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Medical Student Interested in MBA

This topic has 3 expert replies and 3 member replies
ksmody2255 Newbie | Next Rank: 10 Posts Default Avatar
Joined
20 May 2017
Posted:
8 messages

Medical Student Interested in MBA

Post Sat May 20, 2017 1:46 pm
Hi,

I was just wondering if you had any suggestions on what I could do for the next couple years to strengthen my application for business schools. I am currently a first-year medical student and looking to apply to MBA school between my 3rd and 4th year in medical school. I would prefer to apply to European schools, as they have one year programs, but am open to any suggestions. Thanks!

Profile:

GPA - 3.72

GMAT - Taking it this summer

Research - Currently working on over a dozen projects related to orthopaedic surgery as a Research Assistant at 3 different institutions, including some cost-effectiveness studies; hoping to have completed at least 20 projects by the time I am applying for business school

Community Service -

-Volunteered as an emergency medical technician for 6 years
- Led a project to develop an entire emergency medical services system in a rural town in the Dominican Republic
- Student Training Coordinator for the student-led clinics at my medical school, which includes 5 different clinics in under-served areas of Philadelphia which serve 100s of patients every week

Internship (this summer) - World Health Organization: Emergency, Trauma, and Acute Care Unit

International Experience - Studied abroad in Costa Rica and United Kingdom and traveled to over 30 countries throughout my life - while in CR and UK, I did comparative analyses between the healthcare system of that respective country and that of the USA

Leadership - Throughout undergrad and now in med school, I have been very active outside of class, including serving on student government, leading student organizations, and starting new student organizations

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Post Mon May 22, 2017 12:43 am
Hey there!
Great to hear from you!


So before we start there is some basic information I would love to have:
Age
Gender
Country of Origin
Degree and from which school
Minority?


All of these can heavily influence your profile.

But anyhow, let me start by saying your profile is great so far. Coming from a med school background is both rare and fantastic when applying for an MBA. Match that with leadership (about which I could ALSO get more detail) and a fantastic GMAT, and you are as good as gold.

I would also like to mention that especially impressive is your volunteer work.

Finally, why Europe? What are your goals?

If you can get back to me with more info, I will likely be better able to advise,

Jon Frank

_________________
Jon Frank
Harvard MBA, 2005
Founder and CEO, Admissionado

Check out our packages: http://bit.ly/1SyngNR
Read our success stories: http://bit.ly/1qohrfA

Thanked by: ksmody2255
ksmody2255 Newbie | Next Rank: 10 Posts Default Avatar
Joined
20 May 2017
Posted:
8 messages
Post Mon May 22, 2017 2:33 pm
Hi Jon,

First of, I just want to say thank you for your response and help.

Age: 22 (will be 24 when starting the MBA program)
Gender: Male
Country of Origin: USA
Degree: BS in Biological Sciences from Drexel University
Race: I was born and raised in the USA, but my parents immigrated here from India

---------------------------------------------------------------------------------------

Leadership:

Drexel University College of Medicine (current):

- President, Orthopedic Surgery Interest Group
Educate peers on orthopedic surgery opportunities and coordinate shadowing opportunities
Hold events related to orthopedic surgery along with physicians from Hahnemann University Hospital, such as bone saw labs and case presentations
Connect faculty members to medical students for research opportunities


- Founding President, Medical Innovations Interest Group
Educate students on new innovations in medicine and help facilitate collaborative efforts between graduate students in different parts of Drexel University, such as the entrepreneurship school, the medical school, and the biomedical engineering school

- Educational Coordinating Committee Representative - Student Government Association
Serve on a committee to develop the new medical school curriculum at Drexel that will be enacted in the incoming 2017-18 year

- Student Interviewer
Conduct interviews of prospective students for the medical school

- Founding member, Eakins Oval Society
Founding member of social and educational society at Drexel U College of Medicine

Drexel University (past):

- Founding Vice President & Recruitment Chair, Phi Delta Epsilon International Medical Fraternity
Organized various fundraising events to raise over $1500 for Children's Miracle Network Hospital
One of 5 founding executive board members and led recruitment of new members to increase camaraderie and community of pre-medical students at Drexel U (now, just 2 years later, organization has about 75 members)

- Vice President, Delta Epsilon Psi South Asian Fraternity Inc
Organized various fundraising events to raise over $1000 for Juvenile Diabetes Research Foundation
Organized community service opportunities for organization

- Greek Life Representative, Undergraduate Student Government Association
Elected to officially represent all approximately 2700 students involved in Greek Life at Drexel U
First person from the multicultural council to be elected to this position
First-ever sophomore to be elected to this position

- Community Partnership Chair, Drexel University Board of Trustees
Student representative on Community Partnership committee of Drexel University Board of Trustees
Helped in the planning and development of the Dornsife Center for Neighborhood Partnerships
Aided in all organization of all university-wide community service endeavors

----------------------------------------------------------------------------------

Lastly, I am interested in doing my MBA in Europe, because the programs abroad are typically one-year programs. As I currently want to do the MBA between my 3rd and 4th year in medical school, I feel that a gap of more than one year would not be in my best interest.

Eventually, I would like to be an orthopedic surgeon and work in the medical device industry along with my clinical practice. I especially would like to focus on how to reduce the cost of development for different drugs/devices to make them more accessible and affordable in third-world countries.

