An increasing number of business school students are now completing their MBAs as part of a dual degree program that will award them another graduate school degree. Popular dual degree options include JD/MBA, MD/MBA, Master of Public Health/MBA, Masters of Public Policy/MBA, and all sorts of other MA and MS programs from education to electrical engineering. But what are the pros and cons of these programs?
Another brand name school on your resume
Attending the Tuck School of Business in Hanover, NH gives you all the access and prestige of Ivy League Dartmouth College. Attending as part of the dual degree program at Harvard Kennedy School, just a bus ride away on the Dartmouth Coach, would give you access to the resources and network of Harvard University as well. If you're only as good as the last school you attended, dual degree programs are excellent opportunities to pump your resume full of brand names and broaden the alumni networks to which you have access. One friend of mine completed the dual program at MIT Sloan and HKS and went to work in China, where his boss inevitably introduced him to clients as "our new hire from Harvard."
Diverse network in two career fields
Attending a world-class MBA program will give you a robust network of business leaders across traditional private sector industries such as consulting, finance, and technology. Adding in a dual degree program in public policy will also give you access to leaders across local, state, and federal government, as well as diplomats, non-profit leaders, and academics. As more of the world's challenges become interdisciplinary, individuals who can straddle the line between the public and private sectors will be the ones best able to capitalize on the opportunities. Or, if you plan on going into a technical field such as quant hedge funds, distressed equity, healthcare management, or hardware start-ups, having colleagues from programs in mathematics, law, medicine, and computer science will give you an incredible leg up against the traditional MBA competition.
Efficient use of time (completing two degrees in 1 fewer year)
Almost all dual degree programs allow you to complete two degrees one year faster together than you could if you did them separately. For example, a JD from Yale Law School takes three years while an MBA from Stanford GSB takes two. Separately, it would take five years to complete, but together you can complete them in four. If you are gung-ho on attending two different programs already, completing them in a dual degree program is a much more efficient use of your time. You'll pay one fewer year of tuition, and get back into the working world making a good salary one year faster.
Business Schools teach students how to lead others and develop processes that will make their organizations more efficient. Government Schools teach students where to lead and inspire them to spend their lives tackling the most difficult challenges of our times. Other graduate programs confer specialized knowledge that will prove invaluable in gaining the credibility to lead experts.
More opportunities for honors and scholarships
An often overlooked benefit of graduate school is that it provides you with the opportunity to apply for scholarships. These are ostensibly for money, but often come with great prestige as well -- the kind that would look good on your resume. Many scholarships, however, do not accept applications from MBA students, so a dual degree gets you around that. Also, if you apply to schools that confer graduations honors for GPA, theses, or other work, going to two schools gives you two bites at the apple.
Flexibility on when to apply
Not everyone knows exactly what they want to do when they arrive at business school. As you settle in for your MBA at MIT Sloan, you might decide that you actually are drawn less to the engineering, technology, and logistics disciplines of MIT and more to the pubic sector work of government and non-profits. Fortunately the dual degree program at Harvard Kennedy School lets you apply to HKS in your first year at Sloan. And vice versa. Say that you are going through the core curriculum at HKS and decide that you're much better suited to consulting. You can apply to MIT, add in an MBA, and then be better positioned to recruit for McKinsey or BCG.
Tuition cost and opportunity cost of work
Getting another degree is an amazing opportunity, especially if you can save an year of time and tuition when doing it in a dual degree program. However, when compared to doing a solo-MBA, the added cost of another year of school (in the case of a three-year program) can be daunting. You'll have to pay ~$60k of tuition and fees and forego one year of salary at the starting MBA rate ~$125k. That's a large chunk of money to make up over the course of your working career. Of course, MD and JD students who have already prepared themselves for the long-slog of school see the marginal cost as relatively lower and the benefits of the additional MBA on their future careers is great.
Unintegrated program means extra work of building your own path
Unlike integrated "joint degree" programs where academic deans have established well defined pathways for pursuing two degrees, often bolstered by a steady pipeline of concurrent degree students who can help show you the way, unintegrated programs mean that you have to fend for yourself. If you're not the kind of go-getter who can coordinate with two different sets of graduation requirements and two different registrar offices, this option may be a little stressful.
Takes time away from your MBA cohort
Depending on when you sequence business school in your dual degree program, you may not graduate with your MBA class or spend much time with them after the core curriculum part of the degree is over. This can be a serious downside considering that the network is a key part of value proposition in MBA programs.
Shuttling between campuses
If you decide to do a concurrent degree at two different schools, it is likely that you will have to pack up your apartment and move at least twice in a three year period (notable exceptions include the dual degree program between MIT Sloan and Harvard Kennedy School). For ex-consultants, living out of a suitcase for three or more years might not sound so bad, but for the rest of us this can have a negative effect on quality of life. Even if you decide to pursue two degrees at the same university, graduate school campuses are rarely co-located and so even if you keep your apartment, you still will have to shuttle back and forth across as variable commute (notable exceptions include programs between Harvard Business School and Harvard Kennedy School, which are located just across a walking bridge from each other). Of course, if for some reason you would like to be in two different cities over the course of your study (e.g. to be close to two different sets of family, you didn't get into the desired program in your #1 city and are using a dual degree to form a back-up option), this can be a blessing.