
(Source: UNC-Chapel Hill)The MBA has always provided some competitive advantage for job seekers. People of course took notice of that, and more students have sought the degree, which now can be earned just about anywhere. As a result, the credential has lost some of its currency, much like the B.A. did years ago.
Enter dual-degree programs. Enterprising students can earn a law degree or Ph.D. or a master's degree in another discipline while pursuing an MBA. Sure, it takes longer and potentially costs more, but some figure the career payoffs make it all worthwhile.
Here's a bit from BusinessWeek:
Students have been able to pursue advanced-level degrees, like the JD (law) and MD (medicine), concurrently with their MBAs for years, but many B-schools recently have introduced new dual-degree programs. In November, Yale School of Management announced its plans to offer a seven-year MBA/PhD program (in any subject for which the school already offers PhDs). Last spring, the Wharton School at the University of Pennsylvania approved several joint-degree programs with the School of Design, including an MBA/master's in architecture and an MBA/master's in city planning. Wharton is now thinking about pairing the MBA with environmental studies. In addition, 11 out of 16 of the top B-schools contacted for this story reported an increase in enrollment or applications to at least one of their joint programs this year as compared to previous years.
Why are students flocking to dual-degree programs now? Monica Gray, director of MBA admissions at Georgetown University's Robert Emmett McDonough School of Business, has seen a 70% year-over-year increase in round-one applications to the JD/MBA program. She says that students were hesitant to apply to joint programs in the recent past, because being in school for additional time meant more money spent on education and less time earning a salary. But, as the economy improves, students are considering dual degrees because of such advantages as being able to explore careers in two different fields.
The joint degree is particularly appealing to students who want to be in leadership positions in nontraditional MBA careers. That's why Santosh Mathen enrolled in Union College's Leadership in Medicine Program. Participating students get their BS from Union College, their MBA from the Graduate College of Union University's School of Management, and their MD from Albany Medical College in the eight-year program. Mathen, now a first-year medical student in Albany, eventually wants to use his business training to help improve the U.S. health-care system. "Lasting and acceptable health-care reform requires a new-age physician who is not only an expert in the biomedical field but also an entrepreneur and student of practical economic principles," he says.
Some experts believe the dual degree pads your r–sum– and wallet. Shawn Graham, associate director of MBA Career Services at Kenan-Flagler, says increased negotiating power is another benefit to having a dual degree. Though there isn't information indicating that dual-degree earners have higher starting salaries than single MBAs, Graham knows that at least one Kenan-Flagler JD/MBA used his dual degree to convince his employer to top his original salary offer.
Recruiters also see joint degrees as a plus. Graham says many companies seek students with specific skill sets and a broadened knowledge base, and the dual degree serves as proof. Kermit King, head of recruiting in North America for Boston Consulting Group, says his company hires people with joint degrees, especially JD/MBAs and MD/MBAs, because they have business skills but can also speak the language of their clients.
A dual degree can show a job candidate is dedicated, driven, and smart. Having a joint degree is proof of intellectual curiosity, says George Meng, Microsoft's (MSFT ) director of college and MBA staffing. "Since joint-degree programs are rigorous, a dual degree may be indicative of a candidate's high academic caliber, which is something we consider," Meng explains.
But having two degrees doesn't automatically get you a job. Meng also says getting hired depends on many variables, including the candidate's experiences and achievements, the position for which he's applying, and the two degrees earned.You can read the full article here.