Well, it's not for everyone and should be useful for you. Some people end up getting an MBA after they graduate anyway.
It is useful for people who want to go into management, private practice, etc. I am told that some students have been able to have substantially higher salaries within the first 5 years (after graduation). I have a business management background, so that is part of why I looked at it.
Anything that can set you apart in getting the job you want, or even a residency, will help.
Another thing that Texas Tech pushes is interprofessional work. The MBA program will pair you with MD and Law students for multiple projects.
There are so many options for pharmacists in the future, this will help make you the right choice for a job. For example, a small group practice may need a pharmacist for frequent consultations, but also need a practice manager. They may not be able to afford both, full time, but could hire you at an increased salary to do both. (If that's your thing.) The possibilities are endless: industry, sales, insurance, hospital, regional retail management, etc.
That makes it better, right? Less people with your credentials when you graduate. As I mentioned, MBAs can get expensive, easily $20-30k. Mine will cost about $12k.
The reason it is cheaper/easier to do it now, is that you can incorporate some PharmD classes. We have 12 credits (6 classes), that we are already taking in the PharmD program, counted towards the MBA. Last summer there were 29 PharmD students in my class. Some were P2 and some of my P1 classmates will start the MBA next summer, so you would be with them (great way to start networking). About 20% of the class will get an MBA, but not everyone gets accepted to the MBA program, so more than 20% apply. -and not all of the PharmD students have an undergraduate degree either, so not everyone qualifies.
The course is designed to give you that knowledge. Most of my classmates don't have business experience. The accounting course won't teach you to be an accountant, but teach you to be able to read the reports, etc. You are introduced to project management, managed care, and statistics. It's designed to teach you the business side that a private pharmacist, or pharmacy manager, will need, but won't get in the pharmacy program.
Well, we did 9 credits this summer in about three weeks. However, I think they are changing the schedule next year. It is fast paced. Some assignments due everyday.
We had two half summer terms, but the second one was cut short due to Pharm and Med students going to orientation. Next summer they may have one term.
Of course you would be in Lubbock the first summer and your Pharm campus for the second summer. I would recommend starting the P0 summer, because the summer after your P2 year, you may want to do a rotation. If you start the MBA after the P1 year, then you will be taking MBA classes after your P2 year instead of doing a rotation.
Sorry for the long answer. Hope it helps.
This is really good info, thanks a lot. I just submitted my merlin app and wish I had read this before doing it. I basically wrote off the dual program until I read this and now I'm having serious reconsiderations (if that's a even a word..haha). Anyway I just want to confirm, is it still possible to switch to the dual program from the basic PharmD program? Is this route less/more competitive? And how much extra does the dual program cost compared to the basic program?