The Best Jobs You Can Get With a PhD in Business
A PhD in business requires roughly four years of study in a doctorate program. The time spent in this kind of program typically involves two years of formal coursework and qualifying exams, followed by two years of researching, developing and defending a dissertation. While the road through the program may not be easy, individuals who overcome the demands of academia will not leave empty-handed. Students will learn the ins and outs of the business world by studying numerous topics, including the following:
- Consumer Behavior
- Marketing Strategies
- Operations Management
- Operations Research
- Information Systems
- Corporate Finance
Along with gaining knowledge of various aspects of marketing and finance, students pursing a PhD in business will also find paths to various lucrative and prestigious career options.
Careers in Business
The list of possible careers for those holding a PhD in business is fairly expansive. Consider a few of the more common job choices:
- Business professor: Students who enjoyed their stay in academia may want to return, but this time in a different role. A PhD in business will qualify an individual to teach at a college. Many professors are eager to work to fresh, young minds while continuing to expand their own knowledge of the business world through research. The numerous duties of a professor include preparing lessons, guiding students through the business world, and grading assignments. The Bureau of Labor Statistics notes that the median annual salary for postsecondary teachers in 2010 was roughly $62,000.
- Management analyst or business consultant: Whether working in the private sector or for government agencies and programs, business consultants spend their time analyzing business data and developing strategies to improve the dealings of a client or company. Through careful communication with management staff, a consultant can help an entire company save money and pull ahead of competitors by restructuring the corporate agenda or managing inventory. Consultants typically work based on contracts with companies or clients; however, their median salary for 2010 was roughly $78,000.
- Financial manager: Financial managers are responsible for the financial well-being of a company. Their duties include preparing documents that detail current and expected financial issues, developing strategies to save money and maximize profits, and overseeing budget plans. Financial managers may also work with administration in order to tackle larger financial decisions. Whether they take on the role of treasurers, controllers or insurance managers, financial managers will spend much of their time working with the numbers that determine the success or failure of a business. In 2010, financial managers made a median salary of about $100,000.
The business PhD degree also prepares students for administrative positions, such as business manager. Almost every industry has a need for administrative staff who can handle financial and organizational tasks, so these job opportunities branch out into many fields. Salaries for these positions will vary depending on the nature of the business. If you are going to pursue a PhD in business, you should be cognizant of the fact that you will have numerous high-quality job options available to you once you have your degree in hand.