54 vs. 37 credits for an MBA

To get an MBA from Temple University Fox School of Business, you need to complete 54 credits. Similarly, to get an MBA from Drexel University LeBow School of Business, you need to complete 51 credits.

Now, to get an MBA from the University of Massachusetts Amherst Isenberg School of Business, you only need to complete 37 credits of coursework. Why the difference of credits? Each of these business schools are accredited by the AACSB, so we know that they're delivering quality education. What's interesting about the UMass Amherst program is this: their full-time MBA is 55 credits, but the part-time MBA is only 37 credits. Here's the catch. If you didn't take many business courses during your undergraduate studies, you'll need to take "Foundations of Business" as a pre-requisite for the part-time MBA program. Alternatively, you can opt out of the Foundations of Business by following the ACPE (American College of Physician Executives) curriculum.

Comparing the costs of an MBA (a physician's perspective)

If you're a physician and you've been thinking about business school, you've probably been doing some cost comparison. How much will it actually cost to get an MBA?

Let's make a few assumptions here:

• You're probably not going to a full-time program. The lost income alone would be tremendous.
• You're thinking about part-time programs, online/distance learning programs, and executive MBA programs. 
• You want to get an MBA from an AACSB-accredited business school.

Now, these assumptions may not apply to everyone, but for the sake of this blog post, let's take a look at some of the costs associated with an MBA based on these assumptions.

Executive MBA

• In general, an executive MBA is the most expensive way to get an MBA. An executive MBA could cost well over $100,000. Here's an example:
  
• The Wharton executive MBA (San Francisco) is $165,900 while the Wharton executive MBA (Philadelphia) is $156,600.

Online MBA

• An online MBA from an AACSB-accredited business school can be very affordable.
• If you pursue an MBA and you qualify for in-state tuition, then you can get an MBA for under $10,000.
• Don't qualify for in-state tuition? Then you can still find some AACSB-accredited business schools that offer online MBAs for less than $15,000, but the average is closer to $20-25,000 for an online MBA.

Part-time MBA

• Part-time MBA programs may be just as affordable as online MBA programs. 
• You're primarily going to be limited by your geography, but that could work in your favor if you qualify for in-state tuition.

So, what makes the most sense? If you can afford to pay for an executive MBA, then you'll probably enjoy that learning experience compared to an online learning experience. Also, you'll gain valuable leadership skills and have the opportunity to build a strong network if you choose a solid executive MBA program. I realize that it may be difficult to justify the costs associated with an EMBA. I don't know many physicians practicing medicine who have employers who are willing to pay for an MBA. If you're a physician working in a non-clinical corporate setting, then you can probably get some tuition reimbursement from your company.

If you're "tight" on finances and you want to get an MBA to help you transition into a non-clinical career, then you may want to pursue a cost-effective alternative. Some may argue that you should get additional school loans to get the best possible education, but there are pros/cons to this type of approach. If you have a family and you can't afford to strain the family finances, then it can be difficult to justify spending over $100,000 when you could be spending $10,000 to get an MBA. I'm not trying to give advice - I'm simply stating the obvious: we're all in different financial situations and so decisions regarding MBA programs must be personalized for each individual.

I've been wrestling with this whole MBA question for several years. I still don't have an answer for myself, but maybe I'll eventually make a decision.

The Best "Spare-Time" Business Schools (BusinessWeek)

If you follow BusinessWeek, you'll see that they recently identified the Best "Spare-Time" Business Schools for 2009. It's hard to imagine having any spare time, isn't it? However, if you're a physician and you have plenty of spare time and you're looking for some business education, then you may want to consider these:

• Top Part-Time MBA Programs
• Top Executive MBA Programs

If you're like many non-business physicians out there, you may not be very familiar with business schools (or B-schools). Although Executive MBA (also known as EMBA) programs are not full-time programs, they are not considered "part-time" programs because EMBA programs are structured very differently from traditional part-time MBA programs. Many business schools offer both a part-time MBA and an EMBA. The coursework structure in the traditional part-time MBA program is often a didactic classroom learning environment. In contrast, an EMBA program is generally more structured around team projects, case studies, group assignments, and the application of existing business knowledge among seasoned business executives. EMBA programs often have much higher tuition fees compared to part-time MBA programs.

