By Eigen Escario
Like any industry, healthcare offers diverse niches, including professions ranging from medicine and management to legal work. For individuals who want to pursue a career at the intersection of healthcare and business, graduate programs like the Master of Management in Health Care (MMHC) and the MBA with a healthcare concentration may be viable options to advance their careers. Amanda Fend, Director of MBA Recruiting at Vanderbilt Business, and Rangaraj Ramanujam, Faculty Director of Health Care Programs, discuss the key considerations for prospective students deciding between the two programs.
Differences in Student Backgrounds
The curriculum focus of the MMHC and the MBA is similar, although the key difference lies in the overall trajectory and career focus of the student.
“These two programs are targeted at two very different audiences at very different points in their careers, with different background experiences and perhaps different career goals,” Ramanujam said. “The MMHC program is primarily for working healthcare professionals who are looking to upskill and combine their existing expertise with management training, while the MBA program offers a broader scope, allowing for both deepening and pivoting within the healthcare field.”
Thus, the amount of work experience and the depth of specialization in the healthcare field is a crucial point to weigh in the choice between the programs.
“Most MMHC students are in their careers for at least 10 years, and they’re probably choosing the program because of managerial opportunities or to accelerate their current role,” Fend said. “A typical MBA student has 5-7 years of work experience, but they come from a wide range of industries–I would estimate that more than 90% of MBA students are planning to make a pivot.”
Student Experience
In terms of recruiting and career guidance, the MMHC program has a less structured approach due to the absence of demand to pivot among seasoned, working professionals.
“In the MMHC program, we rely heavily on informal networking,” Ramanujam said. “Students often continue working in their current organizations, and we help them connect with key people in the industry through our networks.”
The MBA program as a whole is designed to offer students employment opportunities in the industry or disciplinary fields of their personalized interests.
“There are so many different areas within healthcare that our MBA students end up going into, from healthcare consulting to pharma to biotech,” Fend said. “The MBA has a built-in internship in between the first and second year of the program to explore these options.”
When it comes to the Vanderbilt MBA, the opportunities to pivot are coupled with a more formalized recruitment process that is integrated into the program’s timeline, including those pursuing a healthcare concentration.
“Over the two years, students are part of a healthcare club that organizes networking events, symposia, and other opportunities to connect with industry professionals,” Ramanujam said. “Additionally, companies that regularly visit and recruit from Owen, such as Optum, make it easier for MBA students to explore and secure roles in various healthcare sectors.”
Program Pace
Amanda Fend
The makeup of the program’s class also shapes the individual student experience, and the student has to decide whether they want to network internally within the healthcare space or be immersed with professionals in differentiated fields.
“In the MMHC program, all the students are working in healthcare already,” Fend said. “In the MBA program, you have a subset that’s working in healthcare, but then you have a completely diverse class in terms of background and trajectory…no one is working full time.”
In light of the different employment statuses of students within each program, the programs’ distinct schedules and timelines should be taken into account before committing to one over the other.
“The MMHC is a one-year program where classes are held twice a week, typically on Thursday evenings and Saturdays…The curriculum is focused on general management skills tailored for healthcare professionals,” Ramanujam said. “The full-time MBA program is a two-year commitment that offers a comprehensive management education, including deep dives into healthcare topics that are essential for students looking to enter the healthcare sector.”
Prospective students should keep all of these factors in mind as they choose to invest in graduate business programs to further their career. The path chosen should be congruent with their career experience, likelihood to professionally pivot, and the time commitment that best suits their schedule.
Click to learn more about the Vanderbilt Master of Management in Healthcare or Vanderbilt MBA with health care concentration student experience, outcomes, and career paths.