PharmD/MBA salary?

[Silvermist]

Hi all,

I am thinking about the types of things I might like to do in pharmacy, and am considering doing a PharmD/MBA dual degree because I like crunching numbers and have a complementary background both as an entrepreneur and in project management (a number of years back). I know that PharmD/MBAs are still pretty rare, but everything I have heard through the grapevine indicates that they are still in demand (I am assuming this is mainly for pharmacoeconomics? Could be wrong though, that was just an impression).

One thing I haven't found is reliable information on salary for PharmD/MBA -- the dual degree would probably cost me an extra $30,000 or so, and I don't know if expected salary range is commensurate with the extra time and tuition it would take to get the degree.

Does anyone have any idea about this? Feel free to PM me or answer here, I am really just curious.

---

Members don't see this ad.

 

[Priapism321]

I heard they made close to 65,000 per year.......

 

[aboveliquidice]

I heard they made close to 65,000 per year.......

Lower, depending on which school they get their MBA from...

 

[willrocks]

Disregard the above two posts.

I have spent some time searching this in the past and this is the only factual source I could find:

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2384201/

 

[Silvermist]

Disregard the above two posts.

I have spent some time searching this in the past and this is the only factual source I could find:

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2384201/

Thank you so much, this is exactly what I was looking for! =)

 

[GamecockPharmD]

I've been interested in getting an MBA as well. Only problem is I don't want to spend the money on a more expensive health care MBA online when I could do a general MBA for much less money (about $12,000 less). I have enough student loans to pay back as it is. Do you think a general MBA would cut if pursuing if after the PharmD since you would already have the health care background? Obviously the health care MBA route would be better but speaking from a financial standpoint, would the same opportunities be available for a PharmD with a general MBA?

 

[aboveliquidice]

Disregard the above two posts.

I have spent some time searching this in the past and this is the only factual source I could find:

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2384201/

I love the terms of "Factual" here... did you critically evaluate the article you posted?

The title: Impact of a Dual PharmD/MBA Degree on Graduates' Academic Performance, Career Opportunities, and Earning Potential

Methods (abridged):

All 76 students graduating from the South Carolina College of Pharmacy-Charleston in 2007 were asked to complete a 12-item survey instrument about job interviews, job offers, eventual placement, starting salaries, and bonuses
A satisfaction survey instrument was administered to 17 students who completed the dual PharmD/MBA degree program in May 2007. Data from a standardized job placement and starting salary survey instrument completed by all PharmD graduates were also obtained, as well as all students' final grade point averages (GPAs).

Received June 8, 2007; Accepted September 16, 2007.

Wow - you mean a survey of 2007 graduates that was submitted 1 month AFTER GRADUATION constitutes "Factual data"?

This an excellent example of school advertisement through the publishing of data.

Forget that this data comes from a SINGLE SCHOOL and uses a VERY SMALL SAMPLE SIZE...

Note that the "satisfaction" portion of the survey is only given to those from the MBA program...

I wouldn't expect prepharmacy students to critically breakdown a study quite yet - but you should still be able to read between the lines here. This one is obvious.

 

[Jetninjin]

snip snip

1) Why the hostility? It makes it hard to take you seriously.

2) It would be easier still to take you seriously and not think you weren't being yet another bitter hostile negative pharmacy nellie if your first post on this thread weren't such a smart@ss one

3) Her siggie says UMD. The study is SC. SC isn't even a top school, and if its grads are doing that well with a rare-ish degree, it's not a stretch to think that students from much better schools might do at least as well.

To the OP, no idea on salary range. I went to an open house though at Shenandoah recently where they said they were having no problem placing their PharmD/MBA grads.

 

[aboveliquidice]

1) Why the hostility? It makes it hard to take you seriously.

2) It would be easier still to take you seriously and not think you weren't being yet another bitter hostile negative pharmacy nellie if your first post on this thread weren't such a smart@ss one

3) Her siggie says UMD. The study is SC. SC isn't even a top school, and if its grads are doing that well with a rare-ish degree, it's not a stretch to think that students from much better schools might do at least as well.

To the OP, no idea on salary range. I went to an open house though at Shenandoah recently where they said they were having no problem placing their PharmD/MBA grads.

so you don't think it matters which school you get your MBA from?

