RNs who earn both their MSN and MBA simultaneously are in an excellent position to work in both the clinical and business environments. Nurses who have extensive clinical experience find that with their MBA, they are able to transition into upper management roles that involve overseeing the business aspects of a hospital, department or medical center.
What We Do
A nurse with an MSN and an MBA is qualified to work in both the clinical and business/administrative roles in many hospitals and medical centers. A healthcare facility can come to really rely on a professional who has extensive skills in both nursing and in business. Completing this demanding dual degree will provide you both with the advanced nursing and business skills that you will find extremely beneficial in executive management positions.
Why It’s Hot
Given that our population is aging, technology in medicine is improving, and more people than ever have health insurance, there is a growing demand for advanced health care services. This means that there is more demand for nurses of all kinds. In particularly high demand are nurses with high levels of education and experience. Nurses who have an MSN or higher degree usually command the highest salaries, and if you also have an MBA, you will be well positioned to earn a top tier salary in management at a health care facility.
Work Environment
Professionals who have their MSN and MBA will work usually in a medical center in an administrative office environment. Some nurses with this type of degree may still do some work in a clinical role, but most of their time is usually spent working on administrative and business tasks in a standard office environment.
Nurses with a business education need to be able to work equally well with both clinical and administrative staff at a hospital or medical facility.
How to Do It
To earn your dual MSN/MBA degree, you need to finish your bachelor’s degree in nursing and have an active RN license. Then you can apply to the graduate school that you want, but note that only a limited number of dual MSN/MBA programs are available.
As an RN, earning a dual MSN/MBA degree is a smart decision. Today, there are many strong online dual MSN/MBA programs from which you can choose. Some of the most highly recommended choices include:
- MBA/MSN in Nursing – California University of Pennsylvania (Featured!) – Recognized by the U.S. News and World Report for: Best Online Programs, Bachelor’s 2017, Best Online Programs, Grad Education 2017 and Best Online Programs, Bachelor’s for Veterans 2017
- The University of Texas at Arlington – The purpose of this dual MSN/MBA is to prepare nursing leaders with a special blend of nursing, leadership and business management skills. After you graduate from this three year online program, you will be ready to assume leadership roles in many healthcare-related organizations, including hospitals, corporate offices and ambulatory care facilities.
- Chamberlain College of Nursing – With the Chamberlain MSN Executive Specialty Track program, you can then apply to DeVry’ University’s MBA program after you graduate with your MSN. You will only need to take eight classes instead of the normal 16 to earn your MBA. Classes that you will take in this dual degree, online program include Fundamental Nursing Concepts and Applications, Theoretical Basis for Advanced Nursing Practice, Healthcare Policy, Accounting and Finance, Applied Managerial Statistics, Managerial Finance, and Marketing Management.
- St. Joseph’s College: This online university will provide you with a dual MSN/Leadership MBA. This is an ideal degree for the RN who wants to become a health care organization manager, director or nursing or even a chief nursing officer. Some of the basic nursing classes that you will take for your MSN include Conceptual Bases for Nursing, Nursing Informatics, Nursing Research, Nursing Leadership, Nursing Ethics and Policies, Politics and Change.
- Lynchburg College: This dual degree, online program is designed for the clinical nursing leader who wants to assume management or administrative positions of high importance in the healthcare field. This program can be completed mostly online with occasional campus visits. Classes include Nursing Theory, Global Health, Research and Evidence Based Practice, Advanced Patient Management, Leadership and Ethics, Business Foundations, and Marketing Management.
- Lamar University: Earning your dual MSN/MBA will provide you with advanced knowledge in nursing administration, business, finance, and the business managerial field. You can finish this dual degree program online in three years. Required classes include Theoretical Foundations, Nursing Research, Financial Accounting, Economics, Advanced Nursing Issues, Marketing Concepts, Planning and Organizing Healthcare, and Directing and Controlling Healthcare Delivery.
Pros & Cons
By obtaining your online, dual MSN/MBA degree, you will open many doors for yourself in the business operations of health care centers:
Pros:
- Few RNs have both an MSN and an MBA, so you should stand out in virtually any hiring situation.
- You will be able to command the highest salaries with a graduate degree in both fields.
- Being able to relate to both the clinical and business sides of healthcare organizations will make you a go to person at that facility.
Cons:
- Earning a dual degree is such different fields is extremely challenging.
- Many nurses struggle with learning business concepts and operating in a very different environment from clinical rounds.
Financial Aid
Below are several scholarships that could be useful as you earn your dual graduate degree:
- National Black MBA Association Scholarship: Provided annually in an amount of $1000 to $10000 per student to outstanding black MBA students around the US.
- Native American Scholarship Fund: This annual MBA student award is given to outstanding Native American students in the amount of $5000 to $10000.
- AAUW Education Funding: The American Association of University Women features many scholarship options for women who are pursuing an advanced degree. Awards range from $2000 to $12000.
- Geraldine Bednash Scholarship: Given to nursing students who are pursuing a graduate degree in nursing, in the amount of $5000.
Career Paths
Because you have such a wide education base with this dual graduate degree, your opportunities for employment are nearly endless:
- Hospital finance: If you have a dual degree and clinical experience, you could find a rewarding career in the finance and accounting department of a medical center.
- Hospital administration: Nurses who have an MSN and several years of clinical experience on the floor are usually well suited to being the manager or administrator of nurses and/or support staff at a hospital. With an MBA, you should be an even stronger candidate.
- Nursing home management: A nursing professional with a business background will be in great demand in a nursing home; clinical skills obviously are important, but a nursing home needs to be operated profitably to stay in operation.
- Public health management: You could work in a nonprofit or government organization that is dedicated to public health. Having clinical nursing skills and business skills can help you to effectively serve two very different interests in one organization.
- Nursing consultant: Nurses who have a business degree can serve as an effective consultant to health care organizations who need to have more profitable business operations.
Further Reading
Below are some interesting publications of note to nurses with a business background:
- The Journal of Nursing Administration: This highly regarded nursing business journal provides insights into the latest breakthroughs in nursing administration.
- Nurse Entrepreneurs: This article provides interesting insights for nurses who want to work in their own businesses and need to have business acumen to succeed.
- The Impact of Education on Nursing Practice: This document offers information on the routes to becoming a nurse and the educational opportunities available for nursing professionals at different levels.
- Business Intelligence and Nursing Administration: This article discusses the need to build a better business infrastructure for nursing care delivery.
Suggested Websites
Below are several websites that can provide helpful information to students earning a dual MSN/MBA:
- American Nurses Association
- National Student Nurses Association
- National Business Association
- Business Networking International
- National Society of Certified Healthcare Business Consultants
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