HBR post: Should You Get an MBA

A few months ago, there was a blog post on HBR titled, "Should You Get an MBA?" This seems to be a growing question among physicians who are interested in transitioning into a non-clinical career in the business or corporate world. Many will convince you to make the investment to pursue an MBA while others will persuade you to save your time and money since you don't "need" an MBA. Which is right? I believe it depends on your level of experience, your skill sets, your knowledge base, your social network, and your ultimate career goals and ambitions. Those factors are going to be unique for each person.

You can read the HBR perspective by Ed Batista here. Let me quote some interesting comments that might stick out to you:

I knew that some people in my field had negative impressions of MBAs, and I needed a chance to prove myself as an individual before being stereotyped... there are many fields and organizations in which MBAs are viewed with skepticism and even disdain 

While some firms seek out graduates from elite schools, others avoid them out of a concern that they will be difficult to work with and disruptive to the established culture.

What do you think? Does this perspective by Ed Batista sway you one way or the other?

Kelley Business of Medicine MBA

The Kelley Business of Medicine MBA is a two-year program, delivered one weekend per month and online. It was developed specifically for physicians and prepares them to answer the call to lead.

Why you need an MBA.
By complementing your expertise in medicine with an MBA, you maximize your potential to create value across the healthcare industry. Acquiring targeted business knowledge and skills will enhance your credibility, enabling you to stand out as physician leader poised to transform your organization and the industry in changing times.

What’s different about the Kelley Business of Medicine MBA?
The Kelley Business of Medicine MBA was designed specifically for physicians by Kelley’s nationally recognized faculty. Our integrated curriculum is built from the ground up with input from our network of healthcare leaders across the country. Their insights have developed an innovative, dynamic Business of Medicine curriculum like no other in the industry.

Learn more here.

2012 Full-time MBA ranking (The Economist)

The Economist has ranked full-time MBA programs around the world. Their top 10 schools for 2012 are:

1. Chicago, University of - Booth School of Business  
2. Dartmouth College - Tuck School of Business  
3. Virginia, University of - Darden Graduate School of Business Administration  
4. Harvard Business School  
5. Columbia Business School
6. California at Berkeley, University of - Haas School of Business
7. Massachusetts Institute of Technology – MIT Sloan School of Management
8. Stanford Graduate School of Business  
9. IESE Business School - University of Navarra  
10. IMD - International Institute for Management Development

See the full list here: http://www.economist.com/whichmba/full-time-mba-ranking

Online MBA in Healthcare Management

My wife went to Drexel for medical school, so I like to mention some of their other programs (even though I'm enrolled in an MBA through a different school).

Drexel offers an Online MBA in Healthcare Management. Several years ago when I was researching MBA programs, I don't recall seeing this on their website. Perhaps I missed it, or may be it's a new program. Actually, I bet this used to the their Online MBA in "Pharmaceutical" Management and they probably renamed the program to have broader appeal to the entire healthcare community. That would make a lot of sense in my opinion.

In any case, this online MBA is a specialized, cohorted program that was developed together with industry representatives. The custom program is designed for professionals in the pharmaceutical and healthcare industries to help achieve new understanding and advance your career by integrating business strategy with science and technology and the unique perspective of the industry.

You can learn more about the Drexel Online MBA in Healthcare Management here.

The Economist’s Which MBA? Online Fair

Today’s executives need inspiration, a diverse professional network and a global perspective to stay competitive in a changing economy. The Economist’s Which MBA? Online Fair on Sept 5 and 6 features  the world’s most innovative business schools, bringing you a unique forum to:

• Talk online with admissions officers from MBA programs around the world
• Broaden your perspective and learn how an MBA can help you take your career to the next level
• Gain insight into the MBA experience by chatting with alumni and watching webinars and videos
• Log in from anywhere and attend at your convenience

Meet business schools and make informed decisions. Register here: http://registermbafair.whichmba.com/

The Economist's Which MBA? MBA Fair

Meet business school admissions officers, join new MBA webinars and download free career guides at The Economist's Which MBA? MBA Fair November 9th and 10th 2011.

