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Alphabetical Index
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Frequently, students interested in pursuing the MD/MBA and those who are already in the dual degree program
have lots of questions. Below are many frequently asked questions that we have attempted to answer from
multiple perspectives. If you have a differing view or would like to ask a question, please
contact us.
Advice for Undergraduates:
1. Should I get an MBA before, during or after medical school?
2. Why did MD/MBA students decide to pursue the dual degree?
3. Business Experience-is it valuable, is it necessary prior to applying to a combined MD/MBA program? Can you apply without any?
4. If you are interested in doing the dual degree, what are the first steps you should take?
5. What is the difference between the One year vs. two years vs. combined degree programs MBA programs?
Advice for Medical Students:
1. GMAT prep advice for the medical student at heart
2. Is there any different with MBA programs that include a summer vacation with recommended internship vs. those that don’t?
Advice for Medical Students in Business School:
1. What major do most MD/MBA’s choose during their MBA studies?
2. What are other MD/MBA students doing with their dual degree once they’ve graduated?
3. Should I do a residency?
4. If I decide to do a residency, how should I explain my MBA to residency programs in my personal statement and my interviews?
5. During my time off how can I maintain my clinical skills? 
Advice for Residents and Beyond:
Coming Soon!
Disclaimer: The advice below is just that, our opinion. We welcome your feedback and would be happy to include additional opinions!
Should I get an MBA before, during or after medical school?
MW Writes:
The answer to this depends upon whom you are asking. If you ask a physician who completed their residency and then
went on to practice and subsequently return to get an MBA, they will most likely tell you to get the MBA after medical
school. There is a lot of merit to this because much of the benefit of business school comes from actual work experience.
More and more business schools require prior work experience before admitting students to MBA programs. Although this is
not necessarily true for medical students, it is true for the general population because they want students to be able to
participate in the discussions and contribute to group assignments.
On the other hand, many students are pursuing the dual degree during medical school. There are advantages to this as
well. Although students may not have the same kind of work experience as other MBA students, they will have a significant
leg-up compared to other medical students and physicians. Additionally, medical students that are trained in business
can figuratively “grow up” in the healthcare world with the eyes of both a clinician and a business person. Perhaps this
sort of perspective would reduce the number of errors and mistakes an experienced clinician might otherwise have made!
Furthermore, going back to school after you’ve been practicing for several years could be quite expensive. You will
compromise your earning potential for the sake of school and you will be doing this (most likely) while trying to raise a
family.
Let me also add that I think that between your 3rd and 4th years is an ideal time to get the MBA. For one thing, you have
a year of wards under your belt and many schools consider this "one year of experience". Additionally, you get a better
sense of how a hospital works and how doctors think...although trust me, this is far from real world, especially in an
academic setting. This is far more "idealized" than the real world because cost is not as much of an issue as private
practice nor are the patient loads and feelings of personal responsibility. Additionally, medical school is a great
time to stay in school. What I mean by that is that you are already in the school mentality. True, after the first two
years, lecture classes are probably the last thing you want to do, but compare this with residency or being in practice.
Would you rather take time off during residency? How about when you are practicing? When you have your own practice,
you will most likely have additional home responsibilities i.e. family and you will most likely have financial obligations
i.e. home, pay back loans etc. above and beyond what you have ever had before.
JM writes:
After med school, you won't be able to do a combined degree program so it will definitely take you two years= twice
the tuition. However, I know some people who are getting their MBA paid for by their residency program (a friend doing
a general surgery residency and doing an MBA instead of the required research) but I wouldn't count on this kind of thing.
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Why did MD/MBA students decide to pursue the dual degree?
MW Writes:
I recognized a long time ago while deciding on medicine as a career that many physicians were unhappy because of
issues related to business. They were disgruntled about managed care and their dwindling salaries, they were
frustrated over malpractice insurance and many of these physicians came across as helpless. They seemed resigned
to the tribulations of modern day healthcare. Although I did not have any formal training in business i.e.
undergraduate business degree, I felt that I wanted to take control of my future in medicine by learning more about
what frustrates doctors. At first, I felt that getting an MBA would help me to run a future practice and maybe even
with my own personal life. But as I learned more about the synergy of the dual degree, I realized that I can harness
the fundamental desire most medical students and physicians have to help people. My goal at this point is to use the
two degrees to be able to help others access care they would not have been able to otherwise. Using my business
knowledge I can find ways for people to access care without bankrupting the healthcare system and with the medical
degree, I can provide that actual care. Although I don’t know where this will take me, I know there are many
opportunities in consulting and hospital administration that will allow me to accomplish these goals.
