Hello Everyone, I would like to share my perspective with you. I completed my MD/MBA in 2001. I opted to do an internship year so I could finish step III. I do not regret it, in fact Im very glad I did it, though it hasnt really been of any benefit to me, career wise.
When I finished my internship I immediately started looking for jobs. I must say that I was very disappointed with my prospects. Most of the jobs I found that fit what I thought I was worth (150k+) required board certification and 10 years of experience. I remember thinking to myself, geez, they only want to pay $180,000 for a board certified oncologist with 10 years of medical management experience and 10 years of clinical experience?!
It was a rude awakening.
Ive heard of the investment bankers and the mutual fund managers with the combined MD/MBA degrees who are making tons of money now, but I couldnt even find an entry level job (that paid more than 80k/year) in those fields. On the other hand, I have always had an entrepreneurial spirit and, I think, deep down, I didnt want to look hard for a job where I would be working for somebody else. After all, if I wanted to be an employee, Id have stayed practicing medicine.
So, heres my story. I took some time off in 2002 and got serious at the beginning of 2003. In 2003 I, technically lived below the poverty line. In 2004 I, technically, lived below the poverty line. I could barely afford to clothe myself and at one point I had to borrow money from my roommate just to pay rent, I was about 3 months away from being the most well-educated, unemployed, homeless guy ever.
..that was the downside. Heres the upside
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Since 2002 I have started 4 different businesses Im working on a fifth. Though I lived in poverty for two years working 13 hour days without vacation or any real days off (I still dont take many days off), this year my income will be about 125k. More importantly, I have a business whose revenue next year will be between 2 million and 5 million dollars. My income next year will be between 300k and 700k. So things are now looking up.
When I started examining the choices I had made last year (while still living in poverty) I thought that I might have made a mistake not finishing residency. My friends were finishing up their residencies and all had promising careers ahead of them. I only had what I had made for myself and, at the time, it wasnt much. I even half-heartedly signed up for the match again and very nearly went back into residency (it was my back-up plan).
Now when I compare myself to my friends, most of them hate their jobs and envy me for having the guts to do what I did. I used to sit on the surgery wards as a third year medical students and think to myself, why would any of these a-holes do a surgery residency, why would anybody voluntarily work 100 hours/week for 5 years and get paid 35k? The truth is, I still work 70 to 90 hours per week. But the key is that I love what I do.
Did the MD/MBA help? You bet it did. People respect the MD degree. It adds a perception of integrity, validity and security to everything you do. The MBA sets you apart from all the other MDs out there. The MD/MBA gets your foot in the door, but what happens after that is up to you. If you want to be a success, you have to work very hard, you have to produce results, you have to be reliable, predictable and ethical (I never thought I would ever say ethical, but your reputation is everything).
If you have strong people skills or strong sales skills, you probably dont need the extra security of residency training. Youll be able to create success wherever you find yourself. If you struggle with people skills, you should probably get the extra training unless you have a line on a good job somewhere.
Regardless, I would definitely recommend finishing your internship year. Get your license and keep it up to date. It is a safety net that will make you more able to take the greater risks that ultimately lead to the greater rewards. If your business plans go belly-up at least you can always be a doctor not many people can say that.
you just beat me to it
