This study sought to uncover the career readiness and professional development needs of Ph.D. students at a large, Midwestern research university. Findings indicate that career goals of graduate students change over time, skill preparation for academic and non-academic careers continues to be inadequate for many students and professional development and career guidance is lacking for many graduate students. Unlike other studies of graduate student professional socialization, this study introduces the theory of Academic Capitalism and its impact on the career and professional development of doctoral students. (Contains 3 tables and 2 figures.)