We use one qualitative and one quantitative study to pursue the question why students intend to earn a PhD.

We develop a model in which academic motivation and academic achievement interact with contextual factors.

We test this model using a sample of 229 students enrolled in master-level courses of study at a German university.

Results show that intrinsic life aspirations play a significant role. Extrinsic motivations are less influential.

Results highlight the importance of gaining familiarity and experience with academic work for students' career decisions.