roles available. The general increase demand for ML professional hasn’t stopped.
Over the past few years, there’s always been a discussion about how there is a shortage of great talent within AI. So I believe as long as you can distinguish yourself from the crowd you have a better chance of securing a role. And a PhD is one step to distinguish yourself from the crowd.
Personally, I didn’t choose to pursue a PhD right after my masters as at this point in my life I value industry expertise more than research knowledge. At a later point in my life, I could perhaps value knowledge or academic impact than commercial impact, and then I might seek out completing a PhD.
I envisioned where I saw myself, career-wise in the next 10 years, and It seemed that a PhD wasn’t required for me to achieve my 10-year goals.
I advise you to do the same.
Do note that this is purely my opinion, and you should conduct extensive research before making year-long commitments and life-changing decisions.
Sorry for the long reply.
Take a read of this article I wrote, that might provide more insight.
https://towardsdatascience.com/should-you-take-a-phd-in-machine-learning-79530e1cb01c
