love medicine, but REALLY love business

[Decicco]

I am in a unique situation and would like to know what you think. I am lucky enough to have my grandparents paying for any of my graduate school stuff (tuition, plus other expenses like the MCAT, application process, etc). This in mind, would it be more lucrative for me to be an MD, MBA, or an MD/MBA? Since I am not paying any tuition, I was thinking the MD/MBA may be my best bet. But, I will be losing time/income that I could be making elsewhere while I am in school.

Thoughts?

EDIT: I've clarified my post, please check post #13 before responding. I'll quote it here:

I want to be an MD mainly for three reasons:
1. Job Security (also to have something to fall back on if business doesn't work out)
2. To have a steady stream of income to invest in business ventures (stock market, real estate, local stuff)
3. To distinguish me from other MBAs (start off higher on the food chain at a hospital, i-banking company, pharm company, etc)

I want an MBA (from a top school) because:
1. They don't seem to have a salary "cap" like many MDs do (although I know MDs who make 300K+ and say that all you have to do is pick the right field and not live in too big of a city)
2. I like to travel
3. I simply like business, economics, etc
4. I'm worried that socialized medicine might ruin the medical field (I don't want to debate this)

Would an MD/MBA get me the best of both worlds? If I had to choose one or the other, it would be MBA, but I'd like to choose both (since tuition isnt a factor).

I've appreciated all the comments so far!! Keep them comming...

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[mward04]

how are you distinguishing the two?

I am in a unique situation and would like to know what you think. I am lucky enough to have my grandparents paying for any of my graduate school stuff (tuition, plus other expenses like the MCAT, application process, etc). This in mind, would it be more lucrative for me to be an MD, MBA, or an MD/MBA? Since I am not paying any tuition, I was thinking the MD/MBA may be my best bet. But, I will be losing time/income that I could be making elsewhere while I am in school.

Thoughts?

 

[Vasity]

hm. This is a hard choice, make sure you weight both options very heavily until you decided well. If you can make more money with one degree then the other I say go for it. There can never be to much school!

 

[jjmack]

hm. This is a hard choice, make sure you weight both options very heavily until you decided well. If you can make more money with one degree then the other I say go for it. There can never be to much school!

no trust me there can be too much school. There is NO need for an MD, PhD, JD. In my mind an MD, JD is fairly useless too as a combined degree. Now if you change careers it's another story.

 

[jjmack]

also a lot of people who run top companies don't have MBAs. They just hire them. So it's a degree that can get you in the door, but doesn't guarantee upward movement. There is also a group of people who think getting an MBA is a waste of time. Also unless a school has a formal MD/MBA program (and most do now) it's difficult to get into most top schools with out sig work experience. Also the business and law world are different from the medical world. The name of your school is a BIG deal.

due to studying all day for step1 the writing ability is lacking ;-)

 

[pdz]

IMHO:

Job security, but not LOT of money: MD

Not that much job security, but with the potential of LOT of money: MBA

With an MD, only in rare cases you'll get more than 300 k. On the other hand, many people in the business world are making millions of dollars a year, and not just the big CEOs (who are making a ridiculous amount of money, in the hundreds of millions a year), anyone who's working in a hedge fund is easily making in the millions per year.

 

[BethinWA]

Wow. Seriously? Not more than 300k with an MD? I would've thought the MD would be the more lucrative option.

 

[xDreamer]

Wow. Seriously? Not more than 300k with an MD? I would've thought the MD would be the more lucrative option.

a decent JD can easily make 150K+ right out of Law School, and possibly 200+ with the billing bonuses (a horrible JD would make about 40~60K). A third year investment banker with only a bachelor degree can make 120K+ easily, and third year associates + MBA are breaking 200K+ easily.

MD is never the more lucrative option, and I'm not even accounting in all the time and money you're investing for a MD degree.

If what you seek is money in life, MBA/JD is a better option.

And i'm also sorry to say, some/many wallstreet jobs don't require any brains at all *cough*.

 

[MSwinthrop]

If what you seek is money in life, MBA/JD is a better option.

