Based on what ur friend said, I can say he is a super NOOB with 100% confidence interval. You don't need to consult him with any questions about phd application anymore. I hate ppl without any knowledge pretend to be an expert. 1. most of business phd get a decent offer from school.(15000-35000 $ per year) 2. not hard to graduate if you are not in a BT school (i.e. Rochestor) 3. Relative Easy to get a job for business phd compare to other majors. especially for finance and ACCT. 4. Relative High salary for business phd compare to other majors. especially for finance and ACCT.