Issue link: https://www.e-digitaleditions.com/i/52321
Another myth is that students need an MBA before they can enter a PhD program. This is also false. No graduate degree is required for admission to doctoral programs, although most of them require a Graduate Management Admission Test as part of the application. People who have been in the corporate workplace for quite a while often feel that their age will be another obstacle, but it's rare for programs to turn away can- didates because they're too old. Doctoral students come in all ages, from recent college graduates to mid-career professionals. In fact, many doctoral students enroll after spending a significant period of time in other careers. They often find they're even more in demand as professors once they obtain their degrees, because many universities value their ability to draw on prac- tical experience as well as theory. Once schools dispel these myths, they still might need to encourage minority students to apply for what is a long and rigorous academic undertaking. One way is to market a business doctorate as a "calling" for individuals who love learning, generating new ideas, and setting their own agendas. While all aca- demicians can make their marks in a field, those in business can have an impact in both the educational and the corporate sectors. There are not many jobs with that kind of influence. Additionally, PhD candidates who become business school pro- fessors will find that the salaries and benefits are substantial. First- year compensation varies widely by discipline and hiring institution, but it can range from just below $100,000 to well over $150,000 for a nine-month salary. Teachers also have opportunities to supple- ment their incomes with summer research and teaching assignments. There are many organizations devoted to promoting diversity in higher education, including The PhD Project. When it was founded in 1994, research showed that qualified minorities didn't even consider academia as an option. At the time, there were only 294 doctorally qualified professors who were African American, Hispanic American, or Native American at U.S. colleges and universities. Over the past 17 years, The PhD Project has aimed to help change that figure. The organization invites successful minority men and women to an annual conference where they learn about applying to doc- toral business programs. Once they enroll in those programs, candidates become members of The PhD Proj- ect's minority student associations that meet annually for peer and mentoring support. The PhD Project pays all of their expenses for them to attend both conference and asso- ciation meetings. Since The PhD Project was founded, fewer than 10 percent of its students have dropped out, and 99 percent of its graduates have taken careers in academia. By con- trast, among all doctoral students, the dropout rate is 33 percent, and only 70 percent become business faculty. Because of the commit- ment and focus of these minority students, today there are 1,109 minority business professors in the U.S. Further, nearly 400 minorities are currently enrolled in doctoral programs and will take their places at the front of classrooms over the next few years. Such gains are only possible when business schools commit to diversifying their student bases, faculty, and administrations. The first step is helping minority students see the great potential awaiting them if they pursue busi- ness degrees—and the next step is preparing them to exert their influence in both the business and academic worlds. Bernard J. Milano is president and a trustee of the KPMG Foundation, presi- dent and trustee of the KPMG Disaster Relief Fund, and president and member of the board of directors for The PhD Project Association. He is based in Allendale, New Jersey. More information about The PhD Project can be found at www.phdproject.org. BizEd January/February 2012 35