After being done with post-graduation, many face the dilemma of whether or not they should opt for a PhD admission and get a doctorate. Here’s an in-depth discussion of what a doctorate is, its benefits, and some high-paying jobs that require a doctorate or PhD.
What is a Doctorate Degree?
A doctorate is considered the highest-earned academic degree in most parts of the world. This degree is achievable for people who already have a master’s degree. This degree symbolises that the candidate has mastered a specific field of study or profession.
Unlike usual undergraduate and postgraduate degrees, a doctorate requires a high level of research and articulation. Therefore a doctorate ensures that those who have successfully acquired it have done thorough research and analysis of the subject and have provided new interpretations or solutions in the field.
The degree usually comprises four years. There are mainly two types of doctorate degrees, which include:
1. Doctor of Philosophy Degree:
The degree mainly comprises research and contributing new analyses and theories in the chosen field of study.
2. Professional Doctorate Degree:
This is more application based, and the aim is to apply the knowledge and theory that one has gathered so far in their chosen field of study. For example, Doctor of Business Administration.
Advantages Of Having A Doctorate Degree
Here are some advantages of having a doctorate.
1. A Doctorate degree enables one to identify an original problem and provide a solution for it.
This is why different industries hold high regard for doctorate degree holders.
Their ability to think outside the box, decision-making, and identification of potential loopholes are why they are often given more preference than regular candidates.
Thus, a doctorate degree holder fits perfectly into the growing demand for skilled workers.
2. A doctorate degree enables one to create information rather than gain existing ones.
The main aim of doing a doctorate degree is to find answers to the questions that are still open to debate. Apart from going through mountains of information, they also require carefully collecting hints from them and joining the dots to find answers to their questions.
Therefore, a doctorate degree enables one with the power of discovering technology, innovations, and answers.
3. Doctorate students are empowered to collaborate with other PhDs, non-PhDs, and PostDocs.
Compilation of a doctorate degree requires an individual to work closely with different groups of people. It usually includes people like research guides, fellow researchers, juniors, industry experts, and many more.
It enables doctorate graduates to build a valuable network to help them post their degrees. Also, they are already accustomed to collaborating with different groups of people, making them one of the best-qualified people for being team players.
4. Doctorate graduates are rarely underqualified for a job.
Imagine if one doctorate graduate and one postgraduate candidate were to apply for the same role. Whom will the employer choose?
The obvious answer is the doctorate graduate.
With all the added knowledge and experience, a doctorate graduate will always be considered a more valuable asset to an employer. However, in that case, it is also vital that the knowledge and expertise align with the employer’s desired skill set.
5. A Doctorate degree makes an individual more diligent and invulnerable.
Along with all the perks comes great responsibility that only a few can handle.
The degree demands extreme dedication, the ability to overcome frustrations, a solid mind to handle setbacks and criticism, and obviously reasonably high intelligence.
Thus, getting a doctorate degree itself is a significant achievement.
High-paying Careers that Require a Doctorate
Nowadays, opportunities for doctorate graduates are vast. They can decide to build a startup or return to academics and put their knowledge and skills to work by choosing a high-paying job.
Here’s a list of some of the high-paying career options that require a doctorate degree.
1. Chief Executive Officer
A chief executive officer (CEO) is usually the one who is in charge of an organisation. They are responsible for making the company’s major executive-level decisions. So, needless to say, they are bound to have par-excellence qualifications for the role.
CEOs often opt for a Doctorate Degree in Management to upskill their social and leadership skills. Apart from that, the degree enables them to handle commanding responsibilities and formulating strategies.
The average salary of a CEO is around INR 29 LPA. But it can easily rise up to INR 12 Crores per annum, depending on the size of the organisation.
2. Chief Financial Officer
The responsibilities of a chief financial Officer (CFO) revolve around overseeing the company’s financial operations and providing valuable inputs to ensure that the finance department is operating efficiently.
Along with that, they often interact with investors and stakeholders, so the qualitative and quantitative skills that are learned during the DBA come to great use.
In India, the average salary of a CFO is around INR 34.9 LPA. Although in the case of big firms, the pay is in crores.
3. Chief Technology Officer
Chief Technology Officer (CTO) is the highest executive role in a company’s technology department. They are to lead the IT department’s people and ensure that the company’s technology quotient is up to date.
