MBA/MD vs MD only
I'm interested in pursuing a joint MD/MBA program after finishing an MSc related to drug development at Oxford so I can enter the pharmaceutical industry and possibly avoid doing a residency.
However, I am unsure of this as I do not know what types of positions I can land in the pharmaceutical realm having done the above, and avoiding residency is a fairly large gamble.
So, I'm curious about your opinions on this as to what worth a combined MD/MBA would have over a standalone MD in terms of taking what I've read on here is a "calculated risk"?
For reference, I earned my BS at a top 3 public school in science and an MS in pharmacology, and the MSc at Oxford is typically reserved for medical residents and/or fellows whom have completed medical school and my being able to do it is like getting a Rhodes Scholarship in the drug development world. My dissertation at Oxford is on the regulatory aspects of a clinical trial and may involve successfully bringing a drug to market.
I have an appointment to speak with someone at Wharton on Monday about their combined MD/MBA, so any advice and/or selling points you could send my way would be very much appreciated.
Why are you collecting degrees?
As mentioned in my post, I may be able to avoid doing a residency if I earn an MBA. Medical residencies are 4 years long and pay ~50,000 per year. So, say I did a combined MD/MBA over an MD and spent an extra 100,000 and a year to do it, I could start out making 180,000 my first year out of medical school, which would then increase; this is a gamble, though, and I am curious what positions I could enter into having done so. I've heard McKinsey, Bain, etc pay about that much and want people from schools with strong names.
Also, a lot of people are under the illusion that they're going to work in "pharma" without prior experience if they earn a medical degree or pursue an MBA, only. This is sadly not the case. The FDA -- whom regulates drug development -- isn't a biotech startup company that you can advise on how to invest, recruit, manage, etc. You need serious credentials, and if you've ever seen who comes to the table for sit downs between the FDA and drug development companies, you'd know what I mean. And that's where I want to be, eventually.
You're gonna take 300k (if not more) in debt to work in pharma and never practice as a physician?
Like I said, it's a huge gamble. That's why I'm asking for feedback, here.
You're getting it
To be blunt, it seems foolish, naive and a waste of time. Start working.
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