Navigating Career Advancement: Is Additional Schooling Worth the Investment for Healthcare Professionals?

This week, I had a conversation with a PA who is transitioning from a clinical role to a business development role for a staffing agency. He reached out to chat about the transition and his desire to find more upward mobility in the non-clinical space. One of the topics we discussed was whether additional schooling was worthwhile. We discussed the pros and cons of additional schooling and I came away realizing that it's a very complicated question without an easy answer. I fear that many people in healthcare go back to school without a plan. They are burnt out, dissatisfied with their role in clinical medicine, but don't have a path or vision for an alternate career path. They hope that a new degree such as an MBA or MHA will help them find their true north.

A career in healthcare is typically associated with years of graduate education and a high student debt burden as seen below:

Average debt at time of graduation

• Medical Doctors (MD): $200,000 to $215,000
• Dentists: $292,000.
• Pharmacists: $170,000
• Nurses: $28,000 to $40,000.
• Physician Associates: $112,000.
• Physical Therapists: $116,000

The prospect of taking on even more student debt to pursue additional schooling is daunting. Keep in mind that many non-clinical roles may also initially incur a pay cut compared to higher-compensated clinical specialties. Below we list the average cost of graduate programs a healthcare professional may consider:

Master in Business Administration (MBA) : $61,000

Doctorate in Public Health (DPH) : $17,000-$53,000

Masters in Healthcare Administration : $20,000-$60,000

Doctor of Philosophy (Ph.D.) : $96,000

So should a healthcare professional go back to school to advance their career? Only if you are confident the schooling will provide an adequate return on investment.

Let's briefly look at the pros and cons of additional schooling.?

Pros of returning to school:

1. Skill Enhancement: Further education can provide you with new knowledge, skills, and techniques that can enhance your expertise and make you more marketable in your field. It can help you stay up-to-date with the latest advancements and best practices in healthcare.
2. Career Advancement: Additional education can open doors to higher-level positions, promotions, and increased responsibility. It can qualify you for managerial or leadership roles, allowing you to have a greater impact on patient care or contribute to policy-making decisions.
3. Expanded Opportunities: Going back to school can expand your career options beyond your current clinical role. It may enable you to explore different areas of healthcare, such as research, education, administration, or public health, providing you with a new challenge and potentially more job satisfaction.
4. Networking: Returning to school allows you to connect with peers, faculty, and professionals in your field. Networking can lead to valuable relationships, mentorship opportunities, and access to a wider range of job prospects.
5. Personal Growth: Pursuing further education can be personally fulfilling and help you gain a sense of accomplishment. It provides an opportunity for intellectual growth, self-discovery, and the development of critical thinking and problem-solving skills.

Cons of returning to school:

1. Time and Commitment: Going back to school requires a significant investment of time and effort. Balancing work, family, and other responsibilities with academic pursuits can be challenging and may cause additional stress.
2. Financial Costs: Further education often comes with financial implications, such as tuition fees, textbooks, and other educational expenses. You need to consider the potential return on investment and whether you can manage the financial burden.
3. Career Interruption: Returning to school may require you to reduce your work hours or temporarily leave your job, which can interrupt your career progression. This can impact your income and job security, so careful planning and financial preparation are essential.
4. Uncertain Outcomes: While additional education can open doors, there is no guarantee that it will automatically lead to a better career or increased job satisfaction. The job market and industry trends can change, and there may be other factors affecting your professional growth.
5. Alternative Options: Exploring alternative paths to career advancement, such as professional certifications, workshops, or online courses, might be more time and cost-effective compared to a full degree program. It's important to assess whether these alternatives can provide the necessary skills and opportunities you seek.

To provide a personal example.

I obtained my Doctorate of Medical Science (DMSc) (what is a DMSc? ) from AT Still University in 2021. My program was not clinical and the curriculum concentrated on healthcare leadership, healthcare economics, social determinants of health, etc. Prior to enrolling at AT Still, I spent several years debating the necessity of a terminal degree but ultimately decided that there would likely be sufficient ROI to justify the cost. I was hoping to move into leadership opportunities within my clinical role and I say opportunities for growth within my "side hustles." When I enrolled in the doctoral program, around 20% of my annual income came from teaching, consulting, and pharmaceutical speaking. After graduating with my DMSc, I was able to renegotiate many of my consulting contracts to higher rates. Within 18 months, I have increased my consulting income beyond the cost of my DMSc degree. ?

In summary:

1. If you are looking for a career beyond clinical work, additional schooling may help.
2. Carefully consider the costs (financial, time, personal) of school against the potential career benefits (increased compensation, more upward mobility, degree requirements for specific roles).?
3. Be certain and confident in your career path and the schooling that is needed to get there (i.e. don't get an MBA hoping it will open doors and then remain in a clinical role).?
4. Research schools ?and determine if the?cost of an elite institution will give more benefit ?than an affordable and more accessible school (for me, the extra cost was not worth it. I briefly looked at the Johns Hopkins PhD in health economics and policy but after some number crunching realized this was not financially viable).

For a deeper dive into this topic, check out this article?analyzing the value of graduate school

This newsletter is made possible through the support of?ThriveAP , a transition-to-practice solution for NPs, PAs, and the facilities that employ them.?

If you like the newsletter, consider sharing it with friends and colleagues. Also, check out our?podcast ?for engaging conversations on healthcare career development.