What is the first thing that comes to your mind when someone says PhD in management? Challenging? Never-ending? Stressful? How about business?
Confusing, right? Well, what if we intend to tell you today how a management PhD has what it takes to pursue a career in the business and management sector? Yes, in this article, let us tell you how a PhD in management courses will help you forge a successful career.
A management PhD is almost universally considered unsuitable for anything beyond academics and research, let alone management and business sector roles.
Many business and management professionals also tend to think that PhD holders don’t have what it takes to offer value to others as they do. On the contrary, PhD scholars also have the business knowledge and transferable skills that are often well thought out and deeply researched; often, first-hand information passed on directly to team members.
Why PhDs Are Well-Suited for Business Careers?
According to a world economic forum report, the number of undergraduate students enrolling for postgraduate programs has advanced by almost 50% over the past decade or two.
Soon there will be more PhD graduates worldwide, and if we need to make use of them effectively, we will have to break the stigma around PhD graduates and their association bound only to research and academics.
Businesses worldwide require efficient and effective employees to improve their product or service. Most Business management specialists have stills that are often regurgitated from their education, experience, and training.
A PhD develops a broad range of skills, which might surprise you on how transferable they are. Let us explore five of the prominent ones.
It is no secret that research is the core component of a PhD as it is basically:
- what one will be training to do to gain a solution to the issue that piqued their interest;
- what will continue to be doing throughout one’s career; and
- what one needs to do to end up with a successful thesis.
With all that motivation and training, one will become very good at it without a doubt. Since the research aspect is so central to a PhD, many tend to assume that these skills are a prototype or aren’t transferable to other individuals. However, what they don’t know is that research is all about:
- taking on an unanswered question;
- identifying the information that might be required to answer that question;
- choosing the best methodology to gather and analyze that data; and
- having the capacity to present your results efficiently and effectively to a relevant audience.
Crafting a business play requires strong research skills in designing and development and the business’s marketing and operation.
Identifying a new market and audience too requires significant knowledge. A doctorate provides you with excellent research skills to pass on to the organization’s potential employees.
- Project management
Pursuing a PhD is not for the faint of heart, especially to those who also have a full-time job. Good project management course skills are critical to every PhD aspirant for a successful research experience.
Whether done alone or assisted by research assistants, PhD graduates learn the importance of time management, resource distribution, and cost management. The journey from proposal to submission will take one through a journey of planning, roadblocks, pivoting, success, and even failure.
These skills come in handy during various endeavors in the organization. Guidance and prompt corrections can be provided to all the team members, contributing to its progress.
Pursuing a PhD will also bring out leadership skills in many. Scholars will be forced to develop their ideas as there is no teacher or SME to impart their knowledge on the chosen concept, nor will there be any predefined curriculum to follow.
These challenges forge your leadership capabilities, and your ability to succeed or fail with the project will solely rest on your shoulders. This responsibility will further enhance your decisions, making you an effective decision-maker.
- Public speaking
As a PhD scholar, one would need to present your ideas to a large knowledgeable audience where you will be questioned and critiqued on your decision and findings from said decisions.
One may also have to interact with numerous sources varying in knowledge and position throughout their research period. This process will boost their public and professional speaking skills and become more confident in handling knowledge dispersion.
Professional public conversation is a valuable skill to pass on in business and management courses. This will help many express their ideas and convey their thoughts clearly in a professional setting.
A PhD will truly test an academic’s flexibility and adaptability as almost everyone will experience setbacks and trying situations related to their thesis.
Those who succeed in their graduation will possess a great degree of adaptability. Graduates may have even been forced to innovate and pivot their original ideas, but in the end, producing results would certify that adaptability will be their strong suit.
In the business and management world, adaptability is the gold standard for being a successful professional and making some progress. PhD candidates who naturally possess these skills, which were earned and not learned, will pass on these skills and make a significant contribution to the employees’ skill set, which would be useful both for their professional and personal lives.
