A perfect degree for those looking to reach the top of the corporate ladder or for those seeking a career as a college educator, an online doctorate in Management with Concentration in Finance will provide prospective students with the tools necessary to reach the upper crust of the financial management discipline. Successful graduates are well-compensated and according to the United States Department of Labor and Statistics, Financial Mangers earned more than $99,000 in 2009 in base annual salary. An online doctorate in Management with Concentration in Finance program typically takes four to five years to complete and will require students to conduct original research in specific areas of interest within finance management. Students will learn and develop theories, concepts and techniques to improve management and financial decision-making. Course objectives also go beyond the scope of preparing for specific job function, but also to impact their career in a larger way such as learning ways to prepare the student to pioneer new business theories and practices in future business. Most programs require the completion of a dissertation and doctoral paper or journal publication that contributes to business theory. Throughout the program students should prepare to produce several original writings throughout the academic year while also conducting research for their final dissertation.
About Online PhD in Management with Concentration in Finance Programs
Accredited online Doctoral Programs in Management with Concentration in Finance focus on the real-world application of business and math skills. According to Walden University, a doctorate faculty member is put in place to act as a mentor while a student conducts his or her own research for papers and final thesis. As the student progresses, they will be put in contact with other faculty members who help assess the student’s work prior to going before the dissertation committee. Walden also gives students the option of taking a more traditional course-based work load as opposed to more modern self-paced and mixed models. Dissertations should focus primarily on how to improve current management in finance functions in modern business and how to implement those improvements.
- Management in Human and Societal Development. Communication problems are rampant in both large and small companies, so this course teaches Students enrolled in Online PhD Programs in Management with Concentration in Finance learn how to effectively communicate with both employees and customers. The course discusses contemporary communication via email and the internet.
- Research Theory, Design, and Methods. Here, students will study the theories behind modern financial management systems put in effect by some of the most successful companies in the world.
- Managing Organizational Systems and Complexity. This class teaches future managers the basic of running an organization. Students learn techniques of internal conflict management and how to achieve positive results within a company with multiple departments.
- International Financial Markets. In today’s world, business knows no geographic limits. Students learn how to effectively conduct and manage business internationally and how to understand how individual business and firms can effect today’s global market place.
- Qualitative Reasoning and Analysis. It is imperative that managers are able to accurately interpret statistical and financial data. This course teaches students about the proper measurement and analysis of statistics, sampling and data analysis.
- Corporate Financial Management. This course prepares students to examine and analyze financial statements. It also equips students to examine interest rates and properly assess risk and return when making corporate financial decisions.
- Financial Analysis, Planning, and Forecasting. In this course, students learn to manage a company’s financial resources over a long-term time frame. It will also improve a student’s ability to project financial data to help plan a company’s future.
- Applications of Current Topics in Management. In this course offered at Walden University, students will focus on beginning implementation of knowledge gained throughout the doctoral program in a real world business setting.
- Doctoral Dissertation. The most critical part of the program, this is where students will apply three years worth of work in hopes of making a lasting impression on the financial management practices and theories.
While the topic of dissertation is practically wide open when pursuing an online Ph.D in Management with Concentration in Finance and to be determined by the student and his or her advisor based on the information gathered throughout the program, the University of California Los Angeles’ Anderson School of Management has database of doctoral thesis that can give a Managment with Concentration in Finance student a basis of ideas for a doctoral thesis.
Value and Criticisms of a PhD in Management with Concentration in Finance
Studying an online doctoral program in Management with Concentration in Finance has become more prominent in recent years as it allows students to further their education while working full time. For most, online programs allow the student to keep his or her current job, which is particularly helpful when it relates to the student’s current career path, while performing their own research through libraries and materials provided by their chosen online programs. One drawback to participating in an online doctorate in Management with Concentration in Finance is that an instrumental part of business is the ability to network. Many campus-based doctoral programs, such as the University of Houston, require that students participate in several different social functions, such as job talks with professionals in the industry, and also attending several national conferences. However, if a student perusing an online doctorate will keep their current positions which allow the student to continue networking opportunities through their current job. Those who chose to pursue an online doctorate in Management with Concentration in Finance will need to be highly self motivated, as most programs require students to gather their own research material. Students who are seeking more guidance through their education may want to consider a traditional program.
