MBA

[futuredoc1297]

Hi All,

I’m unsure if this the best place to post, so excuse if it isn’t (and please point me to the right place). But Im currently a medical student who recently enrolled in an MBA program with my school. The program adds no time to the duration of studies, but does come with a $40,000 price tag over the next three years. I’m definitely interested in private practice, hospital administration, etc. My question is, is the benefit of MBA (in terms of added opportunities) greater than the cost of the program? For context, I am choosing to move back home and commute to school for second year, and I can do the same for third and fourth years as well. This would allow me to keep my financial aid as is (no increase in loans - simply reallocating from rent/living expenses to the cost of the second degree each year). In theory, I could not alter my financial aid and loan situation and not add any significant increase if I live frugally and move back home while simultaneously getting my MBA. What are your thoughts?

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[MedScat]

I did it, I think it will be valuable for hospital administration purposes or private practice. I feel like many people on SDN feel it may not be worth it (I posted something similar before I started the MBA program) But, the degree was pretty easy and I actually learned some stuff that I feel like people should learn like, in high school. I still know nothing about taxes though lol.

 

[Wjldenver]

Hi All,

I’m unsure if this the best place to post, so excuse if it isn’t (and please point me to the right place). But Im currently a medical student who recently enrolled in an MBA program with my school. The program adds no time to the duration of studies, but does come with a $40,000 price tag over the next three years. I’m definitely interested in private practice, hospital administration, etc. My question is, is the benefit of MBA (in terms of added opportunities) greater than the cost of the program? For context, I am choosing to move back home and commute to school for second year, and I can do the same for third and fourth years as well. This would allow me to keep my financial aid as is (no increase in loans - simply reallocating from rent/living expenses to the cost of the second degree each year). In theory, I could not alter my financial aid and loan situation and not add any significant increase if I live frugally and move back home while simultaneously getting my MBA. What are your thoughts?

If you are getting a no-name MBA from a school like LMU for example, the cost/benefit is simply not there. In the B School and Law School world it is all about the school's brand/quality. For example, the mgmt consulting firm I work for only recruits at the top tier schools and would never consider an MBA candidate from a non-accredited/regional school. This reputation preference also applies to a number of health care oriented organizations I'm familiar with.

With the proliferation of quality on-line MBA programs, spend your time/money there to bolster your resume/skill-set. Look at the on-line programs at Indiana, Carnegie Mellon, and the University of North Carolina to name a few. You'll get what you pay for at these schools.

 

[futuredoc1297]

If you are getting a no-name MBA from a school like LMU for example, the cost/benefit is simply not there. In the B School and Law School world it is all about the school's brand/quality. For example, the mgmt consulting firm I work for only recruits at the top tier schools and would never consider an MBA candidate from a non-accredited/regional school. This reputation preference also applies to a number of health care oriented organizations I'm familiar with.

With the proliferation of quality on-line MBA programs, spend your time/money there to bolster your resume/skill-set. Look at the on-line programs at Indiana, Carnegie Mellon, and the University of North Carolina to name a few. You'll get what you pay for at these schools.

The problem is I haven’t sat for the GRE and would really prefer not taking time away from other studies to take the GRE. Most of these top programs require that.

 

[Wjldenver]

The problem is I haven’t sat for the GRE and would really prefer not taking time away from other studies to take the GRE. Most of these top programs require that.

Well, everyone makes their own choices. If my son came to me with the same question, my advice would stand. An MBA degree from any DO school should just be viewed as an educational enrichment hobby, but it will do very little to enhance your marketability in the health care sector. Go for it if you want to spend your time and $ on personal enrichment I guess.

Good luck....

 

[Dr G Oogle]

Well, everyone makes their own choices. If my son came to me with the same question, my advice would stand. An MBA degree from any DO school should just be viewed as an educational enrichment hobby, but it will do very little to enhance your marketability in the health care sector. Go for it if you want to spend your time and $ on personal enrichment I guess.

Good luck....

i think it will definitely help you, there are plenty of CMOs And CEOs out there with MBAs from no name B schools, the issue is you have to do something with it. Like when you join a department start a cost savings program or have an extensive research career with some sort of economics twist. If you get an MBA and then do nothing that shows you using that knowledge then yes, you’ll have wasted $ 40,000

 

[readmypostsMD]

If you are getting a no-name MBA from a school like LMU for example, the cost/benefit is simply not there. In the B School and Law School world it is all about the school's brand/quality. For example, the mgmt consulting firm I work for only recruits at the top tier schools and would never consider an MBA candidate from a non-accredited/regional school. This reputation preference also applies to a number of health care oriented organizations I'm familiar with.

With the proliferation of quality on-line MBA programs, spend your time/money there to bolster your resume/skill-set. Look at the on-line programs at Indiana, Carnegie Mellon, and the University of North Carolina to name a few. You'll get what you pay for at these schools.

Having an md probably counterbalances lower tier mba

 

[Rogue42]

Went to undergrad for microbiology, spent my gap year grabbing my MBA for a total cost of about 10 thousand dollars.

Here is what I think; some of what everyone is saying true. MBAs are highly useful and extremely marketable degrees regardless of where you get them, though people getting them from the very top schools is obviously more beneficial and more marketable. Equally, learning business and going into the medical field is highly valuable. Regardless of what people say, an actual practicing physician with background knowledge of business in the form of an MBA will put you in a huge minority stand-point from your colleagues. For example, I am the only student at my medical school - not just my class - with an MBA.

It will open doors for you in hospital administration, local and state positions (medical boards for example), insurance opportunities, and private practices. Don't forget, medicine is a business unfortunately, and having a physician that knows ins and outs of a business both in a hospital, private practice, and for organizations is - and will always be - highly valuable. Period.

However, I think 40,000 dollars to get an MBA from a DO school is extremely ridiculous. The only benefit that you get from it is not having to go to school for another year or two.

Personally, I don't see $40,000 in value in a DO school MBA unless its from like Michigan State or Oklahoma State. Otherwise, you can find much cheaper programs that are only 1 year. If you want to spend $40,000 on an MBA, I believe it should be from a school that matters in the business world. But, then again, you would also have to decide if for you $40,000 is worth you just being done with school when you graduate.

 

[DameJulie]

Some people from my school are doing an online MBA during their pre-clinical years (separate from my school's MBA program). They said it's easier and more flexible. It's awesome how they can manage the curriculum while doing a MBA!

 

[Dr G Oogle]

Just to clarify is it your medical school that is issuing your MBA or the university with which your school is affiliated?