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Healthcare is one of the fastest growing and quickest changing industries. Its complex regulatory, policy and operational structure necessitate qualified healthcare leaders in every facet of the healthcare field. With all of this opportunity, do you really need an advanced degree to get ahead?
Getting your MBA in healthcare is rewarding in many ways—spanning the spectrum from professional gains to direct impact on the lives of patients. An MBA in healthcare can also have an immediate impact on your earning potential, as well as your future advancement prospects.
If you’re considering an MBA in healthcare you want to make sure the investment is worth it. Earning potential is most likely one of the key ways you’ll measure this value. Let’s look at how the skills you gain in an MBA–Healthcare program can pay off.
An MBA with a healthcare specialization emphasizes executive-level management and business skills within the context of a healthcare setting. You’ll complete the same core courses as you would in a traditional MBA—including economics, operations, finance, business strategy and leadership—in addition to specialized coursework related to healthcare administration.
An MBA with a specialization in healthcare will prepare you to:
As an MBA–Healthcare graduate you will gain the skills to advance to management and executive levels in this dynamic industry, leading to increased earnings.
According to Payscale, a professional with an MBA with a specialization in healthcare administration earns $82,938 on average. According to U.S. News and World Report, for 132 ranked full-time MBA programs, that number jumps to $118,004 on average for MBA graduates who work in the healthcare industry.
Your expected salary as an MBA–Healthcare graduate depends on many factors, including:
Of course, one of the most influential factors on salary is the job you aspire to have. There are a wide variety of careers across the healthcare industry where an MBA–Healthcare will help you get ahead and increase your earnings.
Let’s look at some of the top-paying careers you can qualify for with an MBA in healthcare.
An MBA–Healthcare will increase your salary expectations in the short and long term. However, increased salaries aren’t the only reason to get your MBA in healthcare.
Getting your MBA in healthcare puts you on the path to new opportunities in a growing industry.
According to the Bureau of Labor Statistics, employment in healthcare occupations is projected to grow 15% from 2019 to 2029, much faster than the average for all occupations, adding about 2.4 million new jobs. Healthcare occupations are projected to add more jobs than any other occupational group.
Let’s look at why the current and future job market looks bright for MBA–Healthcare graduates. Here are 5 of the top reasons to pursue your MBA in healthcare that have nothing to do with salary:
An MBA with a healthcare specialization puts you on the path to a strong career and financial future. Obtaining your MBA might also be more attainable than you think. If you want to pursue your MBA in healthcare without putting your career on pause, you need an MBA–Healthcare program designed for busy working professionals.
Franklin University offers an Online MBA-Healthcare that provides the rigor of a top MBA program within the context of the healthcare industry. Every course is taught by professionals with practical experience solving the types of challenges facing the healthcare industry today.
See how you can finish your MBA-Healthcare in 21 months and reach your career and salary goals.