What is the role of the Doctor of Philosophy (PhD) today? This is not a new question. In 1903, William James questioned the value of the degree as an indicator of teaching ability. Unfortunately, the issue James raised has never been resolved. Move forward in time to 1990. Theodore Ziolkowski essentially agreed with James, but raised additional questions about the PhD. Ziolkowski contended that completing the degree now takes much longer and many students drop out along the way. Stanley N. Katz confirmed this in his discussion of the role of the professoriate. Katz maintained that universities concentrate rewards on research rather than on teaching. This article examines each of these issues in an attempt to understand where higher education is today and how it reached this point.