Despite the increasing numbers of candidates embarking on higher degrees by research (HDRs, e.g., PhD, professional doctorate, practice-based doctorate), we still have limited knowledge about why they are choosing this path. What are the factors that motivate students to embark on research degrees? Given that many of those who succeed in completing their doctorates will not go into academic positions, the motivations for choosing to undertake a research degree may not match the experience or outcomes (and hence, perhaps, contribute to incompletion rates). This article investigates the motivations of students in all faculties embarking on HDRs at an Australian university. A survey of 405 students was subjected to a factor analysis. Five factors emerged: family and friends, intrinsic motivation, lecturer influence, research experience, and career progression.