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Should you do an MBA after PhD?- Best Career Options
Can you do an mba after phd.
Yes, nothing is restricting you from pursuing an MBA after a PhD. A PhD is the highest degree of education someone can achieve in a particular field. But, even if you have completed a PhD, you might still want to pursue additional degrees. An MBA can boost your career journey. For example, it can help you get a promotion, migrate from academia to industry, or change industries altogether.
Why should you get an MBA after PhD
Work in the industry.
Most PhD graduates opt to stay in academia and pursue a career at a university. However, a PhD does not limit you to the academic world. There are many research-based jobs in the industry. Most skills PhD students learn thought their doctoral program are an asset for companies. For example, students learn how to do research (Research and development positions), data analytics, technical writing, teaching, etc.
Even though it is not always necessary, an MBA can help you make the transition from academia to industry. The skills learned through an MBA are geared toward the industry. Also, an MBA gives you the necessary experience to work in teams and become a manager.
Gain a Promotion
PhD graduates can work in the industry or academia. Due to their high level of education, they can pursue high-level positions at almost any institution. However, some upper management positions may require business expertise. Then, if your PhD is not based on a business field, you can consider pursuing an MBA and getting that promotion
Change Industries
Some professionals decide they want a career change after many years of working in one particular industry. However, they are not looking forward to taking a pay cut or a junior-level position. An MBA can help those professionals seamlessly change industries. MBA programs cover a wide range of business fields, from the management of information systems to human resources and marketing. Therefore, MBA graduates can choose any of those fields as a new career path.
Best Strategies to get an MBA after PhD
Business school is very expensive. An average 2-year MBA program costs $60,000 in tuition alone [2]. Also, funding for MBA programs is quite difficult to obtain. Teaching Assistant (TA) and Research Assistant (RA) positions are very limited in business school. Therefore, the student must look for scholarships to lower their tuition costs. However, there is an alternate option. Some employers cover tuition expenses as long as the employee demonstrates interest (or shows commitment) in staying in the company afterward. This funding option is also available for people working at Universities. Many Universities offer tuition reduction or waivers for employees.
Program Structure and Length
Standard MBAs take two years to complete. The classes are set up as a full-time program and, in most cases, do not allow you to work during the program. As an experienced professional with a PhD under your belt, you should consider a flexible MBA program. Here are a few options:
Executive MBA: These programs are designed for experienced professionals. You can continue to work and attend courses at night or lunch hours. Also, some universities offer online courses as part of the program (not a fully online degree, just a way to accelerate your studies).
Online Program: You can avoid long commutes and work through classes remotely. These programs allow you to build your schedule and work through courses at your own pace. Also, you will have a lot more Universities to pick from, since your location does not limit you anymore.
Accelerated MBA: These programs are very demanding, but get the job done in a year or less. If you are willing to take a break from work, consider joining an accelerated MBA program. You won’t be able to work fulltime, but you will only be out of the workforce for a year.
A PhD degree takes, on average, 8.3 years to complete in the United States [1]. They are the culprit of higher education, and they tend to be highly specific. For example, when pursuing a PhD in biology, the student does not focus on the whole subject. Instead, they focus on a specialization such as microbiology or genetics. Also, PhD programs are a mix of coursework and research. Students work for years on their dissertations and gain unique research experience.
MBA degrees are completed in 1 to 3 years, and the program is made up of coursework only. An MBA is a well-rounded degree; the coursework covers most business subjects such as marketing, operations, finance, and accounting. Most MBA programs give students to option to pick a concentration or emphasis. In that case, the student builds their expertise in a particular subject. However, the degree is still not as specific as a doctorate.
Related Articles:
GRE vs GMAT
GRE vs GMAT for MBA – Which test should I take?
The Right PhD Program
Find the Right Ph.D. Program: Main Considerations (including funding)
[1] https://ncses.nsf.gov/pubs/nsf20301/report
[2] https://www.graduateshotline.com/business-schools/cost-of-doing-mba.html
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MBA vs PhD – Which Advanced Degree Path Is Better?
