Is It Worth It To Earn A DBA?
Earning an MBA remains the entry degree to executive positions in most organizations. However, a Doctorate of Business Administration is increasingly the degree of choice for those who want to reach the pinnacle of their profession. It’s not just about the money, although it’s typically better. And it’s not about the influence over strategy and an organization’s direction, although that will prove substantial. Earning a DBA is ultimately a decision made by people with passion for their profession who want the satisfaction of knowing they are doing their job as well as it can be done. The following lists some of the reasons why it’s worth considering earning a DBA. Competitive Advantage The MBA is the most popular master’s degree in the United States. About 25 percent of all master’s degrees conferred each year are MBAs. More than 191,000 MBAs were awarded in the 2011-2012 school year alone. While the MBA remains the standard for those who want to enter business leadership, a DBA goes beyond that. Graduates are prepared from the first day with the latest theories and strategies involving business and can leverage that knowledge in ways that go beyond what others are doing. It’s a very attractive degree to have on your resume. Advanced Research Skills DBA programs such as the one from Concordia University-Chicago teach students the latest in advanced tools and research skills, something they will learn nowhere else. Using these skills can help organizations find previously unknown ways to make an operation more efficient and effective. Taking the time to learn these skills also shows strong commitment to managing change and making improvements in a business. It also shows a willingness to become the best leader possible with a focus on continued professional development. Again, this is something that employers will notice. Money Those with a doctoral degree earn a median salary of $1,743 a week, compared to $1,401 for those with a master’s degree and $1,173 for those with a bachelor’s degree, according to the U.S. Bureau of Labor Statistics. They also have an unemployment rate of just 1.5 percent. Leadership Ability Every organization in every industry wants to become the thought leaders in their field. But with the wealth of competition, this is not an easy task to accomplish. Bringing onboard those with the knowledge and skills learned by earning a DBA can push an organization to further heights. DBA degree programs also focus on producing ethical leaders who make research-based decisions. That’s a major advantage for employers. Passion Those who seek a DBA are typically the sort of the people who are passionate about their profession. They know that satisfaction in a career is tied to the knowledge that what they do makes a real difference. DBA graduates who earn positions of influence in an organization have a direct impact on strategy, process improvement and the overall direction of a company or agency. It’s the fulfillment of a lifetime goal. Job Opportunities Those with a DBA can find work in every for-profit business across all industries. But they also are in demand for nonprofit organizations and government agencies. Those who wish to become consultants can also find success on that path, providing guidance to organizations by using the latest research tools and analysis. Earning a DBA shows a commitment that goes beyond what is accepted as the business standard. For those who want consideration for the most influential positions in business, government and the nonprofit sector, the rewards for having such positions is well worth the time and energy spent to earn a DBA.