Choosing Between a PhD in Management or Economics Post MBA: Career Prospects and Insights

Deciding between a PhD in Management or a PhD in Economics post an MBA can be challenging, as both fields offer a wide range of career opportunities. This article explores the various career paths that each PhD can offer, the nuances in career growth, and the different scenarios across various regions. Understanding these aspects can help you make an informed decision based on your personal interests and career goals.

Introduction to PhD Options Post MBA

For an individual with an MBA, pursuing a PhD in Management can open doors to careers in research, teaching, consulting, and corporate leadership. Typically, such roles require deep expertise and advanced knowledge in management disciplines. Conversely, a PhD in Economics can lead to careers in research, policy analysis, and academia.

Rationale Between Management and Economics

Choosing between a PhD in Management or Economics depends on your area of interest and career aspirations. Ideally, if your MBA focused on management, a PhD in Management makes perfect sense. However, if your passion shifts towards economics, you can explore that field as well. The decision should be based on a careful evaluation of your motivations and long-term goals.

Career Prospects in Corporate Sector

In the Indian context, a candidate with an MBA, particularly from a reputable institute, can see significant career growth within the corporate sector without pursuing a PhD. The corporate world often values real-world experience and expertise gained through a full-time career, which can provide a much higher career boost in approximately four to five years compared to the academic focus of a PhD. Most corporate employers do not specifically require a PhD for entry or mid-level positions.

Academic Career Paths

For an academic career, a PhD often plays a more crucial role. Universities tend to give significant weightage to candidates with a PhD, especially for senior positions like professorships, compared to candidates with just an MBA and work experience. This is particularly true in the academic hierarchy, where advanced qualifications are highly valued.

Global Perspectives and Scenarios

The specific career prospects and requirements can vary significantly across different regions. In certain global academic environments, senior professors often transition to the corporate sector and vice versa. For example, some may choose to work in the corporate world for a period before returning to academia, and the same applies to the other scenarios involving both fields of Economics and Management.

However, the desire to pursue a PhD should primarily be driven by your own interests and commitment to continuous learning, rather than just career growth considerations.

Conclusion

Ultimately, the choice between a PhD in Management or Economics post MBA depends on your personal interests, long-term goals, and the specific career paths you aspire to follow. By carefully weighing the benefits of each field and considering your individual circumstances, you can make an informed decision that aligns with your aspirations and contributions to the professional world.