Is an MBA in Healthcare Administration Worth It?
Pursuing an MBA in a lucrative, in-demand field is a powerful career move. Learn more about the value of an MBA in Healthcare Administration.
It’s no secret that an MBA is the gold standard of education across business fields. But just how impactful and relevant can one be for you in healthcare administration?
This is an especially interesting question, because the U.S. federal government recognizes healthcare as the nation’s largest employer and fastest-growing sector, and healthcare administration is a standout area with one of the highest projected combinations of employment growth and salary.
To capitalize on opportunities in this field, consider pursuing a master’s degree, which is becoming more common—and even expected—of candidates. An MBA in Healthcare Administration offers a clear-cut path to high-paying, high-demand positions.
Examining Opportunity in Healthcare Administration
It’s difficult to overstate how attractive healthcare administration is as a career field. In the 2021 U.S. News Best Job Rankings, medical and health services manager took No. 1 Best Business Job and overall No. 4 in the list of the 100 Best Jobs.
Note that healthcare administrators and executives are officially referred to as medical and health services managers by the Bureau of Labor Statistics (BLS). The agency’s two major data points for this profession are staggering.
- Projected employment growth of 32% by 2029
- Median annual salary is $104,280
If you’re curious how impressive a 32% job growth rate is, it’s eight times the average for all occupations. It’s also good enough to make it to the BLS’ list of the 20 fastest growing occupations. In fact, medical and health services managers is ranked No. 8 for all occupations in job growth.
Factor in salary and you’ll find that the profession has a better combination of growth and pay than all but one other profession. Only nurse practitioners (52%/$111,680), a fellow healthcare occupation, outperforms medical and health services managers in both job outlook and salary.
There’s no denying that healthcare managers, administrators and executives are in demand and command high salaries—the top 10% earn more than $195,630. Rather, the critical question surrounds education. How much of an asset is a master’s degree?
“Most medical and health services managers have at least a bachelor’s degree before entering the field,” according to the BLS. “However, master’s degrees are common and sometimes preferred by employers. Educational requirements vary by facility and specific function.”
The American College of Healthcare Executives (ACHE) framed the significance of a graduate degree in this market more directly.
“With the growing diversity in the healthcare system, many executives are needed in settings other than the traditional hospital. However, competition is intense at all job levels, and many positions that previously required only a bachelor’s degree now require a master’s degree.”
Finding the Right Program
Given the in-demand, lucrative nature of healthcare administration roles and the intense competition involved, it’s clear that a graduate degree is worth it. The next major step is finding the right program for achieving your career goals.
If you follow the ACHE’s advice, you’ll want to investigate quality degree programs that fit your needs. The society recommends looking into graduate programs accredited by the Commission on Accreditation of Healthcare Management Education (CAMHE), which is the only organization recognized to grant accreditation to master’s-level health administration programs in the United States and Canada.
Baylor’s full-time MBA in Healthcare Administration is one of 96 programs to receive national accreditation from CAMHE. Additionally, according to the U.S. News Best Health Care Management Programs list, it’s ranked in the top 20.
You can also pursue the concentration in the Executive MBA format in Dallas. All MBA programs at Baylor are accredited by the AACSB—a global distinction that fewer than 5% of business schools across the world can claim.
Another recommendation from the ACHE is to investigate the degree program’s classes alongside any internship, residency or fellowship offered to determine how these elements will help you achieve your career goals. Baylor’s MBA in Healthcare Administration follows suit by offering a broad range of classes (in topics such as healthcare operations, marketing strategy, law and financial management), to go along with a residency in its full-time program.
“The healthcare and MBA courses were carefully selected to develop competencies needed to effectively lead in the healthcare sector,” says Forest Kim, PhD, clinical associate professor and program director of the Robbins MBA Healthcare Program. “The curriculum enhances both hard (i.e., quantitative, analytical, critical thinking) and soft skills (i.e., interpersonal, collaborative) to develop well-rounded leaders.”
“Baylor’s full-time program’s unique approach to developing future healthcare leaders combines 12 months of rigorous classroom instruction with a 9-month administrative residency. The administrative residency allows students to apply tools and concepts to real-world projects and provides a natural transition from graduate school to full-time employment for those seeking to make a difference in healthcare.”
“Healthcare courses in both the EMBA and full-time programs emphasize practical application from instructors with industry experience.”
The mission of Baylor’s MBA in Healthcare Administration is to promote academic excellence, stimulate intellectual activity and encourage community excellence in a Christian environment to improve the health of all segments of society. The specialization is a part of the Robbins Institute for Health Policy and Leadership, which serves as an interdisciplinary foundation for all healthcare-related initiatives in the Hankamer School of Business, including teaching, external programming and health services research.
Ready to advance in the field of healthcare administration? To learn more about the Master of Business Administration offerings from the Hankamer School of Business—full-time or Executive MBA in Dallas. Still have questions? Complete the form below and our admissions advisers will contact you directly.