PhD vs. MBA

Question: Since graduating with an undergraduate degree in economics three years ago, I have been working as a research analyst in an economics analysis research firm, and am now thinking about taking my career further by pursuing an advanced degree....

In Partnership WithSCMP Education

Reading Time:2 minutes

Published: 5:00pm, 17 Jul 2015Updated: 10:22am, 28 Aug 2015

Question: Since graduating with an undergraduate degree in economics three years ago, I have been working as a research analyst in an economics analysis research firm, and am now thinking about taking my career further by pursuing an advanced degree. Should I consider doing a PhD in economics? Or should I consider doing an MBA? I like what I do now but I also don’t know “what else is out there”, since I have only worked in this company since graduating. What do you think?

Emma:

Although both PhD and MBA are advanced degrees, they are inherently very different. PhD programmes are research-based. Most PhD students take classes in their first year of studies, followed by a few years of independent research under the supervision of a faculty member or supervisor. PhD programmes generally last anywhere from three to four, or six to eight, years. Many PhD students are supported by various scholarships, grants and fellowships and might take up teaching assistant roles during their studies.

On the other hand, MBA programmes are course-based and most programmes last anywhere from 12 to 24 months. MBA students usually do not engage in any academic research and do not work under the supervision of a single faculty member. Most MBA students fund their own studies and take on an internship during their summer break.

Both PhD and MBA programmes are great professional and personal development opportunities but they are very different and they exist for different purposes. Many PhD students pursue their studies because they have a genuine interest in their research field and want to advance in academic research. Many PhD graduates will consider academic or research roles in think tanks upon graduation. Some also explore beyond research and take up various roles in investment banks and consulting firms.

Meanwhile, most of those who pursue an MBA have a very specific professional development purpose, usually either career advancement in their current field, or switching fields. Very rarely do you find students pursuing an MBA purely for personal development.

In your case, if you enjoy your current job and would like to eventually become a guru in economics research in your field, a PhD would probably serve you well in the long term, although it might take a few more years to complete. On the other hand, if you are not very sure if you want to continue doing research in economics and wish to explore other fields at this time, then perhaps an MBA would offer a more flexible alternative that opens more doors, though it probably won’t take you as far in case if you go back to economics research.

Have a question for Emma? Get an answer without all the fluff in our next issue. Send us an e-mail at [email protected]

This article appeared in Education Post as PhD vs. MBA

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x