According to entrepreneur Marc McIntosh's comments to the "Charlotte Business Journal," an MBA is no longer enough to make yourself stand out in the business world. A DBA (doctorate of business administration), in McIntosh's estimation, however, can set you apart. Although salaries for people with doctorates in business administration can be quite high, there are also a number of jobs that people with doctorates of business administration are eligible for. For this reason, salaries vary greatly depending on the type of job you have.
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College and University Professors
If you have a DBA, you are qualified to teach business courses at most colleges and universities. Although some instructors do this part-time to augment their business salary or for philanthropic reasons, the Bureau of Labor Statistics (BLS) notes the median income of full-time postsecondary teachers was close to £39,000 in 2008. The highest earning instructors made closer to £79,300 per year. Those who earned the rank of "professor" at their institutions made about £70,200 per year. While even full-time professors may run a business or offer consulting services in addition to their teaching careers, you should be aware of contractual limitations on this kind of work before taking a teaching job.
People with a DBA in finance may qualify to handle a company's finance as financial manager. According to BLS, the median income for financial managers was just under £65,000 in 2008. The type of financial management you conduct can impact your salary greatly. For instance, in 2008, financial managers in "securities and commodity contracts intermediation and brokerage" made a median income of close to £87,750 per year. By contrast, those in "depository credit intermediation" made just over £50,050 per year. BLS notes that these numbers do not include benefits and stock options.
Administration Service Managers
Although DBAs now qualify individuals to do everything from teaching others (students and companies) about business to starting and running their own businesses, salaries for individuals who actually go into administration management are among the lowest for DBAs. Individuals who manage a business or organisation they do not own had a median income of about £47,775 in 2008, according to BLS. On the high end, individuals earned as much as close to £65,000. On the low end, business managers made less than £24,375. The type of business managed greatly influenced the salary earned. For instance, those whom managed "companies and enterprises" in 2008 earned just under £55,900 per year. Those managing local government organisations, however, earned just under £42,250 per year.
You may seek the DBA degree to make yourself more credible and sought-after as you run your own consulting firms. According to BLS, consultants, or "management analysts," earned a median of about £47,775 in 2008. However, the type of industry again influenced earners, with those consulting with computer systems and design earning the most and those consulting for government organisations earning the least.
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- Charlotte Business Journal, Nicole Garrison-Sprenger: Doctorate in business: A leg up in the job market?
- Bureau of Labor Statistics: Teachers-Postsecondary
- Bureau of Labor Statistics: Financial Managers
- Bureau of Labor Statistics: Administrative Service Managers
- Bureau of Labor Statistcs: Management Analysts