Anyone doing PharmD / MBA

[tommyVoltage]

Did you have to take the GMAT along with the PCAT to get into the joint program? I took a practice GMAT and did terrible, but I want to go into the business part of pharmacy.

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[catchsomezz]

i looked into the PharmD/MBA, and from what i read....yes you need to take the GMAT. what happens is that you actually have to get accepted to both the business school and pharm school, separately, to be accepted into the PharmD/MBA program.

some schools even don't give special consideration for PharmD/MBA applicants...

Did you have to take the GMAT along with the PCAT to get into the joint program? I took a practice GMAT and did terrible, but I want to go into the business part of pharmacy.

 

[koercive]

to get into the business side of pharmacy, it may even be a better idea to pursue a relevant masters degree rather than going through the hassle of more LOR, the GMAT, and extra tuition. i first looked into the pharmd/mba, but now i will be doing the pharmd/ms reg. sci

 

[Jetninjin]

I am planning on doing Pharmd/MBA, and not all schools require the GMAT.

 

[AdamSanders]

I was seriously thinking about the dual degree, but I didn't think the initial loss of money (a year of income plus a year of tuition) would be worth it. I know that the schools I interviewed at really didn't seem to have too many people pursuing the degree, I guess it hasn't caught on yet

 

[tommyVoltage]

I was seriously thinking about the dual degree, but I didn't think the initial loss of money (a year of income plus a year of tuition) would be worth it. I know that the schools I interviewed at really didn't seem to have too many people pursuing the degree, I guess it hasn't caught on yet

Some of the pharmacist at CVS that I work with are part-time floaters that just graduated from school. They all work for companies like Johnson & Johnson or are doing fellowships, and they all said they wished they did the PharmD/MBA program.

 

[Hendlefe]

At UB, you don't actually apply for the MBA/JD/etc program until after you start your P1 year. During the second year, you take only classes for MBA, then during the third year, you take P2 and second year MBA courses concurrently.

 

[eddavatar]

Speaking from the perspective of a current PharmD/MBA student:

1)Your original Q, here at USC yes you will need to take the GMAT in order to be considered for a dual candidacy. Marshall is a highly competitive program so while the people that applied generally will get in, I have seen people rejected due to low GMAT score. So if USC is one of your options, get at least over 600 on the GMAT to be considered competitive. The economy is not helping, neither, as applicant pool is going to be ridiculous this year.

2) Which part of business do you want to go into? If you've something very specific in mind, i concur with one of the poster and would say that a more specialized degree might be more valuable (e.g. Pharm Econ, Reg Sci, MPH....all available here @ USC)

However, if you just want to keep your options open (or like me HATING to be pigeonholed), MBA is a good conversation starter for employers. Also, from what I've gathered from people it's more valued in the east coast than here in the left coast. I've seen people with PharmD/MBA doing a myriad of things.

3) Do not look at short term payoffs w/ the MBA. You'll be sorely disappointed. Internship does not necessarily fly into your face, nor are job opportunities. But people will look favorably upon it at certain point.

4) Last but not least, reputation for which MBA program does matter, so choose wisely.

 

[SHC1984]

I was seriously thinking about the dual degree, but I didn't think the initial loss of money (a year of income plus a year of tuition) would be worth it. I know that the schools I interviewed at really didn't seem to have too many people pursuing the degree, I guess it hasn't caught on yet

I wanted the dual degree as well, but then realized that an MBA is worthless unless is from a very well known school like Penn, Harvard or Columbia. So I decided to not do it...if I need it later on I will get the MBA at a well known school instead.

 

[Passion4Sci]

I wanted the dual degree as well, but then realized that an MBA is worthless unless is from a very well known school like Penn, Harvard or Columbia. So I decided to not do it...if I need it later on I will get the MBA at a well known school instead.

I'd think USC would be well-known enough also.

 

[Antimony]

I wanted the dual degree as well, but then realized that an MBA is worthless unless is from a very well known school like Penn, Harvard or Columbia. So I decided to not do it...if I need it later on I will get the MBA at a well known school instead.

I disagree with your statement. I feel that the school you attend for your MBA is only important if an MBA is your terminal degree. Many pharmacists I worked for had a PharmD/MBA, and noone ever asked where their MBA was from, only PharmD. I just graduated with my MBA, and feel it will be a strong asset in the pharmaceutical industry/ hospital pharmacy.

