The Business PhD and Cold, Hard Cash
Let’s look at the bottom line: Is the PhD in a business field worth the cost investment? Since the career path is different for everyone, that’s a tough question to answer. However, analyzing the costs of the PhD program, as well as income expectations upon graduation, can help form a well-rounded picture of the financial implications.
Costs of the PhD
Just as with the undergraduate or master’s degree, many PhD programs are priced in terms of credits, semesters or quarters. Depending on the length of the program, costs can vary widely. For instance, a school that requires 60 credits to complete the PhD and charges $300 per credit has an overall tuition rate of $18,000. But what if the dissertation goes longer than expected? There could be additional fees or credits charged. In addition to these costs, there could be fees, books and travel expenses for in-person meetings.
Fortunately, some students can access excellent financial aid options that may alleviate some tuition and other fees. Some PhD students might even get their tuition waived if they serve as teaching or research assistants. Doctoral students may also receive stipends – again, this depends heavily on the particular program and what that school offers to graduate students.
What Pay Scale Can Business Graduates Expect?
The cost of a PhD education may be dramatically outweighed by the expected income after completion of a degree. According to the Bureau of Labor Statistics, those who earned a doctoral degree earned a median wage of $1,623 per week, as compared to the $1,329 wage brought home by those who held a master’s degree. That’s a difference of $294 per week, which equals up to $15,288 per year. Although this is just a basic number for all degree holders on the doctoral or master’s levels, it does provide an idea of the potential income boost.
Salaries for jobs in the business world can vary wildly, even among those with the same degree. Here is a quick look at the salaries students might expect from some common business ventures:
|Medical and Health Services Managers
|Training and Development Managers
|Emergency Management Directors
There are many possibilities in the business world, but which ones are growing at the fastest rate? Projections Central ranks all occupations in the United States based on several factors, including growth rates expected from 2012 to 2022. The following jobs are expected to see the highest rates of growth during that time period:
- Information Security Analysts: 36.5%
- Meeting, Convention and Event Planners: 33.2%
- Market Research Analysts and Marketing Specialists: 31.6%
- Personal Financial Advisors: 27%
- Operations Research Analysts: 26.7%
- Statisticians: 26.7%
- Cost Estimators: 26.2%
- Actuaries: 26.1%
In most cases, those with the highest levels of education and experience will get the best job opportunities, and that could equate to higher rates of pay. It all begins with the proper school, so now is the time to search for the right online PhD business administration program.