In the ever-evolving professional landscape, the pursuit of higher education remains a popular route to advance your career. But how do you choose between MBA vs PhD?
When it comes to MBA vs PhD, an MBA is for those seeking to climb the corporate ladder, transition into management roles, or launch their own businesses. A PhD is geared towards those passionate about research and academia.
In this blog post, we dive into the unique benefits and opportunities that each of these advanced degrees offers.
From the practical business acumen and leadership skills gained in an MBA program to the deep expertise and research contributions made by PhD holders, the choice ultimately hinges on your long-term goals and personal ambitions.
We’ll explore these two distinct paths, and learn how to make the best decision for your future success.
MBA vs PHD – In A Glance
What does a phd get you pros and cons.
A PhD , the highest academic degree achievable, can open numerous doors in the job market, enabling graduates to advance in their careers.
Unlike an MBA, which primarily focuses on corporate and management aspects, a PhD offers expertise in a specific field through rigorous research and study.
As a PhD student, your goal is to contribute new knowledge to your field, be it economics, finance, accounting, or any other discipline, by crafting a thesis that contains original research.
Through the PhD program, you not only earn a valuable qualification but also gain opportunities to publish your work and present at conferences.
These activities can enhance your reputation, making you more desirable to potential employers. The salary of a PhD holder often surpasses that of someone with only an undergraduate degree, as their expertise is in high demand.
From my personal experience, obtaining a PhD can be challenging yet rewarding. It allowed me to explore my chosen field, chemistry, in depth and opened up new avenues for career growth.
However, it is crucial to consider the potential drawbacks before embarking on this journey.
Pursuing a PhD entails a significant time commitment, typically around 3-4 years, and can be quite expensive, as tuition fees for these programs can be steep.
Acquiring a PhD can provide numerous benefits, including expert knowledge, a higher salary, and opportunities for advancement in your field. However, carefully weighing the pros and cons is necessary to determine if it’s the right path for you.
Should you earn an MBA instead for the business world?
MBA vs PhD is a crucial decision that depends on your career goals and personal preferences. While both are advanced degrees, they offer significantly different paths.
I asked an MBA graduate and this is what they said:
“ Having experienced the MBA program myself, I can vouch for its practical benefits. An MBA focuses on business acumen and managerial skills, enabling you to climb the corporate ladder more quickly than a PhD. With a two-year duration, it’s a faster route to increasing your earning potential and offers a significant return on investment. Business schools emphasize teamwork, entrepreneurship, and ethics, providing graduates with a well-rounded skill set for the business world. “
On the other hand, a PhD, such as a PhD in economics or any other discipline, is ideal for those passionate about research and academia. It requires several years of dedicated study, with graduates becoming experts in their niche.
PhD holders often pursue careers as researchers, professors, or consultants.
When considering whether to pursue an MBA or a PhD, weigh the pros and cons of each degree and reflect on your long-term career aspirations.
Both options can be rewarding, but they cater to different ambitions and provide distinct opportunities in the professional world.
Is an MBA equal to a PhD and doctorate?
An MBA and a PhD are both advanced degrees, but they are not equal due to their differing purposes and career outcomes.
As someone who has interacted with both MBA and PhD graduates, I’ve seen firsthand the unique benefits of each degree.
An MBA is a professional degree, taking one to two years to complete, and equips students with practical business skills.
This degree is popular among those aiming to climb the corporate ladder in industries like finance, marketing, or consulting.
On the other hand, a PhD is a research-focused degree, requiring several years of dedication and original research contributions.
A PhD in economics or other fields often leads to careers in academia or research. PhD programs are highly competitive and demand an intense commitment to writing a dissertation and advancing knowledge in the discipline.
The debate between MBA vs. PhD highlights the significant differences in their focus and career paths.
While both degrees can be obtained at a business school, they cater to different ambitions and provide distinct opportunities. The choice between an MBA or a PhD depends on one’s end goal, work experience, and personal preferences.