At the MBA Fair you can:

• Meet MBA admissions officers, professors and alumni
• Chat with alumni, join webinars and download applications
• Watch The Economist’s Business Education Editor interview MBA alumni
• Log in from anywhere and attend at your convenience

Learn more and register here: http://mbaevent.whichmba.com

I'm taking an MBA course on business ethics

This weekend, I'll be taking a business ethics course for my MBA program. The course textbook is Contemporary Issues in Business Ethics, 5th Ed. The authors are professors Joseph R. DesJardins and John J. McCall. The text approaches business ethics from a social and political perspective, asking students to consider the proper place of business in society, particularly as played out through the tension between strategies that rely on market mechanisms and strategies aimed at protecting individual rights. This book focuses on the rights and responsibilities of employees, laying out a rigorous discussion of economic markets and a close philosophical analysis of ethical theories in the context of contemporary business responsibility. While often neglected in other texts, this focus remains an extremely relevant area of business ethics for today's students as they prepare for their careers in an ever-competitive workplace. This text's mix of readings, text, case studies, and decision scenarios has proven its accessibility across a wide range of student interests and abilities.

MBA Watch: A "Social" way to explore MBA programs

Author: Riley Alexander, MD, MBA

I saw this on TechCrunch today about a new feature launched today by Beat the GMAT, the self-described "MBA Social Network," called the "MBA Watch." The MBA Watch organizes articles, information, and postings about business schools and arranges them into a feed that is not too dissimilar from what you see on Facebook. It also pulls together applicant stats so that interested applicants can see the demographics of accepted candidates and a place for comments to be made. This all requires a registration. Currently, profiles to only 20 of the "top" business schools are available (I was happy to see my alma mater, IU's Kelley SOB, included) with plans to roll out the feeds to more in the future. Also, these are currently only for the full-time programs, as well.

Considering a "pharmaceutical MBA?"

If you search for "pharmaceutical MBA" in Google, you'll find that the first page of search results lists the following MBA programs that focus on the pharmaceutical industry:

• Executive Pharmaceutical & Healthcare Marketing MBA from Saint Joseph's University
• MBA in Pharmaceutical Management from Drexel University
• MBA in Pharmaceutical Management from Fairleigh Dickinson University
• MBA in Pharmaceutical Management from Rutgers Business School

The University of the Sciences in Philadelphia offers an MBA in Pharmaceutical and Healthcare Business. The University of Colorado offers an Executive MBA in Pharmaceutical Management. Aspen University offers an MBA in Pharmaceutical Marketing and Management.

Deciding Between an Online or Traditional MBA?

Author: Katheryn Rivas

If you are in the process of deciding whether or not an MBA degree is right for you, you'll probably have noticed during your time spent researching that there are a whole lot more options than you probably thought existed. Wading through all these different options can sometimes cause quite the headache. Before trying to decipher which school(s) you are interested in attending exactly, it may be better to divide the choice among three options: online-only MBA, traditional MBA, or a partial online MBA. Here are a few things to consider.

1. Traditional MBAs and online MBAs can have very similar tuition rates, so be careful.
While many online MBA programs will sing the praises of paying substantially less for a fully-accredited program, this isn't necessarily always the case. Of course, tuition varies from school to school, and the one thing that you'll surely save on with an online degree is the cost of transportation, possible relocation, etc.

2. The online MBA is more conducive to working and studying at the same time, but completing it successfully requires more discipline. Online MBAs work well for someone with a very specific work ethic. The great thing about pursuing an online MBA is that it enables you to more easily work full-time and raise family. Still, all potential online MBA candidates should know that there is less direction and hand-holding using an online platform, so you have to be an independent student who doesn't mind putting in lots of extra work and staying on top of all your assignments.

SJU: Pharmaceutical & Healthcare Marketing MBA for Executives - Programs and Format

Here's a short video about the SJU: Pharmaceutical & Healthcare Marketing MBA for Executives.



About My Business School Blog:

I am currently a business school student in the Pharmaceutical and Healthcare Executive MBA program at Saint Joseph's University Erivan K. Haub School of Business in Philadelphia, PA. The Nationally-ranked and AACSB-accredited Haub School of Business, centrally located in the mid-Atlantic pharmaceutical and healthcare corridor, is able to bring together industry experts and a world-class faculty for a unique industry-focused, immersive executive program.

