If you’re interested in working in the business world but have a passion for healthcare and helping others, you may have wondered what your MBA options are. Getting an MBA has long been seen as one of the best graduate degrees for improving your career prospects, and today’s programs often offer specialized concentrations that allow you to explore your specific interests and talents further. One such specialization is the concentration in healthcare administration or management, which allows you to hone your expertise in the healthcare area while still getting all the benefits of a traditional MBA. If you’re still on the fence about whether an MBA with a specialization in healthcare administration is right for you, here are a few key facts you should keep in mind.
1. You Can Learn About a Wide Range of Topics
When considering other healthcare degree options, it’s important to keep in mind that not all programs will cover the exact same topics. For instance, if you’re interested in regulatory administration but not as much in hospital administration, you may be able to find a program tailored more to your interests. At the same time, any program you choose should be able to give you basics in areas like ethics.
2. You’ll Still Have the Traditional Benefits of an MBA
Another advantage of choosing a healthcare-focused MBA program is that while you’ll be able to explore your healthcare interest, you’ll also get to master all the topics you would in a traditional MBA program. This gives you the benefits of a traditional MBA with a twist. You’ll become proficient in business fundamentals such as finance, management, accounting, marketing and learn crucial leadership and decision-making skills. Before you choose a school, of course, it’s important to learn about accreditation and ensure that the program you choose has the accreditation you’re looking for.
3. You’ll Be Qualified for Several Types of Jobs
While the healthcare industry is booming, many higher-up positions require special qualifications that not every applicant has. With a healthcare MBA, you’ll not only be setting yourself apart from the crowd but qualifying yourself for a wide range of positions you couldn’t have applied for before. For instance, you could work as a hospital administrator, project manager, clinician leader, or consultant. You may be able to get a nice salary increase, too. According to the Bureau of Labor Statistics, medical and health services managers earn a median annual salary of $100,980 per year, significantly higher than the average. Additionally, the field is expected to grow 32% in the next decade, meaning many new jobs will soon become available.
Getting an MBA has traditionally been seen as a strong degree decision that can help improve your career prospects, job opportunities, and salary over the course of your lifetime. If you’re fascinated by the business world but have more specific interests in healthcare, too, you may want to consider pursuing an MBA with a concentration in healthcare administration. Given all its advantages, it could be the perfect way to combine your interests and get you a head start on the career you want to pursue.