BENEFITS OF PHD
By Dr. Leonardo Delizo, PhD., MSBA, SLH – JHS
CEO & President
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The master of business administration is the standard degree in the business world. There are those, however, who go on to obtain the Ph.D. in business.
The PhD level is one of the highest ranks in the educational field. It is usually regarded as the icing of the cake as it offers a stable base enabling the person to direct their career in the correct direction. While the PhD course is getting huge competition from people with Masters Level, there are still numerous benefits that come with this course. Further down are advantages of PhD.
A Career in Teaching and Research
The Ph.D. in business is primarily for those who intend to seek a career in teaching and research at the college or university level. A PhD is a research-oriented degree that requires students to embark upon an original research project or dissertation that contributes new knowledge to the student's field of study. Students within the business world have the opportunity to pursue research and teach in a number of important areas of specialization. Some of these include finance, accounting, human resource management, information systems, quantitative analysis, economics and operations management, among others. Some Ph.D. recipients go on to teach in smaller colleges and universities where ongoing research is not always necessary. Professors at these institutions benefit from nine-to-10-month teaching schedules that allow them to have long summer breaks and the opportunity to pursue other interests for significant periods of time without having to rush back to work after a short vacation. Professors holding a Ph.D. have the added advantage of being considered experts in their particular fields of study as well.
Receiving your Ph.D. in business allows you to further your research and specialty. After you receive your degree, some universities may hire you as a teaching and research faculty member. The teaching requirement constitutes just a few courses per year, perhaps three, in order for you to spend the majority of your time doing research.
Ph.D. recipients who have unique specialties in certain business fields such as business strategy or finance find that certain universities hire faculty who can help them become leaders in developing new methodologies and practices for businesses. Typically, most teaching and research faculty members publish one major paper a year in their field.
Financial Benefits
According to salary.com, the average salary of a business administration professor at a college or university was $100,626 as of November 2009. This compares favorably with a professor in another field like history whose average salary as of 2009 was $61,812. Business professors are in high demand and command higher salaries than other professors because it is easy for someone with a Ph.D. in business to go elsewhere and make more money than they could teaching. When all factors are considered, however, the pay for business professors coupled with additional income from entrepreneurial efforts and consulting fees can far outweigh or at least compare favorably with pay received working at the corporate level. When the academic school calendar is factored into the equation, business professors can make the same amount of money, or more, in a shorter period of time each year.
Mentor Opportunities
Apart from just being a business professor, attaining your Ph.D in business allows you the opportunity to effect change and influence the future of business. A benefit of receiving your Ph.D is the added respect and influence you have within your area of expertise. If you have a desire to coach business students and advise people in their business endeavors, your doctoral degree can give you those opportunities to shape your field. Becoming a consultant or a mentor to others in business can be a very rewarding benefit of having a Ph.D.
Industry Opportunities
Finishing your Ph.D. in business can also mean many corporations will find your research and abilities quite valuable. Large major industries need doctoral graduates to forecast trends, make financial projections and perform other services. Salaries generally start at the same level as business professors, but can rise quickly according to the company in which they work. If you become an industry expert, you can also work on government projects and affect government policy as it applies to business.
Flexibility
An individual with a PhD has a great range of career choices to select from. For instance, professors with a business PhD can pursue other career options and interests in business. The lessened work scheduled given to professors during the school year usually offers them the chance to get other kinds of work.
The drawback of getting a PhD is that it requires lots of energy and time and it can even result in anxiety or depression.
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