What is the Average Salary with an MBA in Healthcare Administration?
Employment in the healthcare industry is always in a desperate need. Although most people may associate this need with a shortage of nurses and doctors, there are actually a great deal of administrative positions open throughout the country. This is due to the fact that working in healthcare ministration typically requires a person to have a dance degree. And the best choice for that advanced degree is to earn an MBA specializing in healthcare ministration. In fact, many business-oriented individuals have switched the focus of their prospective course of study toward healthcare because the industry is growing, the need is always there, and the salaries are exceptional.
What Type Of Base Salary Can Be Expected Obtaining An MBA In Healthcare Administration?
The United States Department of Labor, Bureau of Labor Statistics, states that the average salary for medical and health service related managers in May 2009 was $$90,970. However, in the US, the top 10 healthcare managers typically take down an average of $140,300 per year. Yet, looking at even an entry-level professional in healthcare management, the bottom 10 percent, typically can expect to make an average annual salary of approximately $50,000. The exact salary a perspective healthcare manager might expect is going to be depended upon a specific job title, size of the institution or business as well as its geographic location.
Top Salaries By Location
One of the most important factors affecting a healthcare manager’s salary is location. A healthcare manager working in a rural area should expect to find salaries quite lower than what might be expected in an urban area. Generally speaking, the cost of living in rural areas is much lower. But, due to the fact that it is a rural area and does not necessarily offer a great deal of amenities that urban area can, some searches for upper management in the healthcare industry found in isolated spots throughout the country may command a surprisingly high salary. Yet, according to industry reports, the highest healthcare ministration salaries are recorded in the following areas:
- Washington D.C
- Rhode Island
- New Jersey
- New York
in these selected locales, healthcare industry managers typically make well more than $105,000 annually. And, as a working professional seeking to capitalize on an MBA education, here are the highest paying much appalled and areas in the country with average annual salaries:
- Salinas, CA: $132,650
- San Jose / Sunnyvale / Santa Clara, CA: $122,730
- Lawrence / Methuen / Salem, MA-NH: $121,390
- Burlington / South Burlington, VT: $119,780
- Seattle / Bellevue / Everett, WA: $118,750
Other Areas That Will Affect Healthcare Administrator Salaries
Graduates with an MBA in healthcare administration will find out that location is not the only factor affecting compensation. Other factors that do affect compensation for specific job selection include individual experience levels as well as some other degrees that you’ve earned. Also, the institutional business size as well as the type of business along with an assessment of individual strengths to fit employment needs will also affect salaries. Since all industries are subject to the rapidly and always changing vagaries of his highly technological world in which we live, healthcare IT managers are pulling in big bucks these days and are in a critical shortage at the moment. Also, depending upon the exact position for which you’re applying, experience as a nurse or doctor will go a long way towards affecting the salary you can command.
When selecting an MBA program to attend, keep in mind that name recognition for the school does go a long way in the industry and may also affect your salary requirements when seeking a position.