The global economy has become more competitive than ever. So, it is very important to make sure you distinguish your professional career with clear competitive advantages. If you have made your career in the business and management sector then the Doctor of Business Administration (DBA) is one of the highest levels of education that you can achieve in the business world. Nowadays, a basic undergraduate or even a master’s degree is not enough to ensure a successful career in business. Therefore, a DBA degree can help you establish a successful business career in 2021.
Jump To A Section
- 1 What Is Doctorate In Business Administration (DBA)?
- 2 Is It Worth Pursuing A DBA Degree In 2021?
- 3 Reasons Why Earning A DBA Is Worth It
- 4 Final Thoughts
What Is Doctorate In Business Administration (DBA)?
For many people, an MBA is a terminal degree for them and they consider it is the end of their formal business education. But, that is not completely true. You can pursue a higher degree and there are two different options: a traditional Ph.D. or a Doctor of Business Administration (DBA). The main difference between these two degrees is the focus. A Ph.D. degree is for those people who want to work within academia and contribute to the theoretical foundations of business and improve the study of the business. On the other hand, a DBA degree is for someone who wants to pursue a career in business and benefit their company with research knowledge. So, the application of a DBA degree is different from a traditional Ph.D.
Is It Worth Pursuing A DBA Degree In 2021?
Many people think that investing time and money in a DBA degree is not worth it in 2021. But this is totally a misconception. Now is the best time to pursue a DBA degree because it carries significant advantages for business experts who want to expand their professional outlook. The number of graduate education is growing rapidly so the need for a high-level credential is also growing among potential employers. So, what can meet today’s high demand is a Doctor of Business Administration (DBA). A doctorate in business administration or a DBA degree is higher than MBA so it will give you enough credentials to pursue your interest in the business. A DBA holds high academic value so you can apply for a higher position in a corporation or if you are already working as a business professional then it will boost your career in business. Moreover, you will get access to well-paying management roles and can present yourself as a cut above the competition. So, if you want to reach the top of your business career then it is definitely worth pursuing a DBA degree in 2021.
Reasons Why Earning A DBA Is Worth It
Pursuing a DBA degree will give you a new perspective on the business world because it will give you more credibility and also advantages among potential employers. Dr. Elwin Jones, dean of the College of Business at Columbia Southern University said –
“For students who have earned their DBA, they have learned a new way to communicate, it impacts the way they think, the way they write, and how they talk. It’s those newly learned ways of absorbing information that gives students the competitive advantage within a career opportunity.”
Usually, the MBA programs are deliberately designed to cover more topics but that is not the case for a DBA degree. A DBA degree is laser-focused and designed to make graduates an authority on their chosen subject. It will not only help you develop skills in research, writing, and presentation but also gives you in-depth knowledge that you won’t develop in a typical MBA program.
New Career Opportunities
A DBA degree teaches valuable business management, leadership, and organizational lessons and empowers a graduate to use their skills in various industries and job titles. Usually, the MBA degree boosts management skills while a DBA degree focuses on research and problem-solving skills. So, pursuing a DBA degree won’t teach you theories and best practices but help you create the principles of business. The principles of business that you will create will be learned and put into practice by others. When you pursue MBA, you complete case studies but when you pursue a DMA you create case studies by analyzing business models and processes to solve problems and develop new ideas. So, the main benefit of pursuing a DBA is you will become an innovative problem-solver who can generate new knowledge and ideas to solve various problems. So, it also opens the door of new opportunities like –
1. Business consultant
3. Business strategist
4. Education leader
6. Government contractor
7. Private and public business associate
Gain A Competitive Advantage
Pursuing a DBA will give you advantages over other professionals or job seekers. According to the Wall Street Journal, universities throughout the United States are conferring 74% more MBAs than they have done in the last 5 – 10 years. So, there is an influx of MBAs and now employers are looking for something new because they are not sure of a rigorous course of study. A recent study showed because of the huge number of MBAs, the new MBAs have lost about 4.6% of their average pay. So, if you can get the DBA then you will have huge advantages over others. Moreover, a DBA is something far more because this degree takes a very different and distinctive approach and equips you with skills that will help you leverage emerging market trends.
Become Ready For Pressing Global Issues
The current business world is changing rapidly with revolutionary technologies like artificial intelligence, Big Data, etc. Nowadays, the corporate space is continuously transforming so if you want to have a successful business career then you have to learn how to navigate and utilize these technologies. A DBA degree will give you the right introduction to business tools and technologies. You can have full insight into how business technologies work and how they can take a company forward and help you generate innovative business solutions. All these knowledge and skills will help you become ready for the changes in the business domain.
Greater Opportunities For Promotions
A doctorate in business administration might be the tipping point of your career when you are looking for your next promotion. Ayodeji Onibalusi, a professional digital marketer and Effective Inbound Marketing said in an interview –
“An advanced degree can help you secure that elusive promotion you’ve always desired. A doctorate or master’s degree would also boost your confidence and help you secure better job opportunities when you start looking for a new job.”
If you want to earn a DBA then you must have advanced research skills and sharpened business acumen which helps you develop superior decision-making skills. So, this new skill will make you a better candidate for promotions and job openings. If you check then you will find many job circulars where companies are looking for senior management professionals with advanced degrees. Therefore, if you have an advanced degree like a doctorate in business administration then you will have greater opportunities for promotions and boost your career in the business world.
If you can earn a DBA degree then you will see a significant difference in your earnings potential. According to the U.S. Bureau of Labor Statistics, employees with doctoral degrees are making on an average $1,825 a week compared to $1,434 for master’s graduates. In total, the difference is approximately $20,332 more per year. So, it is quite clear that having an advanced degree like DBA can make a difference between leading a luxurious life and living an average life.
I hope the above information has helped you understand whether it is worth getting a doctorate in business administration or not. But, the career is yours, so you should do some more research before making the final decision of doing a doctorate in business administration. You can talk with other professionals and discuss with your family members before making the final decision. I wish you all the best for the next step of your career.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.