Impact of a Master of Business Administration (MBA) Degree on the Career of a Pharmacist
Christopher J. Daly , Karl D. Fiebelkorn , Erin O’Brien , David M. Jacobs
., Sciences, University at Buffalo; School of Management, University at Buffalo
Department of Pharmacy Practice, School of Pharmacy and Pharmaceutical
1
1
2
2
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RESULTS
ABSTRACT
BACKGROUND
•
•
•
•
•
Increased enrollment in professional degree programs has made the job market for pharmacy
graduates increasingly competitive in the last decade
More Schools of Pharmacy are now implementing dual degree programs into professional
curriculums to make graduates more competitive in a saturated job market
At the University at Buffalo, SUNY the BS Pharm/MBA program was approved in 1972, taking a
total of 160 Hours, 30 hours for the MBA
The combined dual degree program was renewed in 1997, in its current 5-year format
Over 115 students were in the Pharmacy/MBA dual degree program to date
OBJECTIVE
•
To characterize the benefits of obtaining an MBA degree on the career of a pharmacist, and
describe respondents’ perceptions of pharmacy and MBA degrees on entry level and current
positions.
METHODS
Study Design:
• Cross-sectional, single center, electronic survey
• Survey was administered using the secure online application, Qualtrics (Qualtrics, LLC, Provo,
UT) and administered during a 6 week period (January 2015 to February 2015)
Inclusion:
• Graduation from the University at Buffalo (UB) with a pharmacy degree (PharmD or BS Pharm)
• Attainment of a MBA either at UB or an alternative accredited institution either prior to or after the
pharmacy degree
Data Collection:
• A Thirty-item electronic survey was developed through collaboration with the UB School of
Management
• The survey utilized Likert scale, sliding scale, and multiple answer questions.
• Survey was pilot tested before dissemination
Data Analysis:
• Descriptive statistics were used to analyze the data
• Wilcoxon signed-rank and paired t-test assessed differences in means and chi-square for
differences in proportions
CONCLUSIONS
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•
•
•
Pharmacy/MBA graduates utilized more of his or her business degree as their career develops
A dual Pharmacy/MBA degree was helpful in acquiring the graduate’s current job
Pharmacy/MBA graduates on average take 15 years to attain their current job
Pharmacy/MBA graduates command on average $61,738 more in adjusted salary from his or her
entry level to current position
• Pharmacy/MBA graduates earn an adjusted salary in current job higher than the national average
in 2015
• Attitudes and perceptions of Pharmacy/MBA graduates are remain positive
• Pharmacy/MBA graduates earn positions in diverse pharmacy settings
(59% Response Rate)
100
Age
P<0.0001
47.6 ± 13.8
Female
19 (28)
Male
49 (72)
Year graduated Pharmacy School, mean ± SD
1991 ± 15.2
Year graduated Management School, mean ± SD
1995 ± 11.4
Institution that attained MBA
University at Buffalo, SUNY
47 (69)
Other
21 (31)
Earn MBA concurrently in pharmacy school?
75
40 (59)
No, at other time
28 (41)
P<0.0001
73.3
70.9
75
51
49
50
29.1
52.4
50
25
0
0
E n try L e v e l
C u rre n t Jo b
P h a rm D
47.6
26.7
25
E n try L e v e l
Yes, while in pharmacy school
100
M BA
Entry Level Current
(N=65)
(N=47)
Pharmaceutical industry
16 (25)
9 (19)
Chain pharmacy (4+ units)
12 (18)
6 (13)
Hospital/Institutional (inpatient) pharmacy
10 (15)
4 (9)
Managed care pharmacy
7 (11)
2 (4)
Other (please specify)
7 (11)
9 (19)
Independent pharmacy (1-3 units)
5 (8)
2 (4)
Management Focused
3 (5)
3 (6)
Residency or Fellowship
3 (5)
5 (11)
Clinic (outpatient) pharmacy
1 (2)
2 (4)
Federal/Military/Department of Defense pharmacy
1 (2)
0 (0)
College or school of pharmacy (Academia)
0 (0)
4 (9)
Consultant pharmacy
0 (0)
1 (2)
Pharmacy/MBA Position Setting
C u rre n t Jo b
P h a rm D
Figure 3: Adjusted Mid-Range Salaries of Pharmacy and MBA
Graduates in Entry Level and Current Positions
M BA
Figure 3a. Adjusted Individual Mid-Range
Salaries at Entry Level and Current Positions
Figure 2: Attitudes and Perceptions of Pharmacy/MBA Graduates in Entry and Current Positions
Completed post-graduate training?
No
52 (76)
Yes, residency
10 (15)
Yes, fellowship
4 (6)
Yes, other
2 (3)
Current position is my entry level position?
Figure 2a: Attitudes and Perceptions of Pharmacy/MBA Graduates with their Entry Level Position
I w o u ld r e c o m m e n d e a r n in g a M B A in a d d itio n to a P h a r m a c y d e g r e e
51%
31%
D u a l d e g r e e s in c r e a s e d m y o p p o r tu n itie s to n e tw o r k
51%
28%
53%
26%
D u a l d e g r e e s p r o v id e d a p o s itiv e r e tu r n o n m y in v e s tm e n t
Yes
21 (31)
No
47 (69)
60%
E x tr a tim e in m y c o u r s e w o r k fo r th e M B A d e g r e e w a s w o r th th e e ffo r t
Currently retired?
