Prestige of Business School

[Osteoth]

Hi,

So I am currently an accepted medical student, set to start my M1 year next summer, and I am trying to figure out my future path toward my MD/MBA degree.

The school that I am expecting to matriculate at has a joint MD/MBA program, but it is not a highly ranked business school that is affiliated with this program. In addition, the school does not require the GMAT, which is nice.

In the same city, however, there is a much higher ranked program (Top 10), which does (obviously) require the GMAT if I were to apply. Right now I am trying to figure out if I should bother to study for the GMAT and apply to this program, and if I would even stand a chance, because I do not want to waste my time studying for the test if I do not have to, especially during my gap year.

In addition, my other concern is that the prestige of the business school I attend will be largely inconsequential because I do plan on practicing, and as a result my business roles would be more administrative and secondary to my clinical responsibilities.

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[DoctorKrieger]

The ranking of b-schools is largely of consequence only if you intend to work as an I-banker on Wall St. or something similar. If you are primarily concerned with the knowledge and not the connections, you'll learn the same stuff at any AACSB accredited school.

It also seems like it would interfere with your med school matriculation if you were to enroll in the outside MBA program. If you plan to do more medicine than business, I would do the joint MD/MBA program.

 

[darkjedi]

Hi,

So I am currently an accepted medical student, set to start my M1 year next summer, and I am trying to figure out my future path toward my MD/MBA degree.

The school that I am expecting to matriculate at has a joint MD/MBA program, but it is not a highly ranked business school that is affiliated with this program. In addition, the school does not require the GMAT, which is nice.

In the same city, however, there is a much higher ranked program (Top 10), which does (obviously) require the GMAT if I were to apply. Right now I am trying to figure out if I should bother to study for the GMAT and apply to this program, and if I would even stand a chance, because I do not want to waste my time studying for the test if I do not have to, especially during my gap year.

In addition, my other concern is that the prestige of the business school I attend will be largely inconsequential because I do plan on practicing, and as a result my business roles would be more administrative and secondary to my clinical responsibilities.

If you are you planning to do an MBA for the content of the information learned, I would say that an MBA is actually not a worthwhile investment of your time and money. There are a ton of MDs who hold administrative roles and do not have MBAs. The two big things for an MBA is to really know why you want an MBA and how it can further your career, and to also go to an MBA program who's name is recognizable to make the tuition worth it.

 

[cognitus]

As an MD/MBA grad from a top 10 school, I back both of these comments fully. Top 10 schools get a significant chunk of their value from the connection you make, which are then handy if you want to do Wall Street/I-Banking/VC/PE. On the other hand, I think getting an MBA will only marginally help you land an administrative role or prepare you for something like that. If that's what you want to do, then I'd consider the MD/MBA degree from your school. The top 10 MBA will help more if you're considering more options though.

 

[Osteoth]

If you are you planning to do an MBA for the content of the information learned, I would say that an MBA is actually not a worthwhile investment of your time and money. There are a ton of MDs who hold administrative roles and do not have MBAs. The two big things for an MBA is to really know why you want an MBA and how it can further your career, and to also go to an MBA program who's name is recognizable to make the tuition worth it.

I am interested in the joint degree for the increased qualifications that I will gain in order to become a physician-executive in my future career. Eventually I am interested in becoming a Chief Medical Officer in a hospital chain, and I believe the MBA will help me stand out among other applicants to these sorts of positions.

As an MD/MBA grad from a top 10 school, I back both of these comments fully. Top 10 schools get a significant chunk of their value from the connection you make, which are then handy if you want to do Wall Street/I-Banking/VC/PE. On the other hand, I think getting an MBA will only marginally help you land an administrative role or prepare you for something like that. If that's what you want to do, then I'd consider the MD/MBA degree from your school. The top 10 MBA will help more if you're considering more options though.

Thank you for your response cognitus. I am not interested in going into any of the strictly business fields you mentioned above, and as I stated would be more interested in becoming a physician-executive in my future career. If you wouldn't mind I would appreciate if I could message you to perhaps discuss this topic in further length.

Thanks,

 

[justadream]

As an MD/MBA grad from a top 10 school, I back both of these comments fully. Top 10 schools get a significant chunk of their value from the connection you make, which are then handy if you want to do Wall Street/I-Banking/VC/PE. On the other hand, I think getting an MBA will only marginally help you land an administrative role or prepare you for something like that. If that's what you want to do, then I'd consider the MD/MBA degree from your school. The top 10 MBA will help more if you're considering more options though.

How often have you seen MD/MBAs (from top 10 school) go into Wall Street/I-Banking/VC/PE?

And how do those types of firms view MD/MBAs?

 

[cognitus]

How often have you seen MD/MBAs (from top 10 school) go into Wall Street/I-Banking/VC/PE?

And how do those types of firms view MD/MBAs?

It happens more often than you think. An MD/MBA helped me get my first job and I saw others along the way. You'll see the vast majority of the MD/MBA working on the healthcare side of Wall Street/I-Banking/VC/PE. Once you get your foot in the door, firms could view you well.

 

[BookNerd1989]

Saw this twitter chat tonight that might be worth checking out... it's about the future of business schools. I think the hashtag is #bschoolfuture and it's meant to kick off at 6pm.
Here's the link anyway
http://www.midaspr.co.uk/news-stori...r-hosts-twitter-chat-future-business-schools/

 

[ConsultantMD]

Just found this section of SDN... So what did you decide OP? I am in the midst of getting geared up for the gmat. My future school has a great program. I also wonder if I need the MBA since I have years of work experience in healthcare (in a niche field though).

 

[doc05]

being a hospital CMO definitely doesn't require an MBA. It requires time in practice at various leadership positions (committees, division chief, chairs,etc) over time.

 

[Osteoth]

Just found this section of SDN... So what did you decide OP? I am in the midst of getting geared up for the gmat. My future school has a great program. I also wonder if I need the MBA since I have years of work experience in healthcare (in a niche field though).

I would honestly say that you don't need the MBA, but it really depends on what you're interested in going into. It can help you stand out, but in alot of fields it is not necessary, see below.

being a hospital CMO definitely doesn't require an MBA. It requires time in practice at various leadership positions (committees, division chief, chairs,etc) over time.

While I agree with you on that point, I would also question if you think it would help an early career physician executive springboard into a division chief/higher position of authority earlier than if he lacked the MBA. If so, I believe the MBA is a worthwhile investment of $60k

 

[doc05]

....I would also question if you think it would help an early career physician executive springboard into a division chief/higher position of authority earlier than if he lacked the MBA. If so, I believe the MBA is a worthwhile investment of $60k

No. Division chiefs are those who are experienced enough to be the "go-to" person for any clinical issue. If you're clinically inexperienced, and you're only interested in administrating, the attendings in your division won't respect you.

 

[MindGeek]

I would focus on AACSB accreditation over prestige.
If your dual degree option is with an AACSB accredited B-school than go for it.
Just remember AACSB Member does not equal AACSB Accredited. Any school can become a member simply by paying membership dues.