A recent study done by the Franklin Society looked at the dual degree MD-MBA and tried to measure its utility. The general results showed that the MD-MBA route is considered useful and presents a significant return on investment.
Offering students a way to reduce the amount of time as well as money required for further education, and allowing for a more personalized course of study, the dual degree program has seen its popularity skyrocket.
“Physicians and medical students alike are drawn to pursuing a business degree because of the opportunities to innovate best-practices, pioneer new solutions for age-old problems, and implement change in our healthcare system,” says Omar Z. Maniya, founder of the MD MBA Association as well as a candidate for an MD-MBA degree through Georgetown University School of Medicine and McDonough School of Business.
“From clinical medicine to consulting and finance, MD-MBAs recognize that through business they can magnify their impact and help thousands of patients at a time.”
Maniya points to a variety of factors in contributing to the increased interest in dual-degree programs.
- The rapid pace of health system reforms
- Application of business-like quality and efficiency practices in clinical settings
- The need for physician-leaders within the healthcare space
“This motivates many of these students, who hope that the unique combination of skills they acquire will allow them to make an impact,” he says.
Dr. Maria Chandler, who directs the Association of MD-MBA Programs (AMMP), says she anticipates the graduates of dual degree programs eventually holding academic positions.
“Medical school department chairs and deans have huge budgets at their disposal,” she points out, “and all that I have spoken to agree that the skills acquired during MBA training would be immensely helpful – I suggest they should be required.”
Dual degree programs often require that students complete a minimum number of terms in residence, such as Columbia University’s program in New York, which asks students to spend at least three terms in residence.
At most schools, such as the University of Michigan at Ann Arbor, students applying to the dual degree track must file separate applications to both programs. This means meeting medical school requirements as well as having strong GMAT scores.
And many schools, like the University of Colorado at Denver, expect students to complete a medical residency following graduation.
For a complete list of dual degree MD-MBA programs around the world, check out Find MBA’s comprehensive listings.
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