What’s a Healthcare Master’s Degree Worth?

Why Earn a Master’s in Healthcare?

If you’re asking, “Is a master’s in healthcare worth it?” you’re on the right page. Here, we’ll discuss the benefits of earning a master’s degree, including its return on investment. 

But we also want to emphasize the challenges of earning a master’s degree in healthcare. Setting realistic expectations is a must if you want to succeed at it. 

What are these challenges? First, healthcare is a STEM discipline with a strong emphasis on math and science skills. If possible, your bachelor’s degree must be the same or in a related field as your master’s degree. Your work experience should ideally be relevant or related, too. 

Second, the costs of healthcare degree programs are usually higher than non-STEM programs. Besides tuition and fees, candidates also spend on medical supplies and clinical placements. 

Fortunately, these challenges aren’t insurmountable with the right preparation. You may want to brush up on your STEM skills, for starters. Then, choose affordable programs, create a realistic budget, and apply for financial aid. 

Benefits of Earning a Master’s Degree in Healthcare

When you overcome these challenges, you’ll enjoy many benefits. Indeed, your journey will be worthwhile with your personal and professional growth.

Here are the best reasons why you should earn a master’s degree in healthcare.

• Gain a competitive advantage in leadership roles. Most healthcare leadership positions require a master’s degree, among other credentials. These include healthcare administrators and managers, policy advisors, and directors.
• Enjoy higher earning potential. Leadership positions come with higher annual incomes, usually in the six-figure range. Medical and health services managers earn $110,680 per year in median wages. Physician assistants earn higher incomes at $130,020 per year, on average.
• Become a respected leader in your field. While a master’s degree isn’t a guarantee of respect, it’s a start because it isn’t easy to earn. With your extensive work experience over time, you can earn your peers’ respect. 
• Enjoy better job stability and security. The healthcare industry is among the most recession-resistant industries. People will always be in need of healthcare services. Plus, an aging and growing population means more people need them.

Best Master’s Degrees, ROI-wise 

The question, “Is a master’s in healthcare worth it?” must also be made in the context of job demand. The best master’s degrees with excellent returns on investment are: 

• Master of Healthcare Administration (MHA)
• Master of Public Health (MPH) 
• Master of Science in Nursing (MSN)
• Master of Healthcare Informatics (MHI)
• Master of Business Administration – Healthcare focus (MBA – Healthcare)

Consider your interests and goals, too, when choosing a master’s degree. Of course, earning money is important. However, the non-pecuniary aspects of job satisfaction are also crucial. 

For example, the six-figure master’s in healthcare management salary boosts job satisfaction. But if your heart is in direct patient care, you may want to consider being a nurse practitioner instead. AN MSN degree is a better choice than an MHA degree in this case. 

Understanding the Cost of a Master’s Degree in Healthcare

Your cost of attendance in a master’s degree program varies depending on these factors: 

• Public or private status 
• Delivery format (e.g., on-campus, online, or hybrid) 
• Type of degree (e.g., nursing, health administration, or public health) 

In general, private colleges charge higher tuition and fees than private universities. While there are exceptions, online programs tend to be more affordable than on-campus programs. Whether you’re in a public or private college, always seek financial aid. 

Components of Cost of Attendance

Your cost of attendance consists of two main components – direct and indirect costs. Direct costs refer to the tuition and mandatory fees. Indirect costs include books and supplies, room and board, and living expenses. Let’s take a closer look at them. 

• Tuition and fees. These are the largest components, usually between 40% and 50% of the cost of attendance. Depending on the program, these are charged on a per-credit or per-semester basis. Fees may be mandatory fees charged per credit or per semester or one-time fees. Examples include fees for application and registration, technology, and student services. Note that fees can be significant in amount, too (e.g., $500-$5,000 per term).
• Books and supplies. Besides physical textbooks, graduate students may also spend on software and other course materials. The costs vary from $1,000 to $3,000 per year.
• Health insurance. Some healthcare graduate degree programs require health insurance for candidates. This can be $1,000-$3,000 per year, too. You can apply for an exemption under specific circumstances. You may have employer-sponsored health insurance or coverage through military benefits.
• Room and board. If you reside on campus, you must add room and board to your cost of attendance. As a graduate student, you may or may not be required to subscribe to a meal plan. Add between $10,000 and $15,000 per year to your cost of attendance. If you’re not in on-campus accommodations, be sure to add transportation, parking, and car maintenance costs. This can add $1,000-$5,000 per year.
• Internship and clinical placement fees. Again, these can be significant, so be sure to budget for them. Add $1,000-$3,000 for these fees. 

