In today’s highly competitive global economy, set yourself apart with distinct competitive advantages. Having an undergraduate or master’s degree is insufficient to prepare for a successful business future. Embracing a continuous learning attitude is now essential.
Both mid-career professionals and traditional students are increasingly pursuing graduate education. They seek a high-level credential that clearly demonstrates value to employers. One such credential is the Doctor of Business Administration (DBA).
As Master of Business Administration (MBA) degrees become commonplace, the DBA offers a fresh perspective on essential skills for strategic thinking in today’s business landscape. By merging practical business expertise with profound insights into complex issues, the DBA empowers you to devise data-driven strategies for innovative enterprises. Let’s explore key reasons why pursuing a DBA is worthwhile.
Route to Expanding Business Interests and Passions
The Doctor of Business Administration is well-suited for individuals focused on practical business applications rather than theoretical concepts. It offers the flexibility to delve into specific research areas aligned with your organization’s needs or market requirements.
Getting a DBA degree allows you to customize your learning experience to match your interests and aspirations. Whether you have a keen interest in corporate social responsibility, not-for-profit management, business ethics, or an unexplored business field from your previous academic pursuits, the DBA provides a tailored approach to your educational journey.
Achieve a Competitive Edge
The U.S. is experiencing a rising number of MBA graduates, with universities awarding 74% more MBAs. This surge has made it challenging for employers to ensure the quality of hires from rigorous MBA programs.
Mid-tier schools are actively promoting “accelerated” MBA programs to attract working professionals, which has decreased the value of MBAs. Consequently, new MBA graduates have seen a decrease of approximately 4.6% in their average salaries since the recession began. On the other hand, a Doctor of Business Administration (DBA) offers unique benefits by equipping individuals with skills to navigate emerging market trends differently.
While an MBA is commonplace, a DBA is a distinctive qualification. It demonstrates research capabilities to tackle intricate business issues and showcases a dedication to continuous professional growth and effective leadership, fostering potential across organizations.
Explore New Career Opportunities
Career options with a Doctor of Business Administration are abundant. Many business individuals tend to stick to one area throughout their careers, allowing for specialization but potentially limiting creativity and exploration beyond their comfort zone. A DBA equips you with applicable knowledge across all business functions and organizational levels, enabling seamless transitions between paradigms as needed.
Having a DBA sets the stage for advancing up the corporate hierarchy and making a mark in executive roles. Being a trailblazer in your field makes it easier to explore new organizations, whether switching industries or aiming for broader responsibilities. This can significantly impact your lifetime earnings potential; research from Forbes indicates that employees staying at one company for over two years risk earning up to 50% less than their peers, whereas moving between organizations can lead to average gains of 10%-20%.
Enhanced lifetime earnings are just one perk of holding a Doctor of Business Administration, offering diverse career paths like management consulting or entrepreneurship. The research acumen gained from a DBA can extend beyond business operations, aiding in investment decisions and innovation. A DBA empowers you as a proficient problem-solver.
Beyond traditional business realms, intriguing opportunities are outside the standard 9-to-5 grind. CNN Money highlighted a surge in business school faculty recruitment to address a shortage of qualified professors. Demand remains high despite a 22% increase in business faculty nationwide from 2008 to 2013. DBA graduates stand out as potential hires, leveraging their skills to publish academic papers and support research-focused institutions in grant-seeking endeavors. Professors enjoy benefits like pensions and a supportive environment valuing accomplishments.
Stand Out from the Crowd
While an MBA is a popular choice for those aiming to become managers or leaders within a company, a DBA showcases your commitment to exceeding the standard preparation for leadership roles. Doctorate in Business Administration programs are tailored to equip professionals and executives with advanced research skills and tools essential for strategic planning and decision-making.
Earning a DBA will help you distinguish yourself in the competitive landscape. Many aspiring business professionals begin with undergraduate online business degrees, which is a great starting point, but not everyone advances to graduate school.
Increased Opportunities for Promotions
A DBA degree equips individuals for various senior management roles, such as:
- Consultant
- CEO, CFO, or COO
- Project manager
- Financial manager
- Business analyst
- Executive VP
Leveraging your acquired business knowledge and expertise can lead to advancements within your current organization or a different career path. As per the U.S. Bureau of Labor Statistics 2020 figures on income across educational levels, holding a doctorate degree offers the highest potential earnings.
Doctorate holders have a median usual weekly income of $1,885, surpassing the $1,545 median usual weekly income of master’s degree holders. Completing a DBA program will prepare you thoroughly for executive roles.
Prepare Yourself for Leadership
Brands across various industries are currently emphasizing the concept of thought leadership, which is highlighted as a crucial element in building strong connections with perceptive customers. However, many blog posts, white papers, and other materials aimed at enlightening often end up being mere repetitions of existing information.
You may wonder is, pursuing a DBA degree worthwhile? As a DBA graduate, you will possess valuable insights derived from the latest business research. This will empower any organization you are part of to make informed decisions regarding implementing contemporary best practices. By being well-versed in leading business publications, you will be adept at identifying and seizing emerging opportunities.
Flexibility
One significant benefit of a doctorate in business administration is the option to complete your studies online for this high-level qualification. Online universities are increasingly favored since numerous individuals lack the time for traditional on-campus programs with lectures and seminars. Achieve the flexibility you require by pursuing a DBA online, regardless of your demanding work schedule or parental responsibilities.
Endnote
Accelerate your career progression and broaden your horizons with the Doctor of Business Administration, a valuable asset. While the road to a DBA may pose challenges, it enables you to optimize your potential both presently and in the future. Taking the initial step towards obtaining your DBA could be the toughest, but committing to it sets you on the course towards a more rewarding and enriching leadership position in the business realm.
