If I want to go into private practice, should I pursue an Oxford MBA?

[and 99 others]

I have the option to do an MBA at Oxford. If my goal is to work in practice, will an MBA provide me the knowledge and skills to be able to manage a private practice effectively/will the MBA degree itself and university name open any doors in this regard? Or am I better off spending that time doing something else/a different degree? I have one year before medical school to pursue what I want.

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[avalon10]

No.
Knowledge and skills needed to run a practice are not taught in business school. You learn these skills in the real world.
MBA school is useless for 99% of doctors and probably 98% of people. It's a joke.
Don't waste your time or money on the MBA, get out in the real world sooner, that's where you really learn.

 

[Phloston]

I have the option to do an MBA at Oxford. If my goal is to work in practice, will an MBA provide me the knowledge and skills to be able to manage a private practice effectively/will the MBA degree itself and university name open any doors in this regard? Or am I better off spending that time doing something else/a different degree? I have one year before medical school to pursue what I want.

If you replace Oxford with "Random school that doesn't carry prestige," would you still want to go? That will answer your question.

Elon Musk did a recent interview where he says the "MBA-ization" of America does more to hamper companies than help them.

My advice would be to do what you want to do for you / go with your gut. Just don't make it about prestige / others' opinions.

 

[and 99 others]

If you replace Oxford with "Random school that doesn't carry prestige," would you still want to go? That will answer your question.

Elon Musk did a recent interview where he says the "MBA-ization" of America does more to hamper companies than help them.

My advice would be to do what you want to do for you / go with your gut. Just don't make it about prestige / others' opinions.

It is specifically because its at Oxford and the name carries weight that I am considering it. Not out of a sense of personal satisfaction for being associated with prestige but because I acknowledge that the name and prestige might open doors for me later that help me to establish my own practice effectively, which is my main goal.

 

[Phloston]

It is specifically because its at Oxford and the name carries weight that I am considering it. Not out of a sense of personal satisfaction for being associated with prestige but because I acknowledge that the name and prestige might open doors for me later that help me to establish my own practice effectively, which is my main goal.

The opinions you get on a forum like this are going to be heavily skewed toward going the prestigious and safe routes. You find what you're looking for essentially.

 

[Lem0nz]

No. Do not pursue an MBA until you are finished with residency/fellowship and have worked 1-2 years in your first attending job. Then, if you see a use and a need, pursue at that time knowing why you're doing it and why you're paying for that education and what you hope to accomplish with it.

As others have stated, once you hit that point, you will probably realize that such a degree will not be useful to you.

 

[Phloston]

No. Do not pursue an MBA until you are finished with residency/fellowship and have worked 1-2 years in your first attending job. Then, if you see a use and a need, pursue at that time knowing why you're doing it and why you're paying for that education and what you hope to accomplish with it.

As others have stated, once you hit that point, you will probably realize that such a degree will not be useful to you.

1) You haven't explained for the OP why he should wait that long in theory, and 2) Literally no one starts an MBA at that time.

 

[Lem0nz]

1) You haven't explained for the OP why he should wait that long in theory, and 2) Literally no one starts an MBA at that time.

Friend, did you not read my post? :O

My third sentence is my explanation to why he should wait that long, and the follow up spaced below agrees with you. He should wait until he is in practice and decide if an MBA will be useful and if he thinks it will pursue it at that time. It is not useful in residency or fellowship to run a private practice because you are not in it. It is not useful to get it 3-9 years before you would use it when all of that knowledge will dissipate. And if he does in fact wait that long, it is very likely he will realize that it in fact will not be a useful degree and he should not pursue it at all.

Was that... better? :|

 

[aldol16]

1) You haven't explained for the OP why he should wait that long in theory, and 2) Literally no one starts an MBA at that time.

My third sentence is my explanation to why he should wait that long, and the follow up spaced below agrees with you. He should wait until he is in practice and decide if an MBA will be useful and if he thinks it will pursue it at that time. It is not useful in residency or fellowship to run a private practice because you are not in it. It is not useful to get it 3-9 years before you would use it when all of that knowledge will dissipate. And if he does in fact wait that long, it is very likely he will realize that it in fact will not be a useful degree and he should not pursue it at all.

Actually, I know multiple people who are in residency or have been in practice and are doing an MBA. Many do executive MBAs (EMBAs) and others do the full-time. The latter are usually people who want to pivot sectors, so like going from medicine to consulting or investment banking.

