How to get an MBA as an MD

[Nick Griffith]

What is the value of being an MD when applying to business school? Most people earn their MD/MBA from the same school, completing both degrees in 5 years. There are some programs that allow people to earn an MBA in only one year, and I'm curious how valuable it is to be a medical student or MD when applying to these programs.

Here is the list for ONE year MBA programs in the US:
Northwestern
Cornell
Emery
University of Florida
Babson

I exchanged a few emails with the people from Cornell's MBA program (Johnson) and learned that they have a one year MBA that requires an advanced degree, such as an MD. You are eligible to begin the program after 2 years of medical school, but are only granted the degree once you receive an MD.

I know business programs want to see work experience and promotions, but what about a rigorous graduate program, such as an MD? I'm currently a student at the University of Toledo, which has a satisfactory medical school, but an MBA program that won't open up any major doors in the investing/business world (where I want to end up).

If anyone can help me out with this, please share. I'd be happy to exchange ideas with people who are in the same boat. Thanks!

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[DrJosephKim]

I'm not sure that this statement is accurate:

" Most people earn their MD/MBA from the same school, completing both degrees in 5 years."

I think that many students get a combined MD/MBA, but there's also a HUGE group of physicians who pursue an MBA after they complete their MD.

There's also a really large group of physicians who pursue an MBA through part-time or executive programs. It's difficult to commit 1 or 2 entire full-time years for an MBA education.

 

[Nick Griffith]

Hi Dr. Kim,

Thanks for your reply. I do think it's a fair statement from what I have seen as an MD/MBA student and attendee at the MD/MBA conference in Dayton this year.

It could be the case that there are more MD/MBAs who have received their degrees from different schools, but there are a lot of people who are in these 5 year programs now (waiting to graduate). Of the 134 medical schools in the US, around 80 of them offer these programs. The number is continually increasing. My undergraduate alma matar, UCSD, just instituted an MD/MBA program, and the University of Toledo has also recently started one. I am the third MD/MBA student at the University of Toledo. But I have no hard data on this, just my personal observations. I have a student's perspective and could be mistaken.

The main question in my post is: how can one upgrade the MBA portion of their MD/MBA education without doing a full 2 year program? I've decided I want to be a healthcare sector analyst on Wall Street, and I think that an MBA from Toledo is not sufficient to get this accomplished. I'm very interested in either Northwestern or Cornell, and plan to visit these schools sometime this year to learn more about what it takes to get into their one year programs from medical school.

Any more information towards this goal would be great!

 

[nontrdgsbuiucmd]

Hi Dr. Kim,

Thanks for your reply. I do think it's a fair statement from what I have seen as an MD/MBA student and attendee at the MD/MBA conference in Dayton this year.

It could be the case that there are more MD/MBAs who have received their degrees from different schools, but there are a lot of people who are in these 5 year programs now (waiting to graduate). Of the 134 medical schools in the US, around 80 of them offer these programs. The number is continually increasing. My undergraduate alma matar, UCSD, just instituted an MD/MBA program, and the University of Toledo has also recently started one. I am the third MD/MBA student at the University of Toledo. But I have no hard data on this, just my personal observations. I have a student's perspective and could be mistaken.

The main question in my post is: how can one upgrade the MBA portion of their MD/MBA education without doing a full 2 year program? I've decided I want to be a healthcare sector analyst on Wall Street, and I think that an MBA from Toledo is not sufficient to get this accomplished. I'm very interested in either Northwestern or Cornell, and plan to visit these schools sometime this year to learn more about what it takes to get into their one year programs from medical school.

Any more information towards this goal would be great!

Makes sense to call the schools you're looking at to see what they want in a candidate. I (as an insider) would suggest that you request an informational interview with the admissions office when you visit each school

If you're looking at ending up on wall street, it would be quite shortsighted to not look at the best finance programs. Check US news or businessweek for these; NW and Cornell I've not seen among them. It is staggeringly competitive to get that type of job even from a top program, much less a less-than top program. I'd suggest you not get into a second tier (relatively) program if your determined, decided, focused goal is to go to wall street.

That said, a friend who graduated from a top-tier finance program moved from a straight finance job (treasury) into an investment banking job, which is much tougher to get, via connections once this person was working on Wall Street.

Finally, analyst spots are getting tougher to get due to the split between the banking (moneymaking) and stock analyst (lossleader) operations, thank you Mr. Spitzer for that lawsuit. May be a thought to also look into private equity/hedge funds that are strong in healthcare, but this is a very competitive world.

best of luck

 

[Nick Griffith]

Thanks for your post. I have checked the employment report from Northwestern, and they have a great record of placing people in those types of jobs. Cornell has a decent record at doing this, and Notre Dame is, as you put it, not a top tier school (not top 10-12 schools), but would probably be able to get me in the door, but not at a top tier firm.

