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Md,mba

Discussion in 'General Residency Issues' started by meddoc, Apr 28, 2004.

  1. meddoc

    meddoc New Member

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    Hi! I am an IMG starting rotations in US. I just want to get a feel from those who are already MD's/MBA's about my interest. I currently hold BA and MBA (from US school) and am interested in pursuing a career in medicine and business. Could you please provide some insights on what avenues I can pursue? I am Heavily in debt and would appreciate if you could share your experience!!!!!
     
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  3. jakstat33

    jakstat33 Senior Member
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    hey meddoc, have you considered trying out for apprentice II or III? i am confident that you can do better than david (was that his name?)... & if you finish top 8 you can at least get a few lectures/book deals out of it...
     
  4. DoctorDoom

    DoctorDoom Witch King
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    Lot's of choices for the MD/MBA... healthcare administration, working for industry from biotechs to insurance companies, working in finance on either buy-side or sell-side. You can do most of these without an MD though.
     
  5. Energon

    Energon Nobody Summons Megatron
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    doctordoom pretty much covered it all except financial analyst (specializing in biotech/pharma stocks/IPO's etc) It also depends where you came from, if you are from certain countries like India or Australia, there are a lot of opportunities back home as well.
     
  6. DoctorDoom

    DoctorDoom Witch King
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    Dang!!! particular, ain't cha? ;)

     
  7. Goofy

    Goofy Senior Member
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    Doctordoom didn't 'pretty much cover it'. He/she didn't even begin to elucidate the sheer number of opportunities available. He/She just exposed the most obvious avenues that the dual degree might afford. There are literally an infinite number of pursuits open to an MD/MBA, a list far too exhaustive to list here. You could literally find employment in almost any field.

    What are your specific interests? This might help us refine the list for you.
     
  8. DoctorDoom

    DoctorDoom Witch King
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    Well then!! :laugh:

    You're right, I did list the tip of the iceberg, since I was lacking more specific info, those were the most direct employment paths for MD/MBA's
     
  9. aliraja

    aliraja Troublemaker
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    Don't forget the fact that there's a ton of opportunities in medicine for MD/MBAs. I'm definitely going to put the MBA to good use during my residency and beyond - although we're becoming more common MD/MBAs are still rare enough that people will pretty much let you do whatever projects you want since they really don't understand what knowledge base (if any?) comes along with the MBA.

    Others I know have gone and made 200k right out of med school with their MBAs... not a bad option considering the 40k we'll make as residents. The other posts have listed a ton of the more common options... but remember that you can always practice medicine too!
     
  10. ophtho1122

    ophtho1122 Member
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    You can also do most of these without an MBA with just an MD.
    http://www.ama-assn.org/amednews/2000/11/13/bica1113.htm
     
  11. DoctorDoom

    DoctorDoom Witch King
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    Wow, I went to medical school with the author of that article, and used one of the consulting firm named a few times when I worked in venture... small world...
     
  12. meddoc

    meddoc New Member

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    Please guys I need more/detailed advice...
    Is there time to work in 3rd year of med school. If so, what would be good options? I have sent private messages to some of you, but didn't receive any advice. I would appreciate your suggestions.
     
  13. postbacc

    postbacc Junior Member
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    remember that the article listed above was written in 2000, before the big bursting of the bubble. It is all cyclical.
     
  14. theduke

    theduke Brilliant rocket surgeon
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    The most lucrative jobs for MD/MBAs is as chief medical officer in a biotech company, as health care consultant partners in large firms, or as a venture capital partner in health care oriented firm. However, be advised you'll start at the bottom rung with the rest of the college graduate or MBAs and have to work your way up.

    Theres some room for entrepreneurship in health care consulting but you'll be competing with the big guys.
     
  15. Snoopy

    Snoopy Senior Member
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    If you want to do well in 3rd year and do a good job caring for your patients, then no, there is not time to work in 3rd year. Particularly as an IMG you need to focus on doing your absolute best during 3rd year and getting top clinical grades and recommendations. You will have little free time and the free time you have should be used for reading, sleeping, and trying to maintain some level of social life.