 

[rphfan2009]

I disagree with your statement. I feel that the school you attend for your MBA is only important if an MBA is your terminal degree. Many pharmacists I worked for had a PharmD/MBA, and noone ever asked where their MBA was from, only PharmD. I just graduated with my MBA, and feel it will be a strong asset in the pharmaceutical industry/ hospital pharmacy.

You are so right about that one.

 

[rphfan2009]

I disagree with your statement. I feel that the school you attend for your MBA is only important if an MBA is your terminal degree. Many pharmacists I worked for had a PharmD/MBA, and noone ever asked where their MBA was from, only PharmD. I just graduated with my MBA, and feel it will be a strong asset in the pharmaceutical industry/ hospital pharmacy.

P.S. I have an MBA too

 

[tommyVoltage]

Thanks for all the information. I didn't know PharmD/MBA was that popular. I guess I'll just start studying for the GMAT and e-mail some of the schools I was looking at that had the joint degree to find out the requirements.

 

[eddavatar]

I disagree with your statement. I feel that the school you attend for your MBA is only important if an MBA is your terminal degree. Many pharmacists I worked for had a PharmD/MBA, and noone ever asked where their MBA was from, only PharmD. I just graduated with my MBA, and feel it will be a strong asset in the pharmaceutical industry/ hospital pharmacy.

It comes down to what you want in life.

To me, I want a bigger and more powerful network. That's where the true value of an MBA is. I don't think I'll remember anything I learned from finance tonight, but I sure as heck will remember getting drunk in Hong Kong with my classmates. And those are the people that will get me a job. I know for a fact that the pharma companies only recruit MBAs from the big schools around the region.

But then again, for people that only want the MBA for the title, I agree you can get it from University of Phoenix online. if your company's paying for your MBA, of course it doesn't matter where you're getting it from.

 

[eddavatar]

I'd think USC would be well-known enough also.

Thus my 4th opinion.

Marshall is good/bad depending on your perspective. It's nowhere close to HBS/Wharton caliber, but it's certainly one the best possible PharmD/MBA dual available as a package. (Don't know if UMich offers a program w/ Ross).

 

[eddavatar]

Thanks for all the information. I didn't know PharmD/MBA was that popular. I guess I'll just start studying for the GMAT and e-mail some of the schools I was looking at that had the joint degree to find out the requirements.

Don't do it because it's "popular". Do it because you think it'll be useful in your career plan. It is a very expensive degree with questionable ROI in economic downturns such as now.

 

[rphfan2009]

Don't do it because it's "popular". Do it because you think it'll be useful in your career plan. It is a very expensive degree with questionable ROI in economic downturns such as now.

I agree with this statement.

Speaking as a someone with an MBA, the degree is very expensive and you should only get it if you REALLY think that its going to be an essential part to your future career plans/goals...if not, don't waste your money or time.

I pursued an MBA orginally because I was involved in the financial world after college. Now that I am going into pharmacy and want to pursue the business side of this industry, it will only be an added plus to my resume.

It really all depends on your career goals and what you want in life.

 

[pharmacygopher]

Thus my 4th opinion.

Marshall is good/bad depending on your perspective. It's nowhere close to HBS/Wharton caliber, but it's certainly one the best possible PharmD/MBA dual available as a package. (Don't know if UMich offers a program w/ Ross).

Minnesota now offers a dual PharmD/MBA with the Carlson School of Management. Both programs are outstanding.

http://www.pharmacy.umn.edu/pharmd/curriculum/pharmdMBAdualdegree/home.html

I actually was working on my MPH (Epidemiology) before I got into pharmacy school and plan on finishing that while in school.

 

[RxLaw]

