I want to be able to be business savy as a doctor, and therefore have formal management training. Which is the better option? I feel as if, in the long run, it would be better to have a business minor only because it is cheaper and does not cost extra time.
MD-MBA or business minor?
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I don't think a typical business minor will help you as much as a program that is specific to health care professionals. You could also get the MD then go for an MBA after residency. The best MBA programs prefer applicants with real-world experience.
The problem with an MBA is that not only are they time consuming, but run at 60k tuition a year. I don't want a position that needs an MBA to qualify. I want a formal education in business. And the classes in business at my university that I would take as a minor (decision analysis, healthcare, and investments for example) are pretty good topics for someone you want to manage a hospital or run a clinic.
MBA won't teach you how to be "business savy". The whole reason for getting an MBA is for the connections/career change (that is why it is pretty known that only MBAs worth getting are from M7 schools). You learn from experience and being out in the workforce.
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Yah given this statement, I concur with the others - go for the business minor. The classes you will take like accouting, business law, finance will be generally useful to you in anything you do, especially if you end up in a private setting. An MD/MBA seems to be more geared to people who want to specifically work in hospital admin, or do management and consulting for biotech and pharmaceutical companies or have a specific entrepreneurial goal. In other words, an MBA is for people who want business to be a component of their career and a business minor would be better suited to someone who wants business to supplement their career - as you do, from what I gather. Just my two cents. Also, you have to worry about the "rank" of your MBA if you want it to serve its purpose well, not so much with your MD/DO. There's also that 100k potential cost.
@Lucca Thank you very much for your response. The reason I don't want to do an MBA is because of the cost and time..... and it is not even worth it if you don't go to a high ranked school. I want a business minor to formally learn business and then open a private practice to get some business experience and move up to running a clinic or becoming head of a specialty department at a big hospital.
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Gibson accurately summed up the real value of MBAs. It's not a good place to learn how to start run a small medical practice. It's a good place to get the skills you need to jump from junior level corporate employee to middle management, and to land some connections you'll need down the road. There's a reason most people in business school do it on their employers dime. What you probably really need is to read a few good books and to hire a competent accountant or business lawyer when you get to the business running phase. But for your stated needs the undergrad courses are the better move.
@histidine I don't know why. I want to get educated in business but an MBA seems illogical for my goals. At the same time, nobody seems to care for minors. I guess it's subconscious.
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anyone know of combined DO/MBA programs? Or MD/MBA ones? Do you apply for it differently than just for MD/DO? Do they require different things?
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There are plenty of MD/MBA joint programs. I don't know of any DO/MBA programs. The application requirements vary from school to school but generally you have to apply to each school separately and inform each school that you are applying to the other. Some require the GMAT, some don't. Again, you have to check with the particular program you are interested in.
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Are u sure u don't apply for the joint degree once ur already in med school?
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D.O./Master of Business Administration (M.B.A.)
This augmented degree program enhances the graduate’s efficiency and skills as a clinician by equipping him/her for the business side of medicine. The student learns to effectively manage resources including time, money, equipment and personnel, and to be prepared to cope with practice management, HMO’s and the administration of academic health care centers, hospital and clinical departments.
Entrance Requirements
The applicant must have successfully matriculated and completed their first year at the College of Osteopathic Medicine, as well as have the College of Osteopathic Medicine approval to apply for the dual-degree programs. MCAT scores are accepted in lieu of GMAT scores. Students who have not completed required undergraduate accounting, economics and computer courses will be scheduled to complete them at the onset of the program.
This augmented degree program enhances the graduate’s efficiency and skills as a clinician by equipping him/her for the business side of medicine. The student learns to effectively manage resources including time, money, equipment and personnel, and to be prepared to cope with practice management, HMO’s and the administration of academic health care centers, hospital and clinical departments.
Entrance Requirements
The applicant must have successfully matriculated and completed their first year at the College of Osteopathic Medicine, as well as have the College of Osteopathic Medicine approval to apply for the dual-degree programs. MCAT scores are accepted in lieu of GMAT scores. Students who have not completed required undergraduate accounting, economics and computer courses will be scheduled to complete them at the onset of the program.
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The real bother is confusing the MBA with a Professional degree. You go to medical school to be a doctor. You go to law school to be a Lawyer. In most cases you go to an MBA AFTER you are already in business. It's a career enhancement tool, not a career initiating tool. Which is why these joint degrees aren't usually helpful. You can always do an executive MBA over a bunch of weekends as n attending once you decide you actually need it. Most undergrads think having multiple degrees makes you more employable, or let's you move up the ranks faster, but I'm not sure in medicine that is really the case. So you'd really need to gave a specific goal in mind that actually required an MBA otherwise you are going to waste time and money to get a few more letters after your name that probably won't help you.
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Yes you can certainly do that as well.
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What Im saying is that it seems like most programs are that you apply after your 1st year of med school.
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This is the most common path for dual degrees outside of the MSTP program. I know some school to joint admissions for some dual degree programs, but that format is the exception rather than the rule.
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what's MTSP?
and yes, all the ones I've seen state that you apply after already starting med school. Which ones state otherwise?
and yes, all the ones I've seen state that you apply after already starting med school. Which ones state otherwise?
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HMS/HBS and Penn/Wharton are simultaneous applications but you can still apply once you are a medical student. I think UTSW, UT-Houston, UTMB, and Texas Tech Lubbock also have the same options where you don't need to apply to a business school separately but you do need to specify interest in the program (which you can do with your MD app or afterwards).
MSTP = Medical Scientist Training Program - essentially, MD/PhD programs.
I'm confused because someone someone asked something off track so I don't know what the posts after that are referring to. As far as the person who said that getting the formal education is not necessary, I totally agree. Yet I would like to take some classes and get a formal education because I believe I am pretty good at being able to apply what I learn academically to real world situations. Moreover , it does help.
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I'm pretty sure we all said for your specific goals, it probably doesn't help.
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I think I posted in your other thread. Some classes that might help would be business law, business ethics, personal finance, basic investing, workplace law/employment/hr. Each might make you a better employer, better at reading contracts, or help you look at issues in a different light. After a few years as an attending you might want to look at a program like this if you still find yourself lacking:
http://kelley.iupui.edu/physician-mba/
http://kelley.iupui.edu/physician-mba/
