Is a PhD in Business Worth It?
A PhD in business is a huge investment–both for your career and your wallet. With the rising cost of tuition it’s easy to question whether or not getting an advanced degree is actually worth it.
According to The Bureau of Labor Statistics 2010 report, only .9% of the U.S. population has earned their doctoral degree. Therefore, the truth is there are some really great jobs out there that you can only get with a PhD degree.
With a PhD in business you will typically go into a teaching or research career. The following are the benefits of following one of these directions:
Most professors are required to have a PhD degree. As a professor you are able to enrich the lives of students, passing on the knowledge you’ve gained through your own advanced level studies. Additionally, after spending your own 4 to 5 years in advanced academics you’ll understand the system better than anyone, all the more reason to go into an advanced teaching education.
According to The Bureau of Labor Statistics, in May 2010 professors made a median income of $62,050, though other sources marked it anywhere between $82,375 to 102,980. This is a large amount of money for a beginning professor. This salary is typically higher the further in postsecondary education that you go, too.
Overall the life of a professor has many perks, only earned through a PhD. While becoming a professor you’ll also have time to explore your own personal interests.
Being a professor is much like being an entrepreneur and success is based upon your own efforts.
A component of being a professor is also publishing research. Being able to have your name on your own research, plus getting it published through a high-standing academic school will have positive affects on your career and notoriety. You’ll also be able to work with great professors and researchers in your business field, attend top conferences around the nation, and have access to the best and most qualified information and experts.
With a PhD you’ll have many doors open for you. Even after completing the degree, if you decide you would rather not teach or research, you’ll have a high enough degree that you’ll be able to get a job in any sort of business or corporation or become a top executive. No matter the path you take, a PhD will help you get to your destination.