{"id":5369,"date":"2016-12-15T11:00:44","date_gmt":"2016-12-15T17:00:44","guid":{"rendered":"http:\/\/stgwww.capella.edu\/blogs\/cublog\/?p=5369"},"modified":"2016-12-07T10:23:41","modified_gmt":"2016-12-07T16:23:41","slug":"roi-of-a-phd","status":"publish","type":"post","link":"https:\/\/stgwww.capella.edu\/blogs\/cublog\/roi-of-a-phd\/","title":{"rendered":"What\u2019s the ROI for a PhD?"},"content":{"rendered":"

No matter what field you\u2019re in, pursuing a doctoral program is a major commitment. As the different aspects of that commitment become clear\u2014the time, the intensity, and the cost\u2014it\u2019s easy to question whether it\u2019s really worth it. What\u2019s the return on investment for a doctoral degree?<\/p>\n

Dr. Deborah Stroman, who graduated from Capella University with a PhD in Business in 2007, shares how that degree has made an impact on her career in the subsequent years.<\/p>\n

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Background<\/h4>\n

Stroman describes herself as a lifelong learner who always assumed she\u2019d go for a PhD. \u201cI got my bachelor\u2019s and master\u2019s degrees and knew that the next step was the doctorate,\u201d she says.<\/p>\n

However, by the time she was ready to start a doctoral program, she was working full-time and had co-founded a golf event planning company to encourage women and minorities to get involved with the sport. Even as busy as she was with her dual roles, Stroman had an itch to go back to school that was too powerful to ignore. \u201cOriginally, I wanted to attend a brick-and-mortar university as I\u2019d done for my previous degrees,\u201d she explains. \u201cBut as a working adult, I had neither the time nor energy to manage that.\u201d<\/p>\n

A friend referred her to Capella, and she liked what she saw. \u201cI firmly believe in institutions that allow learners to learn and also show appreciation for human capacity,\u201d she says. \u201cCapella gave me the flexibility I needed as a working adult to keep moving forward.\u201d<\/p>\n

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Changing Interests<\/h4>\n

Her focus during her educational years changed over time as she pursued various passions. She received a Bachelor\u2019s in History and Social Studies Education with an eye towards law school. But as a former college athlete, she found herself drawn to the sports world instead, and rather than going to law school, she enrolled in a Master\u2019s in Sports Administration program. \u201cGraduate school helped me to realize and accept my nature as a sales and marketing type of person,\u201d she says. \u201cI started selling insurance and investments afterwards and loved it. The bulk of my 17 year career was spent working in the field and corporate offices at Prudential and GE Capital.\u201d<\/p>\n

After the completion of her doctorate\u2014and with her career in financial services and small business ownership going successfully\u2014a visit to a professor from her master\u2019s program opened a new door. The professor suggested she consider teaching, and Stroman became a visiting professor for two years. The location was the University of North Carolina, and she found that she fell in love again with the area. \u201cNorth Carolina has great food, beaches, mountains, and Southern hospitality,\u201d she says. \u201cI knew this was where I wanted to stay.\u201d<\/p>\n

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The ROI<\/h4>\n

When asked what the Return on Investment (ROI) is of her PhD, Stroman didn\u2019t hesitate: \u201cThe ROI for me is 150%. First of all, a PhD means something. It provides instant credibility,\u201d she says. \u201cSecond, it creates interest. People find out you have a PhD and they want to know more. \u2018What\u2019s your field of study?\u2019 \u2018What do you research?\u2019 Now I teach, advise, and engage at all levels, including doctoral.\u201d<\/p>\n

Stroman\u2019s PhD has opened doors beyond teaching as well. She was able to combine all her passions\u2014athletics, teaching, and sales and marketing\u2014to create and direct the Center of Sport Business at UNC\u2019s Frank Hawkins Kenan Institute of Private Enterprise. The Center integrates Sport Business into curriculum, research, and program activities. She also developed and teaches a Sport Entrepreneurship course for the university\u2019s Entrepreneurship Minor.<\/p>\n

Her current research is focused on the measurement of the social and economic impact of sports on the entire state of North Carolina. This analysis is showcased at her nationally-recognized SPEIA Basketball Analytics Summit<\/a>, which offers students, faculty, and practitioners research and best practices of both athlete performance and the business aspects of the sport at the collegiate and professional levels.<\/p>\n

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Advice for Potential PhD Candidates<\/h4>\n

Stroman is a firm believer in the value of a PhD, but that doesn\u2019t mean she thought it was an easy journey to achieve the degree. Asked for advice for future doctoral students, she had three specific points:<\/p>\n