A JD-MBA dual degree offers both a Juris Doctor (law) degree and an MBA. We spoke with Zina Lawrence, Assistant Dean of the School of Business at the University of Albany, to learn more about the pros and cons of a JD-MBA, who it’s for and what to consider before applying.
At first, the worlds of law and business might not seem that closely related. And it’s true that there are big differences in terms of how they’re taught and the careers they lead into. But there are also many areas where they overlap – such as corporate law, for instance.
“Having that additional education really can make a difference,” Zina explains. “It opens up some doors that might have been closed to them because it’s such a competitive environment. Having that MBA, which is a powerful standalone degree, really puts those students at an advantage when they’re looking for job opportunities.” (05:54)
The benefit of a JD-MBA dual degree is that “you’re able to launch your career within a corporate environment with a credential that’s well-recognized and highly-valued. That is going to give you a level up in terms of higher ability, but it will also yield higher salaries when you’re launching your career.” (13:22)
Securing two of the most sought-after degrees in the space of four years is no easy task. It requires time, dedication, and a lot of money. Besides these obvious hurdles, Zina also highlighted a couple of other areas to be aware of before starting a JD-MBA.
“You’re adding on an additional year of study – so that’s an additional year out of the workforce for most people, and you’re adding on the expense of an MBA program,” she begins. (11:26)
“Another issue is obviously we’re talking about two different types of curriculum and two different ways of approaching [education],” Zina adds. “Law school has a very set way of delivering their lessons…but when you go into a traditional MBA program, you’re working with all different types of learning styles and you all have different curricula that you’re learning.” (03:49)
Ultimately, Zina says it’s important to do your own cost-benefit analysis to weigh up the pros and cons of the JD-MBA. There’s no doubt that it’s a huge undertaking, but the potential benefits in terms of career development and salary growth are huge.
In today’s competitive professional landscape, having a specialized skill set can set you apart. For those looking to make a significant impact in both the legal and business worlds, a JD/MBA program offers an unparalleled advantage.
Gaining admission into these prestigious programs is no small feat. It requires showcasing not just academic excellence but also a clear vision of how you plan to leverage both degrees. Here are some strategies to consider:
The JD/MBA is more than just a degree; it’s a fast-track ticket to the upper echelons of the corporate and legal worlds. But what does this mean for prospective students and recent graduates?
The combined knowledge from both fields allows graduates to navigate complex challenges that require both legal and business insights. Whether it’s leading a law firm, advising top-tier clients on financial matters, or steering a company’s strategy, the opportunities are vast and varied.
Crucially, law degrees and business degrees are normally administered by different schools within a university. That can complicate the admissions process, sometimes requiring two separate applications to a university’s school of law and school of business. This means the requirements for both applications are different.
“Each program is unique in terms of the application and admissions process, so you want to make sure you know what’s going to be needed. [For example], most will use the LSAT, which is the placement exam for law schools, in lieu of a GMAT for the MBA,” Zina explains. (21:26)
Since the main focus of a JD-MBA is the law degree (which you spend three of the four years studying for), it’s important that the MBA component gives you a solid grounding in business. Zina says that when searching for an MBA, you should avoid specialized programs and find one that delivers you the business fundamentals.
“The knowledge that you get from the MBA program really needs to be foundational knowledge,” she explains. “It needs to be those core [business skills] that you’re going to need…so make sure that you’re looking for an MBA which is going to offer those foundations. A lot of them are becoming much more specialized and that’s not going to be of great value to someone who wants the JD-MBA.” (16:21)
The unique nature of the JD-MBA dual degree means that only a limited pool of people hold one. It could expand your career opportunities in law and business, but the rigorous nature of the program makes it a big commitment. In a competitive job market, a JD-MBA dual degree is the exact type of commitment that employers are looking for from prospective employees.
