For many fields and many institutions, the PhD is a terminal degree. In other words, it is the highest degree you can receive in that field.
A PhD is required to teach as a Professor at a University and is often required for many research positions. If your goal is to work in academia, a PhD is essential. Having a PhD makes you more than a student of a subject. You are a steward of knowledge.
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To earn an academic doctorate title, in most countries you will need to complete several years of postgraduate education, followed by a doctoral dissertation, after which you will be awarded a Ph.D. In the United States and the UK, for example, only universities can grant academic doctoral degrees.
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