I want an MBA

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I have already accepted a research position for the Summer following first year, so I cannot use this time to take classes (unless an MBA can be done during the night or something).

I also would prefer not to take a year off, but this obviously is not a big deal.

What are my options?

Thanks!!!

Originally Posted by noregistration

I have already accepted a research position for the Summer following first year, so I cannot use this time to take classes (unless an MBA can be done during the night or something).

I also would prefer not to take a year off, but this obviously is not a big deal.

What are my options?

Thanks!!!

Well, why do you want an MBA? You might want to wait until after med school. Honestly, the degree becomes more valuable, relevent, and practical, after you have gained some (non-academic) work experience.

If you just want some knowlege about finance, accounting, business law, marketing, I would just buy some books and self-teach. Later, if the business/organizational aspects of healthcare/medicine appeal to you, you want to build your career around them, and you have a (semi-solid) plan with what you plan to do with the MBA, you can pursue one then. Also, you could consider an executive MBA or FT employed MBA, too (both can be earned while working).

I think the easiest way to do it is taking a 5th year. But it's a very useful degree for physicians to have. I too am considering.

Originally Posted by ucladoc2b

Well, why do you want an MBA? You might want to wait until after med school. Honestly, the degree becomes more valuable, relevent, and practical, after you have gained some (non-academic) work experience.

If you just want some knowlege about finance, accounting, business law, marketing, I would just buy some books and self-teach. Later, if the business/organizational aspects of healthcare/medicine appeal to you, you want to build your career around them, and you have a (semi-solid) plan with what you plan to do with the MBA, you can pursue one then. Also, you could consider an executive MBA or FT employed MBA, too (both can be earned while working).

Not sure how widespread a view this is, but, at my university, the business school considers medical school (even preclinical) to be relevant enough work experience for the MBA.

Originally Posted by CatFactorial

Not sure how widespread a view this is, but, at my university, the business school considers medical school (even preclinical) to be relevant enough work experience for the MBA.

This is true for most programs with an accelerated MBA program -- is that they're less concerned about work experience for dual-degree professional students. That said, I think his point was that the degree may be more valuable / applicable once you have some experience and know what you want to do.

As far as getting an MBA without taking a year off... that's very hard to do. There are programs with night / online classes, but they don't tend to be as high quality as the full-time programs. Some of the executive MBA programs offer night classes as well, but I don't think as a medical student you would be a candidate for them, though I could be wrong.

I'm taking a year off between third and fourth year to do my MBA, and I think it's an option you should consider if you're really interested.

Originally Posted by CatFactorial

Not sure how widespread a view this is, but, at my university, the business school considers medical school (even preclinical) to be relevant enough work experience for the MBA.

I know that's true from an admissions perspective. I am speaking from a practical perspective.

Aditionally, depending on where you end up, your employer might put up some of the tuition. Or, if you end up in some certain academic residency programs, you can take the classes with a significant discount. Better than taking on the additional debt.

For me the MBA was well worth the money in gold. In addition to the core business classes, I was enrolled in the Health sector Executive MBA program, where I took courses like the Legal aspects of health care administration, health care economics, public policy, and Essentials of Health care administration. We discussed topics like tort reform, health care reform, different types of insurance, ethics etc. Another unexpected class that I enjoyed and this topic I am actually interested in is IT integration and Business, something that is quite relevant in medicine. All in all, I am glad I took the extra year to do it.

Hey Greg,
I'm going to be starting Med school in the fall. I was wondering how you plan to use your MBA, or if you have any examples of people successfully using their MBAs in non-conventional ways. Thanks.

Originally Posted by bluv1212

Hey Greg,
I'm going to be starting Med school in the fall. I was wondering how you plan to use your MBA, or if you have any examples of people successfully using their MBAs in non-conventional ways. Thanks.

In the beginning, I am focusing purely on my residency and becoming a doctor. I am interested in Radiology, and there are plenty of business issues in Rays that for which I may try provide a perspective to the team. In the long run, as I progress in my career doors may open where I may pursue an administrative position in a hospital, maybe even the rays dept. Definitely I am open to that.

As for examples of success with MBA's, the CMO of UHealth (I am down in miami) has an MBA. If you look at many of the administrative doctors in the hospital (often they are hung on the wall in the lobby) you will see that many of them have MBA's. To the least, the MBA provides you with the credentials to be able to pursue this area if interested.

