The Greatest Lesson an MBA Can Teach a Physician

The Greatest Lesson an MBA Can Teach a Physician

In this essay, I share what getting an MBA taught me—and didn’t teach me—as a future physician. If you’re considering the degree or just curious whether it’s worth it, here’s my honest take.

“Oh wow, you have an MBA…”

These words came out of the mouth of one of my peers during my first week of orientation as a newly minted medical student. I remember thinking, “Why is this such a big deal?” The conversation had started innocuously enough, and at some point, someone asked about my background. When I mentioned I earned an MBA before starting medical school, I quickly downplayed it, saying, “It’s really not that big of a deal.”

In truth, earning an MBA (even with a near-perfect GPA) paled in relation to the hurdles I faced to get into medical school. Naturally, there were challenging moments during my MBA, filled with projects and deadlines, but they seemed trivial compared to the grueling path of pre-med coursework, the MCAT, and the countless application essays. Even though I attended a small private school for my MBA, I doubt the difficulty of Harvard Business School would have made much difference in how I felt. The rigors of matriculating into and completing medical school simply dwarf those of business school.

Why So Many Physicians Are Drawn to an MBA

It’s fascinating how many medical students and residents are drawn to the idea of an MBA. For some, the degree represents a gateway to financial expertise, leadership, and potentially higher earnings. However, when it comes to personal finance—especially for physicians—the value of an MBA is often overstated.

I proudly tell people that my MBA taught me little about personal finance compared to reading The White Coat Investor. MBAs are tailored for those aiming to excel in large corporations, focusing on global economics, corporate finance/accounting, marketing, and so on. Sure, my MBA taught me the basics of supply/demand curves, building balance sheets, operations management, etc.—but even after finishing my degree, I didn’t feel like a master of anything. Honestly, comparing the credits it took to complete my BS in Biomedical Sciences, I’d argue I was more of a “master” in that field than in business administration.

What Taught Me the Most? Not the Classes.

Ironically, I gained more practical knowledge and insight from my extracurriculars during my MBA than from many of the classes. One standout example: I competed in the Chartered Financial Analyst (CFA) Institute Research Challenge.

This experience taught me more about how investment analysts evaluate stock prices and make decisions than any MBA course could. My team and I analyzed the stock of Chewy, diving into initiation reports, 10-Q/10-K filings, and using tools like a Bloomberg terminal. After hundreds of hours of work, we placed first in the state for our written report and second for our oral presentation.

Through this challenge, I learned to speak the language of finance—terms like beta, Sharpe ratio, P/E ratio, DCF model, EBITDA—and gained a much more tangible understanding of valuation than the MBA curriculum provided.

Why I Got an MBA in the First Place

I don’t regret getting my MBA. Before that degree, I knew next to nothing about business. I didn’t understand cash flow, economies of scale, or even the basics of stocks and bonds. I grew up in a blue-collar family and worked construction before pursuing medicine. These topics weren’t part of my world.

You might wonder why I chose to pursue an MBA before med school. Honestly, I wasn’t ready to apply to medical school when I graduated from college. Plus, since my mom worked as an administrative assistant at Jacksonville University, I was eligible for discounted tuition. There weren’t any science-related master’s programs that interested me—so I chose the MBA. It only cost me $9,000, and I became the first person in my family to earn a graduate degree—something I’ll always be proud of.

Should Other Physicians Get an MBA?

Would I recommend medical students, residents, or attendings get an MBA?

Absolutely not. The return on investment is negative for most physicians—especially when compared to the cost. MBAs can run from $60,000 to over $200,000. One of my mentors paid $250,000 to attend Harvard Business School. Sure, he found success on Wall Street, but how many physicians are going to ditch clinical medicine to become the next “Wolf of Wall Street”?

The Real Lesson: Business Is Intuitive

The most surprising thing my MBA taught me is this: most of what you learn in business school is intuitive.

This realization sparked a new obsession with understanding how businesses work. Whether it was due to my improved business acumen or the fact that the subject matter now felt less intimidating, I dove deep into learning.

In medical school, I took part in:

• Becoming President of the Business, Entrepreneurship, and Innovation in Medicine track
• Organized workshops, given lectures, and run a journal club centered around the Harvard Business Review
• Competed in campus business pitch competitions to win grant money
• Worked with a startup to help design and market a product

None of these would’ve happened without the foundation that my MBA gave me.

Combining Medicine, Finance, and Grit

Medical school has been hard. I come from a family with no physicians, no generational wealth, and maxed-out loans. I’ve had to take on side jobs just to keep my bills paid. Despite that, I’ve poured myself into academics, research, and community volunteering.

Now, as a rising MS4, I’m finally finding time to dive deeper into finance. I’m rereading personal finance classics like:

• The White Coat Investor
• Bogleheads’ Guide to Investing
• The Investors Manifesto
• Taxes Made Simple

I’m also hoping to enroll in a WCI Boot Camp and create a personal finance plan for residency and the first 5 years after training.

A Message to My Peers

To me, finance is fun. I know many of my peers don’t feel the same way. That’s why I’m committed to passing on what I’ve learned to other physicians—especially those who feel intimidated by financial topics.

You don’t need an MBA to become proficient in personal finance. If you’re smart enough to get into medical school, you’re smart enough to master your own finances. You just need:

• Curiosity
• The right resources
• A little bit of time

Key Takeaways

• An MBA can be helpful, but not necessary, for physicians to understand finance.
• Real-world experiences (like the CFA challenge) teach more than textbooks.
• The return on investment for an MBA is usually negative for doctors.
• Business concepts are intuitive—don’t let them intimidate you.
• Great resources (like WCI) exist that are far cheaper and more practical.

Call to Action

Thinking about getting an MBA? Already neck-deep in loan debt? Curious where to start with finance as a physician? Drop a comment below and lets talk about it!