As you complete your undergraduate studies, you may want to move further and pursue higher studies. This may be after a gap of a few years and after a few years of acquiring work experience. But pursuing an MBA or an MHA seems like the most reasonable and lucrative next step. But in a battle of MBA vs MHA, which is better and which one should you pick? That may not be something you can decide at face value but a variety of different factors go into making this decision. So let us start at the basics and take a look at what each of these degrees entails.
What is the Difference Between MBA vs MHA
MBA
An MBA is a Master of Business Administration. It is a two-year course which covers the essentials of business management and administration. The biggest advantage of an MBA, however, is the fact that it can open you up to a variety of opportunities. You will be exposed to an important network of people in myriad industries, through your school’s alumni, the faculty and visiting professors. The more significantly your network can grow from an MBA, the better the ranking of the school that provides it.
MHA
An MHA is a Master of Health Administration. It is a degree for anybody who is considering a career as a health administrator. These are specialized roles, like healthcare consultant, managed care analyst, which you can explore after a degree in MHA. Healthcare is one of the largest industries in the United States and you would be opening yourself up to a variety of opportunities, provided this is the industry you choose to work in. An MHA is sort of like a degree that acquaints you with the business of the healthcare industry. There is no fixed time required to complete your MHA but it is typically between two and four years.
What Kind of Jobs Do You Get after Each?
Both an MBA and an MHA open you up to a variety of well-paying employment opportunities. While an MHA prepares you for specialized roles in the healthcare industry, an MBA is a more generic business degree which equips you for a variety of industries. Having said that, an MHA degree also deals with some of the same subjects as that of an MBA, like human resources, finance, budgets, laws and business management.
The following are the jobs and industries you can explore after an MBA:
- Consulting
- Technology
- Media and Entertainment
- Financial Services
- Consulting
- Education
- Government
The following are the jobs you can consider after an MHA:
- Clinic Manager
- Healthcare Consultant
- Managed Care Analyst
- Department or Division Manager/Supervisor or Director
- Health Services Manager
- Chief Operations/Executive Officer
An MHA is ideal for somebody who has a business bent of mind and is also fascinated by the inner workings of a hospital or medical establishment. These institutions need to work like a well-oiled machine and your expertise could come in handy and also bring home the big bucks if you do your job well.
Both degrees require at least a bachelor’s degree with a standard GPA (each school decides their own criteria). You may also need to sit for the GRE, apart from writing a statement of purpose and providing recommendations.
Which One Should You Pick?
In the question of MBA vs MHA, which one you pick needs to be decided by a variety of factors and each one is unique for each individual. The following are some of the factors you should consider to make a more informed choice about both the degrees:
Tuition Fees
Your budget for your higher education will be affected by the tuition fee. In the case of an MBA, the ranking of your MBA school and the networking opportunities it can open you up to make a huge difference. The better the ranking of the school, the more the tuition fee tends to be. A two-year MBA can cost anywhere between $65,000 and $100,000.
An MHA may also cost anywhere between $60,000 and $90,000, depending on the school you enroll in. Since MHA programs can also extend up to four years, the long-term costs may be higher but otherwise, an MBA typically tends to be more expensive.
Return on Investment
Both degrees can get you well-paying, six-figure salary jobs. Even if you take out a student loan to apply for the degree, within the first few years of employment, you should be able to pay the loan back. But the salaries and jobs may also vary based on the school you graduate from and how it looks on paper.
However, while an MBA will prepare you for a variety of business and finance jobs, perhaps including administration jobs in the health industry, with an MHA you will need to commit to the healthcare industry. While this is an industry with a lot of jobs, it is still a competitive industry, whereas an MBA keeps your options open.
Career Plans
Finally, which degree you should choose depends on your specific career plans. If you are willing to commit to the healthcare industry and this is the area of your interest, an MHA degree will give you an edge over the others.
You can be equipped to do extremely high-ranking administrative jobs at hospitals, clinics and medical establishments. But if you would prefer to keep your options open, an MBA may be a better choice. It prepares you for a variety of different business situations and perhaps you can make inroads into the health industry as well, as a business administrator.
Final Thoughts
Both the degrees described above are respected and coveted degrees. Educational institutions and schools for both are competitive and you need to have a few prerequisites to get admission into these programs.
Either of these degrees is a good way to advance not only your education but also your career. They will open you up to a variety of opportunities and you are sure to find great merit in pursuing them once you decide which direction you should go in.