Post Sun May 28, 2017 9:51 pm
Hey there,
So you're profile is really excellent and very interesting, and I quite like your plan. But there are a few things you should know before you start applying for MBAs:

- MBAs are traditionally oriented for those with work experience. In fact the average work experience for most class members at MBAs is 5-6 years. In Europe this can be higher. An MBA may not be the right degree for you. A Masters in Management (MiM) might be more appropriate.
- There are a handful of top-tier one-year programs in the US: http://admissionado.com/mba/best-one-year-mba-programs-in-the-us/ (But even these programs are for people with experience)
- There are some specialized programs, like HBS 2+2, Stanford deferred, Yale silver scholars which are designed for successful people with no work experience. You may want to look into those (although they are for the most part two-year programs)
- Going to Europe to do your MBA just to have a one-year program makes little sense. Study in Europe if you want to work and live there. Otherwise if you are planning a career in the US, you are far better off going to an American B-school.

So that's really where I would start if I were you. Because I don't think that at this stage you are the most natural candidate for regular MBA programs (which you would be after 2-3 years work).

Let me know if you have any additional thoughts or questions.

Best,
JF

_________________
Jon Frank
Harvard MBA, 2005
Founder and CEO, Admissionado

Check out our packages: http://bit.ly/1SyngNR
Read our success stories: http://bit.ly/1qohrfA

ksmody2255 Newbie | Next Rank: 10 Posts Default Avatar
Joined
20 May 2017
Posted:
8 messages
Post Mon May 29, 2017 5:15 am
Hi Jon,

Thanks again for the help! So, I considered doing a Masters in Management or some other similar program, but like you said, they are mostly 2-year programs. Unfortunately, I cannot take this much time off from my clinical studies without it adversely affecting me.

As for getting my MBA at a later date, I would have to wait at least 6 years after medical school, once I am an attending physician, to get an executive part-time MBA. However, it would probably be even longer, because I would not want it to affect my clinical practice just as I am trying to build it up. Also, I would rather have the knowledge and business acumen early on while rotating through various hospitals as a student/resident/fellow, than wait until later.

Medical School - 4 years
Residency - 5 years
Fellowship - 1 year
Attending Physician

If I decide not to go to Europe to get my MBA, I can also just apply to the dual-degree program (which is not very competitive) at my home institution and get an MBA in one year between my 3rd and 4th year in medical school. However, I would prefer not to do this, because my school does not have a very strong b-school and I would rather not have my B.S., M.D., and MBA all from the same institution. Also, I do think there is some value in having the global perspective and connections that a European MBA would offer me even if they are not predominantly in the US. I can also appreciate that if I were to get into a top-tier institution in Europe, the education would just be that much better.


I understand that I am not the most natural candidate for regular MBA programs, but I do have a very clear vision and distinct career goals. I would love to hear your thoughts on other things I could be doing (other than the GMAT) to strengthen my application at this time. Thanks!

Post Fri Jun 02, 2017 10:55 pm
Hey there,
So I hear you regarding your desire to do one-year and not two. I mean that's a loooooot of studying!

Now I understand your internal logic, but I think it's really important and helpful if you understand the school's. From their perspective, you probably don't need an MBA. And if you are going back to school for 6 years, you probably won't use it. Plus you would have little to contribute to a class where the average experience is 6-7 years of work. So it may seem like it makes sense for YOU to do it, but for them, it makes a lot less sense. And then can give that space to someone who will use the MBA.

And I'll be completely honest with you: I don't see the advantage for you to do this until you have at least finished your residency. You'll likely forget most of what you learned, lose touch with most of your contacts, and not make the best use of your MBA, all of which would not happen if you attended an MBA 2-4 years after your residency. So I too have difficulty seeing the advantage or necessity for you to do it.

And I'm not sure that the good schools would be very responsive to your profile.

But feel free to disagree with me, and explain why you feel you need an MBA now Smile

_________________
Jon Frank
Harvard MBA, 2005
Founder and CEO, Admissionado

Check out our packages: http://bit.ly/1SyngNR
Read our success stories: http://bit.ly/1qohrfA

ksmody2255 Newbie | Next Rank: 10 Posts Default Avatar
Joined
20 May 2017
Posted:
8 messages
Post Sat Jun 03, 2017 5:52 am
Hi Jon,

So, it's not so much the extra year when it comes to studying. As a medical student, resident physician, and even attending physician, you are always learning, because the medical field is constantly evolving. Instead, I am more concerned about my inability to get into a residency program if I were to take 2 years off and I would not want to be away from clinical medicine for that long this early in my career anyway.

As for the perspective of the schools, I totally understand where you are coming from, but at the same time, there are 65 MD/MBA dual-degree programs nationwide (this number is from 2015, so probably even more now). This means that the idea of receiving an MBA during medical school is not unheard of and actually fairly common. The only difference for me is that I would prefer to do my MBA at a different institution from where I attend medical school.

That being said, I do feel that between my work as an EMT (6 years), knowledge of various healthcare systems (USA, Dominican Republic, UK, and Costa Rica), extensive clinical research (3 years - over 20 projects), and full year of clinical rotations through the major specialties, I will have a very unique perspective to offer. It is true that I will have even more experience following residency, but at that time, I would rather work on improving clinically than taking time out to get an MBA. I get the argument that I will lose most of what I learned if I get the MBA too early, but that is not how I see it at all. Instead, I feel that this is actually the best time for me to get it. As a resident physician, I will be exposed to the various subspecialties within my field and meet countless physicians from a variety of different hospitals. Therefore, there would be no better time to already have the MBA and subsequent knowledge, so I am able to take advantage of any opportunities that may arise.

I would love to hear anything else you would recommend I do at this time to strengthen my application. Thanks for the help!

Best regards

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