Despite its lengthy history and relatively stable structure, evidence shows that the US system of doctoral education has been in a continual state of change. This change is reflected in disciplinary contexts, student demographics, professional outcomes, and the investment of external stakeholders. While the COVID-19 pandemic highlighted issues of concern and weakness in the system, change elements have existed for some time. First, the cost that some individual students pay for their doctoral degree, resulting in high debt and low salary, requires attention. Second, the importance of international students to the system has not been met by corresponding federal immigration policies and support mechanisms. Third, many doctoral programmes are still designed as if students will secure a permanent faculty role after graduation. The change in the academic labour market has not been matched by a change in the doctoral curriculum. This article considers the issues and related influences.