UPDATE: This article was originally posted on May 5, 2021. It has been updated with new information and tips below.
Do you have experience in the medical field and want to build your management skills? Perhaps you have business experience but want to transition into the healthcare industry? Or maybe you are interested in making social impact through healthtech? In any case, an MBA in healthcare can help you boost your career and become a leader within medical organizations.
Healthcare is an important market; spending in this industry accounts for more than 17% of the US economy. And as affordable, accessible healthcare becomes increasingly essential, the need for qualified people to manage healthcare facilities is also rising.
Healthcare is one of the fastest-growing industries, a trend that promises a wide range of opportunities and job security moving forward.
A healthcare MBA will give you the specialized managerial skills and knowledge needed to lead within healthcare systems, medical centers and hospitals, and other health-related centers and organizations. If your passion lies in this field and you need either the business or medical knowledge needed to follow this path, pursuing a specialized MBA in healthcare may be right for you.
And what’s more, there are plenty of top programs that offer a wide range of options for this specialization. To help you decide which one is best for you, we’ve compiled a list of the most beneficial programs out there so you can compare and consider them against your own needs and interests.
What does an MBA in healthcare look like?
While healthcare MBA programs differ according to many factors such as specialization and values, all share a few key similarities.
First, within any healthcare MBA, you will learn about key business concepts, such as marketing, finance, and project management, so that you are fully prepared for management, even if you do not have a business background. Most usually take two years of full-time study to complete, although some, such as Kellogg, allow students to take three full-time semesters to complete in one year.
Once you have covered your business fundamentals, you will then start to take courses focused on management in healthcare settings; these programs are organized into different concentrations. However, generally, these courses examine essential topics like clinical management, healthcare information systems, and regulatory compliance.
Depending on the program you choose and the courses you take, you will have a variety of options ahead of you once you get back to your career post-MBA. Most graduates will pursue healthcare administration, as there are a plethora of high-profile, well-paying jobs in this area.
However, you could also consider positions in health services, healthcare consulting, or managing medical practice operations or pharmaceutical branding; or perhaps you are currently unsure of exactly what role you want to have in the industry, but know you are passionate about the intersection of health and business and want to explore your options as you pursue your MBA!
Top MBA programs for healthcare
Listed below are the best MBA programs for students interested in pursuing healthcare after graduation. We detail the program’s length, location, and an overview of healthcare opportunities available at the school.
The University of Pennsylvania – Wharton School of Business
Source: @whartonschool on Instagram
Location: Philadelphia, PN (United States)
% of students entering healthcare: 5.6%
Median post-MBA salary in healthcare: $160,000
Wharton’s Healthcare Management Department supports the Healthcare Management Major through the Wharton MBA, ensuring students receive a quality, well-rounded education that prepares them for immediate work in the sector.
Required courses include a field application project, and electives are vast. They range from Legal Aspects of Healthcare to Comparative Health Systems. Their area also has multiple clubs related to health and biotech. Additionally, students can engage in global health volunteering.
Duke University – Fuqua School of Business
Source: @dukefuqua on Instagram
Location: Durham, NC (United States)
% of students entering healthcare: 11%
Median post-MBA salary in healthcare: $130,000
Fuqua’s Health Sector Management (HSM) Certificate Program is designed for those seeking to understand the challenges and opportunities within healthcare, as well as those seeking a transition into health management. Courses within the HSM program include a wide range of topics, such as “Biopharmaceutical and Medical Device Strategy,” “Commercialization of Disruptive Innovations,” and “Health Care Law and Policy.”
Students also have access to a number of extracurricular opportunities related to healthcare, including the Duke Health Sector Advisory Council, which meets biannually to discuss key issues in the industry, and the HSM Bootcamp, which exposes students to industry professionals and career opportunities.
Fuqua’s healthcare program is offered across MBA programs, including the Daytime MBA, Global Executive MBA, and Weekend Executive MBA.
The University of North Carolina – Kenan-Flagler Business School
Source: @unckenanflagler on Instagram
Location: Chapel Hill, NC (United States)
% of students entering healthcare: 10%
Median post-MBA salary in healthcare: 123,000
Focused on equipping its students to act as leaders in the modern healthcare industry, UNC Kenan-Flagler has one of the most complete healthcare concentrations of any business school in the US. In addition to offering courses on a wide range of healthcare topics, such as “Global Healthcare,” “Healthcare Analytics,” and “Healthcare Brand Plan,” the school also has a strong focus on experiential learning. For example, the STAR (Student Teams Achieving Results) Healthcare program allows students to work directly with major healthcare companies on real projects. Recent partners have included GSK, Sharecare, Blue Cross NC, Optum and Viiv Healthcare.
Finally, UNC encourages its students to get involved with the Center for the Business of Health (CBOH), a center that extends across UNC’s numerous schools to address key healthcare issues through research, teaching, and several programs.
Northwestern University – Kellogg
Source: @kelloggschool on Instagram
Location: Evanston, IL (United States)
% of students entering healthcare: 4%
Median post-MBA salary in healthcare: $135,000
The Healthcare at Kellogg (HCAK) pathway requires students to complete at least one foundational course before moving on to more specialized electives, such as “Critical Issues in the Pharmaceutical, Biotech, and Medical Device Industries.”
Students also have the opportunity to complete capstone projects and experiential learning courses like “NUVention Medical Innovation” and “Medical Technologies in Developing Countries.”
Additionally, Kellogg’s Healthcare Club offers resources and networking opportunities, such as events with healthcare and biotech professors and industry executives. Kellogg also hosts the annual Kellogg Business of Healthcare Conference (KBHC), which allows participants to discuss and debate a key, relevant topic in healthcare.
