MD-MBA Programs: The Ultimate Guide (2024)
/Everything you need to know about MD-MBA programs and how to get in, including a complete list of MD-MBA programs by state
Thinking about a dual degree? Learn about the MD-MBA to see if it’s right for you.
(Note: We recommend using this resource alongside our free, 102-page comprehensive guide to medical school applications, Get Into Medical School: 6 Practical Lessons to Stand Out and Earn Your White Coat.)
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Part 1: Introduction
Part 2: An overview of MD-MBA programs
Part 3: How to apply to MD-MBA programs
Appendix: Complete list of MD-MBA programs
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Part 1: Introduction
Though an MD is one of the most prestigious degrees available, it can be limiting for certain roles—especially non-clinical management positions in the healthcare industry. At some point in your medical school journey, you may have considered making an impact in policy research, overseeing hospital administrators, or even helping drive investment-related decisions for physicians and clinics. While having clinical experience as an MD will provide you with a certain vantage point, you may realize that a business background that is tied to physician work would be more beneficial.
The AAMC doesn’t specify the number of MD-MBA applicants each year, but we do know that roughly 7% of applicants pursue a joint degree that isn’t an MD-PhD. There are two ways for a person to hold an MD and an MBA: either by enrolling in an MD-MBA program and completing both degrees concurrently or by completing medical school separately from their MBA. In this guide, we’ll focus on MD-MBA programs.
There are several benefits to enrolling in an MD-MBA dual degree program, many of which are covered below. Additionally, we’ll provide an overview of MD-MBA programs and insights as to what you can expect if you choose to apply to one. We’ve also included an Appendix that lists all of the MD-MBA programs in the United States.
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Part 2: An overview of MD-MBA programs
What are MD-MBA programs?
An MD-MBA program is a dual-degree program that combines the knowledge of medical science with business management. This is much different from an MBA in healthcare management. Those who complete an MD-MBA program receive two degrees upon completion (an MD and an MBA), whereas those completing an MBA with a concentration (any concentration) receive an MBA only.
How many MD-MBA programs are there?
As of October 2022, there are 82 schools listed in the MSAR database that offer MD-MBA programs. Of those, 79 are located in the United States, and 3 are in Canada.
How long are MD-MBA programs?
Most students complete an MD-MBA degree in 5 years. Students usually apply to an MD-MBA program at some point during their second year of medical school and they complete the one-year MBA portion after their third year of medical school, effectively taking a break from medical school. Students then return to medical school to complete their program and, upon finishing, hold both an MD and an MBA.
A typical course of study might look like this:
Year 1: Complete the first year of medical school.
Year 2: Complete the second year of medical school. Apply to the MD-MBA program.
Year 3: Complete the third year of medical school.
Year 4: Complete the MBA portion of their dual degree program. (No medical school.)
Year 5: Return to medical school for the fifth (and final) year of medical school.
What are the benefits of pursuing an MD-MBA degree?
Obtaining an MD-MBA will create more flexibility within the field of medicine. You’ll have the skills necessary to practice medicine in clinical settings while also understanding business, management, entrepreneurship, finance, and marketing.
The MD-MBA positions you to address those areas through the lens of healthcare and according to the AAMC, you’ll be ready for “management in healthcare policy research, pharmaceutical or insurance organizations, or medical device entrepreneurship with biotech companies.” Furthermore, while an MD-MBA isn’t necessary to open your own practice, it may be required to act as the CEO of a group of practices or a hospital.
Are MD-MBA graduates required to complete a residency?
Technically, a residency program is only mandated for individuals who plan to treat patients, so asking if it’s “required” of MD-MBA graduates might not be the right question. Instead, a better question might be “how do I select a residency program as an MD-MBA graduate?”
To answer this question, you’ll want to consider several factors such as your interests, where you’d like to practice medicine, work-life balance, and your fit with the program. Some residency programs are much more competitive than others, so you’ll also want to weigh a program’s competitiveness against these other factors.
What is the average salary for those with an MD-MBA?
Salary expectations for those who hold an MD-MBA vary considerably depending on whether you enter a clinical role or a non-clinical role. For example, physician leaders in the United States can expect to earn between $127,821 and $178,894. Chief Medical Officers, however, can expect to earn between $378,207 and $502,377. Managing consultants in the pharmaceutical and biotech industries can expect to earn $192,247 a year while medical director salaries range between $275,928 and $330,945.
These are just a few ideas, but regardless of whether the role is clinical or non-clinical, individuals with an MD-MBA can typically expect a comfortable salary.
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Part 3: How to apply to MD-MBA programs
Do applicants apply directly to business school or are MD-MBA programs a part of medical school?
