The Healthcare MBA is a widely sought after graduate degree, designed for working professionals who want to expand their knowledge of healthcare management. The program is both demanding and time intensive – yet there are more working professionals racing back to earn their MBA’s than ever before. Why?
MBA Graduates Will Always Hold the Competitive Advantage
Despite the hard economic downturn in the last decade, one thing still holds true – those who pursue higher education have an easier time obtaining employment than those without. GMAC, the Graduate Management Admissions Council, says that 88% of 2010 MBA class members report they have a job after graduation and three quarters of them consider their graduate business degree essential to finding that job. It’s no surprise that more than 95% of students reported that the MBA degree is an “outstanding value” and an investment that more than pays for itself.
High Job Satisfaction
Healthcare MBA holders are more likely to work towards their dream job that satisfies their needs in terms of career development and personal fulfillment. According to GMAC, there are three main drivers of job satisfaction: passion, recognition and compensation. With a Healthcare MBA, professionals can pursue their passions by choosing a specialty field, such as healthcare IT, healthcare finance or nursing administration. Recognition comes as a result of being in high visibility, senior management positions. Healthcare administrators are also well compensated for their hard work, with the average salary being between $95,000 – $250,000. In a post graduate survey, over 55% of alumni reported high satisfaction with their careers since earning their MBAs.
In general, higher education will result in higher base salaries, promotions and higher raises, but this is particularly true in the healthcare sector for several reasons. One, the baby boomers are going into retirement, leaving a high demand for talent at the top. Two, since Healthcare MBA holders are in high demand, they usually receive multiple job offers that can be leveraged to negotiate higher pay. Third, most healthcare MBA programs offer a part time, online option. Studies show that students who receive MBA’s through part time education often see an even higher ROI than full –time students, and a lesser payback period (about ¼ of the time it takes a full time student).
““Your network is the most powerful resource you can have and it’s free”
The ACMPE American College of Medical practice executives published a paper in 2009 on “The Value of Networking in the Medical Practice Management Profession”. The paper outlines how successful leaders are shaped not only by their practical education, but through experience and what they’ve learned by networking and learning from their peers. When surveyed, graduate students reported that the MBA program had greatly helped them develop long term value social relationships and expand their network of business contacts.