They are also required to keep a close eye on their competitors and do abundant research to stay one step ahead of them. Therefore, they set the company’s vision and plan to achieve it.
In India, the average salary of a CTO is approx INR 31.1 LPA. However, it can range anywhere between 7 to 80 LPA.
4. Chief Operating Officer
A Chief Operating Officer is ranked as the second highest executive personnel, just after the CEO. They are in charge of overseeing the daily operations of the company and helping the managers set standards for different processes.
They are also responsible for upholding the CEO’s vision and coordinating with the directors and other operating managers. Therefore, most of the COOs usually have a very strong educational background and extensive practical knowledge. Both of these can be obtained through a Doctorate in Business Administration.
In India, the average salary of a COO is around INR 28 LPA.
5. Chief Marketing Officer
CMOs are responsible for leading a company’s marketing and sales department. Thus, they must have innovative thinking and the ability tan analytical approach o assess the market trends.
Having a concrete background in sales and marketing is an absolute must for a CMO’s position. This ensures that the individual has excellent skill sets in communication, leadership, and management.
The average salary of a CMO in India is around INR 17 LPA, but it can range anywhere between 2.4 to 50 LPA based on different circumstances.
6. Chief Information Officer
The role of a CIO is becoming increasingly important as we move toward the future. They are the highest in the hierarchy and manage the information system operations of a company. Their role requires them to have knowledge of both management and IT.
They are the main decision-makers regarding the punches of IT equipment and when and how to improve the system. Therefore they have to be technologically adept and should have a sound understanding of the information and communication systems.
In India, the average salary of a CIO is around 49 LPA, but it can easily escalate in crores.
7. Consultant
During DBM, candidates are required to work on a unique industry problem as a part of their dissertation. This part of the curriculum helps them develop problem-identification and critical thinking abilities that they can later utilize as a consultant.
One can either work as a consultant in a company or choose to open their own independent consultancy firm.
In India, the average salary of a senior consultant is around INR 14.5 LPA. However, it can range anywhere between INR 9 to 24 LPA based on different factors.
Doctorate Degrees Expecting High Demand in 2023 H2
Not all PhDs are equally high paying. So here are some doctorate degrees that can help earn banks.
1. Management:
PhD in Management is perfect for candidates with a history of working in the business. Getting this degree can help them achieve the highest roles in varying management. The Golden Gate University’s online program is the best option for working professionals who wish to get a PhD in management.
2. Data Science:
The more companies learn to leverage raw data, the more valuable data scientists become. The demand for qualified data scientists is already pretty high and is expected to rise in the coming future as well.
3. Immunology:
It is a massively high-paying doctorate due to the area it specialises in. Their demand is equally high in academia as well as in the medical industry.
4. Psychology:
With an increasing number of people with mental health issues, psychologists are becoming as important as doctors with other specialisations. Apart from becoming a psychiatrist or psychologist, one may pursue research roles.
Conclusion
Following the rise in competition and the demand for certified professionals in the current industry, a doctorate degree will be highly beneficial for candidates hoping to future-proof their careers. Besides extending a higher-education degree, a PhD will ensure you’re equipped with in-demand skills and thorough experience to perform across varying industries.
Golden Gate University’s Doctor of Business Administration is one such course that equips learners to thrive in their respective fields with international academic support and ample exposure to obtain highly lucrative opportunities.
Check out the course page to learn more!
FAQs
Q1: Can I get a doctorate degree while working?
Answer: Yes. There are a couple of doctorate degree courses that are fit for working professionals. Such as the Doctorate of Business Administration course offered by Golden Gate University. The program helps working professionals expand their knowledge alongside their job.
Q2: What are the benefits of having a Doctorate Degree in Management?
Answer: A Doctorate Degree in management helps unlock diverse career opportunities for working professionals in senior leadership roles. From obtaining professional credibility to exploring lucrative roles, a Doctorate Degree in management extends it all.
Q3: Can I get PhD admission with a low GPA?
Answer: Usually, students must have at least a 3.0 cumulative GPA and a 3.5 discipline-specific GPA. However, it may not get you into the top colleges. If your scores are less than the mentioned, your options for choosing a college will get drastically reduced.
