How Much Does a Master’s in Healthcare Administration Online Degree Cost?
When evaluating health administration programs, affordability is an important factor. Let’s take a look at the typical costs of the online master’s in health administration, as well as what type of salary students can expect upon graduation.
Calculating the Costs
The biggest portion of master’s degree program costs is tuition. Some schools charge tuition by the quarter hour, others charge by the credit, and still others charge by the semester. Public universities tend to be priced lower than private colleges, but some schools may resist that trend.
As college costs can vary widely, it is difficult to pinpoint firm numbers. However, multiplying the cost of one course by the number of required courses can offer a fairly accurate idea of what the bottom line will be. For example, if most credits in a program cost $300 each and there are 60 credits required to graduate, students are looking at an overall price tag of $18,000 for tuition.
In addition to tuition, there may be separate expenses for books and fees. Students should also include their usual living expenses in the overall budget.
Understanding the Payoff
Will an investment in a health administration master’s degree pay off? The typical income for health administrators is quite strong. Although there is no guarantee that a master’s degree will result in higher pay, it can make a job seeker more marketable, which increases the possibility of a better position. These were the salaries for medical and health service administrators in 2013, according to the Bureau of Labor Statistics:
Top 10 %
Salaries can vary widely depending on the amount of experience. According to Payscale.com, those who had 10-20 years of experience made 11 percent more than the national average, and those with more than 20 years of experience enjoyed a pay rate of 14 percent more than the national average. On the flipside, those who had 5-10 years of experience or less made between three and eight percent lower than the national average pay for health administrators.
Today, 66% of health administrators are female and 34% are male.
A survey of 171 health administrators found that they were all “extremely satisfied” with their jobs.