You can read about my business school experience by reading all the blog posts tagged "Business School Blog."

The Economist MBA Circle

The Economist MBA Circle is on March 29th and 30th at www.economistmbacircle.com. This is an exclusive online MBA event connecting selected MBA candidates with the world’s highest ranked full-time MBA programs.

The Economist MBA Circle matches top MBA candidates with the highest ranked business schools, providing intimate access to admissions officers, students and professors from:

* MIT - Sloan School of Management
* IE Business School
* IMD
* IESE Business School
* Yale School of Management
* USC Marshall School of Business
* London Business School
* Darden School of Business

At the MBA Circle you can:

• Get exclusive access to the world’s top MBA programs
• Talk online with admissions officers, current MBA students & alumni
• Access all the information you need in one place

Should you get your MBA online?

Author: Jamie Davis

When you first finished earning your bachelor's degree, you may have laughed at the idea of going through more schooling for an MBA. However, if you have since found yourself unable to find a satisfying job or stuck in the rut of your current position, you should reevaluate whether or not going back to school is actually such a bad idea. After all, an MBA can open up many more professional doors for you and lead you to a career you never thought you could obtain. Now, with the advent of Internet technology, you can even earn your MBA entirely online without having to give up your full-time day job in the process.

The Economist’s Global Online MBA Forum

The Economist, the authoritative source for business and financial insight, and publisher of the full-time MBA ranking Which MBA?, launches the Global Online MBA Forum on March 22-23. If you are a potential MBA candidate, this free online event is your chance to connect with some of the best international business schools.

Talk online with admissions officers from top business graduate schools

Gain insight into the MBA experience from webinars, videos, chat sessions & podcasts, including:

• Tips on how to navigate the admissions process
• Interviews with an admissions officer and current students
• Details about program specialties and Master of Business Administration curriculum
• Practical advice from current MBA students and alumni
• Access all the information you need in one place at one time

Business School Blog: Accounting Foundation 510

My next course is titled, "Account Foundation 510." Here's a brief course description:

This course deals with financial accounting and reporting, and the understanding of the four basic financial statements: balance sheets, income statements, retained earnings statements, and cash flow statements. It analyzes the role of the manager in the development and use of the preparation of financial statements. The use of key ratios in the analysis of a firm’s financial statement is also discussed.

I admit that I didn't learn much about accounting or finance when I was in college. I wish I could go back to MIT and take some Sloan Management courses. As I've been working in the business world, I've had some exposure to accounting principles, but I'm learning quite a bit by going through this course.  Following this course, I'll be going through several additional accounting and finance courses.

Some Insights on being an MD/MBA Graduate Part 1: Considering enrolling in your school's MD/MBA program?

Author: Riley Alexander, MD, MBA

As this is my first post on the site, I just want to extend a quick note of appreciation to Dr. Kim for giving me the opportunity to become a contributor. Being a fresh MD/MBA graduate (2010) and now that Dr. Kim is blogging about his experiences in business school after being removed from medical school for some time, I wanted to start off with a little series of some my thoughts of what doing an MD/MBA is and what it isn't.

I'm going to gear this post to first and second year medical students that are possibly considering applying or entering their schools combined program. Future posts will cover those in already in a program and those in residency.

Once you start the MD/MBA, the first thing most clinicians will ask you (especially the very academic ones) is, "Why are you getting your MBA?" Eventually this will get old, it should be the first question you ask yourself before committing to it and likely racking up another year of school debt. If you see yourself as a neurosurgeon or cardiothoracic surgeon who will be working 110 hour weeks until you are 60, attending some business seminars/meetings or conferences may be all you need to get a basic level of business knowledge. If you see yourself wanting to take an active role in the management and/or non-clinical aspects of healthcare (not necessarily working a non-clinical job), then the MBA will give you a much more comprehensive understanding of business knowledge and is something you should strongly consider.

