[dropcap]I[/dropcap]f you’re an MBA student recruiting for jobs in healthcare, chances are you’re interested in one of the largest – and most complex – industries in the world. The opportunity to tackle huge problems – an aging population, rising drug and procedure costs, and a constantly-changing scientific landscape – attracts many a newly-minted MBA to the field. We took a look at our 250,000+ data points to determine what career paths, compensation, and work-life balance look like for MBA graduates in the Healthcare industry. Please note that this analysis includes both Healthcare Services (care provider networks, insurance) and Healthcare Products/Medical Devices.
TransparentCareer users in Healthcare reported average post-MBA total compensation (salary, performance bonus, stock, relocation, and signing bonus) of $153,498 (44th percentile). Of this, $113,300 was salary (50th percentile), $16,700 performance bonus, $15,000 signing bonus, and $1,800 stock.
Many entrants into the Healthcare industry are recruited into management programs with developed MBA pipelines, so while the signing bonuses might not compare to those dangled by consulting firms or investment banks, they are substantial enough to attract and convert students early.
Where the Healthcare industry really shines among MBAs is the satisfaction scores reported by those entering the field. The overall happiness score comes in at an incredible 8.4 of 10, one of the highest of any industry in our database of over 3,500 MBA employers worldwide. A deeper look shows this trend driven by high “impact of work” scores – 7.9 on average – and soaring company culture scores of 8.3 on average. In fact, only 2 of the top 20 companies reported as hiring MBAs in Healthcare score less than a 7 of 10 in culture (for reference, the average in our entire MBA database is ~6.5). DaVita, one of the most popular companies among MBAs, comes in with an incredible 10/10 average culture score – possibly due to their highly-respected general management track, the Redwoods Resident program.
But it’s not just the impact of the work that attracts MBAs to the field. The lower workload (well, versus some other MBA careers) offered by industry no doubt drives satisfaction for those looking for balance. TransparentCareer users reported average hours worked per week at 48 – well below the MBA graduate average of ~56 – and about 60% of graduates reported working just 40-45 hours weekly. Of course, there are always some outliers, with a handful of graduates reporting ~80 hours per week.
Combine these stats with low average travel of just 16% on average – with 2/3rds of respondents reporting zero travel – and you can see why the industry appeals to many, especially the former consultants of the crowd.
So, what roles are there for MBAs entering the Healthcare industry? First, there’s a roughly even split between those entering Healthcare Services (top employers: CVS Health, DaVita) and graduates accepting positions in Healthcare Products & Medical Devices (top employers: Baxter, Medtronic).
Roles in the field vary widely for MBA graduates, but the most popular seem to be Marketing, Corporate Strategy, General Management, and Corporate Finance. But there’s a long tail – operations, business development, and even internal audit – indicating that MBAs of various functional expertise can find a home in this huge industry.
For those interested in recruiting by location, there are some clear hubs. Boston, Chicago and New York all rank highly for jobs in this area, but again, it’s a long tail and many companies fall outside major metropolitan areas. One thing to note – if you’re an MBA recruiting for Healthcare and looking to land in the Bay Area, the odds may be against you – just one offeree reported a role from Silicon Valley companies.
Here are some of the most popular companies in the industry as reported by our MBA users. To get the full list and dive deeper into specific positions, just create a free account and visit our Career Explorer.
If you’re an applicant and dead-set on entering the Healthcare space after your degree, it might be worth considering some specialized programs, like the Health Care MBA from Vanderbilt-Owen or the Health Care Management major at Wharton. These programs layer industry expertise needed in this unique space with the more traditional business fundamentals of an MBA program.