What To Know About a Dual JD-MBA Degree
Getting an MBA is hard enough, but what about adding a JD while you’re at it?
At many schools, students can earn a dual JD-MBA degree. Of course, you’re right to ask who’s craziest enough to get both degrees, a subject we’ve addressed in the past.
TIME & MONEY
Both the JD and MBA are huge time and money commitments in their own ways. For one, a JD will take roughly three years with the MBA taking two. A dual JD-MBA degree, however, takes four.
Waldman says adding that extra year or two means more money—typically around $50,000 per year in tuition alone.
Additionally, those extra years are spent off the job market, so there won’t be a lot of incoming funds either,” he writes. “Another often overlooked aspect is that a dual degree usually requires two separate applications and two separate test scores – meaning the LSAT and GMAT or GRE and GMAT – and each application process requires creativity, time and effort that are unique to the type of program.”
One of the benefits to the dual degree, according to Waldman, is the added opportunities of networking.
“In both the legal and business world, contacts are invaluable,” he writes. “By attending both programs, you’d essentially be doubling your contact list, and more importantly, diversifying it. With a network in both realms, you’d become the rare contact point, having the business wherewithal to manage the law practice you just opened or angling for an in-house counsel position by calling up an old business school friend.”
Experts say dual JD-MBA degree holders have a certain edge over other grads who only have one degree.
“As you may have heard, the competition coming out of law school – especially for big law firms – is tough. Any advantage such as law review or good grades is welcome, which is why having an MBA under your belt could provide you with that extra edge to secure a job,” Waldman writes. “If it’s a business position you’re after, having a J.D. could also become an asset, especially if the job involves dealing with regulatory details.”
David Scalise, a former professor of business law at University of San Francisco’s School of Management and contributor at Magoosh, adds the dual degree can offer more opportunities too.
“In the long run, JD/MBA holders have much better prospects for promotions, increases in pay, and general upward mobility,” Scalise writes. “Those with both a JD and an MBA can switch between business management work and law in the course of their careers, and can use their degree to negotiate better entry level pay, better raises, and more frequent promotions.”