500000
28%
66%
I a m s a tis fie d w ith m y P h a r m a c y /M B A d e g r e e s
600000
400000
300000
200000
100000
Yes
4 (6)
No
64 (94)
29%
63%
D u a l d e g r e e s m a d e m e m o r e c o m p e titiv e in th e jo b m a r k e t
0
26%
53%
D u a l d e g r e e s h e lp e d m e in m y c a r e e r a d v a n c e m e n t
A d ju s t e d E n t r y
State of ENTRY level position (N=68)
0
New York
41 (60)
Other
27 (40)
State of CURRENT level position (N=45)
23 (51)
Other
22 (49)
25
1993 ± 13.7
Year started CURRENT position
2005 ± 8.4
Mid-Range Adjusted Entry Level Salary
(In 2014 US Dollars) (N=65)
$145,687 ± $76,254
Mid-Range Adjusted Current Salary
(In 2014 US Dollars) (N=46)
$203,599 ± $90,750
Mean of Difference in Mid-Range Salary (Entry
Level/Current) (In 2014 US Dollars) (N=43)
75
51%
*Salaries were adjusted for inflation to 2014 based on the CPI inflation calculator, Bureau of
Labor Statistics
.... Median retail pharmacist salary in 2015 according to www.salary.com (Accessed 7-9-15)
27%
63%
E x tr a ti m e i n m y c o u r se w o r k fo r th e M B A d e g r e e w a s w o r th th e e ffo r t
61%
I a m sa ti sfi e d w i th m y P h a r m a c y / M B A d e g r e e s
61%
Figure 3b. Mean of Mid-Range Difference in
Adjusted Salary (Entry Level/Current) Histogram
31%
44%
D u a l d e g r e e s i n c r e a se d m y o p p o r tu n i ti e s to n e tw o r k
19
22%
17
N=43
26%
57%
33%
D u a l d e g re e s h e lp e d m e in m y c a re e r a d v a n c e m e n t
58%
27%
$61,738 ± $116,150
(P<0.001)
P<0.001
3
15.02 ± 9.35
S t r o n g ly A g r e e d
A g re e d
N e ith e r
25
Mean: $61,738 ± $116,150
22%
D u a l d e g r e e s m a d e m e m o r e c o m p e ti ti v e i n th e j o b m a r k e t
0
A d ju s t e d C u r r e n t
Level
100
Figure 2b: Attitudes and Perceptions of Pharmacy/MBA Graduates with their Current Position
D u a l d e g r e e s p r o v i d e d a p o si ti v e r e tu r n o n m y i n v e stm e n t
Year started ENTRY level position
50
P e rc e n t
I w o u l d r e c o m m e n d e a r n i n g a M B A i n a d d i ti o n to a P h a r m a c y d e g r e e
New York
Time (years) Between Entry and Current
Position (N=43)
$126,856
28%
Frequency
Implications: Attainment of an MBA degree was perceived to be useful in the progression of the
career of a pharmacist.
*Data presented as Mean ± SD or no. (%) unless noted otherwise
Figure 1b. Helpfulness of Pharmacy and MBA
Degrees to Obtain Respondents’ Jobs
Figure 1a. Utilization of Pharmacy and MBA
Degrees within Respondents’ Jobs
N = 68/115
Table 2: Changes in Pharmacy/MBA Graduate Position Settings
S a la r y , $ U S
Results: A total of 68/115 pharmacists responded to the survey (59% response rate). There was a
diversity of respondents: 41% completed both degrees between 1965-1989, 29% between 19901999, and 31% after 2000. Following completion of pharmacy and MBA degrees, respondents’ entry
level setting included pharmaceutical industry (28%) followed by chain pharmacies (21%). There was
an increase in utilization of the MBA degree from the respondents’ entry level to their current
positions (29% vs. 49%, p<0.001). The MBA degree was increasingly helpful in obtaining
respondents’ current position as compared to their entry level (48% vs. 27%, p≤0.0001), with a
pharmacy degree being more helpful in entry level attainment. Irrespective of entry level or
subsequent position, 85% of respondents believed earning both degrees helped in career
advancement (p=0.77) and 80% of respondents would recommend earning an MBA in addition to a
pharmacy degree (p=0.6).
Total Participants
Figure 1: Change Over Time of Utilization of Pharmacy and MBA Degrees
P e rc e n t
Methods: This was a cross-sectional survey of pharmacy graduates from the University at Buffalo
(UB) who attained a MBA degree. Thirty-item electronic survey was developed through collaboration
with the UB School of Management. The survey utilized Likert scale, sliding scale, and multiple
answer questions. Wilcoxon signed-rank tests assessed differences in means and chi-square for
differences in proportions.
Table 1: Baseline Demographics of Pharmacy/MBA Graduates
P e rc e n t
Objectives: To characterize the benefits of obtaining an MBA degree on the career of a pharmacist,
and describe respondents’ perceptions of pharmacy and MBA degrees on entry level and current
positions.

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1
50
P e rc e n t
D is a g r e e d
75
2
100
0
S t r o n g ly D is a g r e e d
-200000 -100000
0
1
1
100000 200000 300000 400000 500000
Salary (In 2014 US Dollars)