So What’s Better, a PhD or MBA?
When considering MBA vs PhD, it’s essential to evaluate your:
- personal interests,
- career goals,
- financial commitment involved in each degree.
A PhD offers the opportunity to deeply explore a specific subject, contribute to the advancement of knowledge in that field, and establish yourself as an expert.
However, the process is often lengthy and demanding, taking up to five or six years of intense research and dedication.
The payoff might not always be immediate in terms of career prospects, as academia and research can be fiercely competitive arenas.
On the other hand, an MBA equips you with practical business skills and knowledge, often leading to a broader range of job opportunities and potentially higher salaries.
The program’s duration is considerably shorter, usually taking one to two years to complete, and offers a faster return on investment.
An MBA is particularly well-suited for those seeking to climb the corporate ladder, transition into a managerial role, or even launch their own startups.
It’s important to note that some individuals choose to pursue both degrees, combining their research expertise with practical business acumen to excel in various fields.
Does Anyone Earn Both A PhD And An MBA? Why?
MBA vs PhD too hard to decide? You can get both. Yes, there are indeed individuals who choose to earn both a PhD and an MBA, although this path is less common.
Combining the two degrees can create a unique skill set that is valuable in various fields.
For instance, a PhD holder in a specialized discipline may opt for an MBA to gain practical business skills and a broader understanding of the corporate world, which can be valuable in leadership roles or entrepreneurial endeavors.
Pursuing both degrees also allows for building diverse networks, connecting with professionals in academia and the business world.
Despite the significant time and effort required to obtain both degrees, those who undertake this ambitious path often find themselves well-equipped to navigate multiple career paths and excel in their chosen fields.
MBA vs PhD Career Options
Both advanced degrees can lead to successful careers, but they differ significantly in terms of their focus and job prospects.
An MBA degree, with its emphasis on business administration, prepares graduates for roles such as:
- management consultant,
- marketing manager, or
- finance director.
MBA holders are more likely to climb the corporate ladder quickly and enjoy higher salaries. The MBA program equips students with practical business skills, making them suitable for leadership positions in a wide range of industries.
MBA holders can also consider going for a DBA degree as well.
In contrast, PhDs are more likely to become professors or researchers, with a focus on deepening their expertise in their chosen field. In science that is a very common career goal.
While the earning potential for PhD holders may not be as high as for those with an MBA, they often find fulfillment in their academic pursuits.
Getting an MBA might be the better option for those eager to advance quickly in the corporate world and who possess a strong passion for business.
On the other hand, getting a PhD might be more suitable for those who wish to delve into research and contribute to academia.
Wrapping Up
The decision between MBA vs PhD is a highly personal one, hinging on individual career goals, personal interests, and the level of time and financial commitment one is willing to make.
Both advanced degrees offer unique benefits and opportunities, but they cater to different career paths and ambitions.
An MBA is an ideal choice for those seeking to climb the corporate ladder swiftly, transition into management roles, or launch their own businesses.
With a focus on practical business skills, MBA graduates find themselves well-prepared for leadership positions across various industries.
On the other hand, a PhD is geared towards those passionate about research and academia, providing an opportunity to become an expert in a specific field and contribute to the advancement of knowledge.
While the journey may be more demanding and time-consuming, the satisfaction of making an impact in one’s chosen discipline can be deeply rewarding.
The best choice depends on your long-term goals, professional aspirations, and personal preferences.
Reflecting on these factors, researching each degree thoroughly, and seeking advice from professionals and peers can help you make an informed decision that aligns with your ambitions and aspirations.
Whichever path you choose, MBA vs PhD can be instrumental in unlocking a world of possibilities and shaping your future career.
Dr Andrew Stapleton has a Masters and PhD in Chemistry from the UK and Australia. He has many years of research experience and has worked as a Postdoctoral Fellow and Associate at a number of Universities. Although having secured funding for his own research, he left academia to help others with his YouTube channel all about the inner workings of academia and how to make it work for you.
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