Folk wisdom applies:

1) Ever hear of a phudnick? That's Yiddish for a nudnick (boring pest) with a PhD.
2) Old and popular joke: define BS, MS, and PhD:
We all know what BS is.
MS is more of the same.
PhD is Piled Higher and Deeper.

Not to denigrate degrees. Having one, especially an advanced one, is proof that one has whatever it takes to get one. But whatever it takes includes not only ability and persistence but finances, time, and other things that not all able people have.

Ivan Berger