It is also not the case that anybody goes to business school for the knowledge. Getting an MBA is about meeting people and networking. School is secondary. Most things taught in an MBA won't help anyone, including physicians but also the anybody else in the program, in their jobs in terms of technical skills. What it will do is get them the job in the first place. The rest of the learning is on the job.

There are considerations other than those mentioned with respect to timing. Cost is a big one. If you have loans, taking out an MBA is even more loans and all that is accumulating interest while you're in school. You're also delaying your attending income by a year. In the grander scheme of things it probably won't matter, but it's a judgement call.

Also, I'll mention that in general, running a private practice doesn't require an MBA. Remember that most small business owners in the country, in all sectors, don't have MBAs. If you're talking about running a group practice or wanting to run large health systems, then an MBA may be useful. The MBA 1) allows you to network with people who can get you those jobs in management either now or later on (the earlier you do the MBA, the less likely you'll be able to capitalize on those connections later on as they become more distant) and 2) teaches you how to lead effectively (also known as soft skills).

 

[operaman]

If you are interested in business, go for it. It can definitely help you in a number of ways, but the question is whether those ways matter to you. If it’s just getting a job, it may not make a huge difference. If you want to work toward becoming a hospital or insurance company CEO, then it may help open the early doors that ultimately lead there. If you want to join a lucrative group practice and become a partner making 7 figures, the mba probably won’t mean a thing because they will care more about your clinical productivity and personality. If you’re interested in a non clinical career, the mba could definitely be helpful.

As for the timing I don’t think it matters. There are pros and cons either way. I would argue the attendings probably get a little more practical knowledge out of it simply because most are already in some leader/manager role and find ways to make it relevant. We had a number of our faculty do them and their capstone projects were frequently things that changed our practice. Doing it earlier means your knowledge may be a bit more theoretical, but youll have the benefit of learning it earlier and having that degree and skill set to leverage earlier in your career.

 

[and 99 others]

Actually, I know multiple people who are in residency or have been in practice and are doing an MBA. Many do executive MBAs (EMBAs) and others do the full-time. The latter are usually people who want to pivot sectors, so like going from medicine to consulting or investment banking.

It is also not the case that anybody goes to business school for the knowledge. Getting an MBA is about meeting people and networking. School is secondary. Most things taught in an MBA won't help anyone, including physicians but also the anybody else in the program, in their jobs in terms of technical skills. What it will do is get them the job in the first place. The rest of the learning is on the job.

There are considerations other than those mentioned with respect to timing. Cost is a big one. If you have loans, taking out an MBA is even more loans and all that is accumulating interest while you're in school. You're also delaying your attending income by a year. In the grander scheme of things it probably won't matter, but it's a judgement call.

Also, I'll mention that in general, running a private practice doesn't require an MBA. Remember that most small business owners in the country, in all sectors, don't have MBAs. If you're talking about running a group practice or wanting to run large health systems, then an MBA may be useful. The MBA 1) allows you to network with people who can get you those jobs in management either now or later on (the earlier you do the MBA, the less likely you'll be able to capitalize on those connections later on as they become more distant) and 2) teaches you how to lead effectively (also known as soft skills).

Regardless of whether I do the MBA or not, I will be doing SOMETHING that isn't medical school for one year no matter what. That's just a product of my personal circumstance and it won't change so the delayed income is not a factor. Regarding cost, that is not a factor either, as I won't be the one paying for it.

 

[Lem0nz]

Regardless of whether I do the MBA or not, I will be doing SOMETHING that isn't medical school for one year no matter what. That's just a product of my personal circumstance and it won't change so the delayed income is not a factor. Regarding cost, that is not a factor either, as I won't be the one paying for it.

Oh. Well that changes the calculus a lot. If you're taking a year break no matter what and its scholarshipped or paid for, sure. Go for it. There are no real downsides there.

The only plug I would put in is that consider instead using that year in a research lab and getting publications. This may be more valuable to you in applying to a competitive residency and fellowship if those are your goals and I would err towards doing that. But certainly don't need to.

 

[and 99 others]

Oh. Well that changes the calculus a lot. If you're taking a year break no matter what and its scholarshipped or paid for, sure. Go for it. There are no real downsides there.

The only plug I would put in is that consider instead using that year in a research lab and getting publications. This may be more valuable to you in applying to a competitive residency and fellowship if those are your goals and I would err towards doing that. But certainly don't need to.

Yeah this is what I was trying to deliberate, whether I should do the MBA (given my goal of private practice) or a different, perhaps more research focused degree that can help me get pubs and focus on getting into a strong residency. Thank you!