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IlyaShpitser comments on Academia as a career option, its social value, and alternatives - Less Wrong Discussion
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Scott Aaronson had a post somewhere where he said a few years in the PhD program is sort of like a high IQ Peace Corps -- you have fun and help make the world better, and even if you then move on to another career, it is time well spent.
If you actually want to do an academic career, I think the outside view is useful -- find people in your cohort, and talk to them/look at how they did.