There are many in India- who come and ask me. I dont have the resources to finance an MBA...should i pursue a PhD??
My sinceremost comment is that UNLEss one is predominantly considering an academic career, PhD is a strict no no.
PhD is meant for a career in academics, UNLESS one is pursuing a PhD in a very techy kind of stuff.
A PhD in biotechnology, Chemistry or physics would surely find his way into the research labs of the fortune 500 company.
A PhD in hardcore quantitative methods and/or OR techniques would perhaps find his way in an I-Bank or a Supply Chain lab of the top-notch fortune 500 firms respectively.
But if you are PhD in say Information system, in say Marketing, in say HR or OB...believe me even if you land up with corporate jobs climbing up the ladder wont be easy and even getting a clearly defined role for you is going to be tough.
So - if one wants to pursue a PhD to get into business - please check whether the industry needs the specialization you are going to pursue. Try to join a school where the specific aspect you are going to pursue has known faculties in that area and finally the school has top-notch placements in your area of interest.
Else if one wants a flexible and peaceful life...academics is the way to go!
To be or not to be....