Top Jobs For MBAs IOn Healthcare
MBAs are in demand in health care.
As an industry, healthcare is showing tremendous growth. According to the World Bank’s data, the healthcare industry accounts for 17% of total US GDP.
Where the healthcare industry gets its MBAs
The leading school for MBAs in healthcare? Vanderbilt University’s Owen Graduate School of Management, where 24% of graduating Owen MBAs found jobs in the healthcare industry, according to a 2016 employment report. That’s 7% higher than the next closest school among the elite MBA programs in the U.S. and Europe.
MBAs going into healthcare can expect to earn big incomes too. According to Poets&Quants, median base salaries for newly hired healthcare MBAs top out at $125,000. MBAs from Wharton, Harvard, and Stanford all report median sign-on bonuses of $20,000 as well.
Heath care consultant
The consulting sector yields the highest pay among full-time MBA grads in the Class of 2016, according to US News. The average salary for consultants is $126,919.
Phil Miller is the assistant dean of MBA and M.S. programs at the Carlson School of Management at the University of Minnesota—Twin Cities. Miller tells US News that some health care consultants can earn up towards $150,000. At Carlson School of Management, 25% of MBA students pursue a career in health care.
“In the last five years, a lot of consulting jobs have grown because a lot of firms need help in advising. More advisory services are definitely hiring our students,” he tells US News.
The job outlook for consultants is strong too. Job growth is expected to grow 14% from 2016 – 2026, according to the Bureau of Labor Statistics.
Pharmaceutical brand manager
One of the most traditional paths for MBAs in healthcare is to become a pharmaceutical brand manager,
According to Metro MBA, a pharmaceutical brand manager is the “hands-on manager of the branding concept and strategy in the ‘real world.’” Day-to-day, a pharmaceutical brand manager can expect to manage the brand and set marketing initiatives for the company.
Here are some of the typical responsibilities of a pharmaceutical brand manager, according to Metro MBA:
- Ensuring that quantitative and qualitative objectives are met
- Driving strategic development of the brand portfolio
- Identifying new products and packaging
- Developing and implementing consumer promotions
- Planning and monitoring marketing budgets
Average annual starting salary for a pharmaceutical brand manager is $67,555, according to PayScale. However, that number also includes non-MBAs. On GlassDoor, pharmaceutical brand manager at Novartis Pharmaceuticals report making between $127,781 and $153,956 a year.
Hospital administrator duties
A hospital administrator is responsible for hiring hospital staff and workers. According to Top Master’s in Healthcare Administration – a resource for healthcare management – duties also include “creating budgets, instituting new policies and following any state of federal laws.”
PayScale reports average salaries for hospital administrators ranging from $49,787 to $173,429 with an average annual salary of $88,000.
Jeff McNish is the assistant dean of career development at the University of Virginia’s Darden School of Business. In an interview with U.S. News, McNish says MBAs interested in hospital systems tend to be more driven towards the path because of its ‘altruistic nature.’
“Those students tend to place a lesser value on compensation as opposed to the quality of work they’re doing,” he tells U.S. News.