In this essay, I discuss ethical risks of pursuing participatory research as an industrial doctoral student. I particularly focus on two facets. First, ethical questions that may arise as a consequence of the dual character of the work format, i.e. being both an academic student and a practitioner in the field of study. Second, ethical consideration in relation to a participatory research method in which the researcher recognises his or her role as a change agent within the system, but studies the system as a whole. I conclude that there might be several ethical risks associated with such research, of which the doctoral student should be conscious and transparent.