Many people work toward advanced degrees to maximize their career potential and make as much money as possible. Choosing the correct advanced degree can be difficult, even if you carefully research your options. That’s especially true if you’re torn between a professional doctorate and a traditional PhD.
For good reason, the PhD has always been considered one of the most prestigious degrees. However, that doesn’t mean it’s the best choice for everyone or even every career path. For example, a professional doctorate may be a better choice for those who want to work in leadership roles.
A professional doctorate focuses more on applying knowledge and research, while a PhD primarily focuses on research. Choosing between these degrees carries many financial implications during school and long into your career.
Follow along as we break down the financial aspect of choosing a professional doctorate over a traditional PhD.
How is a Doctorate Different From a PhD?
A professional doctorate program focuses on applying research and creating solutions, while a PhD primarily focuses on research. Naturally, there is some crossover between professional doctorate and PhD programs, as research is a key part of both. However, the big differences come from what you can do after graduating with either degree.
To qualify for either degree, you must typically already have a bachelor’s degree and a master’s degree. Some programs let you work toward a doctorate or a PhD with only a bachelor’s degree, but that’s not the standard. Earning a doctorate can help you become a leader and positively contribute to your desired field.
Conversely, a PhD can help you advance your field through strong research and the generation of new concepts. With a PhD, you can reach the top levels of academia, while a doctorate can take you to top leadership roles in your desired field. Choosing between a doctorate and a PhD often comes down to the financial implications of either, which we’ll explore below.
Increase Your Earnings
The biggest financial case for pursuing a professional doctorate is that you can significantly increase your earnings. You can increase your earnings by up to 25% with a professional doctorate, even early in your career. Naturally, you will still likely qualify for raises if you stay with the same employer for many years and perform well.
Of course, earning a professional doctorate requires a financial investment. However, few degrees provide a better return on investment than professional doctorates. You can also boost your earnings with a PhD by a similar margin, but finding a job to use your skills may be harder.
Enter the Workforce Sooner
The more time you dedicate to education, the less time you have to earn money right now. Granted, sacrificing field experience is part of pursuing any advanced degree. However, it’s hard to justify sacrificing much more time when you already have a bachelor’s degree and a master’s degree.
That’s a big reason why choosing a professional doctorate over a PhD is such a great decision. In many cases, earning a PhD takes longer than earning a professional doctorate. Of course, this depends on the person and program, as some people take breaks or balance work with education.
That said, you can likely enter the workforce sooner by pursuing a professional doctorate over a PhD. The sooner you enter the workforce; the sooner you can establish a strong financial base. Pursuing a professional doctorate over a PhD can also help you minimize debt. Keep in mind that graduation timelines differ, so earning a doctorate isn’t always faster than earning a PhD.
Qualify for More Positions
Both PhD degrees and professional doctorates can help you enjoy a long, lucrative career. That said, you may qualify for more positions with a doctorate than you would with a PhD. This largely comes down to the fact that doctorates focus on applying research.
Conversely, a PhD focuses on research itself, with little emphasis on application. You can get great jobs with either degree, but a PhD is slightly more limiting. With a PhD, you can qualify for plenty of jobs in research and academia.
However, a doctorate can help you get your foot in the door in many different fields, such as business, marketing, and academia. In many cases, you can fill more diverse roles with a doctorate than with a PhD. A professional doctorate is a great option if you want more career options.
Open the Door to Leadership Positions
The promise of a leadership position is enough to make many people spend a few extra years in school. While not all advanced degrees can lead to leadership roles, professional doctorates can. A professional doctorate doesn’t instantly grant you a leadership position, but it can help you get one.
The exact leadership role will naturally differ depending on the field you specialize in. Of course, you may still need to work your way up the ladder, but that trek will likely be shorter. That’s because a professional doctorate can typically help you bypass certain entry-level jobs.
If you strictly want to work in academia, then a PhD or Ed.D. may be better choices than a professional doctorate. In that case, it’s worth diving into the difference between an Ed.D. and a PhD.
Your Terminal Degree Choice Can Largely Dictate Your Future
Whether you’re choosing between a DrPH and a PhD or a doctorate and a PhD, you shouldn’t rush into any decision. You can earn a lot of money whether you choose a PhD or a professional doctorate. However, it’s important to think about everything else that matters to you in your life and your future career.
For example, if you feel more fulfilled in a leadership role, then a doctorate is likely a better choice for you. Not only does a doctorate give you more options, but it can also help fast-track your career. That may be very important to you if you want to hit specific career goals by certain times.
