PhD in Management - Make Your Mark As a Future Thought Leader

Posted by ISBR on March 23rd, 2023

The worldwide management market size was valued at .25 trillion in 2020 and is expected to reach .43 trillion by 2030, increasing at a CAGR of 10.7% from 2021 to 2030.

In the modern world, most job opportunities in management require a basic business-related degree. To fulfil this criterion, most aspirants already have the essential degree.

Under such a situation, it is unusual for aspiring applicants to think beyond the lines – to gain a PhD in Management degree. However, if you want to stand out from the crowd and gain a competitive edge over the rest of the pack, PhD in Management is the perfect course for you.

PhD in Management – An Overview

Studying for a doctorate in Management degree is no easy feat, but the results can be life-changing. Moreover, as the highest-level degree in education, it is a symbol of expertise and dedication that employers highly value.

PhD Management course is a 3-5 year degree program that offers budding academicians research-based methods to resolve problems and analyse and identify gaps in the subject. There are several perks of taking up PhD degree in Management, including-

  • Development of oneself as a specialised in the business world

  • Building a strong network with leading business personalities

The course also enhances project management skills, public speaking, leadership, adaptability, teamwork, problem-solving, self-motivation, etc. Gaining in-depth knowledge from the program will help you work as a professor, researcher, management consultant, business development specialist, etc.

PhD Admission – Step-by-Step Process

Under the PhD Management program, professionals work under the supervision of the Supervisor/Co-supervisor(s) during the research. The course duration is determined by the student pursuing the degree.

Gaining knowledge about the course is the secondary thing; first, students should know from which university they should pursue their degree. There are countless universities which offer management programs in their colleges. And every university has different eligibility criteria for PhD admission in Management.

The PhD admission process is designed to challenge aspiring students at a strict standard, as it is amongst the most rigorous programs. The key steps for PhD Management admission are mentioned below, which are similar in almost every university –

  • Applicants must pass the bachelor's and master's degrees from any recognised university in any stream.

  • Students must score 45-60% marks in their previous degree, depending upon university demand.

  • Admission will be based on the merit list, and in some, it will be based on the entrance exam.

  • Some main entrance exams are IFT, MICAT, IBSAT, etc., and some universities conduct their entrance exam to check students’ capability.

  • After clearing the exam, students should wait for the merit list of their dream university.

  • The shortlisted candidate will be invited for the interview and group discussion round.

  • In the end, students need to submit the fees online. 

Is a PhD Degree in Management Worth It?

Getting good research-oriented knowledge and skills to prepare for the private, public and government sectors, as well as the academic and business worlds, is a good bonus.

Developing and learning leadership qualities, delegation strategies, business insight, decision-making, evaluation, negotiation, professional communication, conflict resolution, etc., are some skills that PhD degree in Management studies students are equipped with.

A PhD in Business Management is a great way to make you future-proof with the help of practical and theoretical education that can be applied to all kinds of industries. Following are some of the key reasons that will help you in making the right choice for your future –

Higher Pay Scale Prospects – Most students pursuing this degree will boost their chances of a high salary if they have good working experience. However, the salary will be upon which specialise they select and the knowledge gained from the program. You can easily earn a five-digit salary.

Build Your Academic Career – Almost every PhD degree student pursues this degree to become an excellent researcher and professor. But these are not the only options students have after completing this program. They can also work as -

  • The chief executive officer (CEO) is known as one of the highest-ranking professionals in an organisation. This is because they are responsible for expanding the organisation and driving profitability.

  • The management consultant’s role is to work with organisation business leaders to identify and tackle new challenges, analyse and gather information, and implement and develop solutions.

  • A Market Research Analyst's responsibility is to collect data from numerous sources and use it to forecast trends to predict where the market will go in the future.

  • The strategy manager’s responsibility is to determine their strengths and review organisations, operational effectiveness, opportunities and weaknesses. They make recommendations based on external and internal factors to decrease risks and formulate strategies to achieve a company’s long-term goals. 

  • Quantitative analysts apply mathematical and statistical methods to risk management and financial problems. They implement and develop complex models used by organisations to make business and financial decisions about issues such as pricing, investments, etc.

Excel Your Research Skills - As you pursue the highest degree program, you understand how essential skills are to work in your dream organisation. Some of the top organisations are - CISCO, TATA, Microsoft, Wipro, DELL, and many more. Have a look at crucial skills students learn –

  • Time management

  • Perseverance

  • Quest for knowledge

  • Communication skills

  • Data analysis

So if young aspirants want to boost their careers and become recognised experts in the industry, a PhD in Management is the best choice.

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ISBR
Joined: October 11th, 2022
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