Ph.D. is Management is the utmost academic degree in management science.
The degree is designed for those who are looking for academic research and teaching careers as faculty or professors in the study of management at business schools globally.
Ph.D. specialization includes

Accounting
Decision sciences
Economics
Entrepreneurship
Ethics and legal studies
Finance
Health care management
Leadership
Marketing
Organizational behavior
Operations management / Operations research
Management information systems / Information technology management
Statistics
Strategy
A Ph.D. in management or business is time and again required for those interested in following an academic career as a professor at a business school.
Business schools often require faculty to hold a Ph.D. and to engage in research

You can be a professor in a business school. Being a professor is not easy, it takes many year investments but the rewards are fruitful.
The life of a business professor is evidently different from a corporate career. An academic has more time to discover his or her own interests, pursues research, and hardly has a 'nine to five' type of career.
It provides an outstanding standard of living, with salaries similar to the corporate world
Academic institutions are often less susceptible than corporations to forces like international economic downturns.
Academia offers much in the way of financial constancy.