Scope Of Pursuing MBA After MBBS
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Content & PR team - MBAtious
Doctors who go into management can find great jobs in hospital management and administration. There are big medical electronic companies like Philips or GE which takes MBA graduates with a background in medicine. These companies develop products and services which can best be done by doctors.
Besides, there is tremendous scope for clinical research. Doctors with management background can do a phenomenal job in terms of product development and management.
It is not necessary that you have to move away from your medical profession once you have a management degree. You can very well continue to practice. In fact, a doctor with managerial skills can provide the best treatment, which is cheapest for the patients. Now, more and more students are showing interest in health-care management.
1. Where should one do an MBA from?
There are around are various good MBA institutes in India. Some of these include:
a. Indian Institutes of Management (IIMs)
b. Faculty of Management Studies (FMS) at the University of Delhi
c. Xavier Labor Relations Institute (XLRI) Jamshedpur
d. SP Jain Institute of Management Mumbai
e. Management Development Institute (MDI) Gurgaon.
f. Indian School of Business (ISB) Hyderabad
FMS & XLRI conduct independent entrance tests in January while the rest admit students based on the performance in CAT exam. GMAT scores are also accepted by most of the MBA institutes.
2. Should I Really go in for an MBA?
Physicians, in general, tend to be respected & relatively well-paid professionals, and changing career to MBA will largely make you forfeit contact with direct patient care. So, you should be doubly sure that you are ready to leave it for good. Consult your family & friends and take some time to make this decision. Consider all the pros and cons as this decision is very individual and once you steer towards management, it might become difficult to get back into only medicine practice (though, of course, you could still stay in the management aspect of medicine).
3. What is the future for medicos in the corporate world?
a. Healthcare Consulting:
Most top management consulting firms today have large practices dedicated to consulting healthcare organizations. Healthcare consultants, though, do not just work with hospitals (or other clinical organizations). They also work with large pharma companies, insurers and payers, and even public organizations that deal with healthcare (governments and international bodies such as the World Health Organization). A career in Healthcare Consulting can be a rewarding alternative to leveraging one’s prior expertise in healthcare.
b. Hospital Administration:
Hospital Administrators look after the operations of large hospitals (sometimes even a network of hospitals) and ensure coordination between different departments, and overall patient care and process implementation. Not all hospital administrators have an MBA (those who do not are usually very senior doctors), but having one is a definite advantage. This position is closely aligned with everyday clinical operations. So, having an undergraduate education in medicine or healthcare is most often a requirement.
c. Private Equity specializing in Healthcare:
There are a number of big as well as niche players that invest in Healthcare organizations to help such organizations meet their growth goals while earning the investor a good return at the same time. Healthcare professionals bring the intimate knowledge of the healthcare ecosystem, factors which contribute to growth, and strategies to eliminate cost without reducing quality.
As an MBBS holding an MBA degree, you belong to a very unique category. There is a huge gap between demand and supply for doctor MBA's and this especially pertains to the healthcare sector (hospitals, pharmaceuticals, healthcare organizations, etc).
Doctors aspiring for an MBA degree are required to start CAT preparation early to be able to complete all the important topics before the exam. MBA aspirants can also subscribe to BYJU’S YouTube channel and learn various CAT topics more effectively from the video lessons.