If you don't mind me asking, how are you an insider? Are you in an MBA program?

Interestingly enough, I know of somebody who went to the University of North Carolina for medical school. During their fourth year of the MD program, they got into Harvard's business school. He completed both degrees in 5 years, and now works in medical finance (small cap and private equity). He did some clinical rotations and some business classes during his fourth year of medicine to make this possible.

 

[Gunneria]

Good thread...will medical schools grant you a 2 year leave of absence after 3rd year to pursue a 2 year MBA program??? My school has a 5 yr MD/MBA program but the MBA isnt that great...while the accelerated is great I would love the internship so I was hoping medical schools grant you that option.

Thanks.

 

[linsy22689]

Hi Nick,

I'm interested in how someone from UNC med was able to get into HBS, and graduate from both in 5 years! Was this achieved through an accelerated curriculum with HBS or delaying UNC med graduation? If so, do you have any more information on this? I'm definitely interested in learning whether this is possible.

Thanks for your post. I have checked the employment report from Northwestern, and they have a great record of placing people in those types of jobs. Cornell has a decent record at doing this, and Notre Dame is, as you put it, not a top tier school (not top 10-12 schools), but would probably be able to get me in the door, but not at a top tier firm.

If you don't mind me asking, how are you an insider? Are you in an MBA program?

Interestingly enough, I know of somebody who went to the University of North Carolina for medical school. During their fourth year of the MD program, they got into Harvard's business school. He completed both degrees in 5 years, and now works in medical finance (small cap and private equity). He did some clinical rotations and some business classes during his fourth year of medicine to make this possible.

 

[BK1980]

I'm very curious, how does someone finance such a program? I read a lot for the Cornell acc. MBA program, but the Fees are very high. With all living costs around 100k for that whole year. How shall someone pay that?

 

[foxtrot]

I'm very curious, how does someone finance such a program? I read a lot for the Cornell acc. MBA program, but the Fees are very high. With all living costs around 100k for that whole year. How shall someone pay that?

I agree. I was looking at the University of Tennessee's program for physicians only and it is over $60,0000 for one year. That is ridiculous. I know college costs have gone up but I don't see how anyone could afford to pay this. I guess one would just take out more loans. College tuition is a joke.

 

[turquoiseblue]

i am an MD and i went to an mba in healthcare program online and it was $30k.....10 months accelerated degree....but i wonder what can you do with an MBA as an MD, it just seems like a meaningless title at the end of your name. i guess it is good if you want to go into academic/administrative type medicine or own a hospital eventually. but other than that i haven't found a use for my MBA.

 

[IlDestriero]

i am an MD and i went to an mba in healthcare program online and it was $30k.....10 months accelerated degree....but i wonder what can you do with an MBA as an MD, it just seems like a meaningless title at the end of your name. i guess it is good if you want to go into academic/administrative type medicine or own a hospital eventually. but other than that i haven't found a use for my MBA.

I'm not sure a 10 month on line MBA really prepares you for anything.

I agree. I was looking at the University of Tennessee's program for physicians only and it is over $60,0000 for one year. That is ridiculous. I know college costs have gone up but I don't see how anyone could afford to pay this. I guess one would just take out more loans. College tuition is a joke.

If you think that's expensive you have no idea. Wharton's executive MBA is about $170,000.
Though, you get what you pay for at Penn.

 

[doc44ever]

What is the purpose of having both a MD and MBA?

 

[turquoiseblue]

What is the purpose of having both a MD and MBA?

it's a useless degree IMHO if you just want to be a straight doctor. i wouldn't waste my money if i were you. the business side of medicine is found in common sense, not found by the knowledge given by an MBA in healthcare as i unfortunately found out. for the most part, they teach you about global economics, how to be a leader, and a lot of marketing.

also you can't go anywhere with an MBA without having past experience. many jobs for MBA's require a few years of experience. MBA might be good if you become an administrator in a hospital and maybe help to go up the corporate ladder in a hospital as in working with the CEO of the hospital or becoming the CEO him/herself. if you're doing private practice, it is totally useless.

 

[michaelrack]

I agree. I was looking at the University of Tennessee's program for physicians only and it is over $60,0000 for one year. That is ridiculous. I know college costs have gone up but I don't see how anyone could afford to pay this. I guess one would just take out more loans. QUOTE]

I am looking into that program. The program appears to be designed for established physicians with some experience- many who could afford to pay for it out of pocket (while making some financial sacrifices).

The TN program is not designed for residents/fellows and those who recently finished training.