What can medical students and physicians learn from our pharmacy colleagues? Let's take a look at this study titled, "Impact of a dual PharmD/MBA degree on career opportunities and earning potential."
OBJECTIVE: To evaluate the academic experience and satisfaction of students who completed a dual PharmD/MBA degree program and the program's long-term impact on the students' career choice and earning potential.
METHODS: GPAs, job placement, and starting job salaries were compared between graduates who completed the dual PharmD/MBA program and those who completed only the PharmD program. 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). GPAs, job placement, and starting job salaries were compared between graduates who had completed the dual PharmD/MBA program and those who had completed only the PharmD program.
RESULTS: The graduating GPAs of dual-degree students were higher than those of both pharmacy (3.52 vs 3.41, p > 0.10) and business (3.82 vs. 3.68, p = 0.018) students not enrolled in the dual-degree program. Dual-degree students were slightly less likely to enter a residency (17% vs. 27%, p = 0.44) than other pharmacy graduates. Among those who elected not to pursue a residency, both mean starting salaries ($111,090 vs. $101,965) and mean total first-year compensation ($127,290 vs. $110,388) were significantly higher for dual-degree graduates compared to the PharmD graduates.
CONCLUSIONS: Students enrolled in the dual-degree program did slightly better academically than students who completed only the MBA or PharmD programs and indicated a high level of satisfaction with the program. Dual-degree graduates reported increased career opportunities and were slated to earn significantly more during their first year in the workforce. These results affirm continuation of our program and make the case for support of similar programs across the nation.
Chumney EC, Ragucci KR, Jones KJ. Impact of a dual PharmD/MBA degree on graduates' academic performance, career opportunities, and earning potential. Am J Pharm Educ. 2008 Apr 15;72(2):26.PMID: 18483594