JM writes:
While in college and medical school, I realized that I wanted to have a leadership position within the profession.
I had participated in medical school administration by sitting on committees with various deans and others in positions
of authority, and knew that I wanted to be involved in high-level decision-making. It was not until my second year of
medical school that I saw the MBA as a way of reaching this goal.
I developed a good working relationship with one of the Vice Deans at PennMed, who was trained in internal medicine,
had done a fellowship, and practiced clinical medicine prior to assuming a 100% administrative position. I met with
her and discussed my career goals, that in 15 years I want to be in a position like hers, either on the medical school
or hospital side, but while still practicing medicine part-time. She told me that much of her job involved capital
budgeting and other very MBA-oriented decision-making, and these were skills that she learned as she went along.
Thus, she recommended that I pursue an MBA, and that is what I did.
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Business Experience-is it valuable, is it necessary prior to applying to a
combined MD/MBA program? Can you apply without any?
MW Writes:
Just like the question about when to obtain the MBA, this question also has many different answers. There is an
ideal/theoretical answer and a realistic answer. I’ll try to provide both. First, experience is key to business school.
It fuels discussions, it drives group projects and fundamentally, it helps you gain as much as you possibly can from
business school. Additionally, it gets you out of the student mentality that most medical students are in. Many
business schools have an average work requirement of 3-5 years. A medical student who entered straight from undergrad
will, most likely, be in a completely different place than an MBA student who has been out in the work force for five
years. Additionally, there can be a major maturity factor that medical students have not had to deal with.
However, just because a medical student is entering medical school straight from undergrad, does not mean that they will
not have work experience prior to business school. Some students elect to take time off before entering business school,
some work in their summers and assuming the student does not work at all, the year or more on the wards can also be
considered work experience.
Ultimately, the amount of work experience you need depends upon the business school you are applying to. If you are
applying to a non-joint degree business school, you may need to be able to qualify just as any business student would.
However, in a setting in which the programs are joint, these business schools may lower or even negate any need for work
experience.
Personally, you may want to obtain outside work experience, whether it is in time off prior to medical school or during
the summers because this helps to nurture your understanding of business and how it relates to healthcare. It may also
help you get more out of business school than your medical student colleagues that did not work. However, you have to
balance this with your age and goals in life. Taking time off to work means that you will be one of the older medical
students and don’t forget that residency is going to add at least three years on to anything that you are doing.
In summary, obtaining work experience is up to you. If you can do it, I suggest obtaining it. If you cannot, this does
not mean the MBA will be worthless. Make sure to understand the business schools’ philosophy on work experience prior to
applying. That way, you are able to keep your options open depending upon where you decide to go to business school.
JM Writes:
I had no business experience whatsoever prior to applying to Wharton. I was the typical pre-med during college; during
the summers I volunteered at a children's hospital and tutored. During med school, I was on every committee under the sun,
but aside from that, my summer job was doing research again at a children's hospital (and I wasn't even planning on going
into peds-go figure!).
I can only speak from my experience at Penn, but here it goes. Everyone applying to the MBA program has to go through the
normal application process, regardless of wheter they also happen to be a med student. Many of us find ourselves in my
position, without any work experience. I agree that if I had work experience prior to entering Wharton, I would have
been able to relate the concepts I learned in class to prior jobs. However, think of it this way; aside from my summer
job, which is in corporate America (a health services firm), I will probably never work in a corporate setting again.
I want to be a hospital administrator, and as a med student who has done all of my core clerkships and electives, I know
what the hopsital environment is like. I consider this to be my work experience, and I try to relate my coursework to it
as much as possible.
Business school has opened my mind up to the work experiences of my 800+ classmates. I had no intention of working in
the corporate world regardless of whether I went to b-school, so I consider b-school a kind of proxy for work experience,
if that makes sense.
