As the world is transitioning from a skill-based to a knowledge-based economy at a rapid pace, an MBA is no longer enough to fulfil an organisation’s core needs. Businesses today need individuals who have comprehensive knowledge and deep expertise in their respective domains and who can effectively analyse data and derive valuable insights for improved decision-making. This is why a Doctorate in Business Administration or DBA is gaining prominence.
Having a DBA on your resume can be miraculous for your career. It will not only help you to grab lucrative packages but will also prove instrumental in assuming more critical positions in an organisation. But before you jump on to enrol yourself into a DBA course, you must be wondering what a DBA is, what you need to do in order to pursue it and how it can help you make the career of your dreams. In this article, we will try to address all those queries and help you explore some of the many benefits that a DBA degree offers.
What is a Doctorate in Business Administration?
A DBA degree is a professional degree which caters to the needs of entrepreneurs and business professionals who possess some kind of experience in management and have a master’s degree in the domain. It is a research-oriented programme that helps students to expand their intellectual framework. The course curriculum is designed to provide extensive training in business analytics and research methodologies. By the end of the course, students are well-adept to navigate through emerging industry trends and complex business structures.
A common mistake that most people make is that they confuse DBA with a PhD in Business Administration. Even though the two degrees have certain similarities, they are very different from each other. While a DBA is a part-time course designed especially for enhancing the problem-solving capacities of working professionals, a PhD, on the other hand, is a full-time, research-intensive course directed towards those students who are seeking a career in academics.
Now that you have an idea about what a DBA is and who it is for, let us move on to the benefits offered by the programme.
Benefits of Pursuing a Doctorate in Business Administration
However, despite the numerous benefits it offers, only a small fraction of individuals pursue a DBA degree. According to an article published in Harvard Business Review, only 2 % of individuals who hold a master’s in management go for a DBA.
Learn and Grow Under an Experienced Mentor
A 2020 Forbes article revealed that entrepreneurs who have a mentor are more satisfied with their jobs. These professionals, thus, report higher business growth and are, in turn, more likely to become successful in their business. Similar revelations were made by SCORE in a study that concluded that over 30% of entrepreneurs with a mentor reported incredible growth.
A DBA is a perfect opportunity for you to strengthen your mentor-mentee relationship which will help you significantly as you progress in your career. You can seek your mentor’s guidance at any time in your life and make wiser decisions.
Better Career Opportunities
After a DBA, students can easily fetch executive and top-level leadership positions in a company. However, your actual job prospects depend upon the specialisation that you opt for.
After a DBA, you also have the option to pursue a career in academics, such as a subject matter expert or even a professor. Thus, the degree opens a diverse range of career opportunities for you.
In addition to getting better positions, a DBA also helps you in attracting lucrative packages as it equips you with more specialised knowledge of the domain, thus, making you an invaluable asset for companies.
Gain a Competitive Advantage
As already mentioned, only a small percentage of individuals pursue a Doctorate in Business Administration. Thus, if you choose to go for a DBA degree, you will be among the selected few who possess the most intricate knowledge of various business fundamentals and the hands-on experience of working on the most complex business problems.
Your extensive knowledge base and specialised skill-set will give you a great competitive edge over your competitors, making you the most ideal candidate for the job. Thus, you will always stand out in the crowd.
Pursue Larger Business Interests and Passions
A DBA helps you not only gain more specialised knowledge about various practices of the business world but also provides you with opportunities to apply those practices. It provides you with a 360-degree experience of working in a business environment.
In addition to this, the DBA degree will also help you inculcate research skills, and learn advanced data analytics tools, all of which will help you sail through the treacherous waters of the business environment. In an economy that is driven by information and data, you will be able to come up with the best possible solutions.
After you finish the degree, you will be, therefore, well-equipped to pursue interests and passions that are far more intense than what you are currently doing.
Develop Cutting-Edge Skills
A DBA equips you with the most sought-after and cutting-edge skills. Whether it is data analysis, financial statement analysis, interpersonal abilities, research skills, product management, marketing information management, business communication, or any other thing, after a DBA, you will be ready to take up any role with ease.
Furthermore, during the course work, you will also get to work on projects that will help you in gaining real-time experience in bringing your skills to use. You will, thus, develop essential analytical and decision-making abilities which will help you at each step of your career.
Develop Leadership Skills
Lastly, a DBA degree will provide you with numerous opportunities to develop the necessary leadership qualities. By working on research projects, you will learn how to lead your team through any situation. You will learn to tackle difficulties in a strategic manner by learning to take into consideration different aspects of every situation.
The course will also help you in studying and understanding the long-term impact of each move. Thus, you will make more futuristic decisions that will prove to be a win-win situation for all stakeholders.
A Doctorate in Business Administration may not be a go-to career choice for professionals but soon, it will become as common as an MBA degree. The course promotes a deeper understanding of the concepts and encourages skill-based learning, all of which are at the help of brain economy. After a DBA degree, you can get greater and more diverse career prospects, a better salary, have a competitive edge over others, develop cutting-edge skills, and establish strong mentor-mentee relationships. All of these things will help you pursue larger business interests.
Kamaldeep Singh is an accomplished digital marketing specialist, and has been associated with the education industry since 2022. With a flair for knowledge, he finds joy in learning and sharing insights on education, technology, digital marketing, and self-care through his writing. He is passionate about cars, tech-gadgets, and loves long drives.