A terminal degree, such as a PhD (Doctor of Philosophy) or a DBA (Doctor of Business Administration) in business administration, can take you to new heights in your career. They can enhance the earning potential and give you a chance to contribute to the advancement of knowledge and research in the field. These degrees signify a high level of expertise and are often required for leadership and research roles at higher levels around the world.
Choosing between the two depends on the career goals and interests. Each degree aligns with a different professional path and offers distinct advantages. Now, the question arises, which one can lead to faster advances in the career? Here are overviews that can help you decipher the puzzle and choose the most suitable degree for you.
PhD in Business Administration
PhDs are focused on research, and they emphasize the theoretical contribution to the field of management and economics. For example, a study of various management theories over the years for different generations. It takes 4–5 years to complete a standard PhD from a reputable institution. It lays a heavy focus on original research and dissertation.
One can gain deep expertise in various research methodologies, academic writing, and theoretical analysis during their doctoral program. The program equips the individual with a broad range of skills required in the career path. A PhD develops skills such as advanced research, analytical thinking, critical thinking, project management, effective communication, and the ability to adapt to various environments.
Career Path: A PhD is primarily suited for careers in academia, such as professors and research roles in universities. It also includes specialised roles in think tanks, government, or industries. It is a standard requirement for tenure-track professorship. A PhD provides a stable academic career, but the path can often be slow. In industries related to commerce and data science, a PhD can lead to high-paying specialised roles. These roles are highly competitive and may require additional work experience.
DBA in Business Administration
Doctorate in Business Administration is focused on the practical aspect of applying business theories to real-world problems. It typically takes 3 years to complete a DBA, and the programs are very flexible for working executives. It is generally available in online and part-time modes, making it convenient for professionals to continue working while studying for a higher degree.
One can focus on solving specific business challenges in real time. The curriculum enhances advanced strategic thinking and practical problem-solving abilities. A DBA helps in building leadership and great communication abilities while focusing on business-related research. Graduates are prepared for senior management, consulting, and C-suite roles. They became the decision makers for the firm and businesses. The program also provides great opportunities to build a strong professional network. Learners get to meet industry experts, policymakers, and various founders. The cumulative experience helps them to stand higher in the near future.
Career Path: A DBA graduate is highly valued for leadership roles in businesses, consulting, or entrepreneurship. It can enhance their credibility and accelerate promotions to senior management. Some DBAs also teach in reputed business schools, particularly in executive and professional programs.
Factors to keep in mind
There are various characteristics should be kept in mind before choosing between a PhD and a DBA, these are:
1. Career Goal: If you want to have a lucrative career in academia or intensive research, a PhD can prove to be a better choice. It is widely regarded as a standard for research-focused roles and as a professor’s role in universities. One can further attain higher positions with time and experience. If you wish to advance to a corporate leadership role, then a DBA can help you achieve that. It offers a more practical, tailored, and faster path to the desired roles. In industries, a DBA is seen as a prestigious credential for leadership roles, while a PhD can be seen as primarily an academic role unless there is a need for specific research expertise.
2. Time required: A PhD requires a full-time commitment, longer hours, and maybe years. It can delay your entry or reentry into the workforce or professional roles. On the contrary, DBA programs are often part-time and are available online. It makes it easier for the professionals to pursue higher studies without compromising their current roles. With time, it enhances both experience and qualifications.
3. Cost of the programme: A PhD is generally funded by the university or the government. There are numerous fellowships, scholarships, and stipends provided to the students during their studies. It reduces their financial burden and helps them to focus more on their subjects. On the other hand, a DBA is generally self-funded and can be expensive than a PhD, but its shorter duration and flexibility to earn while studying can lead to a faster return on investment (ROI) and lead to higher promotions and paying roles.
Which will advance your career faster?
If we compare for investment, time, and resources, a Doctorate in Business Administration is likely to offer faster ROI, higher-paying roles, and faster promotions in the business world. Its short duration and alignment with the current global issues upskill the learner to handle everyday business problems and make decisions to solve them. The graduates can further restructure the organization to enhance the maximum output and optimize the efficiency. Some of them can take teaching or training roles as well, depending on the educational institute or organisation’s needs.
A PhD has the upper hand in the long-term advancement in academia and lifelong research roles. It is comparatively slower in the short-term gains due to its longer duration and focus on theoretical work. It can take 7–10 years to reach senior research positions.
Conclusion
Reflect on your career aspirations before choosing a suitable program. If you are a midcareer professional and wish to continue studies without quitting work, then join the DBA programs. They will benefit you in gaining business expertise, problem-solving skills, and accelerate your path to senior roles in businesses. You can choose a PhD if you have a passion for research, teaching, or a specialized field.