Many ask if it is better to do the MBA later, I can't tell you how many doctors in various specialties have told me that they wish they had this opportunity when they were in their education "mode". No one wants to waste their time doing an MBA later on. So, I took advantage of it. Plus it gives you a year "off" to decide what you want to do if you are undecided.

If you have any questions feel free to ask.

Thanks Greg. You've definitely given me something to consider. You piqued my curiosity when you said " worth it's weight in gold, " and It was something I told myself I had to look more into. I may take you up on those questions later.

Originally Posted by ucladoc2b

I know that's true from an admissions perspective. I am speaking from a practical perspective.

Aditionally, depending on where you end up, your employer might put up some of the tuition. Or, if you end up in some certain academic residency programs, you can take the classes with a significant discount. Better than taking on the additional debt.

I feel the MBA is of prospective value for physicians. By learning a wide spectrum of finance, accounting, what have you, a physician early into his career could have a better understanding of the business side of medicine and could benefit in that regard. Therefore, by virtue of finishing the first two or three years of medical school, you have a reasonable idea of how your career will be for the next few years (as far as completing residency is concerned).

I agree though that specifically knowing how an MBA would help you is ideal.

Originally Posted by CatFactorial

I feel the MBA is of prospective value for physicians. By learning a wide spectrum of finance, accounting, what have you, a physician early into his career could have a better understanding of the business side of medicine and could benefit in that regard. Therefore, by virtue of finishing the first two or three years of medical school, you have a reasonable idea of how your career will be for the next few years (as far as completing residency is concerned).

I agree though that specifically knowing how an MBA would help you is ideal.

Agree completely. Medicine really needs some more modern management.

I am taking my time after step 1 and before third year to do a full time MBA program. I can only echo what Greg has said about its usefulness. The biggest being that you will be a bridge between the physicians and the executives. Physicians will trust you becauase you've been in the trenches with them, the executives will trust you because you have business training. It's really a win-win, and honestly we need more doctors running the show.

lots of docs get a MBA in their spare time after residency. For example, if you do IM and take a year or two of hospitalist work (shift work) then it would likely be pretty simple to schedule time to obtain a MBA. If you do surgery then you could use weekends to do the classes. You will find a way if you really want one.

How would an online MBA look?

I know if I was actually in the business field, an online MBA would be absolutely worthless bc it is all about the connections. But with physicians, isn't it more about the knowledge that there is to be gained?

Originally Posted by noregistration

How would an online MBA look?

I know if I was actually in the business field, an online MBA would be absolutely worthless bc it is all about the connections. But with physicians, isn't it more about the knowledge that there is to be gained?

I've heard good things about GW's online program.

http://healthcaremba.gwu.edu/

I have the time and money to do an MBA now, but see little use for it. The business and finance stuff I'm interested in can mostly be self-taught, or obtained from a professional at reasonable rates. Just like med school, there's lots that is "taught" that will never be used.

I've been appalled at how little practical knowledge about personal finance, investing, taxes, and small business stuff people with MBAs possess by virtue of their training.

If you want it, get it. A little education is always a good thing. But don't expect it to somehow increase your value as a doc. It might, however, open up some options in industry for you.

But don't feel like you have to get it now. You can always go back and get it later if your career plans change. Yes, you might have to work less that year, but if you're planning a career change anyway....

Originally Posted by ActiveDutyMD

I have the time and money to do an MBA now, but see little use for it. The business and finance stuff I'm interested in can mostly be self-taught, or obtained from a professional at reasonable rates. Just like med school, there's lots that is "taught" that will never be used.

I've been appalled at how little practical knowledge about personal finance, investing, taxes, and small business stuff people with MBAs possess by virtue of their training.

If you want it, get it. A little education is always a good thing. But don't expect it to somehow increase your value as a doc. It might, however, open up some options in industry for you.

But don't feel like you have to get it now. You can always go back and get it later if your career plans change. Yes, you might have to work less that year, but if you're planning a career change anyway....

To echo that, "knowing" about business, and actually "running" a business are two different things.

I would encourage all physicians to learn the basics: finance, accounting, basic economics, tax, basic corporate law, basic healthcare public policy, basic IT, and the basics of the insurance industry. You really don't need classes for it. Maybe $500 worth of books.

After the foundation is built, and you feel expanded coursework is necessary for your career, pursue the MBA. The knowledge will be way more valuable with some experience under your belt.

Did you guys do your MBA through your medical school or elsewhere?