I have also considered the pharmd/mba option. i was offered spots at three different and highly competitive programs, but i forwent the programs that only offered the pharmd option for the ones that offered the joint degree.
At first I thought that I would do the pharmd first then go back and get an mba from a top notch school. however, after thorough consideration i have come to the conclusion that doing the joint degree will have a greater long term pay off.
Here's why. Employers really don't give a rats ass where you get your degree from, at least in the broader sense. All the degree does is get you into the door of the interview room. What you do there, your work experience and most of all your attitude is ultimatley what determines if your are going to go to the the next level.
The other factor of time is very important to me. I think that once I am through with Pharm school I do not really want to punish myself with more schooling, considering Pharm school will be challenging in itself. Once I am through with school, I want to focus on my career without having to split my time between school and all that other stuff.
I think the hustle of having to take the GMAT, getting two or three letter of recommendation, an application essay and extra tuition might seem unnecessary at the moment, but two or three years after Pharm school that **** is going to start paying off, in terms of promotions, earning potential etc
Besides, I am victim of the recession and not currently working. So I took my time to study for the GMAT. Got free material including internet support material from my local library. I took the exam last week and passed (you get instant scores!). I am set to go. Besides, who doesn't wanna party in Hong Kong 8 years from now like one of the previous bloggers just put it...
And one last thing, I wanna own my own business once I finish Pharm school. I am not going to work this hard for the next four years so I can waste my talent working for some employer for 30-40 years!
Good luck with those considering the PharmD/MBA. You have one more person who thinks it is worth pursuing: me!

 

[AKN16]

Thus my 4th opinion.

Marshall is good/bad depending on your perspective. It's nowhere close to HBS/Wharton caliber, but it's certainly one the best possible PharmD/MBA dual available as a package. (Don't know if UMich offers a program w/ Ross).[/QUOTE.]

U of M doesn't have that type of program. I personally think they should, since both programs are top 10.

I don't want to sound like a hard-ass, but it's U of M, not UMich

 

[oogin]

Question about doing MBA and PharmD together, please forgive my ignorance.

I have an opportunity to do MBA while fulfilling prerequisites for Pharmacy schools. I am wondering if it is same thing if I finish my MBA and then apply to Pharmacy- or wait until later and do it together as a joint program.

Is Joint PharmD/MBA any different than doing MBA and Pharmacy separately? I mean, do they offer courses that combines these two factors together- or would you consider this a two completely different degree?

Thank you in advance,

 

[RxLaw]

Question about doing MBA and PharmD together, please forgive my ignorance.

I have an opportunity to do MBA while fulfilling prerequisites for Pharmacy schools. I am wondering if it is same thing if I finish my MBA and then apply to Pharmacy- or wait until later and do it together as a joint program.

Is Joint PharmD/MBA any different than doing MBA and Pharmacy separately? I mean, do they offer courses that combines these two factors together- or would you consider this a two completely different degree?

Thank you in advance,

I really don;t know much about your circumstances. From face value, based on what you have volunteered, I will tell you that the perk of doing the Pharmd/MBA at the sametime is that some Pharmacy classes satisfy requirements for business school. So it saves time, a lot of time!
However, if you can finish your MBA and Pre-Pharm prerequisites concurrently before you start Pharmacy school then go for it. It may prove to be cheaper in the long run because you can the focus on securing admission to a cheap program.

Good luck with your decision making process. I hope this helps

 

[oogin]

RxLaw

Thank you for your advice,

My situation is that, I am already accepted for MBA program this coming fall- but was debating on whether or not to take pre requisite courses together with MBA or just wait until later to take MBA/PharmD together.

I guess I'll try to balance things out and try doing MBA and pre requisites together- while volunteering at the hospital... whew!!!

 

[SHC1984]

How about this question. What is the BEST pharmacy school to go to, to get a MBA/PharmD?

 

[RxLaw]

How about this question. What is the BEST pharmacy school to go to, to get a MBA/PharmD?

"BEST" in this case is VERY relative. It depends on what you want to do with your degree. If you are a rankings junkie, then USC in Southern California would be up there. Its Pharmacy program is in the top five in the country and its MBA is in the top 60. Then you have UNC, UCLA, UK, Univ of Chicago... the list goes on. You get my drift here. I poersonally don't buy into the whole school rankings. Its a sure way of setting yourself up for dissatisfaction with your education!

Like one employer told me. No one cares where you get your degree from. As long as it is from an accredited program and you have the relevant qualifications they are looking for then you should be good to go. Its your attitude and how well you are suited for what you are doing is what determines how far you are going to go

For example, you can be a Pharmd/MBA with a senior position at MERCK, or you can be a Director of a College Program, you can own your own business, do consulting, be a hospital exec, retail pharm manager with the same degree... This brings me to my next point.

I personally think that the PharmD/MBA enables you to go higher faster... i.e it sets you up for leardership positions much more easily as opposed to a plain PharmD.

At the end of the day, if you can get into one such program (Pharmd/MBA) and are willing to do what it takes to get the degree, and you know what you want to do with yourself... then nothing should stop you... not even someone with a degree from the "BEST" school!

