Why do a PhD in Marketing?
Impact: A PhD in Marketing provides the opportunity to influence the actions and thinking of researchers, managers, consumers, and policy makers. Because most research is grounded in the reality of firm or consumer behaviour, many scholars’ theories and recommendations are enacted in the practice of management or public policy.
Intellectual freedom: Although the work is challenging and demanding, life as an academic provides great flexibility in defining the nature of your work. While you can expect to put in at least as many hours as in the corporate sector, you have the freedom to create your own schedule, pursue ideas and topics that most interest you, and choose your co-authors.
Is a Master's degree a prerequisite for admission to the PhD programme?
No. Students can enter the PhD programme after having completed an undergraduate degree.
How is a PhD degree different from an MBA degree or an MS in Marketing?
The difference between the Masters degree (MBA or MS) and the doctoral degree (PhD) is focus on research. If your ultimate goal is to work as a senior manager or entrepreneur, a Masters degree will provide you with the knowledge and skills necessary for that function. The PhD degree in Marketing primarily prepares you for a career in academia where, in addition to teaching, you will carry out fundamental research on consumer or firm behavior.
What can I do with a PhD degree in Marketing?
Our PhD programme is designed to train scholars who will conduct research to advance the frontiers of the discipline of Marketing, teach Marketing at premier universities around the world, and prepare the next generation of Marketing doctoral students.
Marketing is an exciting discipline that offers a wide range of areas in which to conduct research and teach. Research topics in Marketing cover the gamut from consumer behavioral processes to the development of mathematical models that help us understand and predict firm behavior and improve Marketing practice. Researchers apply a variety of approaches, from experimental tests of psychological theories to econometric models of consumer or firm behavior.
The job market for PhDs in Marketing is quite attractive, and the ratio of job openings to job candidates is several times higher than that in most academic areas, including economics, psychology, and engineering. Although money is not the primary motivator for most faculty members, it is indeed possible to be financially comfortable on a Marketing faculty salary. The average annual total salary at PhD granting institutions for entry level Marketing PhDs during the 2016 hiring season was $153,617; among research-focused institutions such as London Business School, this figure was $170,391 (Source: AMA DocSIG).
How many years does it take to get a PhD degree?
Our PhD programme is designed to be completed in 4-5 years. Typically, students complete their course requirements in 2 years, and devote the remaining years to conduct research and complete their dissertations. There are no teaching requirements to be fulfilled, but there are opportunities for teaching and research assistantship for those students who are interested. The importance of finishing with a high quality dissertation, which can be published in top journals in the field, makes it necessary for many students to remain in the programme for five years.
What criteria do the faculty look for in accepting students into the PhD programme in Marketing?
Acceptance into our doctoral programme is based on a rigorous screening process. The criteria that the admissions committee uses are:
- Undergraduate and/or Graduate GPAs
- GMAT or GRE scores (and TOEFL scores if English is a second language for you)
- Letters of recommendation from qualified persons who are familiar with your performance in academic and professional settings
- Grades in specific courses that are relevant to your future PhD studies
- CV and statement of purpose
- Fit with faculty research interests
How can I earn money while getting a PhD degree?
All our doctoral students receive financial assistance. The typical funding package consists of a tax-free stipend of £20,000 per annum, paid in twelve equal monthly payments, plus full tuition waiver. This is guaranteed for five years as long as the student makes good progress in the programme. PhD students also receive an allowance of £3,500 for the duration of the programme for research support and conference attendance, although research support is frequently covered by the advisors’ research budget.
Students may be offered the opportunity to undertake paid teaching and/or research assistance in addition to their stipend. Such additional work should not interfere with academic progress and must be agreed with supervisors in advance.
How do the faculty help with student placement?
Our faculty works closely with PhD students, mentoring and guiding them through all the stages of the programme, including placement. In fact, student placement starts on day one: the program is designed to groom scholars who will be attractive to top academic employers. The faculty work with students as advisors, research co-authors, coaches and mentors, and enable the students to make connections with scholars from universities worldwide.
London Business School faculty members have been very active also at organizing high-profile international conferences and involving students in the organization; in addition to the regular seminar series and the annual Marketing Summer Research Camp, this exposure to scholars from all over the world provides students with an invaluable opportunity to learn and network.
Graduates from the London Business School PhD programme have gone on to successful careers at top international research institutions such as Columbia Business School and Stanford in the USA, and HEC Paris and Bocconi University in Europe.
Why should I choose London Business School?
The main advantages of the programme have been highlighted above, namely:
- Small size, which allows for close interaction with the faculty
- Internationally renowned faculty, comprising thought leaders and star scholars in the field
- Five-year funding and appropriate coverage of research and conference attendance costs, without teaching requirements
- Possibility to take classes at other premier academic institutions such as LSE and UCL
- Regular exposure to top-notch faculty from other academic institutions
In addition, the relatively small size, collegial spirit, and intellectual vibrancy of the Marketing department create an ideal learning environment for PhD students. Last but not least, London is an international, exciting, diverse city which offers amazing opportunities both professionally and personally.