Masters-level speech-language pathologists in communication sciences and disorders (n = 122) completed a survey soliciting their reasons for not pursuing doctoral study. Factor analysis revealed a four-factor solution including one reflecting a lack of interest in doctoral study (Factor 2) and one reflecting practical financial concerns (Factor 3). Not surprisingly, those who did (31%) and did not (69%) seriously consider a PhD differed on Factor 2 items in the expected direction. Descriptive analyses revealed that the top two reasons cited for not pursuing the doctoral degree (i.e., a preexisting high level of satisfaction with professional goals and masters degree) were the same for both groups. Beyond that, Factor 2 items dominated the top reasons among those who never considered a PhD, whereas Factor 3 items were the top reasons among those who did consider a PhD. Implications, limitations, and directions for future research are considered. (Contains 6 tables.)