A PhD in Business is Not About the Pay
It’s usually not the case that one chooses to do a PhD in Business primarily based on how much they’ll be compensated. However, it is important to know how much it pays. This article is going to take a look at how much you might make if you have a Ph.D. in Business.
What Does a PhD in Business Really Mean?
A Ph.D. means a Doctor of Philosophy. It is a terminal degree, which means that it is the highest leave of education one can attain. A Ph.D. in Business prepares a student to teach and do research in different areas of business like information systems, management, marketing, finance, operations management, logistics, etc.
A doctorate in Business Administration (DBA) is different from a PhD in Business. The primary differences are based on their research focus, enrollment/residency, and career goals. There’s more information about the differences.
How Much Do PhD in Business Make?
Doctorate in Business Administration (DBA):
According to Salary.com, the average salary for someone with a doctorate in business administration (DBA) degree, and who is in academia is $85,000 per year. Remember this is an average.
Ph.D. In Business Administration (Ph.D.):
According to PayScale, the average salary for a PhD in business is $106,000 per year. The range of earnings is quite broad, with earnings anywhere from $50,000 to $225,000 per year. This does not include potential bonuses and benefits that may be available. In addition, the salary is based on a 9-month school schedule.
However, this figure does not account for the fact that many PhDs in business could hold other positions outside of academia. Many find opportunities to advise or consult for businesses or participate in research or development projects. It also does not include the potential income that could be earned when one works during the summer. The earning potential varies greatly based on experience and specialty.
The Cost of Getting your Ph.D. in Business.
A degree in business can provide you with the skills and knowledge you need to succeed in a career in business. Many schools in the US offer to fund Ph.D. students. The funding often comes in the form of grants like fellowships and teaching and research assistantships. If you’re considering getting a Ph.D., consider finding schools that offer scholarships and grants that can help cover most of the cost of the education and living costs. Check out our list of schools offering full Ph.D. funding.