And i'm also sorry to say, some/many wallstreet jobs don't require any brains at all *cough*.

All true, but please note that MOST JDs cannot find jobs upon graduation. And you must go tier one and excel if you want to even smell six figures with an MBA. True, they are both lucrative goldmines, but with none of the security of a medical degree. If you're even considering an MD, I'm imagining you're pretty brilliant, so don't let what I said scare you away from the other professions, especially if money is what you desire.

Sidenote: my godmother is an ob-gyn and she makes 400k.

 

[xDreamer]

well, I have a friend who graduated from a state med school, and is currently working as a cancer doctor in NYC wtih 500-600k salary. So I know you can make decent 300K+ earning, as long as you go for the right field.

I also wouldn't consider my self intelligent in anyway, I just gave up going to a tier-1 law school just so I can persue a med career. Now, I'll have to do a few years of post-bacs to even have a chance into med 🙄. If I'm doing this for the money, I would rather jump into investment banking right now. Heck, even becoming a subway franchisee only cost you 15K-30K to start, 50-200K for total investment .

Anyway, I just want to point out that you don't necessarily have to go to a tier-1 school for JD/MBA. Although you'll definitly have to be top 10% of your class if you were to do so and seeking a large salary. I know plenty of Yale JDs who are doing much worst than a Seton Hall JD. Those degrees are all about connection and locations, and a MD is more flexible in the sense that you are not as restricted in terms of location.

 

[limpkitty]

You guys are being way to optimistic on salaries. Sure, some people in business make a TON of money, and most doctors don't. But the average doctors makes 3-4 times what the average lawyer does. Average person w/ an MBA comes out of school and makes 80-90 grand, and there's a good chance you'll get laid off at some point and have to start all over again. The ceiling for these other jobs is higher, but medicine gives the highest average salary of any profession.

 

[Decicco]

You guys are being way to optimistic on salaries. Sure, some people in business make a TON of money, and most doctors don't. But the average doctors makes 3-4 times what the average lawyer does. Average person w/ an MBA comes out of school and makes 80-90 grand, and there's a good chance you'll get laid off at some point and have to start all over again. The ceiling for these other jobs is higher, but medicine gives the highest average salary of any profession.

I agree, but I think that most people who can get into med school could do well at and get into an excellent MBA program (which is my alternative). I guess I should clarify my feelings on this:

I want to be an MD mainly for three reasons:
1. Job Security (also to have something to fall back on if business doesn't work out)
2. To have a steady stream of income to invest in business ventures (stock market, real estate, local stuff)
3. To distinguish me from other MBAs (start off higher on the food chain at a hospital or i-banking, pharm, or insurance company, etc)

I want an MBA (from a top school) because:
1. They don't seem to have a salary "cap" like many MDs do (although I know MDs who make 300K+ and say that all you have to do is pick the right field and not live in too big of a city)
2. I like to travel
3. I simply like business, economics, etc
4. I'm worried that socialized medicine might ruin the medical field (I don't want to debate this)

Would an MD/MBA get me the best of both worlds? If I had to choose one or the other, it would be MBA, but I'd like to choose both (since tuition isnt a factor).

I've appreciated all the comments so far!! Keep them comming...

 

[MSwinthrop]

I agree, but I think that most people who can get into med school could do well at and get into an excellent MBA program (which is my alternative). I guess I should clarify my feelings on this:

I want to be an MD mainly for three reasons:
1. Job Security (also to have something to fall back on if business doesn't work out)
2. To have a steady stream of income to invest in business ventures (stock market, real estate, local stuff)
3. To distinguish me from other MBAs (start off higher on the food chain at a hospital, i-banking company, pharm company, etc)

If you like school enough I'd say go for it. More education tends to help more than hurt.

