Thinking About a Business Degree?

Healthcare professionals (especially physicians) who are interested in non-clinical careers often have a strong interest in business. However, they also frequently lack proper education and training in business. How many business majors do you know who went to medical school? Chances are, most of the people who were pre-med were either biology or chemistry majors. Business degrees can improve your market potential and also increase your salary if you find the right position. If you don't think you have time to pursue a business degree, keep in mind that many programs allow you to take a single course at a time. This way, you can take your time and get an MBA over several years. If you're not in a rush, this may be a good option.

I've always wanted to pursue an MBA. In fact, I'm seriously thinking about taking some courses this fall. I need to look at my workload and my schedule to see if this makes sense. I just finished my MPH last year and I would like to have a little break from studying, but if I'm going to take my time to get a business degree, then I'd like to start sooner rather than later. I've been collecting information from several different business schools and researching my options. If I don't start this fall, then I may begin some courses next year.

Improving Leadership Skills

We probably don't do enough to improve our personal leadership. The American College of Physician Executives (ACPE) has some great courses on physician leadership, but only a small percentage of US physicians are members of ACPE. Even a smaller percentage are pursing a master's degree in either medical management (MMM) or business administration (MBA). So, if you can't enroll in a degree program, then you may want to try either Dale Carnegie Training or Fred Pryor Seminars & CareerTrack. Participation in these courses can strengthen your career and also help you refine important leadership skills.

MBA Costs at U Mass Amherst Isenberg

As a member of the University of Massachusetts Amherst alumni association, I'd like to let people know about the Isenberg School of Business at UMass Amherst. They offer an flexible part-time MBA that is 100% online and is also endorsed by the American College of Physician Executives (ACPE). The Isenberg Part-Time MBA Program ranked 5th in the Northeast and 29th in the Nation by BusinessWeek. It is accredited by the AACSB and students even have the option of taking live courses on select UMass campus locations.

This is a 37-credit program that can be done over 4 years, but most students complete this program in 2 - 2.5 years while working full-time. If you've a physician and you've been thinking about pursuing an online MBA, this is one you should seriously consider. Each class will cost roughly $2,000 so that puts the entire program at roughly $25,000. At some universities, you'll easily pay over twice that amount to get an MBA.

So what are you waiting for? You can even take 1-2 classes as a non-degree student and then transfer those credits towards your MBA degree.

Best Online MBA for a Physician

This question comes up all the time: "What's the best online MBA for a physician?"

There's no easy answer, since it probably really depends on what that physician wants to do with that MBA. Is he/she interested in starting a business and becoming an entrepreneur? How about running a hospital? (in which case a master's in medical management of a master's in health administration may be more beneficial). What if you want to go into pharma? Do you need an MBA? No. However, if you want to work on the marketing side of pharma, then it may be very beneficial to have some marketing expertise.

An MBA can also be very useful if you want to go into finance or consulting. I've discovered that most physicians don't really understand the corporate business world. By "most" I mean those who go straight from a biology/chemistry/science undergraduate degree to medical school. They lack any "real world working experience." They've been a lifelong student!

Do some research before pursuing an MBA. Don't simply look for the "best" since one size doesn't fit all physicians. There are so many different non-clinical opportunities for physicians and you may find that an MBA is not usually required for most of them.

Business Exchange

If you frequent BusinessWeek online, then you may have stumbled upon Business Exchange. It's still in beta, but it appears like a solid social networking site where you can exchange thoughtful ideas, opinions, and resources. Have you been thinking about business school? If you have unsettled questions about b-school (regarding tuition, online classes, etc.), then you should take a look.

For those healthcare professionals who are planning a transition to a non-clinical career, it may be a good investment of time to take some online business courses. Some are even offered for FREE, so why not?

Online Continuing Education

How do you get your continuing education? Do you take classes? Read? Online programs?

Many more people are getting their continuing education online. Do you ever consider getting an online master's degree (say an MBA, an MPH, an MEd, an MS, or an MA)? You've probably seen ads for Walden University, the University of Phoenix, Capella University, DeVry University, and others.

But did you know that some of the most prestigious universities offer online master's degrees? For instance, Johns Hopkins offers an online MPH program where the vast majority of the coursework is Internet-based. Emory University offers a similar online MPH.

Getting a master's degree has many benefits, even if you're a seasoned healthcare professional. There's a reason why executive MBA programs are so popular among senior-level corporate executives. There's so much you can learn in the classroom, but more importantly - there's so much you can learn from each of your colleagues and peers. If you're planning on a career change, then you may want to look at some sources of continuing education. Maybe it will be worth your investment to even enroll in a degree program.

Distance Learning: Online Education

As e-learning technologies improve, graduate-level distance learning programs are becoming stronger than ever. Want to see what your classmates look like? Then schedule a video conference call to work on a group project. These types of interactions are becoming more and more popular among today's online degree programs. Don't have time to sit in a classroom? Then watch the lecture online on your laptop.

There are obviously pro and cons to online education. However, for busy doctors and other healthcare professionals, the pros may far outweigh the cons. This may be especially true if you don't live in a major city where you may have access to executive and evening programs (such as an executive MBA). You'll have to decide after you do your research.

Online MBA at a "Top Tier" B-School

Is it possible to get an online MBA through a "top tier" b-school in the USA? I suppose it depends on how you define "top tier."

BusinessWeek has a list of top 30 full-time business schools. Within that list, Indiana University (Kelley) is the only school that offers a true online program. Carnegie Mellon (Tepper) is also on that list of top 30, but the online program they offer is very selective and you have to live within specific cities to participate in that program.

Thunderbird is considered a "second tier" school by BusinessWeek. They offer an online MBA. Arizona State (Carey) and Babson are other "second tier" schools that offer an online MBA degree.

There are many other schools that are ranked on BusinessWeek (either for their Executive MBA or their part-time MBA). Some of them also offer online programs. Schools that come to mind include: Drexel (LeBow); the University of Florida (Warrington); Villanova; U Mass Amherst (Isenberg); and several others.

I find that the phrase "online MBA" or "distance learning MBA" can be leading because some programs still require a considerable time on campus. Therefore, it's important to clarify and to differentiate which programs are 100% online. I often meet physicians and medical students who are interested in online MBA programs. Most of them are interested in the didactic learning and less motivated by the social networking aspects of b-school. I suppose it really depends on your reasons for pursuing an MBA and your overall career goals.