<p>What are the benefits of doing one as opposed to only a JD? What career prospects does it allow that a JD wouldn't? What types of salary advantages does it provide?</p>
<p>Finally, is it more difficult to gain acceptance to this type of program than it is to gain acceptance to a regular law school program if the applicant is applying straight from undergrad with no work experience (other than summer internships)? Thanks!</p>
<p>Well, I guess it would qualify you to be Governor of Massachusetts. </p>
<p><a href="http://en.wikipedia.org/wiki/Mitt_Romney%5B/url%5D">http://en.wikipedia.org/wiki/Mitt_Romney</a></p>
<p>More seriously, the way I see all dual-degree programs like this is that it basically allows you to straddle both sides of the fence. With a JD/MBA, you can talk to lawyers with credibility, and you can talk to businessmen with credibility. You have a foot in both worlds, and so not only do you have the career flexibility to go in either direction as you see fit, but you can occupy a unique middleman position. For example, you could advise a company on both their legal and their business strategies. You could be more qualified to actually manage a law firm. </p>
<p>I don't know if there is a salary advantage per se. I think the way you should look at it is it gives you a flexibility advantage, which may or may not result in a salary advantage. </p>
<p>It is indeed more difficult to gain acceptance to these kinds of programs, in the sense that you usually have to gain admission to both programs separately, and only then can you declare that you want to do both. Hence, if either or both programs reject you, then you're obviously going not going to be able to get the JD/MBA. Hence, you have to thread the needle not once but twice. Even for those programs that provide a single integrated application, admission still has to be approved by both the law school and the business school, and if either gives you the thumbs-down, then you're not in the program. </p>
<p>Hence it is extremely difficult to get into a respectable JD/MBA program just from undergrad mostly because it's extremely difficult to get into a respectable MBA of any kind directly out of undergrad. MBA programs want experience and leadership. You can get it in undergrad, but it's a tough road. Notice how Mitt Romney was 24 when he graduated out of BYU. His graduation was delayed because he served a Mormon mission. That mission gave him valuable leadership experience that made him eligible for the Harvard JD/MBA.</p>
<p>A JD/MBA is of greater value to someone who becomes a manager/executive than it is to someone who practices law. A lawyer who is focused on practicing law will not need to rely on the education received in an MBA program. An executive, however, may have a much better appreciation of how to negotiate deals and comply with government regulations. If you plan on being a business manager/executive, a JD/MBA is a good idea. If you plan on practicing law, however, a JD/MBA is nice but probabaly not worth the extra year of lost revenue and added tuition cost.</p>
<p>You should also consider the costs of a JD/MBA. It will almost always take longer than just getting an MBA. On top of having to pay more money for a longer program, a JD/MBA will often have a higher tuition at certain points because you're taking both b-school and law school courses. </p>
<p>Take a look at a comparison of Northwestern's JD/MBA vs. just its MBA:</p>