(the topic of MD + i-banking is discussed in other threads, the main gist is that it neither hurts nor helps)

 

[xDreamer]

I want to be an MD mainly for three reasons:
1. Job Security (also to have something to fall back on if business doesn't work out)
2. To have a steady stream of income to invest in business ventures (stock market, real estate, local stuff)
3. To distinguish me from other MBAs (start off higher on the food chain at a hospital or i-banking, pharm, or insurance company, etc)

I want an MBA (from a top school) because:
1. They don't seem to have a salary "cap" like many MDs do (although I know MDs who make 300K+ and say that all you have to do is pick the right field and not live in too big of a city)
2. I like to travel
3. I simply like business, economics, etc
4. I'm worried that socialized medicine might ruin the medical field (I don't want to debate this)

Would an MD/MBA get me the best of both worlds? If I had to choose one or the other, it would be MBA, but I'd like to choose both (since tuition isnt a factor).

I've appreciated all the comments so far!! Keep them comming...

1)
Getting an MD/MBA would not get you the best of both worlds, but more of a safety net to alternate and fall back on. Besides, people do not just land on top management/administration jobs just because of their degrees. Those types of position require experiences, so you'll still have to work in one particular field for awhile. How and what profession you're going to allocate your time to afterward is really the bigger question.

I-banking won't treat you any better just because you have a MD degree. In fact, some companies who base percentage of their pays by employee's degrees could possibly not hire you on reasons such as "overqualified" (In general, it's better to be humble and not boast about your MD degree/intelligence if you do go into business.) Pharm may treat you a bit better, but if that's your main goal then maybe a PHD/MBA would be cheaper/quicker.

Most people I know are getting a MD/MBA because they want to be a biomed-based entrepreneur.

The question is what you really plan to do, cause some stuff just aren't worth getting a dual degree for.

2)
You don't need a MBA to practice business. You don't need a MBA to do i-banking. You certainly don't need a MBA for entrepreneurship. However, you do need a med license to practice medicine. And mom always say that it never hurts to have a license.

3)
Instead of aiming for a MBA now, why not just establish your self as a good doctor + some level of management, and go for a EMBA 10 years down the line? Your work experience and "MD" title would you help get into a top EMBA school easier, and you'll be able to work as a full-time doctor while earning a decent EMBA degree.

 

[phillyfornia]

it seems like your main focus is becoming wealthy and there is absolutely nothing wrong with that. if that is true, however, i would recommend that you don't do medicine. it's a long road and will be a pain in the ass to go through if your main objective at the end of it all is to make money.

 

[DrKnowItAll]

It is rather impossible for the new generation of MD's to make 300K+, especially in regions that are really worth living in. Those who do, are working their asses off with highly dysfunctional family and personal lives. Of course, you also have to work hard in business but the work is clean and by no means comparable to the grind of seeing patients.

If you are going the MD route, try to stay on the ROADE for better pay potential.

As an MD, the system takes full advantage of you as a foot soldier in large cities like NYC.

Going to a top business school guarantees you a life of wealth and happiness (only poor people/middle class say money doesn't bring happiness)

Be a doctor for the sole reason of wanting to help people and becoming a true public servant, otherwise you'll be a miserable and unhappy MD looking for a career change in their 50's!

 

[Decicco]

Be a doctor for the sole reason of wanting to help people and becoming a true public servant, otherwise you'll be a miserable and unhappy MD looking for a career change in their 50's!

If I become an MD, I will only do it with an MBA. Then, I expect not to work with patients for the majority of my career, as I will want to move into insurance/i-banking/pharm/entrepreneurship/etc. So, i think that most of your criticisms of being a doctor (which I agree with) may not apply to my situation.

 

[Pavo]

That70sShow is fairly correct in his analysis.

I did IB consulting for 2 years out of college. I worked with bankers from Wall Street, Canary Wharf, and Mumbai, but I had the opportunity to work with plan sponsors and buy side shops in the boonies as well (i.e., pits of Michigan, Nebraska, Ohio, etc., which required a 2 hour car ride from the nearest airport).

The entire job was traveling. I was in the office working on projects and setting up my next visits, then on the road. It appealed to me because I was young and right out of college. I thought I made it.

