Good points. 1. I think I'm going to try to initially go after both, but as I said applying to schools is expensive. I'm looking at spending between $1000 - $2000 on the application process, which isn't chump change for me. 2. I understand the realities of the PhD job market, and I've considered the above. I'm honestly not entirely sure. 3. Huh? 4-7. Obviously doesn't, etc.