FNP or MBA?

Trauma Columnist · Oct 27, 2009

Hi James and welcome. I live in central IL and in my area the dual MSN/MBA degree is the way to go if you want to open all possible doors.

As to the salary, well you have to realize that much depends on the cost of living. In my little area, $100k goes pretty far. However, I know in Chicago, my little house (appraised at $223 south of Peoria) would go for well over $500k because I have an acre of land too.

Are you looking to go to school in Chicago?

zenman · Oct 28, 2009

Probably depends on what you want to do. I don't want to do bedside nursing anymore so getting the NP is my goal whether I make more or not (but I will).

I have both an MSN and an MBA but do not want to do management anymore either. You can make more with an MBA...if you can find work...or create it.

Smitty08 · Oct 28, 2009

Hi James!

Also think about what culture you want to be working in. I am an FNP/PMHNP who also has an MBA - it was a degree that I thought was right for me at the time (I was younger and didn't know myself that well!) I ultimately realized I didn't want to be working in that culture. I always liked the people I had worked with in nursing (well, for the most part...) Went back and finished my MSN. I'm very glad I did. I think I would have been unhappy in the corporate culture.

Good luck!

:cool:

BmoreCRNP · Oct 30, 2009

RE the salary thing. It really depends on what state/metro area you live in, and what specialty. I've heard that the Psych NPs make the most. The earning potential of NPs in certain specialties can also be high (i.e. those who do procedures and charge fee for service). In my metro area the average new grad NP salaries seem to be 75k-80k. I know a few RNs who decided against going back simply because they would take a significant pay cut. It wasn't a pay cut for me personally. I am actually making about 20k more than I was as an RN. So what does all my babbling really mean? It just depends.

friendlylark · Nov 10, 2016

Hi Zenman - I would like to hear more about this! I am struggling a lot, deciding between an MBA or FNP program. I am interested in perhaps the FNP program so I could work neuro at the Cleveland Clinic. But I am also drawn to an MBA, with the goal of perhaps becoming a Service Line Director, or working in managed care in some capacity. I DO NOT want to be an ER Director or anything like that!

How do I decide between the two?

Thanks for any input.

friendlylark · Nov 10, 2016

Hi Smitty! I would like to hear more about your experience. I am also fairly unenamored of the corporate culture. So ... I wonder if an MBA would be a huge mistake for me. But I also worry about seeing patients all day long as a Nurse Practitioner.

I think my ultimate goal would be to work from home :-) lol!

I definitely like my freedom, and want to have a flexible schedule. That is a big priority for me!

Any thoughts on this?

PG2018 · Nov 10, 2016

Hi Smitty! I would like to hear more about your experience. I am also fairly unenamored of the corporate culture. So ... I wonder if an MBA would be a huge mistake for me. But I also worry about seeing patients all day long as a Nurse Practitioner.
I think my ultimate goal would be to work from home :-) lol!
I definitely like my freedom, and want to have a flexible schedule. That is a big priority for me!
Any thoughts on this?

Get a MHA instead with fellowship then snatch an executive position.

friendlylark · Nov 10, 2016

Hello Psych Guy :-) You are a nurse practitioner! Do you wish you had done an MHA or MBA? Do you feel like, as a Nurse practitioner, you have freedom and flexibility? Do you agree that an MHA or MBA has higher earning potential than a Nurse Practitioner?

Thanks for any thoughts! Anne Marie

PG2018 · Nov 10, 2016

Hello Psych Guy :-) You are a nurse practitioner! Do you wish you had done an MHA or MBA? Do you feel like, as a Nurse practitioner, you have freedom and flexibility? Do you agree that an MHA or MBA has higher earning potential than a Nurse Practitioner?
Thanks for any thoughts! Anne Marie

I'm a NP and a bit of an outlier. Before being a nurse, I took the prereq coursework for a MBA and lost interest in it. I thought at the time it would open some doorways for me. I don't regret not getting it as I personally have no serious, executive aspirations. I do, however, frequent business luncheons, leadership summits, etc.

I have no flexibility as a NP because I think I have the best position available. I have no direct supervision or oversight, I work a region alone supported by two administrative assistants and a nurse, I work an elective four day week, and I make around 200k. It's not going to get any better than this.

Regarding earning potential, I think the MBA can lead to a seven figure income AFTER many years of relevant experience in executive leadership. With a MHA, that can happen as well, but we all know most MBAs and MHAs ARE NOT going to pull seven figures. That being said, a hospital administrator can make a good living often more than I make - maybe less. It's really going to depend on the size of the hospital, population served, specialized services, competition, staff support, etc.

I really admired a COO of a hospital where I worked as a RN. He was very interested in the ER and often came down to visit us and talk. He liked guns, as I do, so that was an ice breaker. He told me was hired and fired based entirely on his ability to raise and continue hospital revenue. He was my age. I entered nursing late having done something vastly different prior to. I wondered why I hadn't done something similar or comparable to that guy.

My opposition to healthcare administration is due to "patient satisfaction." I think reimbursement should be tied ONLY to the ability to effectively treat an illness. Period. If it takes longer, less profit. If it happens quicker, more profit. I frequently find myself upset with most of the population, in general, but that's because of me. I allow asanine behavior, hillary clinton, to tick me off, but I really have no care whatsoever regarding the hospitality satisfaction that comes with healthcare. I don't even feel it should be rated, but having said that, in the present environment, a healthcare leader has to worry with such notions.

friendlylark · Nov 13, 2016

Hi Psych Guy - Thank you for the thoughtful reply. At this point, I am going to pursue my MBA program. My end goal is to work in administration in hospice or a rehab facility. I think I would ultimately prefer that to working in acute care.

I think, as I soul search, I find that I am most drawn to individuals like Marie Forleo (she runs a business blog that inspires me.) I feel strongly about the elderly population, and I enjoy communication, public speaking, and storytelling. Those are ultimately the skills I would like to develop, in contrast to my clinical skills. So, for that reason, I am going to pursue the MBA route.

Who knows if I will find it "fulfilling." In a lot of ways, I have stopped believing in fulfilling. It's really about the day-to-day. Who you meet along the way, and the people you are surrounded with. I hope I find "my people" on the business side! HAHA. It seems like such a huge choice and a huge crossroads.

Here goes nothing!