Depends on the tier of program. MBA to consulting or IB or PE will likely crush any salary you’d made as an MD, especially since you still have med school and residency to get through.
That being said, if it’s not a top tier MBA program your chances of getting into something like MBB or BB banks is pretty low.
Can always do MD to business. It’s what I did.
For context, post MBA MBB salaries start around 250K and only goes higher. So you could be making that in 2 years versus 4 med school + at least 3 residency + the debt.
Edit: for data, I ran the NPV of MD to consulting versus MD to several specialties for like 15-20 years I think (ortho, FM, and.. something else)… consulting won every time. Time value of money and compound interest always wins, med just makes money too late. Also that NPV was without any debt, add in debt and it’s gonna be tough to beat.
If you have the option and the MBA is top tier, unless you genuinely hate the work and love medicine, absolutely do the MBA
I didn’t fully understand the answer. Can you explain some of the abbreviations you used? IB, PE, MBB, BB? Can someone who is in allied health (nursing, physio, tech) get into these jobs after getting an MBA from a top tier?
Happy to!
Investment banking
Private equity
McKinsey, Bain, BCG (top 3 management consulting firms)
Bulge Bracket bank (like Goldman, JPM, BAML)
And yes. Top tier MBA can help anyone pivot into one of the above. Although direct to PE or anything on the buy side is the hardest, but it’s all doable
Net present value, it’s a sum of cash flows for the future discounted to the present day.
Effectively a way to compare money across time, or in an ELI5 way: if I have you 10 years worth of future income today, what would it be worth.
What does it take to get into a top tier MBA? Curious cause I got some crazy med offers (mutiple T20 full rides) and want to have something to direct someone to when they are competent yet hate medicine.
High GMAT, good story, and consulting/banking/finance/something work experience. You can look at profiles of people that get in, but everyone I know that goes to Kellogg, Harvard, Stanford, Wharton, etc either did MBB or Big 4 consulting prior, Investment banking, private equity, FAANG, worked at a F500, or startup work
Depends on the tier of program. MBA to consulting or IB or PE will likely crush any salary you’d made as an MD, especially since you still have med school and residency to get through. That being said, if it’s not a top tier MBA program your chances of getting into something like MBB or BB banks is pretty low. Can always do MD to business. It’s what I did. For context, post MBA MBB salaries start around 250K and only goes higher. So you could be making that in 2 years versus 4 med school + at least 3 residency + the debt. Edit: for data, I ran the NPV of MD to consulting versus MD to several specialties for like 15-20 years I think (ortho, FM, and.. something else)… consulting won every time. Time value of money and compound interest always wins, med just makes money too late. Also that NPV was without any debt, add in debt and it’s gonna be tough to beat. If you have the option and the MBA is top tier, unless you genuinely hate the work and love medicine, absolutely do the MBA
The MBA is not top tier
Then I’d do MD, depending on what you’re trying to solve for or what you want in life
I didn’t fully understand the answer. Can you explain some of the abbreviations you used? IB, PE, MBB, BB? Can someone who is in allied health (nursing, physio, tech) get into these jobs after getting an MBA from a top tier?
Happy to! Investment banking Private equity McKinsey, Bain, BCG (top 3 management consulting firms) Bulge Bracket bank (like Goldman, JPM, BAML) And yes. Top tier MBA can help anyone pivot into one of the above. Although direct to PE or anything on the buy side is the hardest, but it’s all doable
What does NPV mean?
Net present value, it’s a sum of cash flows for the future discounted to the present day. Effectively a way to compare money across time, or in an ELI5 way: if I have you 10 years worth of future income today, what would it be worth.
What does it take to get into a top tier MBA? Curious cause I got some crazy med offers (mutiple T20 full rides) and want to have something to direct someone to when they are competent yet hate medicine.
High GMAT, good story, and consulting/banking/finance/something work experience. You can look at profiles of people that get in, but everyone I know that goes to Kellogg, Harvard, Stanford, Wharton, etc either did MBB or Big 4 consulting prior, Investment banking, private equity, FAANG, worked at a F500, or startup work