By Meredith Bodgas

After spending several years working at a large corporate bank, Trey Crabb, currently a managing director of investment banking for Avondale Partners in Nashville, Tenn., decided it was time for a change -- and he knew just what he wanted to do. He outlined his ideal career path in a 1998 application to University of North Carolina at Chapel Hill's Kenan-Flagler Business School, and his prediction was realized after three years in the school's MBA/MHA (Master's of Health Administration) dual-degree program.

Crabb wasn't psychic, just focused. He says his deep knowledge of both finance and health care helped him to move up the ladder quickly as an investment banker determining corporate strategy for health-care corporations.

MORE OPTIONS.  Going for a dual degree is no piece of cake. It's a huge investment in time (several months to several years longer than traditional MBAs), money (more tuition), and effort (more courses). But for those with very specific career goals, the dual degree may present benefits that a single MBA degree may not. These include being able to assume leadership roles in nontraditional MBA careers, increased job options due to specializing in two fields instead of one, and greater leverage when negotiating for salary and promotions.

Students who want to pair the MBA with another degree have more educational options than ever before -- and post-graduate jobs to boot. Consulting firms, hospitals, and nonprofit organizations all hire dual-degree recipients.

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 (see BW Online, 2004 B-School Profiles and Rankings) 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.

NEGOTIATING POWER.  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 résumé 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.

"HIGH ACADEMIC CALIBER."  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 (see BW Online, 9/27/05, "Microsoft: Khakis and Brainteasers").

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.

HARD-EARNED SATISFACTION.  Besides the additional course work and tuition bills, pursuing two degrees has other disadvantages. Some students have trouble securing internships. In many cases, employers are interested in hiring only interns who can return to their company full-time after two years in a program, and dual-degree students usually attend school for longer.

Natalie McMenemy, who got her MBA/MA (master's of arts administration) from Southern Methodist University's Cox School of Business and is director of operations for festivals for the American Film Institute in Los Angeles, says dual-degree students need to work harder to find jobs. She found that the career-placement office wasn't as helpful to her, because while some services were tailored to MBAs and MAs individually, none fully addressed the needs of the joint MBA/MA. Also, the arts organizations for which she wanted to work have infrequent turnover and rarely recruit on campus, so McMenemy had to seek them out herself.

Despite having to put more effort into finding jobs that appealed to them, all four of the dual-degree earners interviewed for this story say they're extremely happy with their careers. And as long as most joint-degree alumni continue to be satisfied, expect the number of students doubling their work (and satisfaction) to rise.