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The Benefits Of Studying For A Business PhD


Benefits of studying a PhD Studying for a business PhD can be one of the best decisions you will ever make for your career. A shortage of business professors means that career opportunities in this field are better than ever before. Whether you decide to enter academia or private industry, a business PhD is a formidable qualification that can open many doors. However, there are costs to earning a PhD that need to be fully considered. Below you can find more about the pros and cons (well costs) of completing a business PhD.

Pros to gaining a business PhD

Business professors are in high demand

The job prospects for professors with a PhD in business are particularly good. There are a number of reasons for this situation. Firstly, the number of students enrolling in business courses has significantly increased. Unlike other academic subjects only a relatively small percentage of these students will pursue academic roles themselves as many will join the private sector. Secondly many of the existing business faculty are retiring. These factors have lead to a strong demand for people holding business PhDs.

Shortage of business professors leads to high average salaries

Because of the demand for business professors and with a relative shortage of qualified faculty, there is a high average salary for the profession, in fact, many business professors begin with close to a six figure starting salary. This salary can be further supplemented by consulting, writing textbooks, and summer teaching positions. As a result becoming a business professor can be a very lucrative profession.

Rewarding career with great lifestyle

Becoming a business professor provides with you the opportunity to enjoy a rewarding career with a lifestyle that few other jobs can match. As a business professor you can help to shape the minds of a future generation of business leaders. Many business professors work on nine month contracts which allow for a substantial time off each year to pursue other interests including consulting opportunities, travel and research. For people who are excited by the pursuit of knowledge it is difficult to beat work as a business professor. The job allows professors to pursue the ideas that interest them and to share those ideas with a wider audience.

Opportunities outside of academia

One of the best things about possessing a business PhD is that your opportunities are not limited to a life in academia. Obtaining a business PhD demonstrates a high level of academic ability and knowledge. A business PhD can lead to a selection of interesting business careers, including very lucrative work in investment banking, consulting and other sectors of private industry. Those with business PhDs also often go onto working for the government and organisations like the World Trade Organization and the International Monetary Fund.

Costs of obtaining a business PhD

Cost of studying a PhD

Before embarking on a PhD program the full costs need to be assessed. Firstly grants and other funding may be available and so prospective students should look into these options. However students who are entirely self-funding will need to pay the entire course fees. The cost of these fees will depend on where you are living and which subjects you are considering studying. It will also vary according to whether you are full or a part-time student. Full-time students for UK or EU students can expect to pay between £3,000 - £4,000 for full-time study. For non UK or EU students the cost of studying for a business PhD will typically be around £10,000 a year.

Prospective business PhD students also need to consider how much the opportunity costs in terms of time before they choose to study. A business PhD will typically take about three years to complete if studying full time. If the student could otherwise earn a salary of £30,000 a year over this period, them this would equate to lost earnings of about £90,000. Of course, most PhD students will earn some form of income during this three year period, often working at the university themselves on a PhD Studentship. Then will offset the loss of wages over this period. If we consider that working part time a PhD candidate earns £15,000 a year during their studies, then the true opportunity cost is only around £45,000. Most business PhD students are easily able to recoup their lost earnings within the space of a few years of completing their PhD.

Is the investment worth it?

As you can see, obtaining a business PhD takes a considerable investment in terms of time, money and energy. But the pay-off for completing the qualification can be equally substantial. Having a business PhD opens up a world of very fulfilling and lucrative career opportunities – and is an academic path well worth taking.