Also, I got something else out of b-school by virtue of my med student background that I think is very unique amongst my
i-banker and consultant classmates. As med students, we are, by nature, terrifyingly organized. Am I right? We have
to-do lists for our to-do lists, and as a result, we get a lot accomplished both in and out of the classroom. This year,
in addition to my MBA coursework, I started the Philly chapter of a national nonprofit, re-vamped the finances of my 1000+
member swing dance organization, started a lunchtime lecture series at the business school, ran countless bar nites and
dinners for various organizations...and I did these things both at Wharton and within the Philly community. Furthermore,
I have lined up 3 summer work experiences (8 weeks in the corporate world, 2 in hospitals) due to the amazing set of
social and professional contacts that I built while at Wharton. In other words, due to my time management skills and
ability to prioritize, I have networked and built up tons of social capital. I really think this network will last a
lifetime.
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GMAT prep advice for the medical student at heart
MW Writes:
The good news is, if you are a medical student, chances are that you are going to do well on the GMAT. You have taken
so many standardized tests by this point that taking the GMAT is yet another exam. The exam is broken down into one math
section (37 questions), one verbal session (41 questions) and two 30-minute essays which are scored separately than the
math and verbal sections.
Scoring: Your score is based upon the math and verbal sections and it ranges from 200 to 800. If you want to think of
like the MCAT, scoring a 600 on the GMAT is like getting a 28 on the MCAT. Scoring a 700 on the GMAT would be comparable
to a 33 or a 34. The writing section is scored separately and frequently not viewed as important. Although, if you let
your score get too low, it may raise questions about your application, especially if you are not a native English
speaker.
Cost: As of May 2004, the GMAT costs $225 and you should register for it as soon as you know you want to take it. That
way you can get the time and location you desire to take the exam. Fortunately, unlike the USMLE (“Boards”), you can
take this test at any time of the year and at most times of the day. To register, go to www.mba.com
Studying: Again, the good thing is that you probably have taken so many standardized tests by this point, you know
what your strengths and weaknesses are. If you a verbal powerhouse, focus more on your math and vice versa. I have
heard that most business schools care more about your math score, but you need both for a good overall score. Good
books include “The Official Guide for GMAT Review” put out by ETS. This book has more than 1,400 questions and is
good for a general overall review. Use a book like this to understand the basic question types you will see and to
understand how the test is set up. Since most GMAT takers have good math skills, you will probably find it more
difficult to obtain a high score in the math section. A good book to focus on your math skills is Kaplan book
called “GMAT 800” which focuses on the toughest math problems. Also, since the GMAT is a computer-based test,
it might be a good idea to get the Kaplan CD-ROM to familiarize yourself with the format.
Try to do as many questions as you can. This is always a good strategy for taking multiple choice tests. In addition,
this will get you more comfortable with the testing situation. Try to do at least two sample tests in which you simulate
the testing conditions. Use a computer so you are used to staring at a computer screen for a long time.
For the writing section, find a template that works well for you for your essays and memorize it. Try to write as
much as you possibly can because the scorers are frequently looking for length rather than substance. Besides,
scorers only have approximately 1-2 minutes to read your entire essay. They are looking more for structure rather
than content. Besides, the essay section should not be your main focus unless you have serious writing problems or
you English is not your first language.
As for amount of time studying, that really depends upon what type of student you are. I personally took a month to
study for it while I was on the wards but I’ve heard of other students taking only a week. But then again, they had
the chance to focus solely on the GMAT whereas I had other responsibilities. It all depends totally upon your
studying patterns and how you learn best.
JM Writes:
I studied for the GMAT for 4 hours/day for two weeks. I did only the Kaplan CD-ROM and used some of their supplemental
math materials, which I thought were great. The good thing about the GMAT is, you can take it multiple times and
only show the school the best score (unlike the MCAT). So schedule early, just in case.
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If you are interested in doing the dual degree, what are the first steps you should
take?
MW Writes:
This is an incredibly difficult question because there is no correct answer. I think there are several generic steps
you should take in deciding whether to pursue the dual degree. I have listed them below.
First, you must examine your reasons for doing the dual degree. If you are doing this to get out of medicine or to
have a way out, then maybe you are in the wrong field to begin with. Several important questions to ask yourself
include:
- Why do I want to pursue the dual degree?
- What will the MBA add to your future career?
- Is it worth 1-2 extra years of study and possible tuition?
- Should I obtain the MBA during or after medical school?
Once you have identified the reasons you want to do the dual degree, do some reading. There is a vast literature
about the dual degree, much of which is included on this website under the Resources section. Read about what
others have done with the dual degree and try to find out whether people could have accomplished the same thing
without getting the MBA.
