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While browsing another thread, I read that someone who holds both an MD and an MBA can easily pull $250k/year. What kind of work are you doing to make this, though?
While browsing another thread, I read that someone who holds both an MD and an MBA can easily pull $250k/year. What kind of work are you doing to make this, though?
Read some of the threads in this forum and you can see some of the roles ... consultants can make that much, one who works as an admin for insurance company could pull in that much, as well as if you went into hospital admin. Or maybe you want to do equity research in the healthcare field or maybe be an entrepreneur. I could list a ton of different jobs that a quick search of MD MBA on the internet could provide you with.
I came across this article which might help you (its scientific model bored me a bit but you can get an idea of the degree). I found a few other articles but I can't access them ... but nothing of substance. I'm sure others will post.
Agreed, you can find all the different roles an MD/MBA can have in past posts. For me, I am a Medical Director for an insurance company and have been starting small hosp admin roles to figure out what I want to do when I grow up. I think $250k should be thought of as a starting salary.
Thanks for your input, FamilyMD, and for the article link, mshheaddoc.
Are all these managerial/directorial positions competitive to obtain once you've earned an MD/MBA, or are you pretty much a "hot commodity" with qualifications like that? I guess, in other words, what I'm trying to ask is, do recent MD/MBA graduates ever have a hard time landing these $200k-and-higher jobs?
Also, are these programs super-mega competitive to get accepted to?
Thanks for your input, FamilyMD, and for the article link, mshheaddoc.
Are all these managerial/directorial positions competitive to obtain once you've earned an MD/MBA, or are you pretty much a "hot commodity" with qualifications like that? I guess, in other words, what I'm trying to ask is, do recent MD/MBA graduates ever have a hard time landing these $200k-and-higher jobs?
Also, are these programs super-mega competitive to get accepted to?
Do you think they'd still be a hot commodity in, say, 2016? I'm just a college freshman now, so it would be a while before I could apply to a program like this. However, I don't want to get myself into something that "everyone else" is going to jump on over the next few years, which would send salaries plummeting.
Also, would someone with a DMD/MBA (or DDS/MBA) be considered just as competent, or is that combination more limited in opportunities that would otherwise be in abundant supply for an MD/MBA?
Thanks again...
Anyone in business in the right firm can make millions, but right off the bat, I can't see how you would. Most millions are make in investments themselves not in salary. So is it possible? Of course but you have to have shrewd business skills to navigate this salary and of course a shrewd team that you work with. I know an ex-hospital admin (not a physician) who helps turn companies around and makes quite a bit of money in his consulting business. If he put more time into it he would make a killing but he had one really big financial dealing where he sold his first consulting company and literally made tens of millions.Correct me if I am wrong, but dont the MD/MBAs that do Ibanking and consulting make the most money? I mean potential for multi-millions
What I would be most interested in doing is business/managerial/consulting work. I see, now, how a DMD/MBA wouldn't be too broadly useful outside of a dental practice setting.
Can you get the aforementioned MD/MBA jobs without having completed a residency, or would my options be limited to consulting?
Correct me if I am wrong, but dont the MD/MBAs that do Ibanking and consulting make the most money? I mean potential for multi-millions
Just wondering...what's the need for the MD degree in such a set up?
Thanks
Does being an IMG who did FP residency, or even a one year of an internship is a big turn off for potential employers/partners?
Thanks
another great question. i hope someone answers these q's. bump.
My take: the MD gives you a huge advantage in I-banking or as a consultant. As a banker, you will likely be looking at a medically-related company's proposal for funding, or you may perhaps be working as an analyst in some respects of companies that make medical devices, etc. The medical knowledge in these cases is paramount. Sure any "business person" can learn about medicine and the health care system in a book, but I believe you gain a superior education by going through medical school. The 2 years you spend doing clinical rotations is enough to teach you quite a lot about what works and what doesn't work, and should you choose to go through residency and gain licensure, you will be a pot o' gold to these banking and consulting companies.
Herein lies the 'meat and potatoes' if you will. I would venture to say that one of the greatest advantages you have with the MD is not only that you can understand the project/proposal/company fundamentally, but you can easily point out the ways in which it will never work. In many cases, the value of having a consultant is to be the 'no' person. And spending time on clinical rotations can give you an unique perspective that your other business colleagues will not have, and perhaps more importantly, cannot read about in a book. The edge is huge, and from what I know of business, you need all the advantages you can get.
Thanks for everyone's informative replies.
Here's another good one: would a DO/MBA be privvy to the same opportunities as an MD/MBA?
You'd probably have "some" of the same opportunities but some positions probably require (or prefer) physician training in some circumstances. I have heard of some very successful RN/MBA's in administration but I admit I haven't followed that track closely. You might look for a response on allnurses.com for that question. But I will tell you that I was advised by some if I was interested in the "business" end of medicine to just get my RN and go from there for administration, clinical studies, etc. I imagine you are limited in some cases as a nurse and also your experience in certain fields wouldn't have the same skill set of a physician so I think in those fields that rely on technical skills/information they might opt for a physician over a nurse. Although I can't really speak for that particular degree career path thoughThanks for the info, Tamugreg. Let's say in my situation, I already have my RN for the past almost 17 yrs now. I've worked in just about every clinical setting, but also did lots of paper pushing, including utilization review, case management, QA, risk management etc. I'd say my knowledge of the health care system is quite substantial. Do you think getting an MD/MBA would be of any benefit or just get a good MBA to my RN?
Thanks
Yes, they are basically the same degree in the United States.Thanks for everyone's informative replies.
Here's another good one: would a DO/MBA be privvy to the same opportunities as an MD/MBA?
Well, I havent looked around these forums for over two years now, but I thought I would chime in. I worked on Wall St. for several years before coming to medical school, so I have a little experience. I currently am getting my DO/MBA. For most sectors of banking, MD/MBA (DO/MBA whatever) is nice but not really needed. Commercial banking is mostly about laws, strategies, etc. that apply to M&A, IPO, etc. It really doesnt matter about knowing medicine for banking. Will they think that being a doctor may help you be a better banker, probably. But they dont know what we learn in medical school, and I am telling you from experience, nothing I have learned in medical school in anyway relates to investment banking in any sector. Trading same thing, you need to know even less about medicine and even finance for that matter. We use to hire math PhDs over finance people everytime (derivatives trading firm). Having said that, being a doctor you are more marketable in these fields merely as an obviously successful and driven person, not for knowing medicine. Consulting, yeah, it will probably help to be a MD/MBA. If you are a consultant in a
Where I feel the MD/MBA is really useful is healthcare administration and big pharma. Many jobs require both degrees and if they don't, they will take the MD/DO/MBA over an MBA 9 times out of 10.
in your opinion, what's a realistic starting salary for an MD/MBA working in "big pharma"?