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Top 10 Reasons to do a Business PhD
Is a PhD in business worth your time? Here are some reasons why we think it is!
1. Stand out from the crowd
In today's economy, the majority of jobs in business and management require some sort of business degree. Unfortunately, the majority of job seekers already have a business degree or diploma of some sort. Many schools and online institutions offer fast and easy MBA degrees, or other similar programs. A business PhD, however, is a rare commodity. It makes you stand out from the crowd and shows that you are serious about your career.
2. Networking opportunities
We've all heard the maxim "it's not what you know, it's who you know". While this isn't always true, in the world of business it is clear that having a wide net of contacts and a good knowledge of the business world will act to your advantage. People you study with will be your colleagues and competitors in the future, and academic conferences provide excellent opportunities to meet new people expand your network.
3. Hone your skills
Becoming an expert in something takes more than a few courses – it takes lots of practice. A business PhD will give you the time to hone your skills in an environment where you have ready access to experts and high-quality resources. Imagine the difference between a psychologist, and someone who took a few psychology courses at school – that's the sort of difference your business PhD will give you.
4. Specialise
Maybe you have an interest in corporate social responsibility, business ethics, non-profit management, or some other topic that you didn't get to explore in undergraduate studies. Business is an area that covers a wide variety of topics, and taking the time to become an expert in a particular area can lead to great opportunities down the road. Taking the time to explore a side of the job you are really interested in can also mean a great chance of finding a career that is meaningful and fulfilling, as well as profitable.
5. Salary potential
Speaking of profitable, education is directly related to potential salary. Many businesses and institutions automatically pay higher salaries to individuals with postgraduate degrees. Even those that don't may be willing to offer a higher starting salary for someone with better credentials, and you may feel more confident asking for one.
6. Climbing the ladder
It can take several months to really get the hang of a new job, and most people spend the early days of their career finding their footing in the business world, and getting used to the way things work. Your extra experience coming out of business school means that you will have the ability to succeed quickly, and also opens doors for upward movement within an organization. Who would you promote, the rookie with a cookie-cutter diploma and little life experience, or the mature PhD holder, with years more experience and expertise?
7. Get the confidence to succeed
Confidence is important in every aspect of life, but when it comes to the business world it can really be the key to success. There are a lot of techniques out there to improve confidence, but confidence that comes from really knowing your stuff is hard to fake. Interviewers, clients and investors appreciate dealing with someone who knows their subject inside and out, is comfortable talking about it and is able to answer questions satisfactorily. Knowing that you have what it takes to earn a PhD can be a huge confidence booster that will show in how you present yourself, as well as on your CV.
8.
Time to decide
Majoring in business is sometimes seen as a "safe bet", since it opens so many job opportunities after graduation. For this reason, some people go into the field because they aren't quite sure what they want to do yet. This is perfectly fine - it can take a while to decide what you want to do with your life - but maybe now you're nearing the end of your degree, and you still can't make up your mind. There are a lot of interesting opportunities to choose from. A graduate degree can give you time to explore and find your passion while still investing in something that will be a huge asset to your career.
9. Meet role models
Everyone has someone who inspires them, and business is full of successful individuals who have interesting stories to tell and provide the inspiration to succeed. Although some people are lucky enough to land a job working with someone they admire, for most people finding a job means being tied to one place and one set of obligations. Academia on the other hand is more flexible, and frequently offers the chance to attend lectures by big-name presenters, or bump elbows with the greats at conferences and trade shows. Many busy people are also more likely to respond when someone reaches out to them in an academic capacity, and are more likely to share their knowledge this way.
10. Opportunity to give teaching a try
Graduate students frequently have the opportunity to teach courses or assist professors with their teaching duties, and many people find teaching to be very rewarding. Business can be fun and exciting, but some people find that after a few years they would like to slow down, especially if they want to start a family or pursue other interests. If that happens to you, having a PhD and some teaching experience may be a foot in the door back into the world of academia. Here, deadlines are often more relaxed, but the work is still interesting and rewarding, and the salaries are still very good.
There are many reasons to pursue a business PhD, and ultimately the best reasons are the ones which are most important to you. Hopefully this article has given you something to consider that will make your choice easier.
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