Need an MBA?

[Jerseygrrl4]

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Hi! I'm a second year med student and I'm about to embark on a combined MBA program, which adds a year between academic and rotation years and you get your MBA degree. Its a pretty good program, accredited University and all, but I'm starting to have second thoughts because I've read some forums that recommend getting an MBA closer to the time you would use it. I was just going for it originally because I've heard a lot of ER docs go back to get it later in life in order to take on better jobs within the hospital as they get older. I was afraid later in life I'd have a family and already be stressed with my schedule, nevermind going back to school. Am I pursuing it too early? Anyone go back to get their MBA later and recommend waiting? I'd appreciate any advice, thanks a bunch!!

 

[docB]

I don't have an MBA but I am an administrator for my group and deal with the business end of medicine all the time. I would say that if you have a chance to get your MBA now go ahead and do it. While some of it might be more valuable to you after some experience you will be in a better position to understand the business stuff that you are exposed to. It's like a chicken and egg argument. I would imagine that you would be able to read or even take courses down the road if you felt that something about your business education was lacking because you didn't know something early on in your career that you know later.

 

[zinjanthropus]

With all due respect to DocB, who has a massive amount more experience and insight into this issue than myself, here is another perspective.

I think it makes a lot more sense to wait on the MBA because you increase it's value to yourself (you're more sure it will be useful for your career goals) and decrease it's cost (you can get it paid for while drawing a salary).

Admin fellowships (for example, those at ORMC, Hopkins, USF) pay the tuition plus pay you a decent salary since you pick up 6 or 7 attending shifts a month during your tenure as a fellow. It is true that you might be limited to a particular location - but it is also possible that a contracting group might negotiate degree costs with you unofficially.

In addition, you can do the executive MBA program at most universities after your MD, so you can spend a lot less time in the classroom.

 

[Baditude]

I am a 3rd year student and I have 1 year in on my MBA. I figured it would be easier to do it now while I am used to being busy than later on when I am working. Plus I am a night person who doesn't need a lot of sleep so I am hoping to work nights and that kind of messes up day classes 🙂

 

[notdeadyet]

How useful to you think residency would be without medical school? That's about how useful an MBA is going to be without a fair bit of experience as a physician first.

Hold off. If you're going to go to the trouble of getting an MBA, you may as well do it right.

There have been a lot of studies done about MBAs that found that less than stellar programs produce MBAs that do not pay for themselves. And most medical schools (with one or two exceptions) are coupled with less than stellar MBA programs.

Also, MBAs without experience to back them up are not really worth a whole lot. You want to be able to integrate your professional knowledge into your studies. If you're looking to use an MBA to support your medical career, doing an MBA after you've had a bit of a medical career would make it a lot more valuable.

Like zinjanthropus suggested, look into executive MBA programs. With an MD in hand and a couple years of experience as a physician, you'd be an attractive candidate. Exec programs usually run one evening a week and every other Saturday or Sunday. You are expected to incorporate work done during your workweek into your MBA program. There are exec MBA programs offered by most of the top business schools now, and you can find a great program in most big cities.

 

[Jerseygrrl4]

I will def look into the exec program now to look ahead at what it would require and cost. Probably the most attractive part about my combined program is that with the grad assistantship the tuition is completely covered. Then again, pursuing it for a year technically means losing a year's salary....that's the way my dean said to look at it. I appreciate all the wise words! thanks

 

[notdeadyet]

Yeah, free tuition is a pretty sweet pitch. Sounds like you're going in both eyes open, anyway. Best of luck with your decision...