A few major things you will likely learn/gain from doing the combined degree:

* Leadership
* A much greater sense of teamwork and collaboration
* A thorough understanding of business language and terminology
* A deep understanding of the fundamentals of all the major aspects of business
* A desire to be more pro-active and guide your own path

What you won't necessarily learn/gain:

* How to be a world-class investment banker immediately upon graduation
* Becoming a CPA-level accountant on the side
* It likely has little impact plus/minus on what kind of candidate you are for residency

George Washington University Healthcare MBA (online)

Here's some information about the George Washington University Healthcare MBA program:

The George Washington University Online Healthcare MBA, taught by world-renowned faculty, will teach you the fundamentals of business and management so you can take on more responsibilities and expand or diversify your business knowledge.
Online Healthcare MBA Program Highlights:

* Enroll in 23 seven-week core classes in areas such as business law, strategy, finance, operations, and marketing management.
* Select 12 elective classes in areas such as management of acute care hospitals, physician practice management, and managing skilled nursing facilities.
* Develop your ability to evaluate, assess, judge, and take action in any business situation regardless of the career you choose.
* Join a community of professionals and gain access to diverse perspectives for a richer learning experience.
* Learn from distinguished faculty who are engaged in a wide variety of research activities at GW's four research centers; subjects range from international business to entrepreneurship and small business management.
* Be associated with one of the best business schools and programs in the country; GW is AACSB-accredited and ranked among the top 50 MBAs in the United States in 2009 by the Financial Times.

Most affordable AACSB accredited online MBA programs

If you're looking for an affordable online MBA program that is accredited by the AACSB, you may want to check the list on GetEducated.com. This list of "Top 47 Ranked Online Business Schools" shows you in-state vs. out-of-state tuition costs.

These online college rankings were calculated by comparing tuition and distance education fees at 69 AACSB online accredited business school at universities in the U.S that offer 133 distance MBA masters degree programs. This is a review and ranking of the least expensive online masters degree programs. Online colleges do not pay to be included in these rankings.

Choose an AACSB accredited online MBA program

Online MBA programs are especially attractive to busy physicians who don't have much time to spend in a classroom setting. There are so many schools that now offer an MBA online, but if you're going to select an online MBA program, choose one that is accredited by the AACSB.

The Association to Advance Collegiate Schools of Business is an association of educational institutions, businesses, and other organizations devoted to the advancement of management education. It also is the premier accrediting agency of collegiate business schools and accounting programs worldwide.

The following are examples of business schools that offer online MBA programs with AACSB accreditation:

• Saint Joseph's University Erivan K. Haub School of Business
• University of Massachusetts Amherst Isenberg School of Management
• Indiana University Kelley School of Business
• Drexel University LeBow College of Business
• Temple University Fox School of Business
• Thunderbird School of Global Management
• Northeastern University 
• Washington State University
• Portland State University
• Colorado State University

Before you enroll in business school, check to see if they are accredited by the AACSB.

Impact of a dual PharmD/MBA degree on career opportunities and earning potential

What can medical students and physicians learn from our pharmacy colleagues? Let's take a look at this study titled, "Impact of a dual PharmD/MBA degree on career opportunities and earning potential."

OBJECTIVE: To evaluate the academic experience and satisfaction of students who completed a dual PharmD/MBA degree program and the program's long-term impact on the students' career choice and earning potential.

METHODS: GPAs, job placement, and starting job salaries were compared between graduates who completed the dual PharmD/MBA program and those who completed only the PharmD program. A satisfaction survey instrument was administered to 17 students who completed the dual PharmD/MBA degree program in May 2007. Data from a standardized job placement and starting salary survey instrument completed by all PharmD graduates were also obtained, as well as all students' final grade point averages (GPAs). GPAs, job placement, and starting job salaries were compared between graduates who had completed the dual PharmD/MBA program and those who had completed only the PharmD program.

RESULTS: The graduating GPAs of dual-degree students were higher than those of both pharmacy (3.52 vs 3.41, p > 0.10) and business (3.82 vs. 3.68, p = 0.018) students not enrolled in the dual-degree program. Dual-degree students were slightly less likely to enter a residency (17% vs. 27%, p = 0.44) than other pharmacy graduates. Among those who elected not to pursue a residency, both mean starting salaries ($111,090 vs. $101,965) and mean total first-year compensation ($127,290 vs. $110,388) were significantly higher for dual-degree graduates compared to the PharmD graduates.