Does an MD/MBA helps with personal finances?

[Arrhenius10]

Hello SDN-ers!

A while ago, I attended a seminar regarding poor financial decisions made by professionals. The speaker talked about how professionals who earn 6-figure salaries are still not living the luxurious life. Now, of course becoming a practicing physician has a lot of financial obligations such as medical malpractice insurance, taxes, etc.. So, I have been wondering if an MD/MBA program would help with personal finance. I am not looking for any executive positions or whatever an MBA would open its door to. But, it's more to making sure I know how to manage my finances, when (and if) I start earning a 6-figure salary.

Thanks!

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[DrBowtie]

Hello SDN-ers!

A while ago, I attended a seminar regarding poor financial decisions made by professionals. The speaker talked about how professionals who earn 6-figure salaries are still not living the luxurious life. Now, of course becoming a practicing physician has a lot of financial obligations such as medical malpractice insurance, taxes, etc.. So, I have been wondering if an MD/MBA program would help with personal finance. I am not looking for any executive positions or whatever an MBA would open its door to. But, it's more to making sure I know how to manage my finances, when (and if) I start earning a 6-figure salary.

Thanks!

No. Read white coat investor's book and save a year and tuition.

 

[DoctorKrieger]

Would it help? Absolutely. Do you want to get one if that's your only reason? Definitely no.
There are countless finance books to teach you everything you want to know about personal finance/money management without the undergrad business degree or MBA. I haven't gotten around to the White Coat Investor book, but I hear good things. Be careful what sources you use for this subject, there's a ton of terrible advice out there.

 

[ConfusedChemist]

Well given how much the tuition for an MBA is.....I'm going to say no
Unless you are REALLY bad with money right now, like bad enough you would lose 60K by mistake, in which case I guess an MBA might help.....

 

[doc05]

no

 

[Arrhenius10]

Awesome gotham! Great advice! I had just checked with a friend of mine who has just earned her MBA, and she said that MBA is a course for business people who have already gotten their feet wet, and when their companies want them to take up an executive role -- and generally does not help with personal finance, only management.
Thanks all!

 

[enien]

I agree with this.

no

 

[michaelrack]

"So, I have been wondering if an MD/MBA program would help with personal finance"

It will help your personal finance about as much as it will help your personal health

 

[bc65]

My wife has an mba from a top business school. She can read balance sheets for companies, evaluate their performance, etc. She manages budgets of hundreds of millions for a major company. She knows nothing about personal finance.

 

[Smiths11]

Hello SDN-ers!

A while ago, I attended a seminar regarding poor financial decisions made by professionals. The speaker talked about how professionals who earn 6-figure salaries are still not living the luxurious life. Now, of course becoming a practicing physician has a lot of financial obligations such as medical malpractice insurance, taxes, etc.. So, I have been wondering if an MD/MBA program would help with personal finance. I am not looking for any executive positions or whatever an MBA would open its door to. But, it's more to making sure I know how to manage my finances, when (and if) I start earning a 6-figure salary.

Thanks!

Nope. You don't learn personal finances in MBA school. You don't learn anything in MBA school. You learn how to network and meet people and find opportunities. That's it.

Getting your MBA is a terrible personal finance decision if you're doing it for this reason.