Business professionals with a higher degree have high earning potential compared to others who don’t have a higher degree. So, the question is; is it worth getting a Ph.D. in business. The answer to this question depends on many things.
If you require a Ph.D. in business for learning’s sake then it’s worth getting it. Moreover, if you want to pursue a career as a lecturer in top-tier universities then a Ph.D. in business degree is required. However, in a professional career, a Ph.D. in business might not be very helpful if you don’t have years of experience to back up the type of specialization that a Ph.D. degree offers.
7 Reasons To Get A Ph.D. In Business
People who will pursue a Ph.D. in business will have a better understanding of how businesses and markets operate on a daily basis. Moreover, they will develop skills that will help them boost their career in the business sector. Below are 7 key reasons why a Ph.D. in Business is important.
Stand Out From The Crowd
If you analyze the job sector in the business industry you will see the majority of jobs in business and management require some sort of business degree. The true scenario is, most of the job seekers in this sector already have a business degree or diploma. Moreover, nowadays many schools and online institutions offer fast and easy MBA degrees but a Ph.D. is very rare in Business. So having a Ph.D. in business will make you stand out among others and help you get your dream job.
A Ph.D. in business provides adaptability and gives a person the opportunity to pursue any functional area within the business. It also provides knowledge about all the core aspects of a business which is very important to run a company successfully. It will help you think like a leader. You will gain management skills which are very important to run a business successfully. So a Ph.D. in business will help you get high-paid jobs at the management levels of various companies.
Develop Your Skill
Becoming an expert in any sector will require more than a few courses, in fact, it requires lots of practice. A business Ph.D. will give you time to develop skills in a friendly environment because you already have ready access to experts and high-quality resources. For example, consider the difference between a psychologist and a person who took a few psychology courses at school. That’s the difference a business Ph.D. will give you.
Specialized In Corporate
If you want to reach the top of your career then you must poses knowledge about every aspect of a business including corporate social responsibility, business ethics, non-profit management, etc. There are many topics that you didn’t get to explore in undergraduate studies so getting a Ph.D. in business will help you cover these topics and you will become an all-around expert.
We know that education has a direct influence on the potential salary. There is a tendency of paying a high amount of salary to individuals with postgraduate degrees. So if you are already a professional working in a reputed company then a Ph.D. in business will definitely boost your career and salary range.
Climbing The Ladder
For a fresher, it takes quite a few months to really get the hang of a new job and usually, they spend the early days of their career finding the proper footing in the business world and understanding how things work. So having the extra knowledge and experience from business school means that you have the advantage and ability to adjust to the new office environment. Moreover, it also opens the opportunity for upward movement within an organization.
Boost The Confidence
Confidence is a very important virtue and we require it in every aspect of life. However, in the business sector confidence is the key to success. There are many ways you can develop confidence but the confidence that comes from real-life experience is priceless. So getting a Ph.D. can be a huge confidence booster to build a career in the business sector.
Skills Developed While Getting A Ph.D. In Business
The main aim of a Ph.D.in business is to equip you with job-ready skills. It will help you achieve functional skills as well as interpersonal skills. Below are the skills that you can attain from a Ph.D. in business.
Business Analysis: You will learn how to analyze a business from financials to human resources. Moreover, you will be able to identify the problems of a business and can offer proper solutions to the problems.
Business Technology: A Ph.D. in business will teach how to use technology to solve business problems.
Data Analysis: You will learn how to gather data and then analyze the data to find out the problems. Moreover, you will learn data organization procedures to make strategic, data-driven decisions.
Competitor Analysis: This is a very important business skill and if you want to get a Ph.D. then it will help you learn different techniques of analyzing and investigating the competitor. Moreover, you will learn how to find out their sales strategies and help your company outperform the competitors.
Project Management: If you want to pursue a career in the business sector then this is a very important skill to have under your belt. A Ph.D. in business will help you learn and apply the knowledge, tools, and techniques to manage the projects accordingly.
Interpersonal Communication: Communication skill is very important to build a successful career in the business sector. A business administration major will help you learn to effectively exchange information and understand feelings through both verbal and non-verbal messages.
Presentation Skills: You must have confidence when you are explaining a plan or project details to your senior. This type of skill is very important if you want to advance to leadership positions in any organization.
Leadership And Management: In a business Ph.D. program, you will learn everything about leadership and management. You will have the skills to become an effective CEO, and you will know how to motivate your employees.
Problem Solving Skill: You will learn how to analyze the data and find solutions to various business problems. This skill will help you become a very important person in a company setup.
Decision-Making Skill: This type of skill will help you grow your career rapidly. Once you learn how to make a proper decision you will be able to control your employees properly.
Teamwork: Teamwork plays a very important role in the success of a business. While getting a Ph.D. in business you will learn how to work properly and communicate as a part of a team, and complete tasks through group projects.
What Does A Ph.D. In Business Entail?
Usually, a Ph.D. in business is a research-based program and the main aim of this doctorate program is to emphasize the development of new theories or concepts of various business topics. The areas of research and study for a Ph.D. in business includes –
4. Healthcare Management
5. Human Resource
6. Information Systems
7. Leadership and Organizational Studies
10. Organizational Systems
11. Supply Chain Management
Ph.D. In Business Job Titles And Salary
Ph.D. in Business is a research-based program that will allow you to develop new theories in management, economics, and related fields. So you can easily alter the present system and develop a new system which is more productive than the previous one. You will be able to make accurate predictions about the current economic condition and make the right decision. So all these skills will help you get a better job title. Here are some common job titles for a Ph.D. holder in business –
1. Business Postsecondary Teacher: $105,440 per year
2. Chief Executive: $193,850 per year
3. Computer and Information Systems Manager: $156,390 per year
4. Legislator: $49,440 per year
5. Public Relations and Fundraising Manager: $132,630 per year
6. Human Resources Manager: $129,570 per year
7. Medical and Health Services Manager: $115,160 per year
8. Emergency Management Director: $82,530 per year
9. Food Service Manager: $59,820 per year
10. Financial Manager: $147,530 per year
11. Budget Analysts: $76,540
12. Loan Officers: $63,270
Geographic Location Based Demand Of Ph.D. In Business Graduates In The USA
The salary range for a Ph.D. in business varies depending on which state you are in. According to the U.S. Bureau of Labor Statistics, the national median annual salary for this sector is $122,480; but it could be higher or lower.
States With The Highest Employment Level
1. California – $137,750 per year
2. Texas – $119,250 per year
3. New York – $157,440 per year
4. Florida – $107,250 per year
5. Illinois – $118,840 per year
States With The Highest Concentration Of Jobs
1. District of Columbia – $151,630 per year
2. Massachusetts – $135,250 per year
3. Illinois – $118,840 per year
4. Connecticut – $144,850 per year
5. Utah – $96,150 per year
1. New York – $157,440 per year
2. New Jersey – $153,160 per year
3. District of Columbia – $151,630 per year
4. Connecticut – $144,850 per year
5. Delaware – $141,580 per year
Finally, I hope you have found the above information helpful and understand the reasons to pursue a business Ph.D. If you have any queries then feel free to leave them in the comment section. I will get to you.
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.