Drawing on interviews with nine PhD students and twelve PhD graduates from a research university in Taiwan, this paper explores students' motivational profiles for pursuing a PhD at a time when that degree is increasingly decoupled from academic employment. Using self-determination theory as a conceptual lens, the paper identifies common enrolment motivations in the PhD crisis era. Amidst the doctoral enrolment crisis in Taiwan, where the traditional employment path for PhD graduates (i.e., academia) is more of a mirage than a reality, the motivations of students to pursue a PhD do not differ much from those found in the literature concerning the era of PhD expansion. Two typical motivational profiles are predominant, one dominated by the accumulation of career advantages and the other by the search for personal growth. The findings show that the first profile tends to be on the minds of most students. The second profile tends to be adopted by those who have few career concerns or those who have a greater need for self-improvement. We also find that these motivations have unique nuances, meanings and consequences for universities and doctoral education in the PhD crisis era.