Carnegie Mellon University – Tepper School of Business
Source: @carnegiemellon on Instagram
Location: Pittsburgh, PA (United States)
% of students entering healthcare: 6.2%
Median post-MBA salary in healthcare: $121,000
If you are interested in public policy, Tepper may be just the school for you. They offer a joint MBA-Master’s of Science in Healthcare Policy and Management, which includes courses on innovation and product development as well as management of medical capital and knowledge.
Tepper’s Healthcare Club, Career Treks program, and visits to healthcare facilities are great opportunities to gain practical experience and network with other students and professionals involved in healthcare. Students pursuing the dual degree program can also access healthcare clubs and opportunities at Heinz College.
The University of Michigan – Ross School of Business
Source: @michiganross on Instagram
Location: Ann Arbor, MI (United States)
% of students entering healthcare: 6.3%
Median post-MBA salary in healthcare: $140,000
The healthcare management program at U of M gives students access to 12 healthcare-related electives and multidisciplinary action projects. During your project, you will gain hands-on skills at a sponsoring company. Thus, if you are interested in experiential learning opportunities, this should definitely be a consideration for you.
Additionally, the program focuses on giving students support for recruitment opportunities and fast-tracking career outcomes as soon as the program is over.
Yale University – Yale School of Management
Source: @yalesom on Instagram
Location: New Haven, CT (United States)
% of students entering healthcare: 3.8%
Median post-MBA salary in healthcare: $134,000
As is all of Yale’s programs, their healthcare MBA is top-notch and designed for those who aspire to become the top leaders and innovators in the industry.
The core curriculum, which students focus on during the first year, covers topics ranging from global health to healthcare operations to health equity. The second year is spent taking advanced courses at the intersection of business and healthcare and ends with a capstone project.
Columbia Business School
Source: @columbia_biz on Instagram
Location: New York City, NY (United States)
% of students entering healthcare: 2.6%
Median post-MBA salary in healthcare: $172,500
Though finance might be what first comes to mind when potential applicants think of Columbia, the school packs a punch in healthcare as well. More than just a major, Columbia’s Healthcare and Pharmaceutical Management Program is set up to give healthcare-focused students everything they need to succeed through top-notch academics, extracurricular activities, and career support.
First, the program offers courses to suit a range of post-MBA paths, including “Public Policy and the Healthcare Industry,” “Investing in Digital Health Startups,” and “Strategy and Competition in Pharmaceuticals and Biotechnology.” Outside of class, students can participate in events like the “Healthcare Leadership Series,” which connects small groups of students and alumni to discuss challenges in the industry.
Finally, the Healthcare Mentorship Program provides unparalleled support during the recruitment process. Perhaps that’s why Columbia’s healthcare grads are the best paid on this list, receiving median post-MBA salaries on par with consulting and investment banking salaries at other M7 schools.
MIT – Sloan School of Management
Source: @sloanstudentlife on Instagram
Location: Cambridge, MA (United States)
% of students entering healthcare: 6.8%
Median post-MBA salary in healthcare: $145,000
One of the top four industries for graduating students, MIT Sloan offers healthcare-focused students numerous opportunities to pursue their goals during their business school experiences. First, Sloan offers a Healthcare Certificate, which offers courses like “Economics of the Health Industry” and “Collaborative Data Science in Medicine,” among many others.
MIT also has a strong focus on experiential learning and offers a specialized Healthcare Lab that enables students to gain real-world experience in the healthcare industry. Finally, students can connect with the HSI Initiative, which focuses on driving innovation in the healthcare industry, especially in the areas of healthcare analytics, operations, and incentives.
CEIBS
Source: @ceibs_official_site on Instagram
Location: Shanghai, China
% of students entering healthcare: 19.8%
Median post-MBA salary in healthcare: $107,000 (740,000 RMB)
If you are interested in a short, global experience and also want the opportunity to get a joint degree, CEIBS is perfect for you! The dual MBA-MPH program starts at the Shanghai campus for the business aspect of the degree, then students finished their MPH at Johns Hopkins. Students gain experience in two extremely different healthcare systems, providing a range of perspectives and approaches.
Electives include topics like healthcare economics, policy, and life science industry management. CEIBS’ MBA Healthcare Club, present on both campuses, allows students to network and gain opportunities for practical experience. Additionally, the school’s Centre for Healthcare Policy and Management conducts research that students can get involved in.
Additional Programs to Consider
Though they didn’t make our Top 10 list, there are numerous other excellent MBA programs for healthcare-focused MBA professionals. In addition to the schools mentioned above, you may want to also take a closer look at Harvard Business School, UC Berkeley Haas, The University of Texas McCombs, The University of Chicago Booth, and UCLA Anderson. If Europe is more your style, St. Gallens and SDA Bocconi are excellent options as well.
Learn more about finding the right healthcare program for you
As healthcare becomes a more common focus within MBA programs, it can be overwhelming to know which schools are the best fit for you and whether this is even the right choice for your future.
Luckily, Ellin Lolis Consulting has an outstanding team with the knowledge and advice you need to make these decisions. And what’s more, we can even help you get admitted to the program of your dreams with our expertise in successful MBA applications.
xWhether you are considering a future in healthcare or need advice on how to appeal to the admissions committee at your program of choice, we here at Ellin Lolis Consulting are excited to help add more value to your application than you ever thought possible – all while retaining your unique voice.
Over 98.9% of our clients get accepted to at least one of their preferred programs, and we’d love to help you, too. Apply to work with us and get accepted into your top choice healthcare MBA!
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