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Once the preserve of the most able and dedicated students, the number of doctoral candidates has been steadily rising for more than a decade, boosted by an influx of overseas students. There were 23,000 students completing their doctorates in 2017. But with limited openings in academia. where the number of professorial posts is now vastly outnumbered by the number of eager candidates, who really gains from PhDs? Tim Samuels reports on the burgeoning PhD trade. First broadcast on Dr, Why?, 29 October 2018.