This topic may have been discussed and debated a thousand times. I remember seeing one such report, not so long ago in EE times. The Economist has just placed a new one as well. The title is ” Why doing a PhD is often a waste of time”. Pretty interesting nevertheless.  Anyway, I personally do not think that it is all waste. On the other hand there are a lot of things out to learn in the process. Eventually it is a matter of personal choice!