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career_in_business_academia [2020/07/03 18:38] mwgorges |
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| To begin, it’s important to understand what areas of a career matter to you – whether they be income, autonomy, impact, etc. It’s clear that there are many benefits to a life as a business school professor – but also serious drawbacks. | To begin, it’s important to understand what areas of a career matter to you – whether they be income, autonomy, impact, etc. It’s clear that there are many benefits to a life as a business school professor – but also serious drawbacks. | ||
| - | For one, numerous researchers have documented the poor mental health of graduate students. One 2018 study conducted by researchers at Harvard, for example, showed that economic PhD students are three times more likely to show depressive symptoms than the average population (Barreira, Basilico, & Bolotnyy, 2018). It is worth noting that economics PhD programs may be harder on students’ mental health than most business programs, but we recommend looking into the large body of research on mental health issues in graduate students across a variety of programs. A PhD can be pressure-filled and the relatively small stipend can become a serious stressor for many students. Additionally, as many students argue, it’s hard to feel a sense of “progress” day-to-day. When the output is generating novel, innovative research, it is often unclear whether or not you’ve made progress towards that goal each day. | + | For one, numerous researchers have documented the poor mental health of graduate students. [[https://scholar.harvard.edu/files/bolotnyy/files/bbb_mentalhealth_paper.pdf|One 2018 study]] conducted by researchers at Harvard, for example, showed that economic PhD students are three times more likely to show depressive symptoms than the average population (Barreira, Basilico, & Bolotnyy, 2018). It is worth noting that economics PhD programs may be harder on students’ mental health than most business programs, but we recommend looking into the large body of research on mental health issues in graduate students across a variety of programs. A PhD can be pressure-filled and the relatively small stipend can become a serious stressor for many students. Additionally, as many students argue, it’s hard to feel a sense of “progress” day-to-day. When the output is generating novel, innovative research, it is often unclear whether or not you’ve made progress towards that goal each day. |
| In addition, many PhD students face a significant opportunity cost by attending a PhD program – particularly a business school program. It is important to recognize that individuals who successfully become business school professors are generally highly educated and talented. That is to say, they have a skill set that would allow them to work successfully in other careers. In fact, PhD students who do not enter into academia often enter into other fields such as finance, consulting, and tech. Nonetheless, there are also numerous benefits to a PhD and business school academic career, including intellectual fun, autonomy, and a uniquely flexible lifestyle post-tenure. | In addition, many PhD students face a significant opportunity cost by attending a PhD program – particularly a business school program. It is important to recognize that individuals who successfully become business school professors are generally highly educated and talented. That is to say, they have a skill set that would allow them to work successfully in other careers. In fact, PhD students who do not enter into academia often enter into other fields such as finance, consulting, and tech. Nonetheless, there are also numerous benefits to a PhD and business school academic career, including intellectual fun, autonomy, and a uniquely flexible lifestyle post-tenure. | ||
| - | Below is a general comparison of a business school professor’s career to one in industry. In general, professors win out on autonomy, lifestyle, and intellectual fun, but earn less and have fewer choices in location. | + | Linked below is a general comparison of a business school professor’s career to one in industry. In general, professors win out on autonomy, lifestyle, and intellectual fun, but earn less and have fewer choices in location. |
| - | {{:comparing_business_school_phd_to_industry_career.png?400|}} | + | {{:comparing_business_school_phd_to_industry_career.png?direct&400|Comparing Business School PhD to Industry Career}} |
| Individuals considering a PhD in business may also be interested in an academic career in a related field, such as economics, sociology, or psychology. For this group, it is useful to compare the career of business school academics to other academics. | Individuals considering a PhD in business may also be interested in an academic career in a related field, such as economics, sociology, or psychology. For this group, it is useful to compare the career of business school academics to other academics. | ||
| - | {{:comparing_business_school_phd_to_social_science_phd.png?400|}} | + | {{:comparing_business_school_phd_to_social_science_phd.png?direct&400|Comparing Business School PhD to Social Science PhD}} |