Typical online Management with Concentration in Finance Ph.D candidates must have at least a bachelor’s degree, but most will require applicants to have master’s degree as well. Most applicants come from master’s programs in business administration, finance or economics. Many candidates pursuing online doctorate degrees in Management with Concentration in Finance come into the program with relevant, and sometimes extensive, career experience in either bank management, financial analysis or cash management. Students should be comfortable with math and numbers and have strong leadership and interpersonal skills in order to be successful in the workplace. The application process for someone seeking an online doctorate in Management with Concentration in Finance should consist of completion of an application, employment history, transcripts, any applicable test scores, list of transferable credits, applicable application fees and in most cases, writing of a personal mission statement or essay. Personal mission statements and application essays are in place help an institution understand personal, professional goals as well as any relevant research, academic or professional experience that applicant is bringing into the program and well as to find out an applicant’s interest in the program.
Career Options&Job Market
Financial managers have a plethora of job opportunities awaiting them once they have earned a doctorate, particularly those with an online Ph.D in Management with concentration in finance. The duties of financial managers vary depending on specific position or titles. One option, a controller directs the preparation of a company’s financial reports and will usually oversee accounting, audit and budget departments. Another option would be as a treasurer or finance officer, which handles the budget of a company in order to meet financial goals. Financial managers can also gain employment as credit mangers where they will be called upon to oversee their company’s issuance of credit, establishing credit-rating criteria and determining credit ceilings while monitoring the collection of past-due accounts. Employment for financial managers is expected to grow by 8 percent through 2018 according the United States Bureau of Labor and Statistics with the average median annual income of $99,330 dollars as of May, 2010. The upper 10 percent earned an annual median income of more than $142,000 as of May, 2010.
Where to Find Information
- Bureau of Labor Statistics – Financial Managers
- U.S. News Online Doctorate Programs
- The Association of Accountants and Financial Professionals in Business
- The Association for Financial Professionals
How to Get Funding
Tuition will vary slightly from school to school and even by specific offerings of a program by the school. Walden University's Doctorate in Management tuition is $4380 per quarter for if taken as self-directed or as a mixed model specialization. Course-based specializations cost $550 per credit hour. Tuition at Grand Canyon University for the 211-2012 academic year costs $595 per credit hour. However, prices will likely increase over time as schools will adjust tuition from year to year. Like any college or university education, scholarships and grants are available for online doctorate programs as well.
- Commitment to Social Change Scholarship. Offered through Walden University, this scholarship is available to new students who are inspired to have a positive impact on their organization, community and world.
- Robert C. Ford Scholarship. Named after former Capella University dean, the Robert C. Ford Scholarship is offered four times a year to any Capella student who demonstrates academic and professional objectives reflective of Dr. Ford's mission to help people help themselves.
- David Palmer Military Scholarship. This scholarship is offered through Walden University to enrolled doctoral students who have been on active duty with a branch of the U.S. armed forces for at least a year.
- Don’t be afraid to gain workplace experience before entering school. Many times when seeking a career in the corporate world, experience can be just as valuable, if not more so in certain cases, then education background. Once into the workforce, some companies can provide financial help when pursuing a higher level of education while continuing to work.
- Be prepared for competition when entering any management position in business. While careers in general business continue to expand in the United States, executive and top level management positions are actually shrinking. This means that a graduate may have to enter the work force at a lower position and prove themselves first.
- Try to obtain a scholarship, fellowship or grant. Studying at a PhD level is costly, and you may not be able to predict how many years it will take you to complete it.
- Online doctorate programs in Management with Concentration in Finance vary greatly from school to school. Make sure to do plenty of research to find out which program will be geared best for you individually. From self-paced programs where students create their own daily work-load to more traditional course based formats, choosing the best fit can make the program work better for you.