Doctor of Business Administration: Career and Salary Facts
Research what it takes to become a Doctor of Business Administration. Learn about job duties, education requirements, employment outlook and wages to find out if this is the career for you.
What Careers Are Available With a Doctorate in Business
A doctorate in business can yield a variety of career opportunities. Anyone attaining this degree is in line to run major corporations, international companies, or teach business at a prestigious school. Top executives take care of the day to day business of multi-million dollar corporations. They negotiate contracts that could affect economies of more than just their company. Professors work diligently with college students looking to further their education in business in pursuit of a bachelor's or working toward that MBA.
Graduates holding a Doctor of Business Administration (DBA) degree are prepared to work in executive positions within organizations or in scholarly pursuits at universities and colleges. The following chart gives you an overview of three types of jobs you could hold with this degree.
|Chief Executive Officer||General and Operations Managers||Business Professor|
|Degree Required||M.B.A||M.B.A.||M.B.A., D.B.A. preferred|
|Education Field of Study||Business disciplines||Business disciplines||Business disciplines|
|Training Required||Work experience||Work experience||None required|
|Job Growth (2018-2028)||-5%*||7%*||15%*|
|Median Salary (2018)||$189,600*||$100,930*||$83,960*|
Source: *U.S. Bureau of Labor Statistics
What Career Options Do I Have with a DBA Degree?
Although there are many career options for graduates of DBA programs, your area of specialization and particular career goals will dictate your career path. Some of the more common DBA program tracks are finance, accounting, marketing, strategy and operations management.
Once you have your degree, you are eligible for upper management and executive positions in research organizations, firms, banks and other types of businesses. You may advance within your current company into a broader role or seek employment in another company that offers better advancement opportunities. Some of the job titles that you might consider pursuing include operations manager, chief financial officer, dean of business, chief executive officer, senior managerial consultant and director of human resource management.
Many graduates become business professors and combine teaching with research in their area of expertise. Business professors generally work in colleges and universities but may also teach in professional schools, junior colleges and business training centers.
What Will My Job Duties Be?
Your job responsibilities will vary according to your specific job title and the type of business for which you work. In general, executives and management professionals direct and enhance the overall operations of a business. You will likely be involved in the development of new strategies, technologies and solutions related to business. You may design policies to ensure the company's goals are met. You may also work with other employees to oversee the daily operations of your company. Top executives and managers must possess strong leadership, analytical and problem solving skills.
As a business professor at a college or university, you could teach a number of different core and advanced business classes, such as business administration, accounting, economics, marketing and finance. Most professors split their time between teaching and conducting research. They also help guide graduate students' research. Professors are generally expected to contribute to the overall advancement of their field. This may involve writing research papers and publishing them in peer-reviewed journals, presenting papers at conferences, attending professional conventions and recruiting new students to the program.
What Can I Expect to Earn?
Salaries for executive and managerial positions are generally very good, although they can vary by level of responsibility, amount of experience and with the organization's size. According to the U.S. Bureau of Labor Statistics (BLS), chief executives earned a median annual salary of $189,600, and general and operations managers had a median annual salary of $100,930 in May 2018 (www.bls.gov). Individuals working as general and operations managers in securities, commodity contracts, and research and development had the highest earnings.
College and university professors are typically paid according to their rank and field. For instance, tenure-track faculty members are generally paid on a sliding scale as they advance from instructor to assistant professor, associate professor and finally to tenured professor. Also, professors in fields with high-paying job alternatives, like business, tend to earn more than professors in other fields. In May 2018, the BLS reported that the median annual salary of all postsecondary business teachers was $83,960. Some professors may supplement their income by doing consulting work, teaching additional classes, publishing research and writing books.
What Are Some Related Alternative Careers?
Management positions are career options widely available for graduates possessing business doctorates and MBAs, and fill a variety of industries: plant managers, facilities managers, operations managers, production managers, and human resources managers. All of these careers require an MBA. Medical and health services managers or a social and community resource manager require similar skills found in business management candidates, and also require a master's degree. Computers are an area with a positive career outlook, such as computer information systems or network administration. These professions may require additional specialized education.