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Is PhD In Management Worth It

Last Updated on January 15, 2023 by Team College Learners

A PhD in management or business is often required for those interested in pursuing an academic career as a professor at a business school. Through research, professors gain the expertise required to teach advanced courses and to ensure that they remain current in his or her chosen field.

This article affords you with the best and up-to-date information about benefits of doing PhD in management, PhD in management salary, and so much more.

Not just that, you will also discover related posts on why get a PhD in business, is a PhD in business administration worth it, amongst others right here on Collegelearners.

PhD Business Management Degree

The revolution in the internet and the flow of information has made it easy and feasible for so many of us to gain knowledge, make an informative decision, and choose career paths that are unconventional and new. Though many are exploring new careers and becoming greatly successful as a photographer, game developer/designer, or even as an event manager these career options are still termed as unconventional career options. Becoming an engineer, a doctor, a lawyer or a professor/researcher are still considered the most conventional and sought-after career options

Is PhD in Business Management Worth it? |

 Ph.D. in management is required to become a professor in the business department of a university. It can also be used to start a career in consulting, although industry experience is usually necessary for this career.

Most business professionals have bachelor’s or master’s degrees in business, and some workers have specialized degrees in finance, economics, computer science or another area of expertise.

PhD after MBA: The Road Less Travelled - Leverage Edu

The only reason to get a doctoral degree in management is to teach in a university, and while business professors may have slightly better job prospects than professors in many other subjects, tenured positions are becoming less and less common as universities hire professors in part-time or adjunct capacities. Management professors can find work teaching in community colleges or online schools more easily than traditional brick-and-mortar institutions, and aside from a few top professors, most people interested in business will make more money working in industry than in academia.

  • Gain a competitive edge
    Whether you choose to further your education on campus or online, a PhD in Management is an immediately marketable asset that will give you a competitive edge in today’s workforce. A PhD in Management gives you an impressive level of credibility, proving expertise in your field and a lifelong commitment to learning that will help you fulfill your professional goals, no matter if you work in teaching, consulting, research, or something entirely different.
  • Become a better thinker
    A good PhD in Management program encourages you to do more than consume knowledge—it teaches you to create it. By moving past passive learning, you’ll achieve new levels of critical thinking that you can apply in new and exciting ways in your career, organization, and field of interest.

How to Get a PhD in Management

Getting a doctoral degree in management is no different than enrolling in other Ph.D. programs, but obtaining a teaching position after graduation requires some preparation while you’re still in school. Unlike many other subjects, a management degree doesn’t translate very well to high school teaching because most high schools don’t offer this subject. A Ph.D. student majoring in management should prepare for an academic career in higher education by taking on as many internships and research opportunities as possible while still in school. Management is considered a social science, and the type of research performed by people in this subject includes quantitative work as well as research dealing with unquantifiable data, such as human decisions and leadership. Because there are relatively few tenured positions available for graduates, it may be necessary to obtain several part-time jobs or one full-time position supplemented by part-time work.

5 Reasons It's Worth Getting Your PhD Degree After All

Important things to consider before applying to the University

There are tens of PhD in Business (management/marketing/strategy) are available in today’s time. However, from my experience I could say that choosing the right PhD program is as important as choosing the right topic for your research thesis. Different universities have different programs. Some universities give emphasis on quantitative research, whereas some pays more focus to qualitative research methods. So, a scholar strong in quantitative methodology must opt for a program which focuses more on quantitative methods. Most of the universities designed their PhD program in such a way where a student has to take compulsory courses related to their subjects and important methodologies. However, there are some universities which includes interdisciplinary courses as mandatory courses which turns out to be of no use for the student in future. For example, my PhD program had 2 compulsory engineering courses and two finance courses which I had nothing to do with my research. That was a sheer waste of my valuable time and resources. These few things should be considered before taking a decision for admission in a PhD program.

Is A PhD In Business Worth It

More college graduates are deciding to pursue a degree in the master’s, professional, or doctorate level of studies in their fields of discipline. Since 2000, the number of adults aged 25 and higher whose highest educational attainment was a master’s degree has doubled to 21 million. The number of doctoral degree holders has also grown to 4.5 million.

In 2019, approximately 13.1% of American adults had an advanced degree, higher by 8.6% from 2000, according to the U.S. Census Bureau. Also, the National Center for Education Statistics has reported that during the school year 2019 to 2020, colleges and universities are expected to award 184,000 doctorate degrees across the United States. Between 2018 and 2029, post-baccalaureate admission is expected to increase by 3%.

Given the rising development, it provides you with an assurance that completing a Ph.D. in Business is a worthy investment, especially in a competitive job market.

For many students, the decision to pursue a Ph.D. in Business studies is a tough one to make. Many aren’t sure if getting a Ph.D. in Business is even worth it. On one aspect, you are a passionate learner of the subject, and you want to deepen your knowledge as an independent researcher. On the other hand, some factors can’t be ignored, such as completion time, low compensation, or even mundane career prospects.

