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Drawing on Bourdieusian concepts of the global higher education field and global cultural capital, this study explores the positioning of Hong Kong’s PhD holders within evolving global academic labor markets. Applying a mixed-methods approach—including a survey (n=253) and interviews (n=100) with non-local PhD scholarship recipients—the research examines career aspirations, perceptions of credential value, and employment outcomes. Findings indicate a strong interest in academic careers underscored by high-quality academic training. However, the global cultural capital of the PhD qualification remains undervalued by not only elite Western universities but also within Hong Kong, suggesting that academic hierarchies persist even within systems attempting to challenge them. Nonetheless, the PhD presents significant academic career opportunities in other parts of global higher education.