Our economy is powered by businesses and experts with PhDs and doctorates have always been essential in the business field. Owing to recent corporate scandals, the need for business experts with know how and ethics is now greater than ever before. No matter which area of specialty you want to engage in, you can choose from a wide array of online or traditional classroom PhD programs.

A doctorate or PhD is the apex of education – the highest possible degree that can be conferred – and requires a lot of discipline and commitment in order to complete. It is always advised that prior to enrolling into a Business PhD program to do your homework! Here are some few pointers to get you started.

What PhD in Business Degrees are Available?

There are two popular doctorate business degrees: the DBA (Doctorate of Business Administration) and the PhD (Doctorate of Philosophy). These two programs are considered to be at par by most universities and colleges since they have more similarities than differences. The only differences between the two are the careers they lead to as well as their chief focus.

• Academic Doctorate. This is the PhD in Business. It focuses mainly on business theory and very little practical application – if any.
• Professional Doctorate. With a DBA you get a feel of both the theoretical and practical worlds with a bias on the application, making you well rounded.

There are schools which offer an EdD (Doctorate of Education) degree in business. Just like the DBA it focuses more on the application part more than the theory. These three programs can be found both online and on campus.

What Careers Are Most Likely for a PhD in Business?

Each of the three terminal business degrees – PhD, EdD and DBA – lead their various holders towards different careers.

• PhDs – Over 65% of doctorate degrees in business teach at a university or college since there’s a huge demand for them. According to Business Week, since at least 2007, in order to cope with the unprecedented student enrolments, colleges and universities have sought additional PhDs with business degrees.
• PhDs and DBAs – About 30% of business PhDs and most DBAs usually work in nonprofits and businesses. Bulks of them manage corporate research or consulting companies.
• EdDs – Graduates with Business EdDs do not normally teach in colleges or universities. They are engaged in high-level teaching-related activities in organizations and businesses. Those who specialize, for instance in Sports Management EdD can manage or even own a professional sports team.

It is a good idea to research which particular doctorate in business is ideal for you. You can do this by talking to professionals already in the field doing what you would like to do in future or alumni of your institution or even calling advisors in colleges to get to know which doctorate degree is preferred in the job market.

What’s Best: Classroom or Online Doctorate Degree Program in Business?

Online doctorate degree programs are available in virtually all business programs. Ensure you conduct your research thoroughly, without overlooking any possibilities: online EdD programs, online DBA programs, and online PhD in Business programs. Tuition cost-per-credit between online and classroom PhD degree programs are very slight; but there are other differences. Think about your time, budget, personal learning style as well as your career goals as you think of earning an online terminal degree in business.

• Cost – it is cheaper to earn doctorate degrees online since you can study from the comfort of home without having to incur commuting or boarding fees.
• Convenience – Traditional classes may clash with your busy work or family schedule since they are either set in the evening or daytime. Online PhD classes give you the flexibility to choose which hours you are likely to be free and make it easy for you to communicate with instructors and your fellow cohorts.
• Location – those who work or reside near a college offering a doctoral program that he or she is interested in have the luxury of settling for either the online or traditional mode of earning the PhD. If you live far away from the particular college or university; you can enroll for online classes if they are available.
• Learning Style – online classes are suitable for those with a lot of self discipline. If you do better in an environment in which you can interact with your cohorts for motivation and instructors for reference, a traditional doctorate degree program would be your best choice.
• Professional Acceptance – universities and businesses recognize online degrees more than before and this recognition is increasing as the years progress. There are some employers who prefer to employ people who’ve earned their doctorates in the traditional mode. Make sure your degree is from an accredited university to ensure that your degree is accepted by potential employers.
• Hands-on Coursework Requirements – Most accredited universities require that even if you are pursuing your PhD in Business online, to attend a class or activity on campus. You may be required to meet your advisor face-to-face or participate in group discussions with cohorts. Most institutions will also expect you to do several months practicum on campus or in a business setting. Video conferencing has been highly employed by online doctorate programs, albeit the practice isn’t universally accepted.

What Specialties are Available in Classroom and Online PhD Programs?

The specialized programs listed below are available in traditional classroom settings but it is also good to widen your scope of options by looking into online DBA programs, online EdD programs and also online PhD programs.

• Sports Management: EdD
• Project Management: PhD, DBA
• Organizational Psychology: PhD, DBA, EdD
• Organizational Management, Organizational Leadership: PhD, DBA
• Operations Management, Safety & Quality Control, Facilities Management: PhD
• Nonprofit Management: PhD
• Marketing & Advertising, Marketing Management: PhD, DBA
• Management & Leadership, Acquisitions, Contract Management, Applied Management: PhD, DBA
• International Business, Global Business Sustainability: PhD, DBA
• Human Resources: PhD, DBA
• Finance, Financial Planning: PhD, DBA
• E-commerce: PhD, DBA
• Business (General), Business Administration, Business Quantitative Methods: PhD, DBA
• Accounting, Forensic Accounting, Taxation: PhD, DBA

What’s the Earning Power of a PhD in Business?

There are a myriad of fields in which people with doctorates in business work in with greatly varying price ranges. Not only does possessing an online or traditional doctoral degree help in putting you in a better pay grade but also makes you recession proof. If you intend to secure an executive or leadership position in a business, an EdD, DBA, or PhD in business is perfect for helping you reach your full potential. Having strong commitment may give you a lot in terms of career satisfaction, influence and earning power.