For many business administrators and leaders, going back to school is an important decision, especially if they already have their master’s degree in business administration. For business leaders who are looking to move on to the next level in their professions, a Doctor of Business Administration (DBA) is the highest level they can achieve in business. However, a common question that comes up is whether earning a DBA is worth it and which business leaders with a master’s in business administration (MBA) should consider a doctorate. In this article, we will explore the reasons why earning a DBA is a worthwhile investment.
Become a Recognised Expert
After working at various levels in business administration, most business leaders feel like they are experts in their chosen fields. However, this experience and expertise must be backed up with data if they want to become recognised experts. A DBA lends them this recognition.
Many people who have earned a DBA also say that in addition to becoming recognised experts, their DBA sharpened and broadened their view on their areas of expertise. They bring a lot more to the table, including improved research skills, a better understanding of current and historical viewpoints, as well as a scholarly perspective to balance their roles as practitioners, scholars, and researchers.
A doctorate teaches students to see the business world from a different perspective. This earns them more credibility among peers, employers, and the industry as a whole.
DBA graduates learn to communicate, think, write, and talk differently. All of these are then tied together by new ways of finding and absorbing relevant information and data, which gives DBA holders a huge advantage over other candidates who apply for similar positions.
MBA candidates can choose to focus on a single area such as accounting or finance, with most MBA programs having a very broad scope. This broad scope is great for preparing students for the current business environment. A DBA is meant to prepare students to be authorities in a narrow subject. The specialised research required to graduate with a DBA arms students with knowledge that MBA students simply do acquire when earning their degrees. This focus on a narrow concentration makes DBA holders more credible and positions them as thought leaders in their chosen areas of specialisation.
Distinguish and Differentiate Yourself
There is stiff competition for high-level executives as the number of MBA holders has increased over the years. Because of this, those who would like to get into these high-level executive positions have to find a way to distinguish themselves by positioning themselves as business leaders who can make an impact on the organisations they end up working for.
Market saturation caused by the increasing number of MBA holders can make it harder for an individual to stand out. While earning an MBA is crucial for career development and progression, having just an MBA can end up working against candidates if they cannot stand out sufficiently.
DBAs are less common and because they teach the latest concepts, theories, and tools that businesses need to stay ahead of their competition, candidates who hold them put themselves in a better position of getting hired. Employers want candidates who stay ahead of the curve and who can move businesses forward – and DBA holders fit this description perfectly.
Expand Your Career Opportunities
DBA programs help graduates earn the skills to work in a variety of industries and hold varying job titles. DAB programs that teach modern business management, organisational effectiveness, and leadership skills boost graduates’ chances of breaking out of the industries they already work in and move into industries that are better suited for them.
Where an MBA teaches management skills, DBAs focus on problem-solving and research skills. While MBAs teach candidates how to extrapolate information and data to come up with solutions for complex business problems, DBAs arm graduates with the skills to analyse business processes and models to come up with case studies that help solve problems and generate new ideas.
A DBA also opens up lots of positions in academic research and academia. The online DBA offered by Aston University, for example, places a lot of emphasis on the research skills required to perform in-depth analysis and research and to produce comprehensive research projects that make an impact both in the academic and business worlds.
More Opportunities for Promotions
If you have been eying a promotion for a while, a doctorate can be the tipping point that makes your employer consider giving you a promotion. Even when you do not get promoted, a doctorate gives you the credentials and confidence you need to seek better employment opportunities when you decide to leave your current employer.
The business acumen, advanced research skills, and decision-making skills that you gain from earning a doctorate make you a better candidate when applying for job openings and promotions. For companies that already require that candidates have an MBA, a doctorate can increase your chances of getting into these positions and advancing through the company faster.
Potential For a Higher Salary
Candidates with a doctorate earn a lot more than those with a master’s degree. This is because they are seen to provide more value to the businesses and organisations they work for. Additionally, DBA holders get into higher-level positions that come with higher pay easily. The difference in pay can be as high as 30% between doctorate and master’s degree holders.
Building a Network
Apart from the knowledge and skills DBA programs teach, students find the connections and networks they build to be incredibly valuable. Students get to interact and engage with students who come from varied backgrounds, all of whom come with a different perspective, idea, and outlook on different subject matters.
These new perspectives can provide students with new and unique ways of understanding problems, topics, challenges, and issues that they may not have thought of before.
While enrolling for a DBA program can be a challenge for some people, there are lots of benefits that come from enrolling that far outweigh any reservations you may have about enrolling in a DBA program.