What’s the Average Salary With a Masters of Hospital Administration?
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 â€“ Methuen â€“ Salem, Massachusetts/New Hampshire: $126,860
- Panama City â€“ Lynn Haven, Florida: $125,580
- Burlington â€“ South Burlington, Vermont: $123,290
- Seattle â€“ Bellevue â€“ 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.
Hospital administrators are responsible for the administration, leadership, and management of hospitals and hospital networks. A master's degree in healthcare or health administration is the standard credential for those in the field of hospital administration. Below are several accredited colleges that offer online degrees in health and hospital administration.
Featured Masters Degrees in Hospital and Health Administration
|Prepare to be in high demand! When you earn your Bachelor of Arts in Health Care Administration degree from Ashford University, you prepare yourself to pursue a variety of health care administration positions. Build a solid foundation for career mobility among health care professionals.
|Liberty University's MBA in Healthcare Administration program provides a combination of skills and experience that will make any job applicant stand out from the crowd. Created for those who want to move into upper level management in health care organizations, courses focus on business conceptual, analytical and application skills specific to the industry.
||With Ohio University's Master of Health Administration program, students study the management of hospital services, including quality control methods. The curriculum is designed to review the continually shifting relationships among patients, providers, suppliers, and legal implications. Graduates enter careers spanning the healthcare management field.
|Designed by leaders in the field of healthcare administration, Walden University's Master's program in healthcare administration prepares students for entry into one of the nation's fastest growing industries. The curriculum teaches specialized, targeted hospital management skills using a wide variety of healthcare delivery methodologies.
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