What Will Be The Career Trajectory For Doctors After An MBA?

What is an MBA?

Master of Business Administration (MBA) is the post-graduate program available after the completion of a bachelor’s degree for working professionals or students seeking theoretical and practical training in the managerial field. It helps individuals gain advanced and thorough knowledge of general business management functions. Generally, an MBA has a specific core focus on finance, marketing, and human resources.

There has been a rapid shift toward enrollment in MBA programs in major universities and institutions. People tend to pursue MBA for professional credibility and recognition, focusing on learning leadership skills, organizational behavior, and employee harmony. However, is pursuing an MBA worthwhile after an MBBS degree? Scroll down to learn about the career scope of doctors through an MBA.

Should doctors pursue an MBA?

Doctors should pursue MBA as it provides them with valuable management skills and opens the door to new opportunities in the higher echelons of a commercial organization. An MBA offers a comprehensive understanding of the business principles, finance, and marketing which effectively helps in managing healthcare organizations and taking informed decisions. Combination of medical and business knowledge enable doctors to identify and capitalize on entrepreneurial opportunities like starting new ventures.  It broadens their skillset, marketability and competitive edge in an industry which is quite different from the field of medicine. The following are the reasons to pursue an MBA after MBBS:

1. Pursuing an MBA program provides doctors a thorough understanding of the leadership principles and strategies. It teaches them organizational behavior, strategic management etc that doctors need to manage teams, motivate staff and drive the changes. It leads to improved patient care and operational efficiency.
2. In today’s dynamic era, doctors need strategic thinking to adapt to the updates, seize opportunities and overcome challenges in the healthcare sector. MBA program fosters thinking skills and enables the doctors to analyze market trends to develop effective business plans. They can regulate the changes and implement new technologies for the quality of the industry.
3. Doctors get exposure to a wide network to connect with professionals across the international borders also. These connections lead to collaborations, partnerships and mentorship that further enhances a doctor’s career prospects.

Eligibility for an MBA post medical

Though the exact requirements for an MBA after MBBS vary from institution to institution, the following section describes the general criteria:

• Applicants should complete a bachelor’s degree with 45-55% aggregate after 10+2. For MBBS graduates, the core requirement is to have a medical degree from a recognized college under the Medical Council of India or UGC.
• Applicants should sit and score well in entrance exams like MAT, XAT, CAT, CMAT, GMAT, etc., to enroll in the MBA course.
• To pursue an online MBA from MAHE, applicants must have at least one year of work experience in any field.

Also read: Healthcare Management: Important Stats & Figures in 2023

Best Specializations for MBA After MBBS

Advantages of an MBA for Doctors

MBBS graduates must spend several years under training and fellowships before becoming reputed doctors, which takes away their most productive years. Therefore, pursuing an MBA after MBBS helps these young doctors find high-paying jobs sooner. Let’s explore the opportunities for doctors with an MBA:

• Business Acumen

An MBA degree helps doctors gain knowledge and skills in accounting, finance, and operations to run a successful business. It prepares them to manage a hospital, finances, staff, and equipment necessary to run a business.

• Management Skills

MBA after MBBS helps doctors gain management skills that are useful in hospitals and businesses. Doctors need these management skills to evaluate the performance of other nurses, doctors and hire them in the hospitals. An MBA degree is beneficial to provide a good foundation for an efficient and productive healthcare team.

• Opportunities in Healthcare Organizations

Hospital administration courses after the MBBS helps doctors to take up administrative roles in the healthcare sector like administrator, HR manager, etc. MBA degree enables doctors to experience and establish in the managerial field for their professionalism, target-oriented mindset, etc.

Different Career Pathways After an MBA for Doctors

MBA degree encourages doctors to use their clinical knowledge in managerial posts and roles by delving into business strategies and operations. Below are the career options for doctors after completing an MBA:

• Consulting

1. Healthcare IT consulting includes understanding data interpretation with IT processes like artificial intelligence or machine learning, loT data, etc., to interpret insights for improving hospital services.
2. Healthcare operations consulting involves managing, organizing, and maintaining medical equipment inventory. Consultants also optimize the policies and compliances of the healthcare sector. 

• Administration Role in Hospitals/ Clinics

1. Medical affairs officers look after the regular operations of the hospitals by complying with medical laws. They manage all the departments, leaders, and external stakeholders.
2. The executive director handles the administrative management of the clinic and overall operation by guiding plans and supporting objectives.

• Pharmaceutical Sales

1. Pharmacy marketing roles involve planning campaigns, developing brand messaging, and defining the target customers.
2. Finance roles, like CFO (chief financial officer) and analysts, are responsible for handling healthcare budgets, cutting costs, and negotiating contracts. 

Salary and Scope for Doctors with MBA

If MBBS can fetch a competitive salary, an additional MBA degree raises the pay scale. Below is the salary potential for doctors with an MBA:

Source

Also read: Which MBA is best for healthcare professionals?

Steps for Pursuing MBA After MBBS

Upon becoming a certified doctor, individuals often come across better-paying and more interesting opportunities, most of which result from an MBA. If you have just finished your MBBS, you can build a lucrative future by enrolling in an MBA program by following the below steps:

1. Choose the MBA specialization matching your interest, skills, and clinical knowledge in the healthcare sector.
2. Choose a university or institute for the MBA program well-known for the specialization.
3. Selecting Indian universities requires students to appear for the selective management entrance exams.
4. For abroad colleges, MBBS graduates need to pass the GREs.
5. Apply for the program, pay the application fees, and ace the entrance exam!

Here is why your learning and transition to the world of Management from MBBS becomes easy with MAHE!

Manipal Academy of Higher Education (MAHE) offers different MBA programs in Healthcare Management and Pharmacy for working professionals and students. It helps serve the purpose of exploring the managerial work level in the healthcare sector. With the healthcare industry expanding in leaps and bounds, MBBS graduates are shifting towards MBA programs.

Online healthcare management course at the Manipal Academy of Higher Education (MAHE) offers a roadmap to all MBBS graduates for a fulfilling career in healthcare management. By enrolling in this course, students can learn about healthcare with finance, policy, and leadership.