This article aims to provide information for the characterization of the professional paths of doctorate holders, emphasizing the need for a profound theoretical debate on the representations people have about the Ph.D. This is particularly important when considering that action contexts are ever more complex and diverse, marked by a growing number of doctorate holders who find it increasingly difficult to enter an academic career. The text also provides insights regarding the persistence of a dual representation about the value of the Ph.D. in academic and non-worlds. The text uses information provided by a research study conducted at the University of Minho, in Portugal.