So what's the right fit for you? Perhaps you're considering an MBA that focuses on health care issues. Some MBA programs are designed with a concentration around medical management of general healthcare. For instance, Harvard Business School (HBS) has their Healthcare Initiative where you'll have the opportunity to "Interview with leading biotechnology, pharmaceuticals, and health services organizations." Now my discussion is moving away from part-time MBA programs, but perhaps a full-time MBA program may be a better fit for you. I'd love to immerse myself in a full-time program, but that's simply not a practical option for me at this phase of my life. Therefore, I'm considering several part-time and executive MBA options.

What about you? Is business school on your radar? The funny thing is that B-school was not on my radar until roughly 3-4 years ago. I've spent the last few years doing research and this year I started visiting several business schools in my area.

MBA application deadlines

I've been speaking with several people who are planning on applying to business school (B-school) for full-time MBA programs. The deadline for many top-tier full-time programs has already passed for "Round 1." Some schools have Rounds 2 and 3 coming up over the next few months.

If you're open to part-time, distance/online, or executive programs, then you often have much more flexibility with the application deadlines. By "flexibility," I mean that you can apply for a program at the last minute and still get accepted. You don't need to apply 10 or 12 months prior to the start date.

So, is B-school on your radar for 2010? Full-time or part-time? Have you taken the GMAT? (Remember that some schools will waive the GMAT if you have a terminal degree such as an M.D. or D.O.)

Part-time MBA: cohorted or non-cohorted?

There are many different types of part-time MBA programs that may be offered by major universities. I won't be focusing on executive MBAs in this discussion because I believe that the executive MBA is a totally different experience from your standard MBA. Let's keep the focus on part-time MBAs and compare how business schools may structure these part-time MBA programs.

First, we have some part-time programs that are cohorted while others are non-cohorted programs. Let's take a look at what this really means:

Cohorted:

In a cohorted programs, you're in a cohort with other students. You will take all the necessary courses together, so you'll get to know the people in your class really well. You will have minimal interactions with students outside of your cohort. As a member of a cohort, you will start and end the program with everyone else in your cohort. You won't have much flexibility in your course schedule since you'll be required to take courses in a fixed schedule. Expect to get your MBA in 2-3 years. Can you do this if you're a busy physician? Yes, but you can expect your life to get extremely busy as you add courses into your schedule.

Non-cohorted:

You get to take a variety of courses at your own pace. As a result, you may encounter new people in every course. You won't be tightly connected to any particular group of students, since you're all taking different courses at different paces. You get a tremendous amount of flexibility and you may even choose to skip a semester and take an academic break. You may get an MBA in 2 - 5 years, depending on the program. This provides greater flexibility for physicians, but you'll miss out on networking opportunities because you may have difficulty really connecting with fellow classmates.

If you look at some online MBA programs, some follow the cohorted model while others follow the non-cohorted model. Distance learning technologies have made the virtual classroom a great way to learn and interact with other students. Of course, the virtual classroom will never replace the face-to-face interactions you'll get in a real classroom.

Before you make any decisions about a part-time MBA program, ask yourself, "what do you hope to achieve by getting an MBA?"  Do you value networking? Learning? The application of business frameworks in medical management? Entrepreneurship?

At the end of the day, the cohorted MBA is probably the best model for anyone wishing to pursue a part-time MBA. A full-time MBA is the best option, but if you're willing to settle for second best because you need to make a living and support a family, then the second choice should be a cohorted part-time MBA.

MBA open house

Thinking about getting an MBA? To learn more about different programs, you may want to visit an MBA open house. There are several coming up in the next few weeks and you can leverage these great networking opportunities to meet current students and others who may be considering the path to business school.

I've signed up for a few in my area since I'm surrounded by many different b-schools. If you plan to get an MBA while you continue to work, then you may wish to consider executive MBA programs or part-time programs.

