An advanced degree can help you achieve a meaningful and successful career. A Master of Business Administration (MBA), a Doctor of Philosophy (PhD), a Juris Doctor (JD), or a Doctor of Medicine (MD) are the most traditionally recognized paths to career advancement. While professional doctoral degrees like JDs and MDs will lead you down very specific career paths, it can be harder to envision the career outcomes associated with more versatile degrees like the MBA or the PhD.
Both MBAs and PhDs offer variety and flexibility, and people can lead exceptional careers with each one. If you’re considering the merits of earning an MBA vs. a PhD, learning about the career pathways you might take with each can help you decide.
What Is a PhD Degree?
A PhD is the highest degree you can earn in research. To earn one, you’ll conduct advanced research in a specific field and generate new knowledge, solve complex problems, or offer new interpretations to your chosen field during the course of your studies. A PhD is available in almost any area of study, from biomedical engineering to literature to social sciences. As a PhD student, you may develop innovative new materials for medical devices or examine archival records to better understand ancient texts.
People often earn PhDs with the goal of an academic career in mind. However, those who earn PhDs in STEM fields or in the data-driven social sciences may have a professional career in mind. The skills they develop designing and conducting research may allow them to earn a higher salary and lead cutting-edge research teams.
The Difference Between MBA and PhD Programs
Earning an MBA takes approximately two years to complete, while a PhD can take four to six years. Pursuing an MBA will allow you to start your career sooner, earning an income for an additional two to four years over the life of your career. An MBA will prepare you to lead companies and primarily work in the private sector, while a PhD typically prepares you to work in specialized research or academia.1
You can earn a PhD in business-focused areas, such as a Doctor of Business Administration, which will prepare you for business roles such as professor, economist, or financial analyst. Both an MBA and a PhD will equip you with advanced skills and knowledge in specialized areas. You’ll take a broad base of business-focused classes in an MBA program. In a PhD program, you’ll dive deep into one topic.1
To apply for an MBA, you’ll need a bachelor’s degree, several years of work experience, and acceptable scores on a standardized test, such as the Graduate Record Exam (GRE) or Graduate Management Admissions Test (GMAT). PhD admission requirements typically include an undergraduate or graduate degree in a related field and acceptable GRE scores. You don’t usually need work experience to apply for a PhD.1
You may or may not need to complete a thesis during an MBA, depending on your program. If you earn a PhD, you’ll need to complete and defend a dissertation, which is an extended research project about your topic of study.1
MBA vs. PhD Salary Comparison
According to Glassdoor, the average starting salary for MBA graduates ranges between $77,000 and $139,000. After four to six years of experience, that range jumps to $92,000 to $163,000.2
The average salary for a PhD graduate will vary tremendously depending on their field, with technical fields typically paying more than humanities. For comparison, the average salary for someone with a PhD in Business Administration is $94,000, according to PayScale.3
Who Should Consider an MBA?
An MBA is ideal for individuals who want to accelerate their careers in business, management, or entrepreneurship. An MBA provides the strategic, financial, and operational knowledge to succeed in today’s complex business world. When deciding between an MBA or PhD, consider both your eventual career goals and the resources you have to devote to earning a degree. If you want the flexibility to pursue a wide variety of leadership roles in different industries, an MBA may be a better option. A PhD goes much deeper in one area, but it also limits your potential career opportunities when you graduate. With a strong foundation in core business strategies, an MBA will prepare you to work in many more types of roles. You can lead specific divisions or entire companies.
An MBA may also be the better choice if you want to quickly increase your earning potential. If it would take you six years to earn a PhD, you may already be four years into working with an MBA in that same timeframe.
Does Anyone Earn Both a PhD and an MBA?
It is not unheard of for a single person to earn both a PhD and an MBA, but the order in which one does so is often determined by their eventual career goals, including how these goals might evolve over the course of their career. PhD holders who are working in fields that are directly related to their research may, after some years, opt to return to school for an MBA to help them prepare to climb the corporate ladder at large technical organizations. In smaller companies, such as engineering or biotechnology startups, the org chart may tilt heavily toward people with technical backgrounds rather than business ones; adding an MBA and the skills that come with it to your resume in an environment like this can benefit the entire organization.
Or, if you earn your MBA and spend time working and advancing in a professional field only to eventually realize your true calling is to teach others, you may choose to earn a PhD in economics or a business discipline to help you transition into a professorship in a business school. Preparing the next generation of business leaders can be extremely meaningful work, and many successful professionals decide the most positive impact they can make on the business world is by taking this route.
Take Your Next Step with Seattle University's Online MBA
The Online MBA program at the Albers School of Business and Economics is a versatile, flexible degree designed for working professionals who want to advance in their careers and grow as both a person and a professional. Find out how the curriculum is uniquely structured to help you develop into a true leader who is prepared to face any challenge the business world can throw at you. Contact an admissions outreach advisor today to learn more.
- Retrieved on May 7, 2025, from indeed.com/career-advice/career-development/mba-vs-phd\
- Retrieved on May 7, 2025, from glassdoor.com/Salaries/full-time-mba-salary-SRCH_KO0,13.htm
- Retrieved on May 7, 2025, from payscale.com/research/US/Degree=Doctor_of_Philosophy_(PhD)%2C_Business_Administration/Salary
