Advantages of a Master’s Degree in Healthcare Industry
Success is a relative term that can only be defined by individual perspective. In terms of professional and financial success, there are many admirable people within the healthcare industry that will always state that you can never stop learning and that your potential is unlimited. With healthcare constantly evolving, earning an advanced education and certification is necessary to remain relevant and employed, especially if you desire an organizational leadership and/or management role someday. So, we know that in general, education is something you shouldn’t cease doing in healthcare, but is an advanced degree like a master’s degree or doctorate worth the time and expense? Our answer is wholehearted YES! Although we may be biased, we have a handful of reasons why higher education in the healthcare industry is important. Let us take you through just a few of the benefits of having a master’s degree.
Top 5 Benefits of Earning a Master’s Degree
Whether you are fresh out of college and looking to distinguish yourselves from your classmates or have worked in healthcare for a few decades and are looking at advancing your opportunities, there is no doubt that you have asked yourself this question: Should I get a master’s degree? Here are five important advantages of a Master’s degree and why it’s important:
1) A Master’s Degree on your resume increases your competitive advantage.
As a leader in your industry and community, you need to constantly be thinking ahead, considering the value you add to your team, and how your career advancement will positively or negatively affect your income. You should also think about the added value of programs and partnerships in which you get yourself and your team involved. So what is in it for you by getting this degree? When considering the benefits of graduate programs, it is wise to calculate the return on your money invested based on industry data. According to the recently released Bureau of Labor Statistics report, the profession of pharmacy is only expected to grow incrementally between now and 2026, but Healthcare Administration is growing at a much faster than average rate. As we continue to navigate the pandemic and try to anticipate post-pandemic life, the necessity of healthcare workers and administrators continues to increase in need. Did you know that you can earn your Master’s in Health Services Administration in just five semesters?
2) The healthcare industry practically demands that you have an advanced degree.
Most healthcare workers have a strong desire to make a positive impact on their local or global community. They are true heroes with honorable intentions. Not only is one of the major advantages of going to graduate school a premium salary for those that decide to invest in an advanced degree, but in order to move up within your company or unilaterally within another, you will need an advanced degree. Prior to the creation of a Master’s in Health Services Administration you could get a Master’s degree in business or in public health. Now that we have a niche program specifically for those in the private and public healthcare sector, it is more desirable that you, as a prospective candidate, have that degree for the position.
3) A Master’s degree program works around your schedule.
No matter if you are just thinking about graduation this Spring with your bachelor’s or a career veteran, you have a life outside of school. Oftentimes, that might involve having children, a spouse, a household to take care of, family events, and a full-time career that you need to maintain in order to fund additional schooling and everyday adulting expenses. Considering going back to school can be daunting if you already feel overwhelmed with the tasks that you have to take care of on a daily basis, let alone, going to a nightly class. Luckily, one of the major benefits of graduate programs now is that the majority of them are online. You just have to find the online program that fits your situation best. For example, we offer some of our courses on Sunday evenings for a few hours and you are only taking one course at a time. That way you can excel in each course that is required of you to graduate in just five semesters.
4) Networking is important to your success.
Through the pandemic, we have learned the importance of building a community online. Most folks can now attain jobs without ever meeting their executives in person, you can engage in worldwide meetings in real-time with the click of a few buttons, and you can encourage enhanced business partnerships without ever touching a fax machine. Within specific niche markets, it is often best to know someone within that work-place in order to garner attention to a submitted resume or to establish a business-to-business relationship. With online graduate programs, your ability to build a rapport with individuals within your niche across several markets is not only important but so valuable to your growth and the growth of your business endeavors. It’s certainly a huge advantage of a master’s degree in the age of COVID that your growth as a person will be enhanced by the growth of others during your experience.
5) A higher degree level opens the door to higher-paying jobs.
Generally, the more advanced your degree the higher your starting salary will be. This is probably the most impactful benefit of graduate programs. According to the bureau of labor statistics, the median annual income for healthcare professionals is around $68,000, but after you’ve earned a master’s degree that number significantly increases. For example, with a master’s in health services administration you could be earning an average starting salary of around $82,000 per year with the top 10% earning $117,000 per year. That’s one huge benefit of having a master’s degree!
If you are still on the fence about a degree, you might be asking yourself: Why is a Master’s degree better than an undergraduate degree?
In general, most bachelor’s degrees are very broad in focus and give you enough education to get started at entry-level in that field. Master’s degrees are more specific and specialized to your field of interest. A big advantage of going to graduate school is that accredited Universities are very focused on getting industry leaders to teach their master’s programs. Thus giving you, the student, a mentor to help guide you in the field that you want to get into. Master’s programs should also include opportunities for great networking. That way if you want to expand your professional network, you should invest in higher-education and certificates in order to network with those that you want to work with or for.
Final question… Is a Master’s degree easy?
Easy is a relative term just like success. What may be challenging for one, may not be challenging for another. In general, a master’s program should be both challenging and rewarding. If it was considered easy, everyone would be getting one. In a program, you should expect to build and expand on your skills, knowledge base, and professional experience. In comparison, a bachelor’s degree is focused heavily on understanding what others have already learned and discovered in the field. In a graduate program, you should be expanding your learning and making discoveries of your own providing you with another great benefit of earning a master’s degree.
Being a lifelong learner is paramount to your personal fulfillment, self-development, and professional success. The reality is that we are much happier individuals if we are fulfilled within our workplace and interests that are outside of work. The contentment of getting an advanced degree is often voluntary and something that you are passionate about. Although going back to school can have its own challenges, ultimately, you are self-motivated to get this degree for further enjoyment in life or your workplace. Making a commitment to yourself, to your employer, to your family, or to your future should include consistent learning in and out of school. Embrace it.