| Topic Name: |
MD seeking MBA |
| Message Name: |
Stick to medicine |
| Date Posted: |
10/03/2001 |
| In Reply To: |
There are a few options. It sounds like you've ruled out consulting, i-banking as possible entrees into business. These are the typical areas that MD/PhD/JDs start business careers. Probably because these industries offer the business training that you do not yet have.
You are correct that VC firms, and many other businesses will not hire you without either an MBA or business experience.
So, your options (among others, I'm sure) are:
1. Get an MBA, fulltime (big expense, but you'll get payback)
2. Work as a resident for a year, get the MD experience (which you MIGHT just enjoy), and then get an EMBA (exec MBA- you can get it on weekends and at night).
3. Look for a job at pharma companies to get a LITTLE business experience. This might not be a bad option, as you can get a decent job, and think about an EMBA (which they might pay for). Also, if you go to a company like Wyeth (part of American Home Products), you can move into other consumer goods after a couple years.
4. Look for jobs in healthcare-related industries like insurance/HMOs or in government (public health/public policy). These may not offer big paychecks, but it could be good experience if you are interested in health policy.
Unfortunately, your choices will be limited without an MBA at this point, since you have no business experience. Realistically, there are very few industries (other than consulting/ibanking) that will hire you just because you have an MD. |
| Message: |
What you non-business people need to learn is that performance is not directly correlated to job security. You could be the most brilliant consultant, but if there is no work for you, you will get layed off like everyone else. And contrary to popular belief, it's difficult to break into another consulting firm after being layed off.
And you won't make more in consulting than in medicine. Bonus potential doesn't equal earnings. On average, most people earn 30-50% of their potential bonus. It's mostly cited as a lure to attract consultants away from competitors. It's doesn't mean you will actually earn your bonus.
MBA...think again. 100,000 MBA's are minted each year. An MBA is meaningless unless you have prior quality business job experience and that the MBA come from a top 10-15 school.
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