Financial aid is your friend in decreasing your out-of-pocket costs. Federal and state student aid, scholarships, and grants are the first options. Then, consider maintaining your current employment, applying for military benefits, and taking advantage of employer tuition plans.

Costs of Specific Healthcare Master’s Programs

Here, we’ll look at the tuition and fees of specific master’s degrees in healthcare programs. Tuition and fees are taken directly from the official program pages. These figures are for the 2024-2025 academic year. 

Bachelor’s vs Master’s in Healthcare

First off, we must emphasize the better numbers of masters in healthcare salary. Better numbers are also present in the Master in Healthcare job outlook. 

These are the high-paying healthcare occupations that require a master’s degree and their job outlook. The information is from the BLS Occupational Outlook Handbook on Healthcare Occupations and Medical and Health Services Managers.

According to BLS Education Pays, master’s degree holders also earn higher median wages at $1,737 per week. In contrast, bachelor’s degree holders earn $1,493 in median weekly wages. That’s a $244 per week or $12,688 per week difference.  

So, is a Master’s in Healthcare worth it? Yes, it is considering the salary difference and the career advancement opportunities. 

Is an MHA degree worth it, too? Yes, since the benefits outweigh the costs. Let’s say you’re earning $110,680 per year, on average, and your total cost of attendance was $70,000 (in-state, public, with financial aid). 

You can recoup your costs in under 12 months. Plus, your return on investment over 10 years is a whopping 1,480%. 

Let’s compare these aspects of a bachelor’s degree and a master’s degree. 

Indeed, earning a master’s degree pays off in the long-term period. Your return on investment varies depending on your cost of attendance and future salary. But you can recoup your investment in as little as two years. 

The Hallmarks of a Top-Quality Healthcare Master’s Program

Here are the crucial aspects that you must look for in a master’s degree in healthcare program. 

• Always check if the university has a current regional or national accreditation. Note that a regional accreditation is preferred. Regional accreditation means the university meets current academic standards, among others. Federal and state financial aid is also available at regionally accredited universities.
• Check for programmatic accreditation, too. Look for the “seal of approval” from CAHME, CEPH, or ACEN, among other agencies.
• Consider the overall reputation of both the university and its master’s degree in healthcare programs. Read rankings and reviews, such as ours.
• Ask about the credentials, including doctoral degrees, research work, and faculty members’ professional experience. Academic excellence rests partly on the expertise of professors.
• Understand the curriculum and its courses, and internship requirements. Look for a well-balanced curriculum that emphasizes both theory and practice. Ask relevant questions about prerequisites and course sequence. 
• Look for robust internship and/or practicum programs. The best programs have long-standing corporate partnerships with healthcare organizations. Many also have their own hospitals where graduate students can become interns.
• Consider the networking and mentorship opportunities offered. Access to the alumni network, industry events, and workshops is a good sign.
• Check for flexible learning options, especially if you’re a working professional or a parent with small children. Online courses, part-time enrollment, and hybrid programs are excellent.
• Look at the student support services, including career services. As a graduate student, you’ll appreciate their benefits when the going gets tough. Plus, these boost retention, graduation, and job placement rates. 

Most importantly, consider these factors in relation to your interests and goals. 

Conclusion: A Master’s in Healthcare is Worth It

Yes, indeed, it is. But keep in mind, too, that its value will depend on how well you leverage it for your career advancement. Be sure to use it for the common good, too.

Here are a few more common questions about earning a master’s degree.

What are the admission requirements?

These vary depending on the program, but the most common are:

• A bachelor’s degree in any relevant or related field
• A minimum cumulative GPA
• Professional resume
• Letters of recommendation
• Personal statement or essay with prompts
• GRE scores

How long does it take to complete a Master’s degree in Healthcare?

A standard master’s degree program can take two years to complete if enrolled full-time. Accelerated programs have a time-to-degree of less than two years. Part-time programs take longer to complete, usually 3-4 years.

What’s next after earning a Master’s degree in Healthcare?

You can leverage it for career advancement purposes, such as promotion to executive management positions. There’s also the opportunity to pursue a terminal degree, such as a DNP or Doctor of Nursing Practice degree.

Additional Resources:

• Maximizing Career Services in a Master’s in Healthcare Program
• Social Work & Social Services Career Guide: Salary and Degree Info
• Most Affordable Online Master’s in Nursing (MSN) Graduate Programs