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MBA in Healthcare Salary Expectations: How Much Can You Earn?
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.
What is an MBA in Healthcare?
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:
- Navigate healthcare policy and regulation changes at the leadership level of an organization.
- Adapt to and adopt healthcare technology changes in your healthcare organization.
- Develop innovative approaches to healthcare operations, financial management and improving patient care.
- Deliver healthcare products more effectively and efficiently.
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.
How Much Can MBA–Healthcare Graduates Make?
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:
- Your chosen university and MBA–Healthcare program. Criteria like program rankings, university reputation and accreditation status can all impact how employers view your MBA–Healthcare degree (and inevitably, the salaries they will offer).
- Your years of experience and job history. If you have a long work history in the healthcare field or previous leadership experience—in addition to an MBA–Healthcare—you may rise more quickly through the ranks and could expect higher pay.
- Your desired work sector or employer. If your goal is to work at the c-suite level at a large hospital, your salary expectations will be different than someone who wishes to own their own medical practice. Larger employers in the public and corporate sectors will usually pay more than other sectors like nonprofit or government.
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.
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5 Reasons to Pursue an MBA in Healthcare (Other Than Salary)
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:
- The demand for medical and healthcare services managers is even greater than the industry as an average, predicted to increase by 32% by 2029 according to the Bureau of Labor Statistics.
- According to labor market analytics firm EMSI, over the past year (April 2020 – April 2021), there were 91,045 unique job postings for medical and healthcare services managers with a master’s degree.
- An MBA–Healthcare, unlike a Master of Healthcare Administration (MHA), gives you the flexibility to work in a wider variety of clinical and non-clinical settings, opening doors to employment in high-salary fields like health insurance, healthcare technology and pharmaceuticals.
- An MBA–Healthcare program offers powerful networking opportunities to help you take your career to the next level.
- You will be prepared to start your own company or medical practice, gaining the business skills you need to be successful.
Accelerating Your Career Growth With a Healthcare MBA
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.