Will MBA help when you're applying to residency? Or just beyond?

[kdburton]

I went to my school's MD/MBA lunch lecture yesterday to get some info on the program and sounded very enticing. When I graduate from med school I definitely want to practice medicine for a while but I can see myself wanting to take an administrative role or going into the more business-leaning aspects of medicine at some point later in my career. Although an MBA probably isn't a NECESSITY for being an executive of a hospital, being able to run a large practice, Wall Street, or working in venture capitalism, how much will it help to do the combined MD/MBA program (especially knowing that the MBA would be earned well in advance of when it would be used) if I end up wanting one of these career changes later in life?

On a more immediate note, can people please share their experiences with applying for residency and having an MBA to top it off? There was only one MD/MBA student that spoke yesterday that had gone through the residency application process and she matched into neurosurgery at her top-choice program. She said that her MBA came up at every school and in some cases was the subject of discussion for almost the entire interview. I couldn't tell if she was an outlier or if the MBA is is just a great asset to have even in the face of a residency interview. The reason why I ask is because I think that some programs may look at an applicant with a MD/MBA as someone who is "only in it for the money" and not give them the time of day, but at the same time they may be thinking "In addition to med school, blah blah blah this guy went through a MBA program and has demonstrated his ability to work well with a team, etc, etc." Any insight from current/graduated MD-MBAs would be much appreciated.

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[IceMan0824]

Amazingly, the capital asset pricing model or even the Black Scholes model does not help me with me day to day duties.

Blasphemy, I use the CAPM every single day. How else do you think I decide whether the risk and reward of getting out of bed every morning is worth it?





Sorry to hijack thread. Just had to post.

 

[normalforce]

I am an MD/MBA. I earned my MBA at a top 5 program -- before I went to med school. As a resident, I was not hired to implement new systems, create financial models or provide strategic insights to management regarding their market positioning. Amazingly, the capital asset pricing model or even the Black Scholes model does not help me with me day to day duties. I have not found my business background to be helpful on the wards. So, if I were a PD I would not be much impressed by an MBA.

Why would a residency director care if you have earned an MBA? As a resident, your job is to learn and practice clinical medicine. I understand that a person with business training might have some insights into the management of a hospital; however, that will not be your job. It is almost like an MBA asking whether a MA in creative writing will them get a job on Wall Street. Sure, writing is useful, but it is pretty tangential to the main task at hand. Thus, I don't think it would help but I can't imagine that it would be much of a plus form many PDs.

I am not denying that business training can have value; however, I seriously question whether earning an MBA before residency is good timing. At a minimum, it will be three years before you use the stuff. Also, I think that an MBA is only useful for a subset of medical careers. Thus, I think it is best to wait and assess your needs after you have completed a residency. The business schools will always be there so there is no need to rush. You can afford to be patient and enroll when you are in a better position to know what further education (if any) you need.


Also, other things being equal, I suspect most business employers would rather hire someone whose MBA was more recent than one whose skills had atrophed for 3 or 4 years.

Finally, you should recognize that B schools have their own reasons for offering joint programs -- which may not have much to do with the rest of the world. Just because schools offer these joint MBA/MD programs does not mean that they are a good idea.

I 95% disagree.....

I have found that the team building skills, leadership skills, and basic business understanding have helped me in residency. When I interviewed for residency positions (other than my sex research experience at the Kinsey Institute) my MBA was the #1 asked question by interviewers. I had a lot of med school leadership experience, plus an MBA in Healthcare Leadership, the PDs loved this, LOVED IT.

So, will an MBA help with residency... yes. Is it a deal maker... probably not. But if you have the desire to earn it, do it while in med school.

#1-its done, you will be more busy in practice than in med school

#2- to accomplish both (i did in 4years as designed) takes sacrifice and commitment. PDs will recognize that.

Good luck.

NF

 

[Bun]

I am currently applying to residency and having an MBA seems like a plus from most PD's perspectives. Keep in mind that the residency programs are frequently looking to diversify their classes. Also gives you something to talk about during your residency interviews which is really nice!

Lastly, I believe (along with many others) that an MBA is only worth the tuition if it is from a top tier school, otherwise you are pissing away your money and time.

My Background:
Finished my MD last year and am now doing a 12 month accelerated MBA at a top 10 school.

 

[normalforce]

I completely disagree about the MBA meaning something only if it is from a top 10 school. Thats like an MD/DO only meaning something if it is from a top 10 school. That is such BS. There are more successful people in business that went to non-'top10" schools than went to "top 10" schools. If you can get into Harvard whatever school is top 10, and it works for you, great. I would venture to say that my dual degree, an MBA curriculum that was specifically designed for someone in medicine, gave me as good or better of an education than a straight up MBA from a top 10 school. I have written business plans, done strategic analysis, and work on a costs/profits team at my hospital (which is Northwestern). I have worked side-by-side with Kellogg graduates, and trust me, in healthcare, I knew a lot more than them.

So, for all those out there not going to a "top 10 school", I am here to say you'll be just fine.

NF

 

[IceMan0824]

I have worked side-by-side with Kellogg graduates, and trust me, in healthcare, I knew a lot more than them.


NF

Kellogg. That's your problem. That's a marketing/soft-skills school.

 

[normalforce]

Kellogg. That's your problem. That's a marketing/soft-skills school.

I also work with U of C MBA grads, are they "soft"

 

[IceMan0824]

I also work with U of C MBA grads, are they "soft"

That depends. What did they major in?

 

[lxc]

Just wanted to bump this thread and ask if anyone since then have felt/heard that certain specialties (or programs) favor MBAs more so than others?

I've heard plenty of rumors that surgical specialties tend to shy away from MD/MBAs because they assume they'll just waste resources to take you in and train you, only to have you sell out and become a consultant a few years later.

 

[cognitus]

I think surgical specialties shy away because people tend to leave those fields due to lifestyle issues anyway. I have an MBA from a great school, and I think it makes for an interesting talking point during interviews, but I don't think it helps much in matching. I do think that it is only worthwhile to get an MBA from a top-10 school if you're looking to leave for another career such as consulting, Wall Street, etc. If you have a science business/MD background, you'll learn more from class. However, the true value in an MBA from a great school is the access to numerous contacts and alumni in the positions you may seek outside of medicine. For less competitive MBA programs, you may pay similar tuition but the number of significant connections you can make will be significantly lower.