In this paper LERU tackles the concept of a doctorate: what exactly does it indicate in this day and age? In general, students used to opt for an academic career after their doctorates, however, that is no longer the case. PhD students have a specific skill set, which makes them successful in many different career fields: their competence, their achievement, and their social skills are extremely valuable. This development is the result of a forward looking investment and concerted effort by governments, employers, universities and by talented bright minds that made it happen. LERU underlines the importance of the investment in Europe for doctoral educations and the collaboration between employers and universities. Furthermore, LERU wants to encourage talented young people to develop the intellectual creativity, curiosity and rigour that our 21^st-century society needs.