https://www.simonsfoundation.org/quanta/20140326-a-rebel-without-a-ph-d/

Q: You became a professor at Cornell without ever having received a 
Ph.D. You seem almost proud of that fact.

A: Oh, yes. I’m very proud of not having a Ph.D. I think the Ph.D. 
system is an abomination. It was invented as a system for educating 
German professors in the 19th century, and it works well under those 
conditions. It’s good for a very small number of people who are going to 
spend their lives being professors. But it has become now a kind of 
union card that you have to have in order to have a job, whether it’s 
being a professor or other things, and it’s quite inappropriate for 
that. It forces people to waste years and years of their lives sort of 
pretending to do research for which they’re not at all well-suited. In 
the end, they have this piece of paper which says they’re qualified, but 
it really doesn’t mean anything. The Ph.D. takes far too long and 
discourages women from becoming scientists, which I consider a great 
tragedy. So I have opposed it all my life without any success at all.
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