A Doctorate degree in business is the highest level of academic degree available for ambitious and dedicated professionals. Here are the most important reasons why students should pursue the prestigious doctoral degree.
Why Earn a Doctoral Degree?
The most popular reason for earning a doctoral degree is the high salary. Depending on the specific job and industry, individuals with doctoral degrees annually earn $50,000 to $120,000. Beyond money, a job candidate with a doctorate degree from a well-known university will qualify for top-level positions and future promotions. Doctoral degree programs teach students sophisticated skills and advanced practices that empower graduates to make meaningful impacts in their industry and community. Because Doctorate programs are rigorous and demanding, they push the student’s competency boundaries while teaching them unique problem solving skills. They also provide excellent opportunities to expand professional networks.
PhD vs. DBA Programs
PhD programs intensively focus on preparing candidates for challenging academic careers and in education and research. Candidates often choose to either focus on applied teaching or theoretical research. Most programs focus on developing new or challenging old theories related to economics, consulting, management and public administration. Graduates will go on to careers as private consultants, government decision makers or university professors. Conversely, Doctor of Business Administration (DBA) programs are more popular because they limit themselves to applied theories with real world benefits. Most graduates go on to working in the commercial world as managerial executives.
Why Get a DBA?
DBA programs are designed to provide professionals and executives with advanced tools and research skills needed for strategic planning and decision making. The only way for job seekers to top other job applicants with MBAs is to have a DBA. HR professionals will almost always refer to candidates with higher education. Graduating from a DBA program demonstrates the highest levels of commitment to continual learning, leadership excellence and professional development. Job candidates with DBAs will work as senior consultants, directors of operation and chief financial officers. Some may work as professors in universities or commercial training centers. Either way, they will be offered lucrative compensation packages with excellent perks.
Sample DBA Program
The ultimate goal of DBA programs is to empower professionals to become experts, leaders and pioneers. These programs teach students how to understand the individual and organizational factors that drive successful change initiatives. They also teach groundbreaking process models of change and obstacles to improvement. Students will be exposed to advanced corporate finance practices and theories regarding taxation, agency costs and market inefficiencies. Entrepreneurship classes will help students better understand individual and organizational behaviors across different commercial contexts. Students will become familiar with opportunity recognition and exploitation techniques. Marketing strategy courses will cover resource planning, organizational behavior classes will scientifically interpret behaviors and classes concerning quantitative research methods will explore commercial data analysis and mathematical models.
Students who graduate with a Doctorate degree in business will enjoy career stability, financial rewards, prestigious jobs and exclusive research opportunities.