It is commonly believed that the doctorate prepares students for academic careers. While there is wide ranging literature about the development of doctoral students as researchers, preparation for the other aspects of academic careers, e.g. teaching, is mostly absent from the discussion. This qualitative longitudinal study investigated the shift from doctoral identities to academic identities using narrative inquiry. It examined the narratives of 15 doctoral students from two large Australian universities, who were approaching thesis submission and who aspired to academic employment. Two contrasting stories illuminated in-depth accounts of how academic identities were developed and experienced. Students defined their identities and assessed their academic development in relation to their perceived 'market value' in academia. To increase their employability, they engaged in university teaching and focused on strategic networking. Students regarded researcher development as the main focus of the doctorate as being insufficient for an academic career. This paper argues that doctoral education needs to facilitate student agency, encourage synergies between teaching and research, and support non-academic work experiences to strengthen researcher identity development.