I suppose my concern isn't so much that I'm "too educated" (I use that term with caution
), more that to the person reading my application it may look like I am not as committed as say someone else who is persuing the career straight from school (because it looks like it has taken me a degree and a PhD to "make up my mind", even though I know this isn't in fact the case).
My PhD is funded for 3.5 years. I guestimated 4 years because it's actually quite rare to complete a PhD in the time allocated, which I have to admit is worrying! With regards to using Dr. or Capt....technically you aren't really allowed to refer to yourself as Dr. outside of the academic field, so it would be written as "Name, PhD". Therefore, I'd be called Capt.