Hi guys. I am just starting out my residency in Ophthalmology. I have been interested in getting an MBA for a while now. My program helps out with tuition fees for MBA programs.
1. Is an MBA degree helpful in the long run? For private practice management, future administrative positions etc?
2. If yes, would I be able to manage the workload if I start MBA classes in my first year of training or should I wait until the second year when things cool down a bit? I have to pay less out of pocket if I spread it over 3 years instead of 2.
Thanks for your help.
If you have the chance to get a quality MBA during your residency, then definitely do it! I wouldn't approach obtaining a MBA as a prerequisite to any job. But it will definitely change your overall mindset and approach to things compared to your peers. Just make sure you take it seriously and also that it doesn't interfere with your Ophthalmology studies too much. You will probably gain many connections as well through your MBA (e.g. your professors, classmates, etc) which may help you with such things as private equity offerings, industry gigs, and entrepreneurship. Personally, I really want to pursue the knowledge in a MBA, but it's just so hard to find time now with a busy practice and kids. If you don't have kids at this point in your life, then now is definitely the time to take advantage of getting a MBA! Best of luck.
I just realized that I forgot to give my opinion about the 2nd part of your question:
Personally, I would try to spread it out over 3 years. I'm sure the coursework is somewhat intense, so doing it over just 2 years seems a bit onerous. Let us know what you decide and how the program is!