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MD-MBA or business minor?

Discussion in 'Pre-Medical Allopathic [ MD ]' started by JoyKim456, 09.20.14.

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  1. JoyKim456

    JoyKim456

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    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.
     
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  3. Flashfan

    Flashfan 5+ Year Member

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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.
     
  4. JoyKim456

    JoyKim456

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    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.
     
  5. gibson777

    gibson777 2+ Year Member

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    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.
     
  6. JoyKim456

    JoyKim456

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    @gibson I don't care for "connections". I care for have skills and knowledge and be able to do well because of what I can give, not because of my degree or where I went to school. I want to learn from experience but at the same time having formal knowledge is important
     
  7. Lucca

    Lucca Will Walk Rope for Sandwich 2+ Year Member

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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.
     
  8. JoyKim456

    JoyKim456

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    @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.
     
  9. Law2Doc

    Law2Doc 5K+ Member Moderator Emeritus 10+ Year Member

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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.
     
  10. histidine

    histidine 2+ Year Member

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    Why even start this thread if you are so adamantly against doing an MBA
     
    Perry6, Aerus, Lucca and 3 others like this.
  11. JoyKim456

    JoyKim456

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    @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.
     
  12. ILOVEMED123

    ILOVEMED123 Banned Banned

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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?
     
  13. Lucca

    Lucca Will Walk Rope for Sandwich 2+ Year Member

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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.
     
  14. ILOVEMED123

    ILOVEMED123 Banned Banned

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    Are u sure u don't apply for the joint degree once ur already in med school?
     
  15. ILOVEMED123

    ILOVEMED123 Banned Banned

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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.
     
  16. allantois

    allantois 2+ Year Member

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    I'm bothered by the fact that some people think that the only way of becoming proficient in something can only be achieved by means of getting a formal education in it.
     
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  17. Law2Doc

    Law2Doc 5K+ Member Moderator Emeritus 10+ Year Member

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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.
     
  18. Lucca

    Lucca Will Walk Rope for Sandwich 2+ Year Member

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    Yes you can certainly do that as well.
     
  19. ILOVEMED123

    ILOVEMED123 Banned Banned

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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.
     
  20. NickNaylor

    NickNaylor Daisy the Dog Lifetime Donor 7+ Year Member

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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.
     
  21. ILOVEMED123

    ILOVEMED123 Banned Banned

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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?
     
  22. Lucca

    Lucca Will Walk Rope for Sandwich 2+ Year Member

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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.
     
  23. JoyKim456

    JoyKim456

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    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.
     
  24. Law2Doc

    Law2Doc 5K+ Member Moderator Emeritus 10+ Year Member

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    I'm pretty sure we all said for your specific goals, it probably doesn't help.
     
  25. Flashfan

    Flashfan 5+ Year Member

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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/
     

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