Pursuing higher education typically leads to an increase in wages. All Business Schools reports that while people who hold a Master's in Business Administration earn an average of £4,550 to £7,150 more annually than those who have only a bachelor's degree, holding a higher degree in business can be even more lucrative. Having a PhD in business opens the doors for employees to find high-paying jobs within several industries.
According to PayScale data, as of January 2011, employees with a doctorate in business who are employed by a college or university earn an average annual salary of £41,516. Those with the same degree hired by a company earn a much higher salary of £58,045 annually.
The location of a company or school has as much bearing on a PhD student's salary as the type of employer. PayScale lists Washington, D.C., as the highest-paying state or province in the United States for employees with a doctorate in business, with an average annual salary of £71,137. Colorado is a distant second with an average of £61,100, and California and Ohio rank third and fourth with salaries of £54,275 and £52,000, respectively.
Doctorate of Philosophy in Organization and Management
According to Business School Edge, pursuing a PhD in business can give students an edge over the more common MBA graduates. A doctorate degree of philosophy in organisation and management leads most students to faculty positions at business schools. As of 2011, Business School Edge shows the average starting salary of an associate professor at one of these schools is £71,500 annually, with the average professor with this business degree earning £97,500 a year.
According to Career Degree Info, "even the initial salary package for a PhD in Business Administration is far more superior to the graduate and postgraduate degree holders in the same subject," with average salaries for those with a PhD in Business Administration ranging between £65,000 and £104,000 annually as of 2011. Overall, Career Degree Info states that the difference between all estimated salaries of those who hold Ph.Ds versus a master's degree is almost £0.6 million over the span of a career.