Post MD/MBA Salaries?

[prominence]

how realistic is it to make $250,000+ per year working in a (nonclinical) business position, if you are an M.D. (with a state license, but haven't completed a residency) utilizing an MBA from a top 30 business school?

i assume $250,000+ wouldn't be a typical starting salary, but how many years of " working up the corporate ladder" would it probably take to get to a salary like this? 3 years? longer?

what areas within business could afford this type of economic flexibility (insurance, investment banking, venture capial, pharamceuticals)? as a follow-up, roughly how many work hours per week is to be expected?

i am doing my residency presently, but i am strongly considering leaving because I can't stand clinical medicine anymore! this has been a growing sendiment for me over the past 3.5 years. i am fully aware that the business world is tough and it has its own stresses, but i am currently exploring all of my options at this point.

as there are many wise MD/MBAs on this forum, any advice would be appreciated. thanks in advance!

---

Members don't see this ad.

 

[LADoc00]

how realistic is it to make $250,000+ per year working in a (nonclinical) business position, if you are an M.D. (with a state license, but haven't completed a residency) utilizing an MBA from a top 30 business school?

i assume $250,000+ wouldn't be a typical starting salary, but how many years of " working up the corporate ladder" would it probably take to get to a salary like this? 3 years? longer?

what areas within business could afford this type of economic flexibility (insurance, investment banking, venture capial, pharamceuticals)? as a follow-up, roughly how many work hours per week is to be expected?

i am doing my residency presently, but i am strongly considering leaving because I can't stand clinical medicine anymore! this has been a growing sendiment for me over the past 3.5 years. i am fully aware that the business world is tough and it has its own stresses, but i am currently exploring all of my options at this point.

as there are many wise MD/MBAs on this forum, any advice would be appreciated. thanks in advance!

250K is really small potatoes IMO. My usual compensation for corporate stuff starts at 200+/hr which would translated more into 400K/yr.

 

[prominence]

My usual compensation for corporate stuff starts at 200+/hr which would translated more into 400K/yr.

You have quite an impressive resume (board certification in pathology with fellowship training), and thus have more leverage than I do.

 

[FamilyMD]

250K is really small potatoes IMO. My usual compensation for corporate stuff starts at 200+/hr which would translated more into 400K/yr.

I would also assume this is a contractor rate, your $200+/hr rate. This means no benefits which makes a difference. Having said that, I agree, $250k/yr for a MD/MBA is a starting point. I currently practice FP part time and am a part-time medical director and pull in a little over $300k a yr (not quite as good as you LADoc ) Now if one day I want to go full time medical directorship, I can pull in more. Truth be told I've been exploring hospital administration also.

 

[Pureride]

I am doing my residency and have decided (partially through my dislike of Clinical medicine) to pursue my MBA after residency and passing my Family med boards.

How competitive would I look for Business school in one of the top programs (kellog, Wharton, yale, Dartmouth, Harvard)?

Will I need to take my GMAT?

What are some things I can do duriing residency to show the B-schools I will be applying to, that I am serious about business.

Thanks

 

[LADoc00]

I would also assume this is a contractor rate, your $200+/hr rate. This means no benefits which makes a difference. Having said that, I agree, $250k/yr for a MD/MBA is a starting point. I currently practice FP part time and am a part-time medical director and pull in a little over $300k a yr (not quite as good as you LADoc ) Now if one day I want to go full time medical directorship, I can pull in more. Truth be told I've been exploring hospital administration also.

yeah but your cost of living is likely half of mine

 

[score12905]

hi!

 

[LADoc00]

i wanted some advice on what you guys who are already working in the med/bus field think i should do to be best prepared for a future in business:

I am finishing my last year of college now. I am planning on taking a year off and getting an MPH(they have a couple of 1 year programs around here) then attending medical school. The reason for an MPH is because I am very interested in the subject matter and think it might help if i end up working for a large non-profit or the government. i highly doubt i will but its just something i wanted to explore. maybe it would help if i worked for an insurance company but that might be a strech.

I really want to work in the business side of medicine (working as a executive of a hospital or pharm company). the medical school that i am planning on attending has a 5 year MHA/MD program which ranks second in the country.

Would you advise getting an MBA after medical school rather than getting an MHA during med school? What kind of jobs are out there now for someone with an MD/MHA/MPH? Do i have to do a residency to get a good job?

I am hoping for a job around 250k for a couple of years then move up to something better like you guys. let me know what you think i should do, i would greatly appreciate the advice because i don't know anyone who has done this. please message me if you have some good advice but don't want to post it up here.thankssssssss!