Once you have a background through reading, try to meet with people that are either currently in the process of the
completing the dual degree or those who already completed the dual degree and are working. Talk to people who know
you well-your mentors, your parents, your significant other. It is also important to speak with people in positions
where you imagine yourself in 20 years-whether that is the dean of a medical school, the CEO of a health care hedge
fund, or a hospital administrator- to find out how they got to where they are and whether they would have done things
differently. Both groups will be All of these groups will be valuable resources to you because they will be able to
give you vastly different perspectives.
If you are still interested in doing the MBA, then you need to find out what your school offers. If you are not in
medical school yet, try to find out whether the schools you are applying to have dual degree programs. Although
there are more and more programs with the dual degree, not all schools have one. Those that do not can be very
reluctant to have a medical student leave to pursue an MBA. The environment can be quite hostile if you are not
careful. This is something to factor in when you are deciding about an MD/MBA program because not having
administrative support can make the experience quite miserable. Furthermore, schools that do have a dual degree,
can add an extra element of learning. For example, schools like Jefferson Medical College and University of
Pennsylvania both in Philadelphia have additional healthcare courses that dual degree students can take.
Yale has an entire Healthcare Leadership curriculum with regular speakers including U.S. Senators (example
Bob Graham (D-FL)) and CEOs of large corporations. Jefferson performs mock interviews with students prior
to residency interviews to practice answering questions about the dual degree. You will not find any of
this at programs that do not coordinate.
At that point, it is probably a good idea to people who have already gone through the MBA program(s) to
which you plan on applying. It is important to access “insider information” such as tricks for the application
process, administrators to get to know, etc.
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What is the difference between the One year vs. two years vs. combined degree programs
MBA programs?
JM Writes:
MD/MBA programs typically separate the MD and MBA. When I tell people I am an MD/MBA, their initial reaction is
usually, how can you schedule that much work into a 24-hour day? Depending on the program, you may be required to
take some prerequisite classes while still in medical school, but otherwise, the MBA coursework is usually pursued
in a separate window of time.
One year programs are very intense. They are full-time by necessity, often, fall, winter, and summer breaks are
short (if at all), and there is no room to do a summer internship. These are offered both as stand-alone MBA
programs and at schools that offer combined degree programs. The advantage here is that it only takes one year
of time and money, which for some people may mean the difference between pursuing the degree or not. However,
there are advantages to being able to do a summer internship between the first two years of business school,
and to being able to stop and smell the flowers along the way. In my opinion, business school is not about
sitting in class, studying, and taking exams. It’s about learning to view the world in a new way, getting to
know your classmates and their backgrounds, learning from them, and building a powerful network, which will
carry you throughout your career. I imagine it is possible to accomplish this in one year, but may be easier
if the program is more spread out.
Two year programs are the standard full-time MBA programs, with a summer vacation between the first two years.
Most people take that summer to work a full-time business job, travel, and chill out. Typically, these are
pursued if the medical student goes to a school without a combined-degree program, or if someone well into his
or her career as a physician decides to go back to school. This plan leaves plenty of time for reflection and
networking, but involves two years of tuition and lost wages.
The final type of program is the 5-year combined degree program. For perspective, this is the program I am in at Penn.
It offers the advantages of a one year program in that it only requires one extra year of time and tuition, but also
allows the student to participate in all opportunities available to non-MD MBA students. It seems like every school
that offers this program has a different way of condensing 6 years of graduate education into 5. At Penn, we are
required to do a research project during our fourth year, but this requirement is waved for MD/MBA students.
Likewise, Wharton waves 4 credits of requirements, because med students are required to take a Health Care Systems
course. As a result, we spend 3.5 years in medical school, and 1.5 years in business school.
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Is there any difference with MBA programs that include a summer vacation with recommended internship vs. those that don’t?
JM Writes:
Especially for those of us who did not take time off between college and medical school to experience the corporate
world, a summer internship can be a very valuable experience. It can also be a positive cash flow experience – a
first for many medical students – which can lessen the debt burden. Examples of MD/MBA internship experiences
include hospital administration, consulting, investment banking, and private equity. Having this experience is
helpful for putting a business education in perspective, plus will certainly prove useful in your future life,
regardless of how you use your MBA. I view this as something that’s not necessarily essential, but an important
question to ask when investigating various programs.
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What major do most MD/MBA’s choose during their MBA studies?
