MBA vs. PhD in Business: Which One is Right for You?

Within the business sector there is a push toward getting higher education. A few options are available, including the MBA and a PhD. Which one is right for you?

What is an MBA?

BusinessDictionary.com defines the MBA, or Master of Business Administration as an advanced degree of study, received upon completion of an institute's MBA program. Studies typically include skills such as finance and management.

Studies through this method often take 1 to 2 years, depending on the chosen program. They can be done in person at a college or university, or online through accredited courses. Courses can be done on a full-time or part-time basis. Students usually have at least a bachelor's degree.

Recipients of the MBA often go on to corporate careers in the business world. Their studies often lead to promotions and higher wages,

What is a PhD?

The PhD is a degree obtained at the end of a doctorate program. This program often lasts at least 3 years and requires a dissertation, according to WordNet at Princeton. These degrees are highly specialized within the business field and often require a more full-time commitment on the student's part.

Doctorate programs take much longer to complete, requiring a great deal of research and intensive study. Students often teach classes to help with tuition and health insurance. Most enter the academic realm after graduation. They can also expect to have an increase in salary.

What are the advantages of each?

The MBA program is good for people who wish to apply advanced studies into their field as quickly as possible. Many students are able to continue working as they work on their degree. Even better promotions and wages come to those who are careful to choose a high-quality program

Those who pursue the PhD will take longer to finish a degree, but will have a much more specialized focus and higher quality of education. According to Education-Portal.com, there is a shortage of quality instructors at lower-ranking schools. This could be helpful in obtaining a job in the academic realm.

PhD holders can also work in the corporate world or serve as consultants to businesses. They tend to make more money than those who have an MBA.

Which one right for you?

To choose the right program for you, ask yourself the following questions:

*What is your career goal? Do you wish to work in the corporate world or in the academic world?

*If in the corporate world, do you want to be hands-on within a particular business, or serve as a consultant?

*How quickly to you want to apply your knowledge?

*How much time can you devote to your studies?

*How much in depth would you like to go into the topics? Do you have a particular specialty you would like to pursue?

Answers should come after a lot of research into the different types of programs available, discussion with current employers, and soul-searching.

Resources:

"Definition of Masters of Business Administration (MBA)" Business Dictionary. Retrieved 8-15-10 from http://www.businessdictionary.com/definition/Masters-of-Business-Administration-MBA.html

"Online MBA Vs. PHD Programs in Business: What's the Difference" Education-Portal.com. Retrieved 8-15-10 from http://www.phdproject.org/downloads/education_portal_5-10.pdf

"PhD" WordNet. Retrieved 8-15-10 on http://wordnetweb.princeton.edu/perl/webwn?s=ph.d.

Zoltan, Melanie. ""Benefits of a PhD in Business Management - Better Than the MBA?" Suite 101. Retrieved 8-15-10 from http://graduate-schools.suite101.com/article.cfm/benefits-of-a-phd-in-business-management---better-than-the-mba