But...I got sick of airports very quickly - having airliner and hotel status means jack. It gets old when you have an 8 PM flight out of O'Hare or LaGuardia delayed on you and you sit there in the terminal waiting for your flight which finally takes off at 2 AM, but you have a client visit at 9 AM in Somewhere, USA and you've never even heard of this part of the country before because it's not near a major city or landmark. Ever fly into Omaha or Green Bay? There aren't many flights either so you just sit, because many of times, they don't habe a WAN in place so you can't do any work either if you forgot your aircard. Traveling sucks - it's not like traveling when you go on vacation.

You're on client visits all day, then drive to your hotel, go for a quick run, order room service, then start work around 8 PM if you're lucky - easily 100 e-mails and project requests which came through that day. But I made sick connections along the way, problem is, now I don't want to work in finance. I want to go into medicine 🙂

IB sucks. It's drone work. You create models and crunch numbers, smack together pitchbooks, and eat garbage from everyone around you. After your 2 years as an analyst, they cut you loose, two and screw is the industry term. As an associate, things don't get much better other than the pay. It's not until you are VP, moreso MD, when you get the job. That's when you are focused on relationship management and BS with clients all day.

Unless you are in a hedge fund or a quant shop, then smarts don't matter. IB doesn't require much skill: eat garbage sandwiches fed to you from above, work endlessly, and keep your mouth shut or you won't be going anywhere or getting decent deals.

I moved away from consulting and into a development role for a financial software company as opposed to taking an analyst role at an IB. It pays well, it's more back-office so I don't have to deal with clients non-stop, and it pays well, but, it's still monkey business. My clients still call and e-mail me from my previous role, and, I keep the relationship in good standing so I take care of them if I can, or at least direct them to someone who can.

Honestly, you're wasting time with an MD if you already know you don't want to practice. I don't understand the logic. It's like a law student who knows s/he doesn't want to practice law but is hell-bent on going to law school.

What do you want to do in the end? xDreamer laid it out very clearly.

 

[Pavo]

double post

 

[pdz]

The initial question of the OP was what degree(s) was/were more lucrative. I don't a think that a degree alone will determine how much money you'll get. It's more about what you do with it (i.e. people with either an MD or MBA degrees are working on hedge funds and getting 2-3 millions a year, but also people with those same degrees are earning much less doing other things). That being said, if what you want is MONEY, then going for an MD is definitely not the best way to go. Many here have mentioned they know of MDs earning near 500k. But honestly, those are at the very top end of the scale. And it's anyhow very difficult you can pass that amount. If you look at the top salaries in the business world is just ridiculous! Just go to Manhattan and walk around and tell me which people are the ones living in those fancy buildings. Do you think someone with an MD can actually afford an apt that costs 5 million dollars? Not really. Someone I know was doing surgery residency when he decided to quit to go and work at a hedge fund. Now it's been 3 years since he started working there and already bought a house in the Hamptons.

Think about it this way: you'll spend 4 years in med school, then 5-7 years in residency + fellowship earning around 40 k /year! Those are lot of years working tons of hours/week without getting compensated. It's true that after you finish those long residency years you'll have job security, but no way you'll earn even close to what people in wall street are earning.

If you can make it in a top MBA program, and the most important thing for you is making money, then you should go for a career that will actually give you money. If what you want is to devote yourself to cure patients, then it's clear, do an MD.

 

[Pavo]

I don't a think that a degree alone will determine how much money you'll get. It's more about what you do with it

I completely agree with you; a degree is a tool which is used to accomplish your goals in life, i.e., enter a certain profession and embark on whatever path you seek based on what your goals and values are.

If you can make it in a top MBA program, and the most important thing for you is making money, then you should go for a career that will actually give you money. If what you want is to devote yourself to cure patients, then it's clear, do an MD.

This is really the crux of the issue. Finance guys LAUGH at the top doctors who pull in $500k a year. I know analysts at hedge funds who are barely 30 and already pulling in that amount annually - without a CFA charter or any sort of graduate degree (i.e., MBA). They worked their way up at some small firm, performed well, and made lateral and horizontal switches along the way. If you have the drive and the people skills, then you will make it very far in finance in a relatively short amount of time.

If you actually enjoy medical science and have an interest in applying it to help others, then an MD makes sense. The job security will be there, but money should not be a primary reason why you are doing it. Medicine is not the way to make a killing - go into finance if you are chasing money.

