I am currently completing a PhD in theology from Durham Univ. (England). The degree has been a challenge on a number of levels. I remember the relief of simply entering the program and going through orientation. After months of GRE tests and practice tests, hours of browsing different university websites in the US, Canada and Europe, and a few rejection letters, I had made it! But really it was only the beginning.
The entire endeavor requires much work and planning. Allen Yeh has done a service for anyone interested in PhD studies. Click here for his advice (like don’t study New Testament if you want a university teaching post when you finish).
Nijay Gupta (see sidebar for links to info on PhD work) and Ben Blackwell (again, on the sidebar look at the links below the “About Me and Durham” section) each have several posts and information on PhD work, focusing mostly on NT studies.
Also worth considering are Carl Trueman’s speech to those considering a PhD in theology.
