Some individuals with MBAs have bypassed careers in the financial services and business fields, and instead, focused on jobs related to healthcare management and administration. Two of the most popular degrees for individuals working as healthcare administrators are the Masters of Business Administration (MBA) and Masters of Health Administration (MHA) degrees.
What Can You Do With an MBA?
A Masters of Business Administration (MBA) is a useful and profitable degree that can be used for a variety of career fields and industries. MBA holders can work in the financial sector as a financial controller, senior financial analyst, or as a chief financial officer (CFO). Outside of finance, individuals with an MBA can work as project managers, marketing directors or as office managers. Generally, administrative services managers must oversee the centralized operations of a business, but in many cases, the specific duties and responsibilities will vary based on the size of company and the level of the managerial position.
MBA - Salary
The salary and wage of an administrative services manager varies by industry and geographic area. Based on data provided by the U.S. Bureau of Labor Statistics, the median annual wage of a salaried administrative services manager is $84,390 as of May 2010. The Bureau also reported that managers made an hourly mean wage of $40. New York, New Jersey and Long Island are the top paying areas for individuals holding MBAs. Over the next 10 years, the need for administrative services managers is projected to grow by 12 percent, which is on par with other managerial occupations.
MBA - Industry
While administrative services managers are found in all industries, some industries have a greater concentration than others. According to the U.S. Bureau of Labor Statistics, the securities and commodity industry and the administrative services sectors are home to the highest concentration of MBA holders. However, the industries with the highest levels of employment in this profession are local government and education services. The healthcare industry, finance and insurance sectors are home to a large number of administrative services managers as well.
What Can You Do With an MHA?
Individuals who hold a Masters of Health Administration (MHA) degree are qualified to perform some of the same duties as an individual with an MBA, only the degree is focused on how business is implemented within the healthcare arena. Individuals who hold an MHA work to improve the quality and efficiency of healthcare, maintain relationships with insurance companies and patients, and manage the day-to-day operation of a hospital or medical facility.
MHA - Salary
The salary for someone with an MHA degree will vary depending on the level of the managerial position and the geographic location. According to the U.S. Bureau of Labor Statistics, medical and health services managers earned a mean salary of $93,670 and an hourly mean wage $45. Texas, New York and California are states with the highest employment levels of this occupation; however, Massachusetts, Washington and Long Island are the highest paying areas for this profession. Employment within the medical and health services profession is expected to grow 16 percent in the next 10 years -- faster than the average rate for all other occupations.
MHA - Industry
Unlike an MBA degree, which can be used in both the financial and health sectors, individuals with an MHA usually work in healthcare or the pharmaceutical industries exclusively. According to the U.S. Bureau of Labor Statistics, about 38 percent of medical and health services managers worked in hospitals and 19 percent worked in smaller practices or medical facilities.