Seriously though - In the pharmacy forum, you are treated a bit more like a professional - questions of this nature belong in pre pharmacy. At this point, someone should be able to run a google search.

As for the hostility - if you want to post up and help - that's great. It should be verified correct info. Posting info without verifying isn't helpful.

 

[Jetninjin]

so you don't think it matters which school you get your MBA from?

Seriously though - In the pharmacy forum, you are treated a bit more like a professional - questions of this nature belong in pre pharmacy. At this point, someone should be able to run a google search.

As for the hostility - if you want to post up and help - that's great. It should be verified correct info. Posting info without verifying isn't helpful.

Lmao, yeah, there goes Pubmed again, posting unverified data. Don't they know some random guy with a squirrel avatar expects them to think critically to break down the study better?

 

[aboveliquidice]

Pubmed is a lot like google my friend... Do you trust every story you find on google?

Dust your ego off - I'm not attacking you or anyone else...

 

[StaviZFingerZ]

Having an MBA will not give you a better salary. It will give you a better opportunity to find a position that may pay better.

Imagine if you're a retail chain pharmacist as a PharmD/MBA. Would you get paid more? No.

Many colleagues of mine are PharmD/MBA/BCPS etc.. But it's the work experience and their ability to produce quality work that were responsible for the roles they're in today. Do they get paid more because of their degrees? No.

 

[Farmtastic]

The letters themselves won't earn you more money. But from what I have seen, if you use additional education as an opportunity to become more qualified and then use those skills in your workplace, it can help you a lot and advance your career. So you aren't being paid for the degree itself but for being able to apply what you have gained from an additional degree, residency, fellowship, certification, etc.

 

[diethylamide]

Lmao, yeah, there goes Pubmed again, posting unverified data. Don't they know some random guy with a squirrel avatar expects them to think critically to break down the study better?

If only being able to look up keywords on pubmed could make one a scientist....😎

 

[bananaface]

My former neighbor is a BS Pharm/MBA. He told me that he thought the MBA was the most lucrative combined degree for a pharmacist because it increased the opportunities to move into management, and other higher paying positions in the private sector, similar to what was noted above. I guess it all depends on what you want to be when you grow up.

 

[Mingy]

I know this thread is quite old, but I am thinking of a PharmD/MBA program too. So my question is what type of job can you get with the dual degree? My goal right now is to become a pharmacy manager in a retail setting.

 

[ChicagoPharmD]

Having an MBA will not give you a better salary. It will give you a better opportunity to find a position that may pay better.

Imagine if you're a retail chain pharmacist as a PharmD/MBA. Would you get paid more? No.

Many colleagues of mine are PharmD/MBA/BCPS etc.. But it's the work experience and their ability to produce quality work that were responsible for the roles they're in today. Do they get paid more because of their degrees? No.

As a PharmD/MBA/AAHIVP and hopeful BCACP next fall, I 100% agree with the above post. I manage a pharmacy inside a community health clinic. Could I have done it without the MBA? Probably. But I am pretty sure having the MBA helped me land the job, and also helps with networking, business desicions, etc.

I will say that there is something to be said for having real world experience prior to the MBA. It's just not quite as useful when you don't have that practical knowledge and the ability to apply concepts instantly at work.

PS my salary is the same as my colleagues who work as pharmacy managers in retail. My bonus, however, is much higher. And my job satisfaction as well!

 

[Ackj]

I know this thread is quite old, but I am thinking of a PharmD/MBA program too. So my question is what type of job can you get with the dual degree? My goal right now is to become a pharmacy manager in a retail setting.

To be a SP or PIC, you don't need an MBA. Could it help? Maybe, but the majority of retail pharmacy managers won't have them. Think how many pharmacies there are. No way are there that many dual degree holders.

 

[Its Z]

Having an MBA will not give you a better salary. It will give you a better opportunity to find a position that may pay better.

Imagine if you're a retail chain pharmacist as a PharmD/MBA. Would you get paid more? No.

Many colleagues of mine are PharmD/MBA/BCPS etc.. But it's the work experience and their ability to produce quality work that were responsible for the roles they're in today. Do they get paid more because of their degrees? No.

Holy moly Stavi...forgot he existed