Careers for Business Doctorates
There are generally three paths for doctoral graduates: academics, industry, or a mix of the two.
The Academic Route
A career in academia can be very rewarding. As a university professor, you will have the opportunity to facilitate learning, expand horizons, arouse students' creativity, research leading industry challenges, discover processes that can change the way business is done, and publish your findings. You will have the opportunity to communicate directly to business practitioners through your research, findings, and new ideas; which in turn will inspire new products and help organizations to operate more efficiently and effectively. In return for your passion for teaching and dedication to research, you will have the freedom to work independently, research your own interests, and assist many students as they pursue their career and educational goals.
"Becoming
a Business Professor," an AACSB International question and answer document on the demands, lifestyle, and educational requirements
of a business school professor.
Salaries for Business Professors
Business professors are among the highest paid educators/researchers in a university. The starting salary for a doctoral qualified (individual possessing a doctorate in business) business school professor in the U.S. often exceeds 100,000 USD. This salary is comparable to almost any region in the world. This salary can reach as much as 150,000 USD for professorships in fields such as accounting and finance. In addition to the contracted university salary, professor's often have the opportunity to export their research and knowledge in the form of consulting, international teaching assignments, publishing and public speaking, and a variety of other income generating activities that come with the credential of a Ph.D.
Resources for Additional Salary Data
"The Professor's Paycheck"
A BizEd Magazine article regarding the rise in professor salaries.
Teachers - Postsecondary - Bureau of Labor Statistics, U.S. Department
of Labor, Occupational Outlook Handbook
A description of the job outlook and earnings for college and university faculty.
Additional Rewards of University Life
Working in academics is not only financially rewarding but personally rewarding. Remember your favorite professor and impact they made on your personal development? As an educator, you are in the perfect position to uncover defining moments in the development of tomorrow's business leaders. Your research and ability to transfer knowledge effectively in the classroom can make a significant difference in the lives of those who attend your classes, as well as in the advancement of organizations.
The Industry/Practitioner Route
With a doctorate degree in business, you are not limited to working in the university environment. Graduates can choose to enter industry as a researcher or organizational consultant. Many major organizations require doctoral qualified individuals to explore strategic directions, consumer behaviors, financial projections, and a variety of other areas of the business. Starting salaries within industry are comparable to academia but can have a much larger range depending on the size of the organization and the task you are performing.
Mixing the Two
If you want the best of both industry and academe, you may chose a more hybrid route. There are many faculty members that have their own consulting projects within industry in addition to their university responsibilities. Or, you may be an industry expert who is publishing research and teaching part-time.