 

[RxLaw]

RxLaw

Thank you for your advice,

My situation is that, I am already accepted for MBA program this coming fall- but was debating on whether or not to take pre requisite courses together with MBA or just wait until later to take MBA/PharmD together.

I guess I'll try to balance things out and try doing MBA and pre requisites together- while volunteering at the hospital... whew!!!

Good luck. Just know this, all the effort will pay off. I was once there. Just put your best foot forward and all will work out just fine!

 

[SHC1984]

"BEST" in this case is VERY relative. It depends on what you want to do with your degree. If you are a rankings junkie, then USC in Southern California would be up there. Its Pharmacy program is in the top five in the country and its MBA is in the top 60. Then you have UNC, UCLA, UK, Univ of Chicago... the list goes on. You get my drift here. I poersonally don't buy into the whole school rankings. Its a sure way of setting yourself up for dissatisfaction with your education!

Like one employer told me. No one cares where you get your degree from. As long as it is from an accredited program and you have the relevant qualifications they are looking for then you should be good to go. Its your attitude and how well you are suited for what you are doing is what determines how far you are going to go

For example, you can be a Pharmd/MBA with a senior position at MERCK, or you can be a Director of a College Program, you can own your own business, do consulting, be a hospital exec, retail pharm manager with the same degree... This brings me to my next point.

I personally think that the PharmD/MBA enables you to go higher faster... i.e it sets you up for leardership positions much more easily as opposed to a plain PharmD.

At the end of the day, if you can get into one such program (Pharmd/MBA) and are willing to do what it takes to get the degree, and you know what you want to do with yourself... then nothing should stop you... not even someone with a degree from the "BEST" school!

Most schools do NOT have a PharmD/MBA program, like UNC and UCLA for example, do NOT have that program unfortunately. So thats why I ask this question.

 

[RxLaw]

Most schools do NOT have a PharmD/MBA program, like UNC and UCLA for example, do NOT have that program unfortunately. So thats why I ask this question.

Look at USC (Univ of Southern Cal), UKy (Uni of Kentucky), Mercer, MUSC (Med Uni of South Carolina), UF (Uni of Florida). Those are the ones I can think of off the top of my head, and they are all damn good! All accredited. I think Mercer should be the "youngest" PharmD/MBA of all the ones I have named. Good luck.

 

[SHC1984]

Look at USC (Univ of Southern Cal), UKy (Uni of Kentucky), Mercer, MUSC (Med Uni of South Carolina), UF (Uni of Florida). Those are the ones I can think of off the top of my head, and they are all damn good! All accredited. I think Mercer should be the "youngest" PharmD/MBA of all the ones I have named. Good luck.

Cool, glad to know I am going to one of the damn good schools!

 

[koercive]

after talking to ed, I am becoming more interested in the MBA vs another masters program. I also considered getting a MBA after graduating with a Pharm.D. , but I feel like I will fall into the "screw more school, I'm going to start working" mode.

 

[SHC1984]

after talking to ed, I am becoming more interested in the MBA vs another masters program. I also considered getting a MBA after graduating with a Pharm.D. , but I feel like I will fall into the "screw more school, I'm going to start working" mode.

I would first get the PharmD and then apply for the job that you really want. If you get it great, if not and you need to get that MBA then go back to school and get it. However, there is no reason go get an MBA if you can get the job you really want right after graduation.

 

[DKSchrute6]

After reading the posts on this forum it seems that the main reason to obtain both degrees at the same time is to save money and time. I'm considering the dual degree to keep my options open when I'm done with pharmacy school but after looking through multiple forums etc. I still haven't been able to answer my ultimate question. After obtaining the dual degree, what are some prospective jobs that you could hold? In general it just seems that it puts you into a good position to work for a drug company, upper management, move higher faster, etc. Is there additional information that I should consider before I begin taking business classes?

Thank you for your insight.

 

[PharmEXP]

I have recently been accepted to UF College of Pharmacy, c/o 2014, and was contemplating whether or not I should pursue the PharmD/MbA joint degrees. My ultimate goal, although very premature and uncertain, is to one day own and operate my own independent pharmacy. Would this MBA help me reach these goals? Or will I just be wasting my time and money? I know UF ranks as the best MBA program in Florida, but I'm not sure where it ranks nationally.