It is nearly a year old, but the following Chronicle piece should be read by anyone working on or considering a PhD in the Humanities (that would include theology, biblical studies, and the like):
Graduate School in the Humanities: Just Don’t Go – Advice – The Chronicle of Higher Education.
Instead of a PhD consider the dignity and elegance of a hands-on trade.
katagrapho 
Fearing that it’s already too late for me (and I’m not even doing a PhD, myself!), and being older than the folks this guy’s writing to, this article’s REALLY depressing….