This guide covers completion time, tuition, associated costs, and funding options. Use it to estimate how long you’ll need to complete the program and think about how you’ll pay for the degree. It wraps up with insights on time management and average ROI of an online MBA.
Job prospects are bright for healthcare managers, and an online MBA is one way to advance to a leadership role in a field that shows no signs of slowing down. A U.S. Bureau of Labor Statistics pulse check reports the job growth rate of medical and health services managers at 17 percent between 2014 and 2024 — almost three times the rate for all occupations combined. The median annual wage for this job category was $94,500 in May 2015.
You may be thinking of a healthcare MBA with a specific role (hospital CEO) or career path (pharmaceutical product management) that you want to pursue. Here are answers to questions you may have about UT Tyler’s Online MBA with a Concentration in Healthcare Management.
How Long Does It Take to Complete the Program?
Students average 18 to 24 months, but you can earn the degree in as few as 12 months. Need to pace yourself due to personal, work or other commitments? Take one course per term for 12 terms and finish in 24 months. Each course is seven weeks long. The university’s upper limit is five years.
The academic year consists of six terms: Fall 1, Fall 2, Spring 1, Spring 2, Summer 1 and Summer 2. The program’s rolling schedule allows you to choose any of these terms as your starting point.
The MBA program consists of 12 courses — nine core courses on management fundamentals and three concentration courses focused on healthcare. Each course is worth three credit hours, bringing the program total to 36 credit hours.
What Is the Weekly Time Commitment for Coursework and Assignments?
For every course you take, you can expect to spend between 10 and 20 hours per week on coursework and assignments. Some courses require less time, and others may require a little more.
What Does the Degree Cost?
There are several costs to consider when researching online MBA programs, including tuition, textbooks, and other expenses and fees. Information below is as of November 2016; be aware that pricing may change over time.
Tuition
Total tuition fees are approximately $32,000. The program consists of twelve 3-credit courses, so each costs a little over $2,600.
Textbooks
Expect to spend between $1,015 and $1,900 on textbooks for the entire program, depending on if you rent them or buy them (used or new). In addition, you’ll pay a one-time fee of $143.55 for Aplia access for the finance course, and $24 for the core marketing course study pass.
Other Costs
Two courses currently use the exam monitoring service, ProctorU. The cost is $25 per exam, or $50-$75 for each course that uses the service, for a total of $100-$150 for both courses. There is also a $40 application fee.
Use these costs to estimate your tuition, books and course-related expenses, keeping in mind that they could change with time.
How Would I Pay for the Degree?
Pursuing an MBA online doesn’t have to mean withdrawing large amounts of money from your bank account. You have a number of options for funding the degree.
Apply for a scholarship or financial aid
There are scholarships out there for those interested in an online MBA program. If you’re a public service employee, watch the webinar on Understanding New Loan Options for Careers in Public Service, and if you’re a U.S. citizen, you could be eligible for Federal Student Aid in the form of a grant, work-study or loan. For more information on the financial assistance that UT Tyler provides students through federal programs, visit the university’s Financial Aid page.
Check for corporate discounts
You may be eligible for a discount of up to $5,000 off the total program cost through UT Tyler’s corporate partnerships. UT Tyler partners with hundreds of businesses to offer this discount exclusively to online MBA in Healthcare Management students. To find out if your employer is a participating partner, call 877-588-3286 or fill out this form.
Get full or partial tuition assistance from your employer
Find out if you’re eligible for tuition reimbursement from your company and be sure to read the fine print on any contracts or requirements you’ll need to fulfill if you take this route. Your company’s HR department should be able to provide details.
Apply for military assistance
If you are an eligible member of the Army, Navy, Marines, Air Force or Coast Guard, your tuition could be up to 100 percent covered. Some programs require you to choose from a list of schools while others limit the number of credit hours you can take or the amount of tuition they will pay.
Continue to work while you earn your degree
Avoid the double whammy — even if temporary — of lost income and program costs that full-time students face. UT Tyler’s online MBA program enables you to take courses at a pace that works for you. The average completion time is 18 to 24 months, but you can take up to five years to finish the degree.
Why Is Time Management Important for Online MBA Students?
The anytime-anywhere nature of online programs offers a great deal of flexibility, but a lack of effective time management can catch you off-guard. This is especially true if you have personal commitments and plan on continuing to work while you earn your degree.
What you get from the program will largely depend on what you put into it. Without the structure of on-campus classes or the stimulation of face-to-face interactions, an online program will test your ability to handle the following:
- Set priorities and plan ahead.
- Manage your time to maximize study.
- Interact virtually with cohorts and instructors.
- Keep yourself motivated and enthused.
Time management, in particular, holds the key to getting the most out of your experience. Each course in UT Tyler’s online MBA follows a brisk 7-week schedule.
The following tips can help you keep up:
Make note of assignment due dates and test dates to schedule study time and plan ahead. Using a paper or digital calendar to keep track of due dates minimizes the chance that you will forget them or double-book yourself. Going digital also lets you set helpful reminder alerts.
Take breaks to recharge, but minimize distractions and interruptions as they can fracture focus, causing tasks and assignments to take longer than planned.
How Long Before I Recoup My Investment?
You may be convinced of an MBA’s ability to unlock new doors and boost your paycheck, but is the degree worth the time, money and effort? Let’s look at stats.
Findings from a 2016 GMAC survey of more than 14,000 business school alumni reveal that they averaged 2.5 years to recoup their investment in an online MBA, compared to 3.5 years for the full-time version. Further, more than four in five are satisfied that the MBA met their goal for a salary increase.
The Intangible ROI of Healthcare Management
Your work as a healthcare manager can have a meaningful impact on the people and communities you serve. For instance, you might implement healthcare policy that champions underserved groups or direct the product management of life-saving drugs. The satisfaction you’ll get from making a difference can be a real shot in the arm.
Learn more about the UT Tyler online MBA with a Concentration in Healthcare Management program.
This article is second in a series on UT Tyler’s Online MBA in Healthcare Management. For a look at career opportunities, job outlook and salary information, check out the first article, An MBA in Healthcare Management: A Step in the Right Direction.
Stay tuned for the third article, an in-depth look at the courses in UT Tyler’s Healthcare Management MBA. You’ll learn how the program can help you build your skill set for a career in the field.
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This article is second in a three-part series on UT Tyler’s Online MBA in Healthcare Management. Be sure to check out the other two articles:
1. An MBA in Healthcare Management: A Step in the Right Direction
Get details on career opportunities, job outlook and salary information. This article also touches on job prospects for healthcare managers in Texas.
3. Online MBA in Healthcare Management: Learn How to Navigate a Challenging Field
Get details on career opportunities, job outlook and salary information. This article also touches on job prospects for healthcare managers in Texas.
Sources:
BLS Occupational Outlook Handbook: Medical and Health Services Managers
U.S. Department of Education: Federal Student Aid
Military.com: Military Tuition Assistance
U.S. News & World Report: 10 Time Management Mistakes Online Students Make