How much government funding is available for research in your field?
If you either go to a famous school (Harvard, MIT, Oxford, Stanford, U Chicago, etc.), or study a field with so much research money that even people who didn’t go to famous schools can get some of it (biology, earth science), then getting a PhD is helpful.
If neither is the case, a PhD might not be helpful to you.
How famous is the university you attend?
How much government funding is available for research in your field?
If you either go to a famous school (Harvard, MIT, Oxford, Stanford, U Chicago, etc.), or study a field with so much research money that even people who didn’t go to famous schools can get some of it (biology, earth science), then getting a PhD is helpful.
If neither is the case, a PhD might not be helpful to you.