Rising Number of Doctorate Degree Holders

Prospective students pursuing a Ph.D. program in a business-related field are generally highly determined to become an expert in their chosen specialization. The doctorate program in Business offers you a clear and well-funded pathway to pose a question, perform the research, discover something new, and publish your work with your name.

As a result, it proves that you have sufficient understanding and contribution to the subject. It is also a common way to get prepared for an academic career – either teaching at an advanced educational level or as a full-time researcher.

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Workforce For Universitites

Prospective Ph.D. in Business students are often involved in attending, grading, and teaching to the undergraduate student community at a lesser cost compared to an entry-level full-time professor. As such, colleges and universities actively encourage a large Ph.D. population, advocate their research works, and earn more grants for the educational system while reducing the need to hire full-time teaching positions.

With the undergraduate student population bringing in the immense tuition annually, having low-cost disposable teaching support develops an excellent ROI for institutions of higher learning.

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Increasing Trend in Research Funding

For several years, funding hasn’t been that much on applied and basic research at colleges and universities. With the increasing budget in recent years, more doctorate candidates provide a consistently motivated workforce to keep research progressing forward; thus, advocating even more research investments.

Research funding isn’t only supported by federal agencies but also private sectors and industries investing in basic and applied research works towards technological innovations. With enough funding, graduate students in business can find the right infrastructure to specialize in improving their skills and knowledge as a researcher.

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Graduate School For Bridging Gap Arrangements

When the global economy takes a significant hit due to recession, admission in college and universities increases. The idea is that if career opportunities are low, candidates would prefer to boost their worthiness by completing a higher degree until the economic chaos settles.

The length of time it takes for obtaining a Ph.D. generally outpaces the duration taken for any stagnant economy to recover as proven by historical standards. This is the reason why during the 2008 and 2009 global recession, the number of prospective graduate students grew from 2.4 million to 2.7 million (approximately 12%). Even in the absence of an economic disaster, enrolling in graduate schools is a common way of deferring a career search or escaping out of the unemployed status.

PhD 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.

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
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What Does A PhD 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:

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  • Accounting
  • Economics
  • Finance
  • Healthcare Management
  • Human Resource
  • Information Systems
  • Leadership and Organizational Studies
  • Management
  • 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.

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Employment Outlook And Salary Information for PhD In Business Graduates

Completing a Ph.D. in Business will provide you with the expertise and skills for an academic profession in any business-related field as well as scholarly research at the collegiate level. You will also acquire advanced business management knowledge that can apply to the private industries and sectors. A Ph.D. in Business emphasizes primarily on creating new concepts of consulting, economics, finance, public administration, business management, and related fields.

If you’re pursuing a Ph.D. in business, it will require a lot of effort and time. It is a full-time commitment that requires four to five years to complete the program. That said, it is essential to research what your potential wage could be with this doctorate program.

PhD In Business Graduates

Working In The Public Or Private Sector

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Earning a doctorate program in a business-related field will result in a higher wage. The Bureau of Labor Statistics reports obtaining a master’s program can provide you with an average $12,000 pay increase over an undergraduate program. In some instances, obtaining a Ph.D. in Business will yield at a premium rate over a master’s program.

For instance, some reports indicate obtaining a master’s program in business will result in a median lifetime salary worth $3.2 million while completing a doctorate program raises it to $3.5 million. Given this, we can generally conclude that earning a doctorate program will provide you with a higher income. The primary factor for a wage increase is your employer being in the private or public sector.

Most professionals with a Ph.D. in Business work in the educational or public sector and some are employed in private companies. Here is a general overview of the annual mean salary obtained from a variety of business-related careers in the private industries:

  • Business Postsecondary Teacher: $105,440 per year
  • Distribution Manager: $103,320 per year
  • Financial Manager: $129,890 per year
  • Market Research Analyst: $71,570 per year
  • Marketing Manager: $149,200 per year
  • Sales Manager: $141,690 per year
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PhD In Business Graduates

Geographic Location

If you are a graduate in a Ph.D. in Business program, you will obtain a higher wage in some parts of the country than others. According to the U.S. Bureau of Labor Statistics, the national median annual salary for this sector is $122,480; however, your wage can be higher or lower depending upon which state you reside:

States With The Highest Employment Level:

California – $137,750 per year
Texas – $119,250 per year
New York – $157,440 per year
Florida – $107,250 per year
Illinois – $118,840 per year

States With The Highest Concentration of Jobs:

District of Columbia – $151,630 per year
Massachusetts – $135,250 per year
Illinois – $118,840 per year
Connecticut – $144,850 per year
Utah – $96,150 per year

Top-Paying States:

New York – $157,440 per year
New Jersey – $153,160 per year
District of Columbia – $151,630 per year
Connecticut – $144,850 per year
Delaware – $141,580 per year

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