Why Choose an MSN MBA Dual Degree?

This article has information about the advantages of choosing an MSN MBA dual degree, and how it can be helpful for many rewarding career paths. We will describe the details of an MSN MBA dual degree and what is taught in one, so that you can decide if it may be a proper fit for your goals. Also offered is information about some of the career options and salary potential, and a recommended program.

What Is an MSN MBA Dual Degree?

An MSN MBA dual degree is designed to prepare the experienced registered nurse with a Bachelor of Science in Nursing to develop both advanced business management skills and leadership competency in the nursing profession.

Some of the topics that are explored in an MSN MBA dual degree program include leadership theory and application, leadership and management, accounting, economics, operations management skills and business ethics in a healthcare environment.

Some of the learning outcomes that you can expect with this dual online degree are:

  • Mastering of advanced financial principles, such as analysis, planning and asset evaluation
  • Understanding marketing management, including planning, environmental analysis, leadership and management strategy
  • Understanding and applying business principles in healthcare systems, including healthcare policy, delivery options and principles regarding cost, quality and access

An MSN MBA dual degree integrates advanced theories of healthcare with cutting edge business management principles to help to shape you as a successful business healthcare executive. These skills are essential for you to be able to lead, manage and grow successful healthcare organizations of all kinds.

Why Earn a MSN MBA Dual Degree?

Experienced nursing professionals choose to earn a dual MSN MBA degree because of the many profitable and rewarding career possibilities that are available with such an unusual and versatile education.

Having advanced skills in both nursing and the business management fields will put you in high demand for some of the best career options available in the US today. Both the business and healthcare fields are experiencing rapid growth in the US today. Consider the following statistics from the Bureau of Labor Statistics (BLS):

  • Business and financial occupations will experience 8% growth by 2024, with a total of 632,400 jobs added. A stronger financial and regulatory environment will likely drive demand for more business professionals.
  • Healthcare occupations will see an impressive 19% growth in jobs by 2024, which is much faster than average, with a total of 2.3 million jobs added. Healthcare will see more jobs added than in any other occupation. It is expected that the aging US population will drive more demand for many healthcare services.

Medical and Health Services Managers

Experienced nursing with both advanced nursing and business degrees often decide to work as medical and health services managers. This profession, also known as healthcare executive or healthcare administrator, is greatly in demand because of the growing need for expert business managers to oversee all types of healthcare facilities.

These include nursing homes, hospitals, healthcare systems spanning many different buildings and campuses, and also medical practices with many doctors and nursing professionals.

Medical and health services managers with both an MBA and an MSN will have the skills and knowledge to perform the following duties with a high level of proficiency:

  • Improving the efficiency and quality of healthcare services
  • Develop goals and objectives for the department or facility that maximize patient outcomes and profits
  • Ensure that the healthcare facility is up to date and fully compliant with relevant state and federal laws
  • Oversee and manage the finances of the healthcare facility, including fees and billing for patients
  • Write and monitor healthcare facility budgets to ensure that departments do not go over budget

Professionals with a dual MSN MBA degree will enjoy strong job demand as medical and health services managers. It is anticipated that job demand will grow by 17% by 2024, which is much faster than average. The median pay in this field is $96,500, with the top 10% earning more than $172,000 per year. Professionals with both an MSN and MBA can expect to earn a very high salary.

Nurse Practitioner

A common career goal for earning an MSN degree is to become an advanced practice nursing professional, such as a nurse practitioner. NPs are some of the most in-demand healthcare professionals in the country today.

Nurse practitioners will see job growth of a very strong 35% by 2024, with numbers increasing from 126,900 to 171,700 by 2024. The median pay for nurse practitioners today is at least $100,000 per year. However, with the addition of an MBA degree, nursing professionals may expect to earn a higher salary as they also have advanced business management skills.

NPs with an MBA may serve in either clinical or business management positions for large healthcare organizations, depending upon their career goals. Both the career flexibility and the potential salary that come with holding a dual degree in nursing and business makes this educational choice a very good one.

For example, some of the job postings in Indeed.com for professionals with a dual MSN MBA degree include these titles:

  • Director of Compliance
  • Director of Care Management
  • Chief Nursing Officer
  • Executive Vice President of Home Health
  • Director of Disease Management
  • Director of Surgical Service Operations
  • Director of Case Management

Online MSN MBA Degree Options

California University of Pennsylvania

Nursing professionals interested in an MSN MBA dual degree may want to consider the online program available at California University of Pennsylvania.

The MSN portion of this CCNE-accredited program is in the nursing administration and leadership track. The MBA portion of the degree program is designed to prepare future nursing leaders with business skills that can be applied to many business-related and healthcare-related positions, such as:

  • Chief nursing officer
  • Health care facility director
  • Vice president of healthcare operations

Some of the benefits of this accredited MSN MBA dual degree program are:

  • Developed for experienced, working nursing professionals who want a broad, progressive perspective on critical business issues affecting health care organizations
  • Students who have finished the MBA core courses can finish the dual degree with 54 credits rather than 81 credits if the graduate degrees were taken separately
  • There are no campus visits or residency requirements
  • This dual degree may be completed in only 2.5 years if taken full time
  • If you have your MSN already, you may earn your MBA with 24 additional credits

Details

  • University Type: Non-profit
  • Campus Location: California, Pennsylvania; online
  • Accreditation: CCNE
  • Tuition: Inquire
  • Degrees Offered: MSN/MBA
  • GMAT/GRE Required: No
  • Financial Aid Offered: Grants, loans, work study, internal and external scholarships
  • Other Information: No campus residency or visits are required. Degrees can be completed in 2.5 years full time.
  • Get Free Info Direct: California University of Pennsylvania

Grand Canyon University

Grand Canyon University offers an MSN MBA dual degree program that integrates both advanced healthcare theory with the latest business management concepts. You will be shaped into a highly seasoned and skilled executive who will be equipped to grow any type of healthcare organization into a more successful enterprise.

Some graduates of this program go on to start their own healthcare organization. Others move into a top executive leadership position in a large healthcare organization.

Required coursework in this online program includes:

  • Introduction to Graduate Studies in the College of Business
  • Leadership and Organizations
  • Finance Principles
  • Accounting Practices
  • Economics
  • Quantitative Methods
  • Marketing Management
  • Managerial Accounting
  • Operations Management
  • Managerial Finance Total Credits: 4 credits
  • Strategic Management Total Credits: 4 credits
  • Theoretical Foundations for Nursing Roles And Practice

Details

  • University Type: For-profit
  • Campus Location: Phoenix, Arizona; online
  • Accreditation:
  • Tuition: Inquire
  • Degrees Offered: MSN/MBA
  • GMAT/GRE Required: No
  • Financial Aid Offered: Grants, loans, work study, internal and external scholarships
  • Other Information: Students have the option of transferring up to 12 credits from another graduate program, if the credits meet Grand Canyon University requirements.
  • Get Free Info Direct: Grand Canyon University

Summary

With the strong demand for healthcare professionals with both advanced nursing and business management skills, obtaining this rigorous dual degree will provide you with maximum career growth potential for decades to come.

References

HealthGrad.com provides career, salary and program information for students to get ahead