I have heard it anecdotally time and time again, "Overqualified".
Specialization only pays more when there's demand for the exact specialization. Nobody wants to pay a PhD and risk them moving onto the "perfect" position when the same job can be done by somebody more generalized.
I once worked with a guy that had a law degree. He never listed that law degree when applying to software engineering jobs. People figured he'd just go back to law, even though he hated practicing law.
