Current PhD student. Would not recommend. Pay is not great. Expectations and demands are not commensurate. Prospects are not that much better. The pay increase in my field versus the time it takes not working to get the PhD make it almost a wash. I am finishing mine because I am past the sunk cost point of no return but constantly recommend against it for others unless they have very specific reasons and means.

Working the the lab at the university I would make 15$ /hr with a masters degree and was capped at 20 hours. I could make more money delivering pizzas and in less time, and with no degree requirements.