MD/MBA

Discussion in 'Medical Students - MD' started by fishtolive, Jan 11, 2002.

  1. fishtolive

    fishtolive Senior Member

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    Man I haven't posted in months...anyways...

    I'm considering doing an MD/MBA...I'll apply during the middle of this coming year (my 1st year of med school) and if I get in, I complete it in a year between what would be years 1 and 2...anybody in one, finished one, considering one of these programs..any insight would be great (other than why to do it, i already know why, that goes without saying). thanks
     
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  3. yigit

    yigit Senior Member

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    I've got one already, but since I'm only a first year I'm not totally sure how useful it is going to turn out to be when all is said and done. I like learning though and I went to a fun school (UF) for my MBA so I totally enjoyed it and would do it again in a heartbeat. If you've been through your first year of med school you'll think it's a breeze.

    Things to consider...
    1.) Money - MBAs are pretty pricey and then you'll still have to pay for med school. Do you have the cash? If you're interested in business I'm sure you've heard of the "time value of money."

    2.) Doing an MBA between your first and second year doesn't seem ideal to me. You'd be leaving your classmates and even worse it would put you at a disadvantage when it comes time for Step 1 of the boards because of the time between your first year classes and the boards. Is this a one or two year program that you're considering? If it's 2 you should not discount the adverse effects that time off might have on your memory of Anatomy, Biochem, Histo, Physio, Micro...all those first year classes.

    3.) Most MBA programs require 2 years of work experience before they will even consider your application. Do you have that? If so, you're probably older. Now try this...
    Take your age. Add 2 years for MBA, 4 years for med school and 4-8 years for residency. Chances are you are at a number in the mid to upper 30s.
    See Things to Consider #1.

    4.) How does an MBA fit into what you want to do? Do you really want to do administrative stuff? Do you want to have a private practice?

    Let me try to break it down as best I can.
    These typical MBA classes might help you with your finances, but you decide how important they are to a practicing physician:

    Managerial Accounting
    Financial Accounting
    Micro and Macro Economics
    Operations Management
    Managerial Statistics I and II
    Finance I and II
    Marketing

    I'd say they aren't that relevant. Like I said, they'll help you with your own finances and the Stats classes will help you if you go into (or even read I guess) research.

    These classes were mostly second year electives that I took and they are definitely more applicable to medicine, but that's the way I planned it.

    Professional Business Writing
    Business Law
    The Art and Science of Negotiations
    Organizational Behaviour
    Managing the Legal Environment
    Entrpreneurship
    Power & Politics in Organizations
    Strategic Management

    These classes were totally applicable to medicine, but the verdict is still out whether they will be worth it in the end. I made some sacrifices along the way. I'm happy I did it but I'd also be happy if I was done with medical school right now instead of just starting.

    I have more to say, and I know I didn't even answer your question, but it's Friday night and there are other things that I would rather be doing right now. If you have specific questions that you think I might be able to help you with don't hesitate to send me an email.

    :) :oops: :( :eek: ;) :D :rolleyes:
     
  4. Street Philosopher

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    hmmmm since this topic has come up... what can you do with a MD/MBA combo? (that you can't do with just one or the other) I can only think of running your own practice really well...
     
  5. fishtolive

    fishtolive Senior Member

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    yigit--thanks a bunch...my med school will pay for the MBA (cool huh?) and the program is accelerated to take only 1 year!
     

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