In the last few years, more and more doctors from across the globe are pursuing MBA and other business education programmes in order to boost their managerial and leadership skills. But can it actually help your career as a doctor? Let’s find out…
Why Doctors Need MBA
The truth is there are many reasons for doctors to study business as many are often required to take managerial responsibilities in medical centres and hospital. According to a new report published by the Social Science and Medicine journal, hospitals ranked higher in the World Report‘s Best Hospitals ranking and US News are usually managed and led by doctors and physicians, instead of professional managers. Moreover, many others wish to work in various roles in the healthcare sector, like consultants in pharmaceutical companies. Hence, gaining business and management skills becomes imperative.
Student reports released by the Higher Education Statistics Agency (HESA) reveal that healthcare and medical MBAs have been on the rise since early 2010. This is partially due to the fact that NHS placed increasing managerial responsibility on doctors and partially because they wish to advance their careers. While some others wish to get out of the NHS and explore new areas.
Dr Iyngaran Vanniasegaram, a hospital consultant in London, says
“I wanted to be more productive. I felt that an MBA would help me understand how business works, as well as hopefully putting me in a position to change the culture in the NHS.”
He pursued a business degree from Warwick Business School by studying a distance learning course for 3 years. He adds, “I really loved it. It gave me the tools to be able to sell and implement my ideas.”
MBA Is Valuable
Dr Tim Peachey, Divisional Medical Director at the Royal Free Hampstead NHS Trust, also pursued a distance learning MBA programme at Warwick Business School. He says, “The most valuable thing about doing an MBA is that it has a very diverse curriculum,” referring to subjects like finance, strategic planning, operation management and human resource management.
He adds, “But the most important things I have learnt are in finance and accountancy: for a doctor involved in the management of an NHS hospital it is essential to have a good understanding of accountancy. Otherwise, it can be quite difficult to follow what the finance director is saying and why. You need to speak their language and explain clinical things to them in terms that make both financial and clinical sense. Before the MBA, I felt I wasn’t fully conversant.”
Boost Your Career
As a result of this, a growing number of doctors and medical professionals are now studying business through distance learning or online courses as they can gain transferable skills and a degree while continuing their careers. If you are also planning to boost your medical career, then pursuing an online top-up degree in business management is certainly the best idea. An online top up MBA will allow you to easily and affordably earn a bachelor degree in BA or BSc.
Studying a BA top up or BSc top-up programme will help you to advance to the final year of an accredited MBA programme from an associated B-school or university. A top up online degree will not only fast-track your undergraduate degree to a business degree, but it will also save a lot of time and money and offer you excellent employment opportunities as well.
Management consultant Dr Seemit Dhage says
“The MBA is not just a degree, but an actual learning process. With group sessions, projects, and the skills you acquire, you start thinking in a way that is not linked to your profession.”
He adds “This practice is really common in the US where doctors often come out of medical school with an MD and an MBA.” However, the trend is gradually spreading to other parts of the world as well.
What do you think? Do you need in MBA for your healthcare career? Share your thoughts on this topic by commenting below.