Career advice on MBA

[dkgrubby]

I am just starting to get interested in the healthcare business administration side of things. I have always been a business minded person and feel like this would be a great option to look into. I don't know too much about mba have did some research on it. But what career prospects can I expect graduating with a MBA? Also what kind of salary can I expect? I graduated with a biology degree and was thinking about pursuing the MBA option. Is it a viable choice? I have basic work experience in hospital mainly with the insurance and receptionist side of things.

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[phialpharaider]

I would like to ask an ancillary question to this topic for those MD's who have attained an MBA. I am an American but took a year off in undergrad to study abroad. I'm currently finishing up medical school. I've always wanted to return to that university and obtain an MBA. I had planned on doing so after residency. It's a one year program. My question, is it a bad idea to take a year off to do a full-time MBA program for one year after residency? I don't want my clinical skills to diminish but timeline-wise, I want to do that program before my life takes off with marriage/kids/etc. I know there is great MBA programs in the US but I just want to go back to my old university and study for a degree there. Can anyone offer me some seasoned advice? My main concern is coming back and being rusty at medicine and wishing I hadn't taken the time off.
Thanks in advance!

 

[Wjldenver]

I am just starting to get interested in the healthcare business administration side of things. I have always been a business minded person and feel like this would be a great option to look into. I don't know too much about mba have did some research on it. But what career prospects can I expect graduating with a MBA? Also what kind of salary can I expect? I graduated with a biology degree and was thinking about pursuing the MBA option. Is it a viable choice? I have basic work experience in hospital mainly with the insurance and receptionist side of things.

Health Care consulting is a very good field. (I know, I work in it.) New management consultants (recent MBA grads) are getting offers between $150K- $200K to start. But in the business world it is all about what school you graduate from. Stick to the top 10 or 20 schools, and you can have a very interesting career. Here is a link to look at:

http://poetsandquants.com/2017/01/13/consulting-salaries-just-keep-going/

 

[Dr. Rafiki]

Health Care consulting is a very good field. (I know, I work in it.) New management consultants (recent MBA grads) are getting offers between $150K- $200K to start. But in the business world it is all about what school you graduate from. Stick to the top 10 or 20 schools, and you can have a very interesting career. Here is a link to look at:

http://poetsandquants.com/2017/01/13/consulting-salaries-just-keep-going/

Hey there,

I'm considering healthcare consulting as a fallback to med school. Would you say an MBA (from a top school like you said) is enough for healthcare consulting specifically? Or would a dual-degree like MBA/MPH be required? This of course pertains to people with a BS in the sciences.

 

[Wjldenver]

Hey there,

I'm considering healthcare consulting as a fallback to med school. Would you say an MBA (from a top school like you said) is enough for healthcare consulting specifically? Or would a dual-degree like MBA/MPH be required? This of course pertains to people with a BS in the sciences.

The most important thing is to get into a top 10 or 20 MBA program. And upon graduation, snag a spot at one of the top consulting firms in any one of their business units as a management consultant. Then, after you have proven yourself, you can leverage your science/healthcare background to move into the health care consulting business unit. Specifically check out those MBA programs which have a concentration in health care. That way, you can eliminate the need to get an MPH. I'll do a bit more research when I have the time, and I'll give you some specific program recommendations.

 

[Wjldenver]

Hey there,

I'm considering healthcare consulting as a fallback to med school. Would you say an MBA (from a top school like you said) is enough for healthcare consulting specifically? Or would a dual-degree like MBA/MPH be required? This of course pertains to people with a BS in the sciences.

Dr. Rafiki... Here is a credible list of top MBA programs which offer a concentration in health care.

http://www.healthcare-management-de...ss-administration-with-specialization-in-hcm/

Based upon what I know, my top recommendation would be one of the following: Harvard, Wharton (Penn), MIT, Kellogg (Northwestern), Columbia, Michigan, Yale, Duke, Dartmouth. A little lower on the list I would include: Texas, University of North Carolina, University of Virginia and a few others found at the provided URL. Check out the school's web sites, and if you want to move forward, begin to prep for the GMAT. A lot of these schools now accept the GRE as well, but studies have shown that they give a bit more weight to a good GMAT score in lieu of the GRE.

 

[Dr. Rafiki]

Dr. Rafiki... Here is a credible list of top MBA programs which offer a concentration in health care.

http://www.healthcare-management-de...ss-administration-with-specialization-in-hcm/

Based upon what I know, my top recommendation would be one of the following: Harvard, Wharton (Penn), MIT, Kellogg (Northwestern), Columbia, Michigan, Yale, Duke, Dartmouth. A little lower on the list I would include: Texas, University of North Carolina, University of Virginia and a few others found at the provided URL. Check out the school's web sites, and if you want to move forward, begin to prep for the GMAT. A lot of these schools now accept the GRE as well, but studies have shown that they give a bit more weight to a good GMAT score in lieu of the GRE.

Thanks for the info! I'm going to PM you some more personal questions if you don't mind.

 

[Mike Adams]

MBA opens up with many options, scopes with rounded knowledge. It is globally recognized qualification with many opportunities to enter higher levels of responsibility in management. You can get important knowledge about business and all related facts. It also involves training, assignments, and presentations offer crucial abilities required to manage real-life business situations.

MBA also offers everlasting career opportunity. If you are MBA graduate you can enjoy different career options in General Business, Accounting, Finance, Health-care management etc. MBA degree hold can join any company in the entry-level managerial post. The actual salary for those working for one year in MBA field could be US$ 51,000 per year

 

[AnthonyM]

I am just starting to get interested in the healthcare business administration side of things. I have always been a business minded person and feel like this would be a great option to look into. I don't know too much about mba have did some research on it. But what career prospects can I expect graduating with a MBA? Also what kind of salary can I expect? I graduated with a biology degree and was thinking about pursuing the MBA option. Is it a viable choice? I have basic work experience in hospital mainly with the insurance and receptionist side of things.

Hi I am in a similar situation. Was planning on applying to medical school, have a bachelor of science with spec in neuro and molecular bio. I realized my real interest is in the business of healthcare and would like to focus on a MBA or MHA program. Ive been doing research on the scope of such a career without an MD or RN degree and it worries me I will be limited. If anyone has any advice or experience I'd sincerely appreciate it. I am planning on doing a Post-Grad certification in business to get an entry level hospital administrative job to gain experience for my MBA/MHA application.

(Sorry After I posted this I realized there were so many helpful responses I had not seen. I did not think about the reputation of the school before in that context, will definitely keep it in mind.)

 

[Jerry G]

Take a listen to Doctor Money Matters podcast episode about MBA for physicians. Good information before you pursue additional education.

Physician MBA what you need to know