An interesting aside, one of my clients is a former neuroscientist. Northwestern pedigree who went on to do medical research, and eventually made his way over to Lehman on Wall St. doing equity research and covering the healthcare sector. He now works for a smaller buy side shop covering the same sector. Medicine was not his calling; he was chasing dollars. He made the switch in his 30s and is happy from what he says and from what I can tell.

You can always get the MD and then make a switch later on into business or another field, but if you are already planning on making a switch, then it doesn't make a whole lot of sense to go to medical school, forego opportunity costs, graduate, and then sell yourself to a firm. They hire MDs, but they'll take an MBA first, JD second, and MD third. Most guys I know in finance don't even have a graduate degree. They're CFA charterholders at best, but that means they got into the industry with a BA/BS and hit the floor running.

 

[that70sShow]

whoa Pavo..yea hes mostly correct but just a few tweakings)

its true that "finance guys laugh at.." but they laugh at a lot of other things and have their own personal issues too. I mean yea they're smart, have the Appearance of low ego (but they actually have a lot of confidence) and are generally good ppl etc but working in that kind of environment can give you complexes. you have to remember that money is what they sold Every Single Minute of their personal lives for, they have to find something positive in it all..its not an enviable life imo.

a lot of top finance guys are searching match.com because they're so lonely and have this entitlement thing going for them because they feel they should've "made it" somehow..sometimes it can be a hollow feeling, nothing compared to the feeling of curing a person =)

and you have to remember that even getting an mba, like Pavo and that other guy said, only a small percentage go into finance in the end and an even smaller Minority get to be Top finance guys pulling in 500k a year..its really small.. trust me ibanks don't make it easy for you..they throw a lot of garbage at you until you're basically a machine. and sometimes the laughter can be kind of compensating for the fact that they know they didn't really impact the world you know? finance is the only way they can compete (they certainly can't compete physically given their lack fo activity or meaningfully, they're in it for the money and they know it)

and while finance is an open market, hedge funds is a Fad, ppl who are cashing in now have been doing hedge funds before it was even popular, regulations are setting in soon and its going to be a more competitive (lower-return) market soon.. plus btw all the new finance ppl are increasingly going to compete with hires from China, India, etc with the outsourcing and the internet..i would say based on one ibanking seminar I attended, 90% of banks now use Some (although a small percentage) form of outsourcing, and pretty soon that will increase say..20 years from now who knows what will happen?

op i would say search yourself and do what you love, because you might end up doing it for a long time.. get an mba/md and you can just sit on either degree, who says you have todo anything with either? knowledge is always good for knowledge itself.. and enjoy the student life =)

 

[Pavo]

Hi -

I didn't mean to come across as harsh anywhere in my post. I'm nearing the final stages of burnout from work. Only 3 days off this month, and 80+ hour workweeks catch up very quickly and make people less pleasant. Vacation days are precious so I try to save them as much as I can.

its not an enviable life imo.

Which is why I want to leave the finance industry. It is lucrative. You can be a millionaire very quickly, but, there are also many miserable people in this industry (not all though) and I'm afraid of ever becoming one of those individuals. There are some decent and good people in this business, but, there are many wretched souls who sold out for the money.

I agree with you, the nature of the business, benchmarks, egos (it's more ego than confidence), and wealth accumulation has some dire effects. For myself though, I know it's not my calling. I love economics and theoretical finance, but it's seldom used in practical application. Staring at monitors for 16+ hours daily, Excel, and Powerpoint is not what I want to do for the rest of my life. I really took notice when I began to volunteer more and more in my free time to help others, and I began my quest to discover what it is I really want to do and plan it all out.

You're right, there are many single and lonely people in this industry, the women moreso than the men (you have to be a bi&^% to make it in finance as a woman). People in the firm are on dating sites constantly. But, I know this isn't just limited to finance. This happens in most professions, including medicine. My physician and dentist are both older, single women. One never married, and the others husband up and left her for a 21 year old nurse.🙁

There is a trade-off. There is a reason why someone makes the big bucks. I'm sure medicine has it's downsides as well, but, the ability to heal and help others in direct ways appeals more to me, then to help society in indirect ways (sometimes destroy by dismantling companies) by being part of a deal team. This is personal to me; I derive no utlility from it, but I'm glad I experienced it so I was able to get it out of my system.