So, PhD graduates indeed have the necessary skills to prepare for the business world than even traditional MBA degrees. PhDs have valuable skills, like resource allocation, time management, adaptability, data analysis, and results interpretation. Perhaps more useful, however, is that PhDs have learned resilience in the face of uncertainty and limited resources.
PhDs graduates can supervise interns, manage multiple projects simultaneously, and undergraduates and meet the organization’s expectations. PhDs also know how to generate original information, unlike MBA graduates who consume and regurgitate data. As a PhD, one can continually improve his/her analytical skills, manage group collaborations, and communicate effectively and efficiently at work.
These are the essential qualities that make PhDs much valuable in the business sector.
Here Are Some Viable Business Career Options for PhD Graduates
PhDs have all the skills they need to succeed in business. These skills include problem-solving, self-motivation, and teamwork. With the appropriate specialization, they can also bring more in-depth insights to bring an edge to the table.
1) Business Development Specialist
One of the best ways one can share their expertise across various companies, organizations, universities, and institutions, both public and private, with a broad group of employees on different levels would be to become a business consultant.
Your role would be to develop strategies for maximum productivity and efficiency, from planning to customer contact. Smaller companies and startups are more inclined to reach out to these experts. They might need the fundamentals to improve their company in its entirety or either company or its product/services.
Large companies, too, require consultation as they might be looking to upskill their employees on newer business and management practices, processes, and tools. They may also require input from consultation experts to perfect existing business models or develop their future product offerings.
2) Management Consulting
Management consulting helps business management employees to improve their performance. A management consultant helps train professionals to meet the requirements of the business. They also support public and private companies to recruit and make the most out of their employees.
Prompt Analysis skills are essential with this role as organizations will only point you to the goals, and you will have to come up with viable business models, policies, and strategies to help meet those goals. The average workday consists of investigating, analyzing, synthesizing, and communicating solutions with the board members and team leaders.
Some of the best consulting firms across Africa will hire people who can solve problems, think well on their feet, communicate effectively in teams, and display excellent professionalism with clients and team members.
For PhD graduates looking to enter the dynamic world of business, entrepreneurship is the way to go forward. This career path is ideal for PhDs who have a good business drive and is inspired to produce a valuable product or service.
As previously stated, a PhD provided the necessary skills and knowledge (If a relevant field is chosen) to become a successful entrepreneur. It also helps if the candidate has a unique idea or innovative product to tap into a saturated or arid market.
PhD graduates are driven and adapt quickly. These qualities are also some of the core values required to become a successful entrepreneur. While it can be gratifying to become a boss and have its own business, one should keep in mind that it comes with its own set of challenges and stress.
Some of the laundry lists of challenges include financial instability, availability of resources, market health, the viability of your product or service, competition demand push and pull, etc.
Going out on one’s own and creating a business interest from scratch is possible. Just make sure that you know what you are getting yourself into market-wide and financially and know that you have the skills to make it happen as a PhD graduate.
Management courses are in abundance; the different types of management courses on offer will allow one to specialize in business and management sectors. However, a PhD in management will enable candidates to tackle the same skills from a different perspective on one’s own accord and phase.
In an academic partnership with the University of Central Nicaragua, Texila American University (TAU) offers an acclaimed online PhD in management. It is on par with regular programs. This PhD in management program blends online learning flexibility with practical expertise to get students qualified to become a business management specialist. Graduating with a PhD in management will help graduates meet their professional goals as a thought leader and change-maker in any organization.
Why Choose TAU?
- Our PhD program allows students to pursue their program effectively and efficiently.
- This online program will enable candidates to pursue their PhD while they work.
- The program will enhance leadership skills through book and article reviews.
- It offers constant support from student mentors, faculty, and online resources through the online learning management platform for the program’s duration.
The value of a PhD in management program is seamless. It can be beneficial not just for research and academics but also for various other aspects. Choose TAU to pursue your online PhD in management with ease!