A Doctorate in Business Administration (DBA) is an advanced degree that can provide numerous benefits to those who pursue it. Till 2020, a total of 843,450 students received master’s degrees in one year.
Looking at current growth rates, Statista predicts that number to grow to 983,000 in 2030-31. One way to differentiate yourself from the crowd of master’s degree holders can be to get a doctorate in business administration.
The advantages of pursuing a doctor of business administration online are numerous. You can complete your degree in 3 years without having to attend classes on campus, making it easier to balance work and family commitments.
By earning your degree online, you will have access to the latest technology in the field, along with high-quality instructors who can help guide you through coursework and answer any questions you may have. You should be able to shortlist a reliable institute that offers an online doctor of business administration by researching online and checking student reviews.
But before you take the plunge, let’s discuss the benefits of pursuing a DBA and the career opportunities you can explore.
Benefits Of Earning a DBA
A DBA can be a rewarding and valuable investment for those who are committed to advancing their careers and expanding their knowledge and expertise in business studies.
We have suggested five benefits of pursuing a DBA from the perspective of advancing your career. Read on to know more about the potential this degree can unlock in you.
1. Improved Career Prospects
With a DBA, you can qualify for higher-level positions within your organization or industry. Many companies seek out candidates with advanced degrees, and a DBA can help you stand out in a competitive job market.
2. Increased Earning Potential
Earning a DBA can also lead to higher salaries and better pay. Those with advanced degrees in business tend to earn more than those with just a bachelor’s or master’s degree.
Top executives earn around USD 98,980 per year, reports the Bureau of Labor Statistics. As this degree will slowly propel you toward the echelons of leadership, we are sure your salary will grow proportionately, ensuring your earning potential improves.
3. Opportunities for Research and Publication
A DBA program typically includes a research component, which can allow you to contribute to the field of business through the publication of articles and books. This can be especially beneficial if you are interested in academia or consulting.
4. Enhanced Critical Thinking and Problem-Solving Skills
Pursuing a DBA requires a high level of analytical and critical thinking skills. As you work through the program, you will learn how to approach complex business problems and develop solutions that are both effective and sustainable.
5. Greater Industry Knowledge and Expertise
A DBA program covers a wide range of business topics, allowing you to gain a deep understanding of your chosen field. This can be particularly valuable if you are looking to move into a leadership role or become an expert in a specific area of business.
Possible Career Paths After a DBA
Earning a Doctorate in Business Administration (DBA) can open the door to many different career options. Here are five potential career paths to consider after completing a DBA program.
1. Business Professor
If you are interested in academia, a DBA can be an excellent stepping stone to a career as a business professor. With a DBA, you can teach at the undergraduate, graduate, or doctoral level and contribute to the development of future business leaders.
Even if you don’t get a fellowship in a university immediately after your doctorate, you can start taking courses online. After all, there is an expected growth of nearly 15% CAGR in the next five years. It will take the existing online learning industry from USD 61 billion to USD 122 billion by 2027, according to Statista.
2. Management Consultant
A DBA can also be beneficial if you want to work as a management consultant. With a deep understanding of business principles and practices, you can help organizations solve complex problems and improve their operations.
2. Senior Executive
Many top executives hold a DBA, and earning one can help you qualify for high-level leadership positions. If you are in line for promotion to a senior position on your company’s board, this degree will lend your the required strategic mindset. As an executive, you will be responsible for making strategic decisions and leading your organization to success.
If you have a passion for innovation and are interested in starting your own business, a DBA can provide you with the knowledge and skills you need to succeed as an entrepreneur.
Though a few famous entrepreneurs of the last decade dropped out from famous graduate schools, the skills and exposure you will receive in a DBA program will fast-track your career as a founder and prevent you from making costly mistakes, at least in the initial phase.
A DBA program often includes a research component, and this experience can be valuable if you want to pursue a career in research. You could work for a university, think tank, or government agency, conducting research and analyzing data to inform policy and business decisions.
These are just a few of the many career options available to those with a DBA. Other possibilities include positions in finance, marketing, human resources, and more. With a DBA, you will have the knowledge and expertise to pursue a wide range of business careers and make a positive impact in your field.