Graduates of PhD in Business programs will have learned a good deal about consumer behavior and how both the marketplace and businesses operate on a regular basis. They'll have a good understanding of how certain business practices work in the real world and will have acquired solid skills in economics and math to assist governments and corporations. This will give them a wide range of career choices, some of which can be found in the table below.
PhD in Business Jobs/Salary
While there are many different areas of concentration to choose from, the core objective of any PhD program in business is to ensure that graduates be able to analyze information they're given and come up with their own theories. Understanding this allows them to apply what they've learned to real world situations, helps them identify problems with existing systems and lets them make changes to ensure that they have a great amount of profitability and efficiency. With the completion of coursework in qualitative methods, economic theory and quantitative methods, graduates should be able to analyze a situation and assist managers and executives in making good economic decisions. Below are a few careers that are available to those with a PhD in Business, along with their job growth and median salary information.
|Job Title||Median Salary (2017)*||Job Growth (2016-2026)*|
|Postsecondary Business Teachers||$80,300||18%|
Source: *U.S. Bureau of Labor Statistics
PhD in Business Careers
Management analysts oversee all business operations and conduct interviews of employees in an effort to determine what changes need to be made in the area of personnel and equipment. They collect data on problems and ineffective procedures and figure out ways to solve said problems and improve current procedures. Additionally, they give recommendations on new procedures, systems, and business changes and constantly meet with management to ensure that any changes that are made are having a positive effect. Those with a PhD in Business will have the education and skills necessary to quickly identify such problems and will also have the data collection and analytical skills necessary to provide sound assessments.
Top executives develop new goals, procedures, and polices for a department, organization or company, and they make certain that each is done in the way that they had envisioned. Additionally, they work to decrease costs and improve efficiency while also managing their organization's finances. Furthermore, they assign and supervise managers and department heads. Those who have obtained a PhD in Business will have a good understanding of how all facets of a business operate and have the skills necessary to effectively interpret all economic data.
Budget analysts who have earned a PhD in Business use their advanced knowledge of economics to formulate a budget that aligns with company goals. They will use their understanding of qualitative and quantitative methods to access the company budget and work with managers to ensure that all budget proposals are accurate and in compliance with the law. Furthermore, they will meet with top executives and assist them in understanding current proposals and work with them to create proposals that fit into their current plans. Lastly, they will update managers on information related to finances and provide estimations on future costs.
Postsecondary Business Teachers
Postsecondary business teachers conduct research within their field and uncover new ways in which current problems within the business world can be addressed. They guide their students through all aspects of business and give them the tools necessary to not only think critically about problems they will face in the business world, but also give them the tools needed to develop new management practices and techniques. These same individuals teach courses in a wide range of subjects related to business from leadership and business administration to ethics and supply chain management. Those with a PhD in Business have the experience needed to conduct independent research and teach at a college level.
Financial managers with a PhD in Business use the knowledge they have gained to properly analyze market trends and come up with effective ways to increase profits, while also increasing their companies market share. They generate forecasts and financial statements and help higher level management to make sound financial decisions. Additionally, they oversee fellow employees who are tasked with budgeting and financial reporting.
Thanks to the flexibility of a PhD in Business program, students can work closely with their advisors to select a concentration that puts them on the fast track to securing a job that they truly want. Individuals who earn such a degree not only open the possibility of teaching at a high level, but they also give themselves the education required to secure higher ranking positions in the business field.