Business Schools for Physician Entrepreneurs

Entrepreneur.com consistently ranks Babson's F.W. Olin Graduate School of Business as one of the top business programs in the area of entrepreneurship. For 2009, the #1 graduate program is:

Babson College
F.W. Olin Graduate School of Business
Arthur M.Blank Center for Entreprenership
Babson Park, MA
Enrolled students: 1,559
Faculty who are entrepreneurs: 96%
Scholarships: $327,000
Number of entrepreneurship clubs: 9
Mentorship programs: 5
Business plan competition: Yes; Prize: $35,000

Here's a snippet about their school:

At the F.W. Olin Graduate School of Business at Babson College, we have a rich tradition of cultivating entrepreneurial thinking. While some of our graduates pursue start-up ventures, more of our graduates use their entrepreneurial training to succeed in the corporate environment. Here, entrepreneurship is a state of mind.

So, if you're thinking about starting a company and you'd like to gain some formal training through business school, perhaps you should consider MBA programs that are focused on entreprenership. Babson offers two-year, one-year, evening, and fast track options for professionals who wish to get an MBA.

Here's a link to the list of top 25 entrepreneurial graduate business programs according to Entrepreneur.com

Thunderbird Distance Learning MBA

I know several people who have gotten their MBA at Thunderbird School of Global Management. I've also found that many physicians have never heard of Thunderbird, but this school is nationally (and globally) ranked as a top business school, especially when it comes to international business. Physicians aren't the most business-minded individuals, so many of them are not very familiar with business schools.

#1 "International"
Full-time MBA
U.S. News & World Report 2010 (14th consecutive #1 ranking)

#1 "International Business" Full-time MBA
Financial Times 2009

#3 "Best Executive
MBA Programs"
Financial Times 2008

#7 Distance Learning MBA Economist Intelligence Unit 2008

Here's a short blurb from the Thunderbird website:

Experience a world-class business school education from the convenience of any location with Thunderbird’s top-ranked Distance Learning Global MBA program. Utilize Web-based technology and complete your MBA via the distance learning format in 19, 12 or 36 months. Access your coursework at anytime and enjoy a rich Web-based, distance learning environment, including classes, interactive chats, bulletin board postings and collaboration with global professors and classmates. While 75 percent of your learning is conducted on the Web, 25 percent takes place at on-site regional business environment seminars in locations around the globe - making our Distance Learning MBA a truly global experience.

Evening MBA programs for physicians

I know several people who have received their MBAs through evening programs. Does it make sense for you to get your MBA this way? If you're a physician, then you probably can't afford to devote yourself to a full-time MBA program. After all, 1-2 years of lost physician income is very difficult to make up. So what are your options if you don't want to pursue a full-time MBA?

• Part-time MBA (Generally very flexible. Take courses at your own pace. May involve evening courses and/or online courses.)
• Executive MBA (Structured. Generally a fixed combination of weekend courses and evening courses. May require some extended time on campus.)
• Online MBA (Some are quite rigid and structured while others are very flexible. Some are 100% online while others require time on campus.)

Or, simply:

• No MBA (Are you sure you need an MBA?)

Still not sure what to do? Read my other MBA-related posts to explore your options. Remember that an MBA is not necessary if you're planning on making the transition into the non-clinical side of medicine. An MBA may help you understand some of the fundamental business principles, but it won't automatically open doors for you (unless you have some strong social connections from your MBA network).

