So, Youre thinking of doing an MBA

1
So, Youre thinking of doing an MBA?

• Dr Claire Woolcock MBBS MRCPsych EMBA
• Dr Emma Stanton BM MRCPsych
• (EMBA 2007 - 2009)

2
Workshop

• Training in Management
• MBA or not?
• What else is out there for me?
• Why do an MBA? what does it teach me?
• How to fund it?
• Where does this lead?

3
MBA

• First established in USA in early 1900s and
  introduced into Europe in 1960s.
• The worlds most popular postgraduate degree.
• 90 000 MBAs graduate in the USA annually
• 10 000 graduates in the UK annually

4
Training in Management

• Highly trained, intelligent workforce but with
  little/ no training in management or leadership
• Opportunities to lead teams and manage services
• Equal or better managerial understanding compared
  to those who are working as managers
• Gain an understanding of the world of commerce/
  capitalism

5
How will I benefit from an MBA?

• Association of MBAs poll (1300 respondents) asked
  why they took an MBA?
• To obtain a business qualification 82
• To improve job opportunities 79
• For intellectual stimulation 70
• To increase salary 67
• To obtain general skills 64
• To change career direction 61
• To increase self-confidence 52

6
Key Questions

• Can I manage the workload?
• Can I make the personal commitment?
• Is it the right time for me to start an MBA?

7
MBA

• PRO
• High quality education
• Understanding of economics etc
• Widen horizons
• Create opportunities
• Work with and learn from people from very
  different industries
• Life-long Qualification

• CON
• Financial Expense
• Pressure on time and effort
• Lots of coursework
• May not be necessary useful for your career goals
• Not directly clinically relevant
• Time-limited application

8
What else is out there?

• In-house Management training days
• Management courses eg. Kings Fund
• Soft skills training eg Miad UK
• BAMM- Prepare to Lead
• Masters in Medical Management
• Masters in Management
• MD
• Industry experience

9
Why do an MBA What does it teach me?

• Taught courses
• Economics
• Accounting
• Finance
• Strategy
• Marketing
• Leadership
• Innovation
• Organisational theory

• Non-taught learning
• Teamwork
• Time-management
• Project management
• Appreciation of world economics
• IT skills

10
How to fund it?
11
Where does this lead?

• NHS
• Clinical director/Medical director
• Service development
• Chief Executive
• PCT
• Private Enterprise
• Management Consultancy
• Running own business
• Policy/ DoH/ Government
• Academic/research

12
MD/MBA Programs in USA Evidence of a Change in
Health Care LeadershipLarson, DB. et al Academic
Medicine 2006

• Number of MD/MBA programs grew from 6 to 33 (gt100
  students pa) between 1993 and 2001. 17 more
  considering establishing
• Growth in MD/MBA programmes indicates rising
  cooperation between medical and business schools
  and increasing interest in management education
  early in the careers of graduating physicians in
  USA

13
Who should lead a Healthcare Organization MDs or
MBAs?Scultz et al. Journal of Healthcare
Management 2004

• Is the most appropriate leader the medically
  educated CEO, whose training in patient care
  allows him/her to be the most concerned about the
  quality-of-care needs of the organisation?
• Or is it the managerially educated CEO, whose
  training makes him/her most aware of the
  organisations financial needs?

14
Personal experience
15
Imperial Options
16
Further Information