The higher education accountability efforts of the past decade have placed pressures on universities to more rigorously evaluate the quality and outcomes of their programs while the emergence of new methodologies, from big data approaches to business analytics platforms, have also expanded ways of measuring the quality and return on investment of the nation's degree programs. Two trends are particularly important to note here: (1) The introduction of learning outcomes frameworks and assessment, once focused on undergraduate learning, into doctoral education; and (2) greater awareness of the variety of careers that doctoral degree holders pursue, which have led to new efforts to better align doctoral preparation and the professional development needs of doctoral students. While these trends have themselves provoked debate, the authors would argue that they are putting doctoral institutions and their faculty in a better position to answer two critical questions: What skills and knowledge does a PhD possess (or lack) on completion of a doctoral degree program? And how does PhD preparation align with the variety of careers that PhD alumni ultimately pursue? These questions challenge educators to more clearly identify the goals of PhD training and to ensure that their programs are supporting them. In this article, the authors discuss how much progress has been made, and the work that still remains.