Getting a master’s degree in any field can be expensive. However, the main reason most students decide to go back to school is that they can qualify for much better jobs if they have a master’s degree. This is as true in the health administration field as it is in any other field. If you get a master’s degree in hospital administration, what kind of average salary can you expect?

According to reports, hospital administrators make, on average, $62,6500 to $113,500 per year, not including bonuses, profit sharing, and commission, which is also possible in this field. Most also receive medical, dental, and vision health benefits, as well as paid vacation time and sick days. If you have a master’s degree, you can expect to be at the high end of this scale. Hospital administrators with bachelor’s degrees make between $39,800 and $150,000 per year (with the lower range to be expected). On the other hand, with a master’s degree, here are the salary ranges you can expect:

• Master of Health Administration: $50,868 to $104,872
• Master of Science: $90,870 to $115,630
• Master of Science in Health Administration: $72,152 to $124,000
• Master of business Administration: $69,185 to $151,262

A number of factors can affect your total annual salary. Location makes a big difference, for example. If you’re working as a health service or medical manager (not even a top executive), the nationwide average salary is $88,750. In certain states, however, the average is much higher. Mangers in the healthcare field in Washington, Vermont, New York, Massachusetts, and Rhode Island all make and average of over $103,000 annually, according to the United States Department of Labor’s Bureau of Labor Statistics. The top metropolitan areas for this field are as follows:

• Salinas, California: $131,500
• Lawrence – Methuen – Salem, Massachusetts/New Hampshire: $126,860
• Panama City – Lynn Haven, Florida: $125,580
• Burlington – South Burlington, Vermont: $123,290
• Seattle – Bellevue – Everett, Washington: $118,680

Of course, the job title you hold also makes a difference in your bottom line. With a bachelor’s degree, you might not qualify for many positions above being a manager. However, with a master’s degree, you’ll qualify for other hospital administrative positions. Often, the CEO is someone who has both a medical doctorate degree and at least a master’s degree in healthcare administration. Other top administrative positions in hospitals include the chief financial officer, the chief operating officer, president of the board, and various vice president positions. Every hospital is different, so the jobs available and the starting salaries attached to these positions will vary depending on your location and employer.

So does it make sense to go back to school to get a master’s degree in hospital administration? Absolutely. Scholarships and grants can lessen the financial blow, and even if you have to take out student loans to pay for your education, you’ll make your money back in just a few year at most. It makes a lot of sense to get your master’s degree in this field if you want to advance in your career.