The purpose of the present study was to determine faculty output and accountability within faculty workload by determining the unit cost in output and effort in graduating a single Ph.D. student. Work equivalents are determined from institutional and faculty self-reports at a major graduate university in which 225 faculty members were surveyed. Findings show that a faculty output of 1 Ph.D. per year is approximately one-third of a workload. It is evident that graduating a Ph.D. requires more effort than teaching 1 regular 3-hour course during a term. Since there is a price value on the credit hour, there can be derived a cost equivalency for Ph.D. output. (HS)