There few jobs in nonprofit and no jobs in government where you can hit 250K.
MPH puts you in a totally different category than a true MBA. MHA I also consider second tier.

I would get a solid residency way before doing either the MPH or the MHA. No question there.

MPH or MHA I pretty much consider predominantly a nursing area.

 

[score12905]

thanks!

 

[IceMan0824]

i mean what is the point in doing a residency then getting an MBA? i might as well practice as a physician and make more than double that 250K. seems a little counterproductive to wait until you get everything done and then go back and get an MBA.

all the money in medicine is gone, i want to deal with the business side of it. just getting an MBA from a good school would set me up in a better place than a combined program. i sense a little pessimism.

soon you vapid fools will realize the money is in business, not medicine. if you combine both you have a formula for sucess. if i go back and get an MBA i might as well have not gone to med school.

MD/MHA/MPH? i think so.

Three things
1. If your mind is already made up, don't ask questions. Just go with it. If you are not willing to listen to comments, then why bother?

2. Get just a MBA, you will probably be much happier. It seems just monetary justification is your reason, then the MBA will be the best way to achieve that. (But then again, your mind is already made up.

3. Insults will get you nowhere. Not here, not in medicine, and definitely not in the business world.

Good Luck to you.

Edit: You don't need a MD to work in the business side of medicine, if that is all you are worried about. Only get a MD if you at least want some clinical experience, but it sounds like you are not interested in that, so don't bother.

 

[score12905]

 

[cracker69]

I am doing my residency and have decided (partially through my dislike of Clinical medicine) to pursue my MBA after residency and passing my Family med boards.

How competitive would I look for Business school in one of the top programs (kellog, Wharton, yale, Dartmouth, Harvard)?

Will I need to take my GMAT?

What are some things I can do duriing residency to show the B-schools I will be applying to, that I am serious about business.

Thanks

The MD is HUGE!!!! I got a 710 GMAT score (94%) and was given an acceptance at every MBA program I applied. Also, got a bunch of scholarship money from everyone too. Ended up choosing a top 10 program that gave me a nice little chunk of scholarship.

so yeah you have to take the GMAT, study for it and make sure to get 700+. that will set you up very very nicely for MBA programs.

 

[prominence]

The MD is HUGE!!!! I got a 710 GMAT score (94%) and was given an acceptance at every MBA program I applied. Also, got a bunch of scholarship money from everyone too. Ended up choosing a top 10 program that gave me a nice little chunk of scholarship.

so yeah you have to take the GMAT, study for it and make sure to get 700+. that will set you up very very nicely for MBA programs.

congrats on your great GMAT score. a few questions for you:

1. did you use anything to prepare for the exam?

2. did you opt to do residency before b-school?

3. how do you plan on using your MBA after b-school?

best of luck!

 

[Pureride]

The MD is HUGE!!!! I got a 710 GMAT score (94%) and was given an acceptance at every MBA program I applied. Also, got a bunch of scholarship money from everyone too. Ended up choosing a top 10 program that gave me a nice little chunk of scholarship.

so yeah you have to take the GMAT, study for it and make sure to get 700+. that will set you up very very nicely for MBA programs.

Thanks cracker...I think I am gonna start my GMAT prep during reisdency. Did you take Kaplan or anything?

 

[aggernodi]

As an FYI, if you have already completed your residency and are a full-time clinician, some MBA programs do NOT require a GMAT. In fact, the application process is just to prove that you completed medical school and residency. That's it. No essay even.

Johns Hopkins Carey School of Business is one such institution.

 

[southerndoc]

how realistic is it to make $250,000+ per year working in a (nonclinical) business position, if you are an M.D. (with a state license, but haven't completed a residency) utilizing an MBA from a top 30 business school?

Unless you plan to live in one of three states, getting a license without doing a residency is not possible. Nearly all states require at least 1-2 years of residency, and it would NOT look good on your CV/resume for you to quit during a residency.

 

[cracker69]

I am doing my MBA directly after med school, then my residency after that. As for studying for the GMAT, i bought a kaplan book and did practice questions. The book came w/ a CD that had several simulated exams. The GMAT is an adaptive test, meaning that as you continue to get questions correct, they get progressively harder. This CD was pretty much right on target with my score, I was getting between 690 and 720 on their tests. Great for getting an idea of how you stand. The test is also very logic oriented, which i found easier, it requires basically no memorization of facts. Pretty much the opposite of a medical exam.

As for using my MBA after residency, not 100% certain. I was a finance undergrad, so always wanted to complete the degree - so to speak. I am planning on doing hospital admin or running a larger private practice where i can still see patients a few days a week.