Rutgers Mini-MBA: Strategic Healthcare Management Program

If you're been thinking about getting an MBA but you're not ready to make that level of time and financial investment, then perhaps you may want to look at the Rutgers Mini-MBA: Strategic Healthcare Management Program. If you complete this course, you could transfer your credits if you choose to apply to the Rutgers MBA program. I just got a brochure in the mail about this opportunity. The curriculum for the Strategic Healthcare Management Program involves:

ENVIRONMENTAL DYNAMICS

• Future Challenges in Healthcare: Globalization, New Technologies, Talent, and Competition
• Public Policy and Healthcare Economics
• The Healthcare Marketplace: Evolving Stakeholders, Decision-makers and Payers

FINANCIAL PRINCIPLES FOR BETTER DECISIONS

• The Principal Financial Statement: Understanding Healthcare Transactions
• Financial Tools for Healthcare Decision Making

ORGANIZATIONAL EFFECTIVENESS

• Designing Effective Healthcare Organizations
• Supply Chain Management
• Medical Technology Systems
• Quality and Safety
• Practice Management

STRATEGIC TRANSFORMATION

• Ethics and Social Responsibility
• Strategic Marketing and Positioning
• Market Dynamics and Strategy Development
• Managing Strategic Transformation in Healthcare

They also offer other Mini-MBA programs in:

• Business Essentials
  
• BioPharma Innovation
• Finance Essentials
• BioPharma Entrepreneurship

You can learn more by visiting: http://www.cmd.rutgers.edu
Register by September 1 and use the code SHCEB to receive a 10% discount.

Physician Executive MBA

I don't have an MBA (yet), but I'd like to pursue one someday. Like many of you, I've been thinking about the pros/cons of an MBA. When's the right timing? Given the current economic conditions, I feel like I should be saving instead of spending towards further education. After all, I don't "need" an MBA to work right now. Therefore, when would it make sense to make the time and financial investment? What type of ROI (return on investment) will I see if I invest an an MBA? Why do tuition costs vary so much from one school to the next?

If you're thinking about getting an MBA in healthcare management, there's a long list of programs that focus on healthcare or medical management. One program that comes to mind is the University of Tennessee College of Business Administration. This program is offered exclusively for physicians seeking high-quality leadership, management, and business operation skills. This program is conveniently available nationwide, requiring only four, one-week, on-site residence periods during the 12-month program. All other course hours are available at your computer desktop through the Internet. Classes start in early January; graduation is in December of each year.

Want to see some of the profiles of recent graduates? Click on this link to see graduates from 2009. You'll see a mixture of U.S. and foreign/international medical graduates (IMGs/FMGs) in various hospital positions throughout the country. Modern Physician has consistently ranked the University of Tennesse program as the "#1 Preferred MBA Program Exclusively for Physicians."

Business Schools for Physicians

If you're thinking about business school, have you done much research about full-time, executive, part-time, or distance-learning programs?

The ACPE (American College of Physician Executives) recommends the following 4 universities for an MBA or a Master's in Medical Management (MMM):

• Carnegie Mellon University (Heinz College, School of Public Policy & Management)
  
• University of Southern California (Marshall School of Business)
  
• Tulane University (School of Public Health & Tropical Medicine)
  
• University of Massachusetts Amherst (Isenberg School of Management)

Are you thinking about B-school? Have you done your research?

MBA Student Blogs

Do you have any interest in business school (or B-school)? Thinking about getting an MBA? If you want to know what life is like as a business student, read some blogs written by MBA students. Some schools feature blogs written by students, professors and leaders. For instance, Thunderbird School of Global Management has a section titled, "Thunderbird Student Voices." There, you can read about the student experience from various MBA student bloggers around the world. Thunderbird President Ángel Cabrera, Ph.D. also keeps a blog called "Global Leaders Can Be Made."

BusinessWeek also has a section called "MBA Blogs." Some topics that are being featured right now include things like: GMAT tips, making an MBA game plan, and more. You may want to take a look if you're considering B-school.

UMass Amherst MBA in Medical Management

As a member of the UMass Amherst alumni network (I got my MPH through UMass Amhers), I'm going to put in a plug for the UMass Amherst MBA in Medical Management. You should know that the UMass Amherst Isenberg School of Management has a partnership with the American College of Physician Executives (ACPE). That's how they promote their Online Part-Time MBA with a Focus in Medical Management. Recently, I've had a growing interest in business school. How about you?

If you're interested in learning more, then click here.

The Isenberg Part-Time MBA Program ranked 5th in the Northeast and 29th in the Nation by BusinessWeek.