If you keen to explore into academia, you definitely need a PhD.

A master degree will not be sufficient for the next coming 5 to 8 years.

I have a pool of PhD and Master students, and some decided to join back industry after they have completed their studies. The main reason is because they are not satisfied with academia's compensation and benefits.
There is no way to compete with industry's pay scale.

I do enjoy what I am doing right now, but this Pandemic makes me think again about my career. I have 20+ years to go till 60, and I do not wish to experience the same as my other older colleagues.

Due to this pandemic, many of my older colleagues (above 60 years old) were retrenched. Management is hiring fresh PhD graduates to replace them. They are younger, vibrant, tech-savy and come with many other benefits to the company.

So, if you want to stay in academia, apart from obtaining a PHD which is necessary, it is also advisable to build network, develop consultancy skills (this is pretty hard for social-sciences), publications in top journals, teaching and other administration works. I believe there are pros and cons in any industry. Definitely teaching is about passion to pass on knowledge.

Enjoy what you do, and live with no regrets.

Those who published in those xxx journals are their choice la. They are aware but they still choose to do so.
I have few colleagues who published over 20+, 50+, and 100+ articles in those journals, and they are Dean/ Prof now.


So, it is your choice to do it or not.