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Mba vs. phd: choose your advanced degree path.
In 2021, it is practically conventional wisdom that an advanced degree like a master’s degree, an MBA, a PhD, a JD or an MD is a necessity if you want to give yourself the best chance of a successful, meaningful career. While professional doctoral degrees like JDs and MDs will lead you down very specific career paths, it can be harder to envision the career outcomes associated with more versatile degrees like the MBA or the PhD.
People pursue these two advanced degrees for a variety of reasons, and no two journeys through higher education and into professional excellence are quite the same. If you are internally debating the merits of earning an MBA vs. earning a PhD, read some of the career pathways you might take with either degree—or with both of them.
Who earns a PhD? And what do they do with it?
People who pursue a doctoral degree typically do so out of a commitment to producing new knowledge at the leading edge of a subject or field that holds deep meaning for them. This can describe an incredibly diverse array of pursuits, from developing innovative new materials for medical devices and developing novel modeling techniques for research applications to examining archival records of media production and scrutinizing the linguistic elements of ancient texts.
People often earn PhDs with the goal of an academic career in mind. This is not necessarily the case in all scholarly disciplines, however, and even in those that tend to be more academic focused, recent trends may be demonstrating a shift. Those who earn PhDs in STEM fields or in the data-driven social sciences may do so with the end goal of a professional career in mind, specifically one where their skills at designing and conducting research will be rewarded with heightened responsibility and increased pay. And even in humanities disciplines with seemingly few analogues in the professional world, graduate students are increasingly envisioning their futures outside of the classroom as tenure-track and full-time professorships grow scarcer by the year.
How can a PhD help you in the business world?
The skills and mindset you develop in a PhD program are certainly applicable in the “real” world, regardless of whether your subject of choice has a direct pathway to a professional job. If you have earned a PhD in a STEM field, you will likely enter the professional workforce at a higher pay grade than you would without your degree. You may find yourself fast-tracked toward a management role as well, as your experience designing and overseeing research projects can position you well to lead a team of employees, manage workloads, and successfully meet deadlines.
PhD holders in the social sciences and humanities may also find their skills in high demand in the business world, even if they might need to spend a bit of time learning how to convey their value on a resume and in a job interview. Research in social sciences fields like sociology and political science often requires analysis of large and complex data sets; the skill set they develop in completing this work can translate easily into a business analytics role. And the persuasive writing, editing and organization skills humanities graduate students develop are well-suited to roles in strategic communication or marketing.
Should you earn an MBA instead?
If you are considering whether to earn an MBA or a PhD and you know your eventual goal is to obtain a leadership role in a business organization, the MBA is likely the right path for you. An MBA can make an immediate impact on your earnings and on the career opportunities available to you. It is also an extremely versatile degree, and can lead to advancement whether your career already seems to be heading down a relatively narrow path in a specific field or whether you intend to keep your options open for a potential pivot.
Additionally, an MBA might also be your best bet if the kind of fulfillment you get from your work comes less from successfully completing your assigned task or from navigating the day-to-day challenges of your particular area of technical expertise and more from positioning your organization for success. If you would rather dedicate your time and energy toward strategizing your company’s business goals and the best ways to achieve them, and to truly leading rather than simply managing , you should strongly consider enrolling in business school.
The most significant difference your choice to earn an MBA instead of a PhD will have on your life is on the amount of time and energy you have to dedicate to it. A PhD is a full-time commitment in which work typically balloons well past 40 hours per week, with little respect for evenings or weekends. It will take an absolute minimum of four years to complete, and more likely five to seven. An MBA, conversely, will typically be attainable in just two to 2.5 years and can be completed while you keep your full-time job—and your full salary. Seek out a top-tier online program if you would like your MBA studies to fit most conveniently around your existing schedule and responsibilities.
Does anyone earn both a PhD and an MBA? Why?
It is not unheard of for a single person to earn both a PhD and an MBA, but the order in which one does so is often determined by their eventual career goals, including by the way these goals might evolve over the course of their career. PhD holders who are working in fields that are directly related to their research may, after some years, opt to return to school for an MBA to help them prepare to climb the corporate ladder at large technical organizations. In smaller companies, such as engineering or biotechnology startups, the org chart may tilt heavily toward people with technical backgrounds rather than business ones; adding an MBA and the skills that come with it to your resume in an environment like this can benefit the entire organization.
Or, if you earn your MBA and spend time working and advancing in a professional field only to eventually realize your true calling is to teach others, you may choose to earn a PhD in economics or a business discipline to help you transition into a professorship in a business school. Preparing the next generation of business leaders can be extremely meaningful work, and many successful professionals decide the most positive impact they can make on the business world is by taking this route.
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I graduated with my PhD (in theoretical computer science) a few months ago and I'm doing a postdoc now. I've been feeling frustrated with the low pay and uncertain future (uncertainty in getting a faculty position in the future). Unfortunately my PhD hasn't provided me with any skills that can be monetized outside the academia.
If that's not your career goal, do not get a PhD; it's a major, full-time commitment for at least four years (five is increasingly standard in management). While it can be useful outside of academia, the benefits may not outweigh the costs. If you want a career with substantial managerial responsibilities, an MBA can be worth it.
The same reasons anyone does a PhD, there are lots of reasons. I went back to get an MS in Economics after an MBA, mostly because I just really wanted to study the subject. I've considered a PhD because I really want to do research.
You should consider what you want to do when you finish your PhD. Academic jobs are highly competitive, and a lot of people who get STEM PhDs leave the field, usually going into data science or industry. It's entirely possible that you could spend 5 to 7 years getting your PhD (average is 5.7) then be completely unable to find a job in physics.
Best is a Phd/MBA but while a lowly MBA can teach that is not usually the case for a PhD. Share. Improve this answer. Follow answered Nov 4, 2014 at 20:52. Reed -SE is a Fish on Dry Land Reed -SE is a Fish on Dry Land. 245 1 1 silver badge 6 6 bronze badges. 1. If a person is smart they will market their experience during the acquisition of ...
I was advised to do a Master's first before thinking about a PhD, and I am so glad I did. It allowed me to focus on my MSc research, get a feel for the field work and research process, and have the deadline of having to complete the research, write the entire document, complete a defense presentation, and complete a round (maybe two) of review from your committee.
In 2021, it is practically conventional wisdom that an advanced degree like a master's degree, an MBA, a PhD, a JD or an MD is a necessity if you want to give yourself the best chance of a successful, meaningful career. While professional doctoral degrees like JDs and MDs will lead you down very specific career paths, it can be harder to ...
However, my MBA is equally valuable to the success of our company. When I told my fellow PhD brethren that I was contemplating an MBA, the disdain was palpable (and often audible).
I recently discovered that my current PhD program has the option to do a joint PhD/MBA degree. I could theoretically apply to and start the MBA program after my qualifying exams. This sounds like a good opportunity, as the degree programs can share certain elective credits and the classes are primarily at night.
I think that, unfortunately, it is a personal decision. Your career aspects in that field are probably decent with or without a PhD. You can definitely get yourself into a role that supports research (research that greatly benefits society, if you are lucky) with a bachelors/masters degree, and many people are very happy in that kind of role.