- Careers & Salaries
PhD in Business Salary
Here are three career paths for business doctorates: a career purely in academics, a career working in an organization or corporation conducting industry or related research, or a combination of academics and consulting for businesses.
The Academic Route
A career in academia can be very rewarding. For example, remember your favorite professor and the impact they made on your personal development? As an educator, you are in a perfect position to uncover defining moments in the development of tomorrow's business leaders. Your research and ability to transfer knowledge effectively into classroom can make a significant difference in the lives of those who attend your classes. Additionally, you will be able to directly communicate to business practitioners through your research and new ideas, which in turn may inspire new methods and help organizations operate more efficiently and effectively. In return for your passion for teaching and dedication to research, you will have the freedom to work independently and pursue your own research interests.
Salaries for Business Professors
Business school faculty members are among the highest paid educators/researchers in a university. The starting salary for a "doctorally qualified" (individual possessing a doctorate degree in business), business school faculty member often exceeds 100,000 USD (worldwide). This figure can reach as much as 150,000–175,000 USD for faculty positions in fields such as accounting, finance, and most recently entrepreneurship/small business administration. In addition to the contracted university salary (typically a nine-month contract), professor's often have the opportunity to consult organizations, participate in international teaching assignments, publish articles and books, speak at conferences, as well as a variety of other income generating activities that come with the credential of a PhD.
The Industry/Practitioner Route
With a doctoral degree in business, you are not limited to working in an academic environment. Graduates can choose to enter industry as a researcher or organizational consultant. Many major organizations require doctorally qualified individuals to explore strategic directions, consumer behaviors, financial projections, and a variety of other areas of business. Some professional organizations also specialize in this, for instance consulting agencies. Starting salaries within industry are comparable to academia, however, they can have a much larger range depending on the size of the organization and the task you are performing.
Mixing the Two—Hybrid Career Paths
If you want the best of both academics and industry, you can choose a more hybrid route. There are many faculty members that have their own consulting businesses or freelance jobs in addition to their university responsibilities. If consulting is not for you, faculty members also publish mainstream books on their research topics in addition to their journal contributions.