Last Updated on July 31, 2023 by Oluwajuwon Alvina
You will find top –notch information on is a phd in business worth it reddit & is a phd in business administration worth it in the article below.
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Is Getting a Doctorate in Business Worth It
I was recently thinking about the advice that you get on PhD forums and university websites, and much of this advice is about why you SHOULD get a doctorate (i.e. PhD, DBA, etc). The problem with this perspective is that does not help you determine if doing a doctorate is right for you. I kind of think like an economist, and I always think that there are costs and benefits to every decision. Not every option is good for everyone, especially when thinking about pursuing a doctorate. There are a lot of costs that are associated with terminal degrees because they do take a long time, cost a fair bit of resources, and often have uncertain outcomes. Many people who start a PhD, do not complete it for many reasons that these websites about doing a PhD fail to mention.
Business graduates, even without a Ph.D in business, have a world of choices when it comes to career tracks. This program of study is diverse enough that you can find a niche in almost any industry. Business majors who invest in a Master’s in Business Administration expand their choices even more, so earning an MBA is not an uncommon strategy. However, a doctorate in business is not nearly as popular for various reasons. Nonetheless, an advanced degree in business could have real value other than dressing up your resume.
Types of Business-focused Doctorate Degrees
A Ph.D. in business is a doctor of philosophy program that can lead to specializations in accountancy, economics, finance, entrepreneurship and other fields. It is typically a full-time program that requires candidates to demonstrate prior credentials in the field as senior executives. This program of study may also be referred to as a Ph.D. in Management. The coursework focuses on theoretical research related to business issues.
A Doctor of Business Administration is the highest degree you can attain for a business-focused career. The advanced coursework focuses on applied research in fields that are specifically relevant to business.
A DBA or a Ph.D. typically takes four to six years to complete. Some Ph.D. programs require full-time commitment and residency requirements, which might make it difficult if you cannot take a sabbatical to complete the course work and dissertation. Stringent completion requirements may include passing a proficiency exam, a doctioral dissertation presented before a committeee and publication of research work in peer-reviewed journals.
PH.D. IN BUSINESS PROGRAMS: PREREQUISITES AND REQUIREMENTS
Prospective students are required to complete a bachelor’s degree in a relevant business-related field or discipline together with satisfactory GRE or GMAT test scores to be enrolled into a specific Ph.D. in Business program. Doctoral business courses are research-intensive. General course work includes mathematics and business, as well as elective courses that depend on the student’s chosen concentration.
In order for prospective students to be admitted into a doctoral program they typically need to have a bachelor’s or master’s degree in business and have maintained a 3.0 GPA. Students will also be required to take the GMAT exam and will need a total score of 680 or better, on average, to gain admission into their respective graduate program. Once admitted, students won’t have to worry about tuition cost as graduate programs typically provide a five-year tuition assistance package complete with tuition coverage, healthcare, and a stipend. If cost goes above this package, students can gain access to fellowships, supplemental grants, and teaching/research assistantships. The first two years of the program are spent doing coursework in subjects like ethics and corporate social responsibility, microeconomic theory, and qualitative methods. After that, students will need to pass a comprehension exam, after which, they will engage in two years of teaching and an additional year or more on dissertation writing and research. Students can have their PhD concentration in accounting, finance, marketing, operations management, organizational behavior, finance, and strategy/international business.
The coursework is completed during the first two years of the doctorate program. Afterward, they generally spend two years teaching in undergraduate courses and performing research works. As a culminating requirement, writing and completing the dissertation can be accomplished in one to three years more. Sample coursework includes:
- Business Research Methods
- Financial Markets
- Microeconomics and Macroeconomics
- Mathematical Statistics
WHAT DOES A PH.D. IN BUSINESS PROGRAM ENTAIL?
Doctorate programs in a business-related field prepare you to perform highly specialized scholarly research work. The majority of graduates with a business doctoral program start their careers as consultants or leaders in the business or government sectors, junior or senior researchers in a college or university, or as professors.
Ph.D. in Business programs are generally research-centric with an emphasis on the development of new theories or concepts in economics, management, and other related disciplines. Specialized areas of research and study include:
- Healthcare Management
- Human Resource
- Information Systems
- Leadership and Organizational Studies
- Operations Management
- Organizational Systems
- Supply Chain Management
Prospective graduates work closely with a faculty adviser who is a recognized practitioner or scholar in the related field. Graduate students and faculty mentors collaborate on research works, meet regularly to develop the students’ dissertation theories or concepts, and research. Also, they can even co-author papers for publication. The dissertation is the concluding product of a Ph.D. in Business program, and it is typically supplemented by a comprehensive exam or a series of examinations.
The majority of colleges and universities require their graduate students to earn teaching experience to complete their business doctorate program. They often work as teaching assistants for their faculty advisor to accomplish this requirement. Also, they can pursue additional teaching assignments through their college or university.
PhD in Business Jobs
Top executives help create the procedures, polices and goals for an organization and actively work to carry them out. They aid in the establishment of good relationships with stockholders and business leaders and engage in negotiations over contracts. Through attending seminars on sales and marketing on their way to a PhD, recent graduates will have a deeper understanding of how to analyze sales reports and improve earning within their organization. They engage in conversations with departmental managers to get a better idea of their expenses and work with them to ensure that established budgets are being followed.
Financial managers spend the majority of their time generating financial forecasts for their employer and monitoring departmental budgets. In addition, they work with staff and managers to reduce cost and improve profits. Oftentimes, these same individuals will head their own projects and delegate duties to various staff, as well as observe them to ensure that all tasks are being completed on time. Through coursework in business management, those with a PhD will have the knowledge necessary to effectively assign tasks and manage their time and resources to ensure that a project is completed within pre-established guidelines.
Budget analysts aid their employers by giving them assistance and analysis during the process of establishing the company budget. These same individuals help keep accurate accounting and use quantitative methods to properly assess the status of the company budget, something that those with a PhD will have done extensive coursework in. Further coursework in corporate laws and regulations will better prepare graduates for aiding their employers in ensuring that they are in compliance with both state, and federal laws. Additionally, these individuals work directly with executives and managers to generate alternative plans when those that are first proposed do not meet expectations.
Loan officers actively seek out potential clients and ask them if they are in need of loan assistance. They gather data related to prospective loan applicants and analyze it to determine if they are suitable for a loan, as well as, meet with them and answer any questions or concerns they have. Furthermore, they work directly with clients to explain the different loan options available and negotiate with them to establish terms for the loan that they can both agree on. Once they’ve established that a loan can be given, they either approve it or send it on to management so that they can make a decision.
Management analysts are active in the creation and preparation of operation and procedure manuals and aiding managers in improve operational efficiency. They conduct interviews with employees and observe them on the job to determine which new training methods, equipment changes, or personnel changes need to be made. If such a decision is made, they will present their findings to management and offer solutions to a given problem. These same individuals analyze employee evaluations and financial reports related to both the revenue and expenditure of the companies they work for.
Here is a quick sampling of the job titles and wages that people with this specific doctorate have:
- Business Postsecondary Teacher: $105,440 per year
- Chief Executive: $193,850 per year
- Computer and Information Systems Manager: $156,390 per year
- Legislator: $49,440 per year
- Public Relations and Fundraising Manager: $132,630 per year
- Human Resources Manager: $129,570 per year
- Medical and Health Services Manager: $115,160 per year
- Emergency Management Director: $82,530 per year
- Food Service Manager: $59,820 per year
- Financial Manager: $147,530 per year