It's definitely not cut and dry, and I am very glad for my experience. I'd say that most of my friends from college dreamed of i-banking or being a part of a hedge fund. There was that glamourous, sexy aura to it; you know you made it; you're a baller. But, you don't know anything about it until you've walked in an analysts/associates/PMs shoes. Although consulting isn't as crazy with hours, but you pretty much live out of hotels with all the travel, and you usually travel alone.

search yourself and do what you love, because you might end up doing it for a long time

Research online, read books, volunteer, intern, shadow, take classes, network, conduct informational interviews, etc. Only you can decide what is right for you; all I'm offering is my experience from the business world and now I'm on this site looking to go to medical school within a couple of years (hopefully).

The best advice I can offer you, regardless of which way you end of going in life, is to do it for the right reasons, whatever they may be. You do not want to be miserable and unhappy in life, but sometimes that's unavoidable and too late when you have bills and massive student loan debt. I have a few law buddies and one in dentistry who are in this predicament right now.

 

[Decicco]

Wow, thanks so much for these recent responses. They have helped me decide that while I love business, the MD is key. Both are lucrative if you make the right decisions.

i would say search yourself and do what you love, because you might end up doing it for a long time.. get an mba/md and you can just sit on either degree, who says you have todo anything with either? knowledge is always good for knowledge itself.. and enjoy the student life =)

This is what I am going to go with for right now; this makes the most sense to me. From what I've read, a pure MBA play doesn't sound as attractive to me as it used to.

I've talked to my uncle recently who knows quite abit about the MD side of this, and he said:
1. "It is ridiculous to plan more than a few years ahead. 6 months is optimal. And, if you want to make God laugh, tell Him your long term plans."
2. "You can choose make 300-400K+ in medicine by simply by choosing the right field and location to practice. Averages that point to 150K ignore the motivations of the doctors who make that much--they are primarily concerned with helping people, which is fine, but they don't care about their salary. It turns out that this is better for those of us who do want to make a killing, because we go for the fields and locales that pay well."

Anyway, I think I'm gonna go MD/MBA, practice MD for awhile, then see what business ventures are available. But, from #1 above, who knows what will really happen..

 

[old_boy]

.

 

[DrKnowItAll]

I know a lot of "business guys" who left finance to go to med school. That's not uncommon. Medicine provides relative job security even for the dullest people. There are many areas of the country that need doctors and are willing to hire FMG's or even a tree with an MD degree.

Having said that, I have never seen an MBA from a top ten business school go to medical school, although the reverse is common. Going to a top MBA program puts you on a direct path to success. The above "business people" I mentioned lacked the keen insight and finesse of a true business mind and settled for medicine as an apparent fail-proof option.

Those who complain in the business world do so because they suck at it and have been marginalized BUT I know a lot of top physicians who complain about their choice of going into medicine. IN FACT, most of those who leave medicine and join pharma or go into consulting are very bright and intelligent doctors. Think Nobel prize winner-types and the like. The pharma industry for example is flooded with applications from burned out MDs but they are only amenable to those MDs that have a solid track record of research and are highly respected in their fields AND have proven business potential.

So the moral of the story is that if you want MONEY go into business. If you are into serving others and don't mind being taken advantage of by the system because you believe you are working for a higher cause then be a medical doctor.

Also, if you know you won't get into a top business school and are not a big/creative thinker then medicine may be a better option.

 

[old_boy]

ISo the moral of the story is that if you want MONEY go into business. If you are into serving others and don’t mind being taken advantage of by the system because you believe you are working for a higher cause then be a medical doctor.

DrKnowItAll,
I see from your previous posts that you i) have a lot of cousins and ii) just finished your "miserable" top 10 IM residency. Enlighten us all. Are you going to be another cog in the american medicine machine as an IM physician, or are you posting here because you´re gonna try going after that coveted top-10 MBA? I saw something about a business opportunity coming along... ??

