Congratulations on choosing to pursue a healthcare MBA! Below is some information about the healthcare MBA world, along with some tips for navigating it:
What is an MBA?
A Master of Business Administration is a graduate business degree whose curriculum focuses largely on high-level strategy and provides students with background in a large variety of business-related subject areas. It is a terminal degree, and it will put you on the fast track to a management position upon graduation.
What Is a Healthcare MBA?
A Healthcare MBA contains all the typical coursework of a standard MBA, but also requires students to complete courses (and possibly an internship or some other form of experiential learning opportunity) focusing specifically on the healthcare industry.
What are the Prerequisites for a Healthcare MBA?
The good news for prospective Healthcare MBA students is that no business background is necessary for admission to an MBA program. Your business school colleagues will likely come from a variety of different academic and professional backgrounds, including engineering, the physical sciences, mathematics, economics, political science, history, philosophy, English language and literature, medicine and nursing, as well as business-related fields including finance, accounting, management and marketing. The only true prerequisites, aside from completing your applications and obtaining letters of recommendations, are a bachelor’s degree and a valid GMAT score that was obtained within the last five years. Some programs have minimum undergraduate GPA requirements, so be aware of this during your selection process
What Coursework Will You Complete for a Healthcare MBA?
In your Healthcare MBA program, you will be required to complete a series of foundational classes that will equip you with the knowledge needed to succeed in your MBA courses. These MBA courses will likely include statistical methods for business and economics, business law, financial and managerial accounting, corporate financial management, operations management, organizational behavior and management, economics for managers, entrepreneurial management, investment management, marketing, business information systems and international business transactions. Your healthcare-specific courses may include health law and policy, healthcare reimbursement, nonprofit management, accounting for nonprofit organizations, introduction to public health, healthcare administration, risk management and insurance.
How Can You Succeed in a Healthcare MBA Program?
Time management is the key to success in an MBA program. You must be able to balance challenging classwork with networking and, if you are attending business school part-time, with a full-time job. Do not hesitate to reach out to alumni from your program and ask for advice. You may be surprised how willing they are to provide you with tips that will help you excel in school and, more importantly, throughout your career.
Where Can You Work with a Healthcare MBA?
A Healthcare MBA will open up a number of professional doors within the healthcare industry, but will also allow you to work in government, management consulting, professional services, academia, educational institutions, banks and other financial institutions.
Related Resource: Top 10 Most Affordable AACSB Online MBA Programs 2015
Pursuing a healthcare MBA will put you on the path to a rewarding career in the healthcare industry or virtually any other industry in which you wish to work, so begin the application process today.