JM Writes:
Especially if they are planning on using their MD in their future career, MD/MBA students are usually health
care management or equivalent majors. At some schools, this means taking core and elective classes that are
health care focused, while at other schools, the core is taken with the rest of the general MBA program and a
group of health care electives are required for the major.
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What are other MD/MBA students doing with their dual degree once they’ve graduated?
Here are some examples that we’ve witnessed; please feel free to email me to add to the list:
- Residency (in pretty much any field you can think of)
- Hospital administration right out of business school
- Health care or other consulting
- Health care or other investment banking
- Starting own company
- Device/biotech
Please also see the Careers section for more information on this topic.
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Should I do a residency?
JM Writes:
For some people, the decision of whether to do a residency is easy. They want to be clinicians, and use the MBA to
move up the ladder or do something on the side. For others, however, the decision is more complicated.
Whether to do a residency is a very touchy subject for many people, for many reasons. It is so competitive to get
into medical school, and so many people want to be practicing clinicians, that some people view it as a shame to
give up the hard-earned privilege of patient care. Another (and in my opinion more valid) argument for doing a
residency is that once you graduate from medical school you are not truly a physician. You may think you know
what it is like to practice medicine, and you probably know more than the average person, but you don’t know
enough to be very useful in an industry setting. Furthermore, it is possible that if you go into hospital
administration, your fellow MD’s will not respect you as a physician, but rather see you as someone who has
gone to the “dark side,” and as a result you will lose whatever advantage you would have had as an MD. (I
have heard this latter argument many times, from MD’s in lower level hospital administration to hospital CEO’s.)
Also, deciding not to pursue a residency will probably be a terminal decision; once you’ve worked in industry it
is very difficult to go back and apply for a residency. That being said, there are plenty of people who decide
that medicine isn’t right for them at all, who do not do a residency, or who do a transitional intern year to get
their license and get enough information to make them useful for industry, but do not pursue a residency.
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If I decide to do a residency, how should I explain my MBA to residency programs
in my personal statement and my interviews?
JM Writes:
For perspective, I am just starting the application process, and I am applying to internal medicine residency programs.
My answer to this question is that most residency programs want to be sure that you are going to stay in medicine. Once
they’ve trained you, they’ve invested time and money into you, and want you to be a clinician. Also, although the
combined degree is somewhat unique, you are certainly not the first MD/MBA they’ve seen, and they may have experiences
with other MD/MBAs “selling out” to the “dark side.”
If you have done things like consulting, working on Wall Street, or other occupations that might make residency programs
think you will return to working in business full-time, explain how those experiences are unique and valuable. For
example, I think that working as a health care consultant, especially at a top consulting firm, is extremely valuable
and lessons learned are applicable in a hospital setting. You rely on teamwork to get things done, have an in-depth
outsider view into the problems of a health care related organization, etc. Make sure that your audience understands
the immense value added someone with a background like yours would be to the residency program.
My personal answer to the question of why I did an MBA is that I am interested in hospital administration. I want to
do a residency in internal medicine and a fellowship in pulmonary critical care. I’d like to apply for a year as a
chief resident, and take on more and more administrative responsibilities as I progress, until I am practicing medicine
60% of the time and doing hospital, medical school, or graduate medical education administration 40% of the time. I have
no interest in pursuing a career in consulting, investment banking, hedge funds, private equity, or any other aspect
of business. My background (serving on numerous administration-oriented committees in medical school and my health
services summer internship during b-school) supports my assertion that I want to practice medicine.
My advice, and the advice I have been given, is to make sure you understand exactly what it is you want to do with
your MBA, form it into a believable and HONEST story, make sure your actions in the past support your story.
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12. During my time off how can I maintain my clinical skills?
MW Writes:
There are several options, all involve being creative and finding extra time on your hands. Fortuntately, you've found
ways to do this your entire life so this shouldn't be anything new.
Usually, rotations that are outpatient based are more amiable to shifts than say Surgery. Fields such as Emergency
Medicine and Family Medicine are ideal because you can come in and work a shift then take off. You do not need to be
there every day as you would in say Medicine or any other inpatient service. However, this does not mean that you cannot
come up with creative options. For example, if you wanted to do Peds, rather than working inpatient peds, you could do
some shifts in the ER or attend some clinics. The same is possible for pretty much any field that has a clinic aspect to
it.
Another option, and this is something I did at my school, is to ask if you can obtain credit for these shifts as an elective.
That way, you can get credit for these which you can use to graduate early (if you so desire).
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