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A shortage of scholars- Why undertake a PhD in business?
After dedicating five years of time, energy, frustration and passion to a PhD, where do doctoral graduates go? Many head into the corporate world, but American organization DocNet is encouraging them to stay in the world of academia. Ann Graham finds out what DocNet’s agenda is.
Graduates of doctoral programs in business are in demand, massive demand in fact, according to Janice McCormick, executive director of doctoral programs at Harvard Business School. “There is a massive shortage of faculty in business schools, in all fields, particularly in accounting and finance,” she says.
McCormick has a PhD from Harvard and has been head of doctoral programs at Harvard Business School (HBS) for 10 years. HBS is a member of DocNet, an organization of over 100 universities in the US, Canada and several European business schools, all granting doctoral degrees in business related fields. Its purpose is to promote doctoral education in business throughout the world. “We want to drum up interest in a career in business academia,” McCormick says, “We want to find people who are intrigued by research. DocNet’s goal is to find people who share our passion as scholars, to build up the pool of applicants to doctoral programs in business and to ultimately grow the pool of faculty for business schools.”
"Agreements between the Quebec government and other countries exempt many international students from the tuition fees normally requires."
Shared learning
As an organization, DocNet educates potential students about careers in business academia and engages in a variety of recruiting strategies aimed at increasing the pool of qualified applicants for doctoral programs in business. DocNet members share information about best practices, curriculum and admissions issues, student support, and placement. The organization also lobbies for doctoral programs within its members’ respective colleges and universities and at the national level through accreditation agency AACSB International, the Graduate Management Admission Council, and the media.
“DocNet talks to undergraduates, MBA students, and young people employed in industry, encouraging them to think about a doctoral degree in business, McCormick explains. “We’re saying to them if they are doing an undergraduate degree in economics, or you are an analyst at a consulting firm or investment bank, to consider doing a doctorate in business.”
However, academia is not the only career option for doctoral graduates. With their research and writing skills, and five years of intensive study behind them, doctoral graduates are perfect candidates for jobs in the corporate world. Peter Larkin graduated from the University of York with a PhD in Mathematics. He’s about to begin working for a risk management consultancy in London, although he acknowledges that his PhD has equipped him to pursue careers in the finance industry and academia.
" A career in business academics is the most flexible life you can have. Scholars can roam because their loyalty is to their field not to an institution."
Problem solving
“Academia is very competitive, making it hard to obtain a permanent position, and even if this is achieved, it might not be until the ripe age of 35 (or more). I really enjoyed my PhD and it was a great feeling to contribute to a field of study with original research, even though the work was rather solitary at times. I also feel though, that this is about as satisfying as academia gets and I am under the impression that much more is to be achieved in the “real world” of work.”
Peter says there is a great demand from industry and business for people with strong problem solving skills, combined with everyday soft skills. “I realised that working on everyday problems, for example in finance, would bring me greater satisfaction and variety, in contrast to working mainly on my own with a pen and paper! My job with a risk management consultancy will stretch my mind as much as anything in academia but at the same time will also be of worth to a wider range of people, especially given the current economic climate.”
