4 Benefits of Earning Your Doctorate in Business Administration
In the world of business, one of the more common advanced degrees that you will see among up and coming executives is that of the Master of Business Administration (MBA). This is a valuable degree that makes one qualified to pursue higher levels of leadership and management that would not have otherwise been available to them.
That being said, the commonality of MBAs in this day and age means that earning one does not automatically guarantee that you will be placed among the top candidates for certain jobs or promotions. In some cases, an MBA might even be more of a standard requirement as opposed to the thing that can set you apart from the crowd. You might be wondering, then, what you can do in order to make yourself more of a desirable candidate for the top positions in your field.
The answer might very well be that you need to earn your Doctorate in Business Administration (DBA). A DBA is essentially the best way to demonstrate how committed to your field you are and that you have the skills of an innovator, pioneer, and leader in the world of business.
If you are already in possession of an MBA and are looking to take your career to the next level, here are four benefits that you can stand to gain when you earn your DBA:
1. Increased Job Opportunities
While the world of business is one that is constantly growing and expanding, there is only so much room at the top. You might be well on your way up the hierarchy at your company, but you can only go so far amidst the competition that exists in business today.
When a hiring manager is looking to fill a position, your application for the job might not be the only one that he or she receives. With so much competition, you need to ensure that you are among the top candidates being considered.
In this case, a Doctor of Business Administration might stand out among the scores of MBAs who have applied for the same job. In most cases, you can count on the candidate with the highest level of education being the one who is favored above the rest.
2. Better Decision-Making Capabilities
Among the many skills that you will acquire when you earn your DBA is that of better decision-making capabilities. Most DBA programs place emphasis on this aspect of the business because those who are in higher positions of power will face harder decisions that will have far-reaching ramifications.
Courses that are designed to provide students with a better understanding of opportunity recognition help you to learn how to analyze potential opportunities from various perspectives. You will be given the resources and knowledge that it takes to weigh the risks and rewards associated with the various aspects of the business so that you can make more informed decisions and produce better overall outcomes.
3. Leadership Excellence
When you earned your MBA, you very likely completed at least one course that focused on the development of leadership skills. While this no doubt allowed you to step into a leadership role in your career, anyone who has served as a leader in the upper echelons of business will tell you that leadership is a skill that you must continue to develop throughout your career. To that end, DBA programs place a particular emphasis on the continual development of your leadership skills.
Such an aspect to your degree is going to serve you well as you progress in your career. You will go on to be responsible for a greater number of individuals, and it is only with the continued growth of your leadership capabilities that you will be able to rise to the challenges that await.
4. Higher Earning Potential
Aside from the many skills and the increase in knowledge that will come when you earn your DBA is the more practical advantage of higher earning potential. Since you will become more eligible for positions of greater significance in the world of business, better benefits and higher salaries will be part of the package.
The titles that become attainable to those with a DBA are generally accompanied by the words ‘director’ or ‘officer’. These are some of the more desirable positions that a company has to give. While money is certainly not everything when it comes to your career, the lucrative nature of such jobs is undoubtedly appealing.
