Md/mba

[brandnewsaves]

Is doing a combined MD/MBA program worth the extra year of school and leaving your class?

Is there a considerable difference in pay between MD and MD/MBA, I wouldn't think so, but I don't really know.

Or should I just stick with the MD?

Anyother advice?

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[notdeadyet]

Anyother advice?

Hold off. If you're going to go to the trouble of getting an MBA, you may as well do it right.

There have been a lot of studies done about MBAs that found that less than stellar programs produce MBAs that do not pay for themselves. And most medical schools (though not all) are coupled with less than stellar MBA programs.

Also, MBAs without experience to back them up are not really worth a whole lot. You want to be able to integrate your professional knowledge into your studies. If you're looking to use an MBA to support your medical career, doing an MBA after you've had a bit of a medical career would make it a lot more valuable.

Look into executive MBA programs. With an MD in hand and a couple years of experience as a physician, you'd be an attractive candidate. Exec programs usually run one evening a week and every other Saturday or Sunday. You are expected to incorporate work done during your workweek into your MBA program. There are exec MBA programs offered by most of the top business schools now, and you can find a great program in most big cities.

 

[notdeadyet]

Also, if you're looking to do an MBA because you hope to have a private practice, I'd hold off. It will be much more cost effective to outsource your finance/marketing/etc. efforts than to cut in to clinical time to do it yourself. And being your own first customer (and all the usual disasters that come along with it) isn't always the best strategy.

I would think the real value of an MBA would be for those going into hospital administration. Since this probably won't happen in your career right away, it makes more sense to me to hold off on the MBA until you have the experience to take advantage of it.

Best of luck...

 

[brandnewsaves]

I am at Texas A&M right now and May's Business Schools is one of the 10 Top Business Schoools in the country...I think they might even be in the top 5. Would that change your advice at all?

 

[notdeadyet]

I am at Texas A&M right now and May's Business Schools is one of the 10 Top Business Schoools in the country...I think they might even be in the top 5.

I've heard of Mays, but it isn't a top 10 business school. It was ranked 29th by USN&WR.

Regardless, I'm not a big rankings buff anyway. And with business schools, other than the big nationals (Wharton, Sloan, etc.), most MBA programs make their biggest footprint locally. Anderson (UCLA) kicks open more doors for you in LA than Fugua (Duke) would, even though Fugua is considered by most to be a better program. If you're planning on practicing in Texas, Mays would be tough to beat.

Would that change your advice at all?

No. MBA value ages quickly if the degree isn't put to use. You keep the accounting, finance, marketing, etc. knowledge, but you can learn this anywhere. The real benefit of MBA is the contacts/networking and the ability to integrate the material you've learned into real world scenarios.

I wouldn't advise someone to do an MBA unless they had a background to build on and an environment to expand on. Doing a one year MBA in the middle of med school always strikes me as the worst of both. The only reason I could see doing it is if you felt you'd never have another opportunity. And you'll have better opportunities.

Just my $0.02. Regardless, I hope whatever decision you make works out. After two years of med school, business study would probably be a welcome change....

 

[ChuckRock]

Listen to notdeadyet, he's right on the money. If his response were a board score it'd be like a 270.

 

[njbmd]

Moving to Med-Business Forum.

 

[artaxerxes]

Hold off. If you're going to go to the trouble of getting an MBA, you may as well do it right.

There have been a lot of studies done about MBAs that found that less than stellar programs produce MBAs that do not pay for themselves. And most medical schools (though not all) are coupled with less than stellar MBA programs.

Also, MBAs without experience to back them up are not really worth a whole lot. You want to be able to integrate your professional knowledge into your studies. If you're looking to use an MBA to support your medical career, doing an MBA after you've had a bit of a medical career would make it a lot more valuable.

Look into executive MBA programs. With an MD in hand and a couple years of experience as a physician, you'd be an attractive candidate. Exec programs usually run one evening a week and every other Saturday or Sunday. You are expected to incorporate work done during your workweek into your MBA program. There are exec MBA programs offered by most of the top business schools now, and you can find a great program in most big cities.

what if your school does have stellar MBA program? Both U mich and NU's MBA programs are ranked above their MD programs, would getting into these combined degrees without substantial work experience be a big issue?

 

[IceMan0824]

what if your school does have stellar MBA program? Both U mich and NU's MBA programs are ranked above their MD programs, would getting into these combined degrees without substantial work experience be a big issue?

Is there a specific niche you are trying to target with the MD/MBA? If not, skip the degree that is irrelevant for attaining whatever you would like to do.