The healthcare industry is one of the largest industries in the world, and due to the aging population, is likely to only increase. For those that are looking to pursue a career in healthcare, going into healthcare administration could be a great career path. While there are a wide range of bachelor’s degrees that feed into healthcare administration, those that are looking to maximize their success and earning potential should get a MBA. The average salary of someone with a Healthcare Administration MBA will vary based on several different factors.
One of the biggest factors that influence the salary that you can earn as an administrator after earning your MBA is the experience that you had prior to finishing your degree. In most cases, someone that has gotten their MBA has probably had a few years of experience in management roles in the administration field. Those that had five to seven years of experience working in administration, either as an assistant administrator or similar role, will typically be strongly sought after they graduate, which will then come with higher incomes.
Other Education Background
The second factor that will influence the salary that you can expect after you graduate is the other educational background that you have. Beyond your straight administration education, a hospital or other business will be pleased to see if you have an educational background in another relevant field. As much of the job of an administrator is to bring in patients and build referrals, having a bachelor’s degree in marketing or advertising may be advantageous. Other educational backgrounds that could be helpful would include nursing, technology, or finance.
Another factor that will influence your earning potential is your location in the country. Different markets across the country tend to offer higher salaries to healthcare administration professionals than other markets. Those that are looking to earn the most should look to move to major markets located on the east and west coasts, as well as Chicago. Other top places to earn the most amount of money would include any of the most reputable hospitals located across the country. Some of the hospitals that pay administrators the most are those located near major college campuses.
Reputation of the School
The fourth factor that will influence how much money you can make after you graduate with your MBA is the reputation of the school that you graduated from. If the school that you went to had a very good reputation, you will likely find that there are many employers that are seeking people with your education. However, those that went to a school that had a lesser reputation will find that finding a job is not as easy and starting salaries are lower. Because of this, it is important that you research all of your school choices thoroughly before you decide where you are going to go.
In conclusion, getting a MBA in Healthcare Administration could be a great way to advance in the feel. Once you have a Healthcare Administration MBA, your earning potential could be significant. However, how much money you actually earn will vary based on several different factors.