 

[Shredder]

Hey I'm in a similar boat, OP. Actually I'm not that interested in medicine, I've just come somewhat far along (IMO) and don't want to bail now. I was formerly planning on doing MD/MBA but I'm growing bearish on the MBA. Admittedly this is at least partially because I'm at a mid-tier bschool. It's dawning on me though that I'll either have to practice medicine or take a job in business, at least initially--that is, until I can get some significant investing or entrepreneurial venture off the ground and be liberated from a salaried job. What I mean is that one has to choose to practice or not, and I don't see the MD/MBA combo as being particularly advantageous in either. Business jobs probably will not pay much premium for an MD. There are not many salaried positions out there that will pay what a doc can make fresh out of residency. This is especially if you don't have significant work experience, which I personally don't at all.

OP here is a question--do you plan to be a part of the corporate hierarchy or stray to do your own investing or startups? I think this is a big question for the issue of MD/MBA. I don't see myself working my way up the corporate ladder, this is a turn off for me. That's largely why I chose medicine in the first place. As for learning business principles, I think an MBA is not the best way to do that considering its opportunity cost. You are not only paying for a year of extra tuition, but more important sacrificing a few hundred thousand dollars of physician income due to the year of delay. I figure with that much money you can hire a full time tutor to instruct you on MBA principles. Granted, on the flip side you won't get the MBA experience or meet the classmates but that's not as important to me as the theory.

Anyway this is a subject I'm recently torn on, as I have to decide whether to apply or not for the MBA in the next few months. As of right now I'm leaning against it. I'm not sure if the situation would be different if I were at a top bschool considering my aversion to corporate life. Something else to keep in mind is that dollar for dollar, lifestyle in certain medical specialties can be comparable or better than their business counterparts. Fresh pathologists and radiologists (two specialties I'm considering) out of residency earn as much or more than top MBA grads working as ibanking associates at top NyC banks, but the lifestyle is much better. Residencies for those two are not grueling, and the ages of these two groups I'm comparing are similar--roughly 28-32 for both. Also in a bear market you may find yourself on the street, especially in that particular industry I believe. Just a few things to ponder. All of these points are open to debate.

If one doesn't plan on practicing or doing residency at all I think an MD is a dubious investment. I think there are almost no people who enter med school with this belief already in mind. If they do, I question the ROI of their medical education vs pursuing some other career path. There is not only the debt of medical education but again the large opportunity cost. I've had doubts about practicing/residency but I can't say I had ever come to a firm decision. As of now I am planning on practicing--at least temporarily and with lifestyle prioritized--not bc I'm lazy but to give me time to pursue biz interests.

 

[positivepsych]

Going to a top business school guarantees you a life of wealth and happiness (only poor people/middle class say money doesn't bring happiness)

That's laughable. There are plenty of people who are top b-school graduates who are NOT happy, and are in fact miserable. There are plenty of wealthy people who are unhappy. Money only brings happiness when you're poor (e.g. affording to have a car vs. taking a bus), once you hit middle-class, it doesn't give you any added benefit (a Benz vs. a Honda won't make you any happier).

Thus, wealth is like health: It's utter absence breeds misery, but having it (or any circumstance we long for) doesn't guarantee happiness.

For someone who is a "Dr. KnowItAll," you should have actually read the scientific research on happiness before making that claim. Here's some empirical data:

FIGURE 3 Does money buy happiness? It surely helps us to avoid certain types of pain. Yet, though buying power has more than doubled since the 1950s, the average American's reported happiness has remained almost unchanged. (Happiness data from National Opinion Research Center surveys; income data from Historical Statistics of the United States and Economic Indicators.)

FIGURE 4 Values and life satisfaction Among college and university students worldwide, those who report high life satisfaction give priority to love over money. (From Diener & Oishi, 2000.)

 

[IceMan0824]

Wow. The very fact that this argument/thread has continued this far is laudable. Have we really nothing more productive to comment on?