| When making a comparison based on these factors, business school academic careers win out over other academics in social science fields in most scenarios. One important caveat to this hinges on your ability to do “fundamental” or “basic” research. Because business schools exist to support managers and leaders, there is an expectation that your research be somewhat “applied” and connected to the practice of management. More fundamental topics (such as understanding personality changes across the lifespan which falls into the realm of basic psychology, or studying the structural elements of a machine learning algorithm which falls into the realm of computer science) can often fall outside the scope of business school research. If you are interested in studying an important topic that does not fit within the umbrella of business, then you may be more fulfilled pursuing a PhD in another discipline. | When making a comparison based on these factors, business school academic careers win out over other academics in social science fields in most scenarios. One important caveat to this hinges on your ability to do “fundamental” or “basic” research. Because business schools exist to support managers and leaders, there is an expectation that your research be somewhat “applied” and connected to the practice of management. More fundamental topics (such as understanding personality changes across the lifespan which falls into the realm of basic psychology, or studying the structural elements of a machine learning algorithm which falls into the realm of computer science) can often fall outside the scope of business school research. If you are interested in studying an important topic that does not fit within the umbrella of business, then you may be more fulfilled pursuing a PhD in another discipline. | ||
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| In the comparison table above, we give industry careers a slight edge on the “impact” dimension. This begs the question: what type of impact do faculty members have on the world? | In the comparison table above, we give industry careers a slight edge on the “impact” dimension. This begs the question: what type of impact do faculty members have on the world? | ||
| - | {{:types_of_impact_a_business_school_professor_can_have.png?400|}} | + | {{:types_of_impact_a_business_school_professor_can_have.png?direct&400|Types of Impact a Business School Professor Can Have}} |
| The reason industry careers may be judged as more impactful is that most business academics are solo contributors. This means that unless their research is picked up broadly – which is relatively rare – they will not be able to leverage teams and organizations to extend their impact as their industry peers do. In general, the distribution of the impact of academia has a long right tail, with research from a few superstars having significant influence, and most academics not achieving widespread exposure. Academics can combat this limitation by teaming up with other researchers or by developing academic organizations to expand the impact of their work (for example, founding a research lab or an institute in their particular area of interest). | The reason industry careers may be judged as more impactful is that most business academics are solo contributors. This means that unless their research is picked up broadly – which is relatively rare – they will not be able to leverage teams and organizations to extend their impact as their industry peers do. In general, the distribution of the impact of academia has a long right tail, with research from a few superstars having significant influence, and most academics not achieving widespread exposure. Academics can combat this limitation by teaming up with other researchers or by developing academic organizations to expand the impact of their work (for example, founding a research lab or an institute in their particular area of interest). | ||
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| ==== How difficult is it to become a successful professor?==== | ==== How difficult is it to become a successful professor?==== | ||
| - | Unfortunately, even if you do complete a PhD, there is no guarantee that you will secure a job as a faculty member. The job market for assistant professor positions is quite competitive and most PhD graduates accept job offers at schools a rung or two lower in prestige than their degree-granting institution (Clauset, Arbesman, & Larremore, 2015). This 2015 study by Clauset, Arbesman, and Larremore found that PhD graduates in business go on to a faculty position at an institution an average of 25-30 positions lower in prestige (e.g., from Harvard to UT Austin). Others, of course, choose to forego an academic career and instead enter into industry, generally in a relatively high paying position in finance, consulting, or tech. Some choose to complete their PhD and then take this path, whereas others elect not to finish the PhD and skip straight to their next career. | + | Unfortunately, even if you do complete a PhD, there is no guarantee that you will secure a job as a faculty member. The job market for assistant professor positions is quite competitive and most PhD graduates accept job offers at schools a rung or two lower in prestige than their degree-granting institution (Clauset, Arbesman, & Larremore, 2015). This [[https://advances.sciencemag.org/content/1/1/e1400005|2015 study by Clauset, Arbesman, and Larremore]] found that PhD graduates in business go on to a faculty position at an institution an average of 25-30 positions lower in prestige (e.g., from Harvard to UT Austin). Others, of course, choose to forego an academic career and instead enter into industry, generally in a relatively high paying position in finance, consulting, or tech. Some choose to complete their PhD and then take this path, whereas others elect not to finish the PhD and skip straight to their next career. |
| ==== Why pursue a business school PhD?==== | ==== Why pursue a business school PhD?==== | ||