Why Earn a PhD in Business?

Friday, September 13, 2019

Has a PhD in business crossed your mind? Let’s talk about what you stand to gain from a doctoral degree in business.

Quick Business PhD facts brought to us by All Business Schools:
Credits needed to graduate: 90
Number of specialization classes: 5
Number of core classes: 8
Number of elective classes: 5
Number of research and dissertation credits needed to graduate: 36
Hours in class per week: 9
Median weekly income of doctoral degree-holder: $1,664

What does it mean to complete a Business Phd Program?
Any doctoral degree program prepares students to conduct specialized scholarly research. As it is the highest degree in any given academic system, it requires a lot of effort. To earn a PhD,  you must complete the university program’s academic requirements, write a doctoral dissertation, and successfully defend it. 

A business doctoral program will have a research focus on the development of new theories in management, economics, and related fields. Students work closely with a university faculty adviser who is typically a recognized scholar or practioner in the field. The student collaborates closely with the faculty mentor on research projects. They meet regularly to design the student’s dissertation theory. They may also co publish papers for publication. PhD programs at the best colleges and universities will usually require their PhD candidates to also gain teaching experience. 

The average program usually requires anywhere from four to six years. Students usually begin with coursework and/or independent study. They complete an exam. Afterwards, they may begin working on the dissertation that they present to the university panel before graduating.

Why earn a PhD in Business? 
Let’s say you’ve earned your bachelor’s degree. Maybe you earned a degree in business, maybe you studied something else. Could the PhD be the next step for you?

Dora Farkas, a recent PhD graduate, cites five reasons for earning a PhD. First, you will earn more over your lifetime than the average Master’s degree holder. Second, you’ll have unique career options that are not available to those who only have a Master’s. Third, you will have the self-confidence that comes with knowing that you stood by your degree instead of quitting. Fourth, your writing skills will improve tremendously. Fifth, your interpersonal skills will also improve. 

The following is a list of reasons why you should consider a PhD in business.
  • Stand out from the crowd – Many schools and online institutions offer “fast and easy” MBA degrees. On the other hand, a business PhD is much more rare. It will make you stand out and it shows that you have a serious commitment to research.
  • Networking opportunities – “It’s not what you know, it’s who you know”. This phrase is not always true but in the business world, having a wide net of contacts and a good knowledge of how this world functions. 
  • Specializing – Did you have an interest in a particular topic that you didn’t get to explore while you were earning your bachelor’s degree? A PhD program gives you the chance to dive real deep into the topics of your choice, anything from corporate social responsibility to non-profit management or business ethics. 
  • Salary potential – Many businesses and institutions automatically give out higher salaries to individuals with postgraduate degrees.
  • Confidence to succeed – There is a certain kind of confidence that comes from being an expert in your field. Potential employers, interviewers, clients, and investors will appreciate working with someone who is truly an expert.
  • Meet role models – Entering the world of higher education gives you the chance to encounter some of the sharpest minds in the field. You will no doubt get the chance to make connections and learn first hand from these experts.
  • Opportunity to try teaching – While your main interests might be focused on research, giving teaching a try allows you to explore it as a potential career option. There are several perks that come from working as a professor at a college or university. 
Is it worth getting a PhD in Business?
According to Nic Garsha, a former student at the NYU Stern School of Business, business professors in top and mid-tier schools have a high earning potential. The base salary is just above $200k. Most professors also work on the side as consultants or have their own startup companies. 

Something important to keep in mind is that earning a PhD and working as a professor are both high-stress occupations. A PhD, at times, can be quite isolating and financially draining. As of 2018, stipends in the top twenty business schools vary between $28k and $40k with the variations as a result of the local cost of living. Other business degree graduates most likely will be making three to four times as much as a PhD candidate during the length of the 4-6 year PhD program. 

While the PhD program might be high stress, we can assure you that it is one of the best options in the long run especially if you are interested in advancing your understanding of specific topics in business research as well as expanding your potential job opportunities.

University and Program Spotlight:
PhD in Business at the University of Miami in Miami, Florida
Students in the University of Miami’s PhD in Business program participate in a program designed as cross-disciplinary business study and research. The world-renowned faculty of the University of Miami Business School provides students with one-on-one mentoring. The idea is to prepare these outstanding PhD in Business candidates for careers in academic research in addition to teaching. Students follow specially designed programs of study under the guidance of faculty experts.

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