I'll throw in my 10 seconds as a currently MD/MBA. During my residency I co-founded and CEOed a venture funded start-up that I raised from inception to an over 5+ million evaluation. Now I am a fellow and starting my second company.
My MD/MBA was 4 years total, so I didn't need to invest more time. The opportunity cost of 1-2 years as an MBA is huge - u are paying 60K a year plus losing out on potential 300K+ salary. In your 30s, 360K is worth A LOT when you consider time value of money. 360K in your 30s is probably around 2 million in your 60s. So my decision was easy since I did not need to invest another year.
Honestly most things I learned about business I learned from the environment and not formal MBA school. Your "network" is so critical during MBA school but truly only a few of your classmates will be healthcare related.
The best decision I made was going into a life style friendly residency and fellowship. I did so many business and medical device projects on the side and learned much more about business than I learned during formal MBA trainning. Even as a straight MBA (not MD/MBA) nothing will replace real life experience.
If you are not money strapped, school is a lot of fun, so from a life standpoint staying in school longer is not a bad idea.
MBAs are cool but unlike MDs, they do not give you a hard skill or any specialty talent. As a MD, employer need your license and you have abilities that differentiate you. Your MBA really doesn't give you anything special that you can't learn from on the job or online. The issue with most MDs is that they need structure and a formal academic environment to learn - the idea of just going online and learning business **** and than start consulting seems impossible to most MDs. But that is the most efficient way to do it. A good mentor and work experience will give you much more than any MBA would.
Overall I am very happy I got my MBA but i learned little compared to what i learned running my own business. However on the other hand, some would argue i only started my own business because of my MBA gave me confidence. I would argue otherwise but I cant say for sure.
To get to your question, dont get caught up on the glamor of "MBA" Just learn and join any program that will give you specific experience and mentors in what you want. An MBA can be very general - and anything general can be learned online quickly and cheaply. If you have a specific idea what you want, yo u can join a specialty program for it or find a mentor. but overall MBAs are fun and you can learn a lot of cool stuff, so in that way you probably wont regret it.
Hi y'all,
I will be starting medical school in July/August and am currently working on completing my MPH degree. I want to pursue an MBA at some point down the line either in medical school (5 year program with a gap year for it potentially) or after medical school, or after residency even. What do you all think are the pros and cons for each approach? Anything I should be on the lookout for? Thanks in advance!
