PhD vs. MBA

Question:   Since graduating with an undergraduate degree in economics three years ago, I have been working as a research analyst in an economics analysis research firm, and am now thinking about taking my career further by pursuing an advanced degree. Should I consider doing a PhD in economics? Or should I consider doing an MBA? I like what I do now but I also don’t know “what else is out there”, since I have only worked in this company since graduating. What do you think?

 

 

Although both PhD and MBA are advanced degrees, they are inherently very different. PhD programmes are research-based. Most PhD students take classes in their first year of studies, followed by a few years of independent research under the supervision of a faculty member or supervisor. PhD programmes generally last anywhere from three to four, or six to eight, years.  Many PhD students are supported by various scholarships, grants and fellowships and might take up teaching assistant roles during their studies.

 

On the other hand, MBA programmes are course-based and most programmes last anywhere from 12 to 24 months. MBA students usually do not engage in any academic research and do not work under the supervision of a single faculty member.  Most MBA students fund their own studies and take on an internship during their summer break.