    I worked at least 20 hours per week during 1st and 2nd year and there was absoultely no time to work during 3rd year. I was on call every 3rd to 4th night and worked at least one day on the weekends.

    If you want to put your MBA to use, wait until you have your MD (if you don't plan to complete a residency) or until you've finished residency to put it to use.
     
  16. mward04

    mward04 SDN Moderator
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    I agree with what you are saying. There is no time during 3rd year to work. But keep in mind, this is a valuable time to learn how the wards work. With that said, 3rd year can also be a good time to make connections for 4th year. You can always set up a project for when you have time off during 4th year or you could do a "healthcare administration" elective as some schools allow.

    I did practice management consulting between my 1st and 2nd years of med school then I ran our school's transcript service in 2nd year but have not had time to return to work during 3rd year. However, I start B-school this summer and will work with a clinician who is also an administrator since I will have A LOT more time during business school. Not to mention, I want to be a clinician with an MBA and not the other way around.

    However, I don't think you need to wait until you finish residency to use your MBA. As I mentioned above, you can use your MBA during 4th year and you can always assume a leadership role during your residency. There are numerous committees you can be on that your opinion would be greatly desired. You'd be surprised at the respect you will instantly command by having those additional three letters beside your name. Now, I agree with one of the previous posters that the degree does not make you an expert in anything, you NEED real world experience.

    Just curious, but are there any valid reasons for getting both degrees and then going directly to the business world rather than residency? The only reason I could come up with is if you absolutely hate clinical work and are looking for a way out. Otherwise, why go to med school and waste several years of your life if you don't want to at least get certified? I'm interested in hearing everybody's opinions on this.

    Michael Ward
    www.md-mba.org
    Emory University School of Medicine
    Goizueta Business School
    Class of 2006
     
  17. aliraja

    aliraja Troublemaker
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    While, in general, this is good advice, there's a lot of exceptions to be found. Third (or whatever year the first clinical year is) year is a busy time and you probably won't be able to find time to do much outside the med school. It is, however, (as the last poster mentioned) a great time to head up orgs within the med school and make contacts. For example, I became the head of the student government and, during that year, made sure everyone knew that i was getting the dual degree so that later (when I had the time) whenever anyone in the administration thought of a project that'd be appropriate for a MD/MBA, they automatically thought of me.

    Fourth year is a completely different ballgame. I did some consulting work for a pharmaceutical consulting company and managed to make a whole lotta $$ during my fourth year of med school (which is really helping now that I've got no source of income until July 1st!). The flexible schedule of most of my rotations (except for my Sub-I) allowed me time to get plenty of work it in. You really will have time during that last year... but only if you've prepared for it and built (and maintained) your contacts beforehand.

    BTW, I like the idea behind your site, mward04 - let me know if you need anything. :) As for your question, I think that burnout covers a lot of the people who end up bailing.

    However, in terms of motivation, there's some people who honestly feel that they can help the world more as doctors in the business world than in any other way. It depends on what you do. If you turn into a health care consultant nobody is going to be fooled - you want the money. However, a pharmaceutical executive (who could arguably need a MD in addition to his/her MBA) or a VC (who would need the MD to analyze breakthrough technologies) could feel that they're truly helping people.

    Necessity is also a coinflip. As theduke noted, you start at the bottum rung no matter what. That being said, you'll move up quicker... and whenever your firm is presenting to a bunch of doctors they WILL have you there - even if only for the automatic legitimacy and respect. So it's by no means essential... but it's not a wasted four years by any stretch.
     
  18. Apollyon

    Apollyon Screw the GST
    Physician Lifetime Donor Classifieds Approved 10+ Year Member

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    How come you never mention your picture all over the subways in New York City??
     
  19. aliraja

    aliraja Troublemaker
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    :laugh: Because I was waiting for you to do it for me

    BTW, I hope things in Durham are going well - tell the folks I miss em and I'll catch them at one conference or the other soon! I'm just sitting here waiting for the cicadas to arrive...
     
  20. mward04

    mward04 SDN Moderator
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    Aliraja-I saw your message but you have your email preferences turned off so I can't email you. Feel free to contact me about the website, I'd love your help.
    Mike
     

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