This is essentially a qualitative study, a fact-finding activity to gather, analyze, and interpret evidence of student motivation in completing the terminal degree in Estonia. It uses a variety of interpretive research methodologies appropriate for a phenomenological approach. Thirteen doctoral candidates who defended their doctoral thesis (dissertation) within the last two years at the University of Tartu were selected for interviews. The results of the findings are: (1) The most personal motive to start doctoral studies has been a deep interest in research as a profession and the potential for an academic career; (2) Most doctoral study in Estonia is carried out in the form of an apprenticeship. At the same time, the education of top intellectuals is insufficient on the doctoral level because there are few real classes available; (3) The income of doctoral students is most often related to teaching classes in the university. The students whose supervisors have research grants are often paid. They receive additional stipendium or monies for assisting with research; and (4) The most significant motive to have doctoral studies in Estonian universities has been the need to provide a new generation of academic staff. This is the reason most Ph.D. recipients continue their career in the universities or research institutes. (Contains 3 tables.)