Here, the common salary and career expectations for an individual with a doctoral degree in management will be covered. Details about typical program prerequisites and curriculum will also be discussed.
A management doctoral degree program is designed for prospective business professors. The salary is often based upon the professor's rank. According to the U.S. Bureau of Labor Statistics, postsecondary business teachers in the United States earned a median of $83,960 in May 2018.
University professors often earn additional income by publishing their research, speaking at conferences, consulting with companies and teaching at area schools. Research and consultation areas may include fundamentals of management, philosophy of ethics and values, and strategic organization design.
Although the most common career path for graduates of a management doctoral degree program is being a business professor, there are a few other possible career paths that can be lucrative. Below are alternate career options, along with their salary information. It is important to note, however, that the career paths below are not solely geared towards those with a PhD, and only require either a bachelor or master's level of education to obtain. The only career choice that specifically requires a PhD in management is being a business professor. As a result, the salaries provided may not reflect what you would make in the position with a doctoral degree.
- Management consultants earned a median salary of $87,000 (Payscale.com)
- Financial managers earned a median salary of $127,990 (Bureau of Labor Statistics)
- Compensation and benefits managers earned $121,010 (Bureau of Labor Statistics)
Management Doctoral Degree: An Overview
Ph.D. programs in management are meant to create scholars and professors of management. Programs may be available in traditional classroom formats or can be found online.
Students going into this program may be required to have completed their Master of Business Administration degree. Many programs may also recommend that students have experience in the business world, preferably in a management or leadership role, for several years prior to application. Applicants may also need to have strong scores on the Graduate Management Admissions Test (GMAT) or Graduate Record Examination (GRE).
In order to gain acceptance to a program, students may also be required to understand the following:
- Information systems
- Management science
- Social science
- Behavioral science
- Business administration
Many schools may differentiate the program by years. For instance, the first year may include foundational classes in research and economics-related coursework, while the second and third year focuses on specific courses involving management and business.
Additional topics covered include:
- strategy formulation and execution
- global operations
- behavioral processes
- technology acquisition
- operational planning
A dissertation is required to earn a doctoral degree, and students must present and defend their final project to a university committee. Dissertations are often created under the supervision of a university professor.
Those with a management doctoral degree can expect a median salary of over $65,660 in the United States. Most doctoral programs require a master's degree and standardized test scores for entrance, and curriculum covers topics like economics and operational planning.