If your school offers an MD-MBA program, you’ll usually complete an application of interest to let them know you’d like to be considered for the MD-MBA program, as well as an application to the business school. If you know you’d like to do the MD-MBA when you apply to medical school, you may be able to inform them of this at that time and then complete the application during your second year.
In most cases, you’ll need to apply to the business school directly in addition to informing the medical school of your interest in the dual degree program. For instance, at Harvard Business School, you apply for the typical two-year MBA program and are later (after acceptance) given an endorsement for the accelerated MBA program. At other schools, such as Johns Hopkins, your MD acceptance will be forwarded to the school of business where the MD-MBA Academic Program Committee reviews your file for consideration. It’s important to carefully review the MD-MBA application process for the school you’re interested in attending.
How competitive are MD-MBA programs? How does it compare to getting into an MD program?
An MD program is generally going to be more difficult to get into than an MBA program, but most students do not apply to the MD-MBA program until after their second year of medical school. Therefore, when you apply to an MD-MBA program, you’re typically only applying to the MBA program (unlike when you’re applying to an MD-PhD program, in which case you apply to either the MD program or the MD-PhD program at the outset of med school).
Candidates for an MD-MBA program are very competitive students since they are second-year med school students. With this in mind, it’s fair to say that MD-MBA programs are themselves competitive since those vying for the spots are med school students.
(Suggested reading: Average GPA and MCAT Score for Every Medical School)
What should students look for in an MD-MBA program?
Typically when students consider an MBA program, they should look at things such as a school’s accreditation and its overall reputation. They should also consider whether they are a good fit for the school’s program.
As you evaluate MD-MBA programs, you should consider similar things, but you may also want to look into the program’s strengths and weaknesses, its structure, the entrance requirements, and how the program fits into your general plans for completing medical school. Additionally, you’ll want to look at the integration of business and medical education. Be sure it aligns with what you believe should be present in a program designed to prepare you for a business-focused medical degree.
Is business experience required of those applying to an MD-MBA program?
The answer to this question will depend on the program to which you are applying. Students interested in an MD-MBA need to gain acceptance into a school’s business school. In most cases, no previous business experience is required, and students are likely to come from varying backgrounds.
Is the GMAT or GRE required for admission into an MD-MBA program?
A GMAT or GRE score isn’t always required for admission into MBA programs, and the same applies for MD-MBA programs. For instance, some top schools such as Dartmouth and UPenn/Perelman require applicants to submit GMAT or GRE scores, while others–such as NYU and Johns Hopkins–will either waive the GMAT/GRE requirement for MD-MBA applicants or won’t require it at all. You’ll want to check the requirements for the specific school and program you’re interested in applying to.
Do MD-MBA applicants need additional letters of recommendation? If so, what’s the best way to obtain those?
You’ll usually need letters of recommendation as you apply to an MD-MBA program, and these will be different from the ones you used to apply to medical school, though you may be able to ask some of the same people. As is the case with any letter of recommendation, it’s always best to ask someone who knows you well and who fits the criteria for eligibility, such as being one of your former professors. This person should also be able to attest to the fact that you demonstrate an interest in medicine as well as business, and they should know about your career goals. Furthermore, they should be able to explain why the program you’re interested in is the right fit for you.
Is an interview required for MD-MBA programs?
Whether an additional interview is required depends on the school; some require one while others do not. If there is an interview for admission into the MD-MBA program, you can breathe easy knowing that it’s likely to be less intense than the interview(s) you underwent for admission to medical school. For example, the interview for Harvard Business School has been described as “fast-paced” by an MD-MBA student when asked how it compared to Harvard Medical School interviews.
Are there additional essays required for MD-MBA programs?
Unlike when applying to MD-PhD programs, there is no standard essay requirement when applying to MD-MBA programs. For some MD-MBA programs, you’ll need to submit additional essays when you apply to business school. Other schools don’t require any essays or only require one if you’d like to be considered for a scholarship for the MD-MBA program.
Final thoughts
Medical school students who have an interest in non-clinical work or who have a strong interest in management-related areas of medicine may benefit from enrolling in an MD-MBA program. While graduating from an MD-MBA program isn’t the only way for a physician to also hold an MBA, it’s generally the fastest way. Requirements for acceptance vary according to school, so be sure to evaluate any program you’re considering to ensure that it’s a good fit for you and will help you reach your career goals.
About the Author
Dr. Shirag Shemmassian is the Founder of Shemmassian Academic Consulting and one of the world's foremost experts on medical school admissions. For nearly 20 years, he and his team have helped thousands of students get into medical school using his exclusive approach.
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