Well, money cannot be the reason you pursue a Ph.D. degree. Opportunity costs are extremely high and monetary ROI is just not there. In my case, it's even more severe because I have already obtained my MBA and been making MBA salaries for the last 4 1/2 years. IMO, there are pros and cons between an MBA career (hard to generalize but what's being typical) and a career in academia:
MBA career generally gives you a higher monetary return. Typical MBAs start earning around 100K, more if you get into i-banking or consulting. Typical Ph.D.s may earn similar salaries in the beginning but upward mobility is quite limited and I can't imagine professors getting the "perks" that professionals at consulting or i-banking firms get. Many people pointed out that professors can do outside consulting work and earn more money, but realistically speaking, I'd say it's easier to make $1M/yr being an MD at an i-bank than a professor doing outside consulting work. To do such outside consulting, presumably, one should have been teaching at a very highly ranked school (correct me if I'm wrong) for years and getting tenure at such places isn't very easy. Probability-wise, odds of making big money is much higher with an MBA career.
However, life-style of an MBA career is much worse. I don't have first-hand experience as a professor, but I really cannot imagine professors getting more pressure than professionals at i-banks and consulting firms do. Most MBA careers offer threats of being laid off at any time and constant pressure to perform. Many high-paying jobs will make you travel 50% or more with brutal hours. Vacation times are relatively short. And worst of all, for many mid-career professionals like myself, future career progression is not that clear. It's not because I'm not good or have unclear goals, but it's just true for many mid-career professionals. Many friends of mine and I in our early or mid-30s, have switched jobs several times already, sometimes in the same industry but often in different industries. The thought of switching jobs every 2-3 year for another 20+ years isn't very pleasant.
The intellectual challenge/freedom issue is also an important consideration. This one's purely personal choice. At this stage of career, everything boils down to "sales skills". This will become increasingly important as I move up and many times it's regardless of industry or functional expertise. It's an extremely difficult skill to master but it's not much of an intellectual challenge. Corporate life also requires people to adopt "mainstream thoughts" or fads. Companies say they encourage independent thinking and all, but the truth is that oddballs are generally not very welcomed in industry. I'm personally attracted to the intellectual challenge and freedom that a career in academia offers. I'm sure there are politics in the academia too but I _hope_ it's not as bad as it is in industry.
If you haven't obtained an MBA though, there's one presitge issue in favor of pursuing an MBA degree. MBA and Ph.D. admissions are completely different games. If you're a type with less-than-stellar academic credentials but great people skills, career progression, etc., getting into an MBA program is much easier than getting into a Ph.D. program. The reverse is rarely true. I guess there are people with stellar academic credentials but not enough experience to get into top MBA programs, but for most of them, it's just matter of choice to get out there and get experience. The implication is that, unless you're really a top candidate who can get into both top MBA and Ph.D. programs, your choices of schools for Ph.D. programs will be much narrower than choices for MBA programs. That is, one might get into Harvard or Stanford MBA programs but the same person can only aim at schools ranked in 20-30 for Ph.D. programs. Many people outside academia, for instance your (future) in-laws, would be more impressed with an MBA from Harvard than a Ph.D. from, say Purdue.
what if we measure the compensations of professionals in ibanking and professors in academic by using mean-variance theory (return over risk)?
In my PERSONAL point of view, I can not agree with the last issue the guy raises that "your (future) in-laws, would be more impressed with an MBA from Harvard than a Ph.D. from, say Purdue." At least it is invalid for me.
tks rongdongc
Now it is much clearer if above metioned is true that persuing an MBA degree is more practical for me, who do not have stellar academic background.
But the core question is that where I can get the adequate money invested in the MBA study.
I am not coming from a mean Chinese family.Papa and Mama hv already spent their money on my colleage education.I am now serving a foreign company but the salary is far-less enough for me to accumulate required amount of money.
Where can I get MONEY????
Before I made the final decision to take the PhD offer, I read through this article again. I think it's a good reading for those who are still struggling to choose between two different lifestyles.
I hope I've made the right decision.
good advisation
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