Just a few short years ago, it was common to see politicians gnash their teeth about the rising costs of higher education. Indeed, tuition, housing, books and the ancillary costs of pursuing a university degree price many people out of an education. Often, professionals who would pursue a Master of Business Administration (MBA) degree if it was a possibility cannot afford the tuition, fees or time away from work.
Fortunately, the times are changing as schools respond to the growing demand for affordable, flexible education as well as specialized MBA programs that offer clear career outcomes, transparency and expediency. For instance, those seeking careers in healthcare leadership and management could earn a specialized MBA degree with the online MBA with a Concentration in Healthcare Administration program from Texas A&M University-Corpus Christi (TAMU-CC). This degree program opens the doors to rapidly growing leadership roles in the healthcare sector for MBA graduates.
The Real Costs of a Traditional Healthcare Administration MBA
According to the Education Data Initiative, the average MBA debt for new graduates is $82,439. That estimate is conservative, considering that basic costs for traditional, two-year MBA programs can exceed $200,000. This figure may include tuition and fees, but costs like room and board, meals, books, transportation, moving expenses, childcare, and interest paid on student loans can increase the real cost of an MBA substantially.
Plus, for working professionals, the opportunity costs of putting a career on hold and forgoing wages for two years to earn an MBA can effectively equate to additional costs exceeding six figures. Lost income is significant for professionals in their 20s through their 40s. The absence of a paycheck for an on-campus MBA student is exacerbated by lost opportunities for promotions and raises, not to mention the loss of interest that could compound in 401ks and other investments.
MBA students in traditional programs graduate into a field in which they have lost two years of career and financial advancement relative to their peers. Considering these types of opportunity costs are critical to calculating the real cost of an MBA as well as a program’s potential return on investment.
The Accelerated Online Option Reduces These Costs to a Fraction
Prospective students considering an MBA in healthcare administration should take time to carefully add up all of these costs and compare them program to program. The accelerated online model of TAMU-CC’s MBA in Healthcare Administration program offers surprising cost savings in a number of areas.
Students with a Bachelor of Business Administration degree can complete the 10-course Healthcare Administration MBA program in just 12 months. Rapid time-to-completion can equal a quicker return on investment. Up to four additional courses may be required for applicants with non-business undergraduate degrees. Yet, even with additional foundation courses, students can complete the degree program in 12-24 months.
Furthermore, the online model provides the flexibility needed for students to work as they earn this degree, eliminating loss of wages. One to two years of full-time wages can certainly soften the financial blow of graduate school tuition.
Courses are compressed into a seven-week time frame. Determined students can take two courses at a time to expedite degree completion. Moreover, the program is affordable for both Texas residents and out-of-state students, with tuition totaling a fraction of the cost of an average MBA program.
Reduce Your Expenses With Financial Aid
In accredited online programs, students have access to the same financial aid options available on campus. The College of Business at TAMU-CC is fully accredited by AACSB International. The school works with students to locate financial aid opportunities, including scholarships and loans to meet their individual needs. Given the low cost of tuition and the availability of loans and scholarships, there is little need to wait to begin this program.
The TAMU-CC online MBA in Healthcare Administration delivers the prestige of a state university, the accreditation industry employers seek and a value proposition few traditional or online programs can match.
Learn more about the TAMU-CC online MBA with a Concentration in Healthcare Administration.
