It is widely accepted that the academic job market is very limited and unlikely to expand any time soon, yet enrolments in PhDs continue to rise. If the PhD is no longer preparation for academia, where do these graduates go on completing their degrees? This study of Australian PhD graduates in Humanities, Arts and Social Sciences (HASS) explores motivations to undertake a research degree, their experiences of academia, and their current employment. These personalised narratives reveal the impact and value of doctoral education on the employment trajectories of HASS PhD graduates in non-academic careers. These stories uncover both the 'cruel optimism' and positive employment outcomes experienced by HASS doctorate holders. It is argued that commencing PhD candidates should be encouraged from the outset to seriously consider their doctorate as preparation for careers beyond academia; rather than being 'failed academics,' these graduates succeed as high-level knowledge workers.