If you’re searching for a change from the business sector and want to understand how top managers make decisions, returning to academia could be a good option.
Whether you have experience in the corporate sector or a bachelor’s degree, you will be well prepared to conduct cutting-edge management research.
Who knows, your research might just make it into prestigious academic publications with a real-world influence on the changing corporate world.
Here are five reasons to pursue a PhD in management:
1. Immersion in the research topic of your choice
Pursuing a PhD in Management allows you to focus on a specific area of competence, such as finance, strategy, or operations, that you are passionate about. Perhaps there is something about the business sector that has always piqued your interest, or you have a passion that you’d like to pursue further.
This was the case for Giacomo Marchesini, an Italian native who received his PhD in Management from the IESE Business School in Barcelona. He is now an assistant professor in the area of strategy and innovation at Copenhagen Business School.
“I was searching for something more intellectually stimulating,” he said.
During his consulting job, he grew interested in the factors that drive corporate innovation.
His current study focuses on the behavioral decisions that drive the development of novel medical therapies, including the role of earlier failures (i.e., when pharmaceuticals do not work) as accelerators for future discoveries.
“I’m looking into why you don’t just abandon a pharmaceutical drug even when it fails, or how the pressure of time or achieving results can impact success.”
Meanwhile, Liudmila Alekseeva, a fellow IESE PhD in Management graduate, became interested in academia during her bachelor’s degree when she fell in love with research and data collection techniques.
Liudmila, originally from Russia, has expanded on her experience working with companies and is currently conducting research at the confluence of entrepreneurship and finance. She focuses on the behavioral decisions that drive venture capitalists’ financing decisions, taking into account factors such as the gender finance gap.
“I’ve always been interested in VC decision-making from my experience of working with startups,” she said.
2. Learn superior research skills
Strong research abilities are required to conduct productive and influential research.
The IESE PhD in Management program trains students in quantitative and qualitative research methods, allowing them to undertake research at the highest academic levels. The curriculum teaches students how to mix rigorous scientific methodologies with qualitative insights that shed light on business problems.
“Although I’m mostly involved in quantitative research, it’s been useful to learn both perspectives,” Giacomo said.
These research abilities are necessary to prepare pupils for future success as specialized academics. In fact, more than 90% of IESE PhD students obtain employment at prestigious educational institutions after graduation.
3. Increase your global network with a PhD in Management
The value of networking is a little-known aspect of PhD life. Connecting with like-minded people may reveal insights that can help you improve your study, develop collaborations with other researchers, or simply seek advice.
Liudmila collaborated on her research with experienced academics at IESE, which not only improved her research but also allowed her to develop solid professional contacts that will serve her well in her academic career.
She is now an assistant professor of entrepreneurship at KU Leuven in Belgium.
“I immediately liked the conversations I had with IESE professors during the initial interview process—I felt welcomed and supported,” she said.
The IESE PhD program lasts four to five years, giving students ample of time to expand their networks. There are additional opportunities for students to do research abroad, present at international conferences, and meet researchers from leading business schools.
“You might not always be aware of all the research out there—the bigger network you have, the more you will find out,” Giacomo said.
4. Secure a fully paid scholarship
If you can find a fully supported program, you won’t have to worry about the financial load of pursuing a PhD in Management.
Fortunately, students who successfully apply for a PhD in Management at IESE Business School are fully financed.
This means you may focus on your research and experience without having to worry about paying your education through a part-time employment.
5. Study in a lovely city while earning a PhD in management
Going back to school also means reaping the benefits of everything you like about university—campus life, meeting new people, and seeing a new city.
Liudmila’s PhD experience was surely enhanced by IESE’s location in the multicultural city of Barcelona.
“Living in Barcelona made the process more enjoyable as when you’re very busy and you go outside, you can enjoy the sun and beautiful architecture,” she said.
Giacomo is from a little village in northern Italy, so relocating to bustling Barcelona was an eye-opener for him.
“Although it’s a big city, it has a neighborhood environment feel to it,” he said.
Choosing to return to academia is a difficult decision, but if diving deeply into a topic piques your interest or you want to transition from the corporate world to the academic world, a PhD in Management could be the correct step.
“A PhD is a unique life experience—the opportunity to build relationships, network, learn new topics, and contribute to something impactful is what I have enjoyed the most,” she says.