Management consulting is the practice of helping organizations to improve their performance by giving their professional expertise and external advice. Medical graduates can pursue MBA in United States and start a career in consulting for healthcare. The main article regarding Management Consultancy for Healthcare can be found here.
Why MBA in United States?
It is no longer a surprise how long and strenuous the path to becoming a doctor is. It consists of years of study, exhausting training, and low salary. No wonder doctors are looking for a change of field and transitioning towards management consultancy. Thus, an MBA in the United States of America provides a lucrative career option or a major career growth.
The question arises: do management consulting firms need doctors? As per a survey by McKinsey & Company, one of The Big 3 management consulting firms; (the other two being Bain & Company ad Boston Consulting Group) their team from all around the world comprises more than 150 doctors and the count of other medical professionals such as nurses, researchers, etc. working with them is even higher. Although they are notoriously difficult to get into and mostly accept students from name-brand schools or with strong academic credentials.
To practice management consulting, you need a master’s degree in Business Consulting or Business Management.
FAQ about MBA USA cost, MBA USA salary, etc.
In this article, we will explore the option of pursuing an MBA in the United States. This is accompanied by a specific focus on consulting for healthcare. The duration of the course is usually 1-2 years depending upon the university. Around 24 world-renowned universities in the USA offer the course all across.
The MBA from United States cost varies quite a bit based on the university you opt for but ranges around $40,000- $90,000, with provision for scholarship as per your academic or financial background. The MBA USA cost of living, excluding the tuition fees estimates around $930 a month for an individual. This can be covered in most scholarships. Moreover, part-time jobs (20 hours per week) are available to help with your expenses.
Admission requirements for MBA from United States:
You have to satisfy certain criteria before proceeding further for the degree in management consultancy. Most universities require an application essay, certified copies of transcripts, a minimum GPA, a Statement of Purpose, and recommendation letters. Also, colleges ask candidates to submit English proficiency test scores like TOEFL, CAE, IELTS, PTE, and GRE, etc. They may also ask to submit impromptu videos.
Management consultancy is a combination of an interest in institutional change and the desire for consulting for healthcare at a large scale. The benefit of having a mixture of non-clinicians and clinicians on the consulting team is that clinicians help in building trust.Also, a major part of their job is to help companies become more cost-effective and to reduce unnecessary outgoings.
No doubt, the lucrative salary, and opportunities for progression in the corporate world career-wise make it an attractive option for so many doctors looking to diversify their career or leave medicine gradually and opt for an MBA in the United States. The expected starting MBA USA salary is around $80,000. However, the pay rises if you are good at your job and show promise. Within a decade, there’s a rise in MBA USA salary up to $120,000.
The progressive job market after MBA in United States
The job market for the top MBA in United States is immensely competitive and by no means success is guaranteed once you have the job, not unlike progressing onwards from core training. A simple search with ‘management consultant’ as keywords on the job-seeking sites leads to around 177,680 results on LinkedIn worldwide and 70,329 related to the United States.
With the myriad of options you have to pursue with a background in medicine, consulting stands out for its impactful, intellectually gratifying, and fast-paced work. Moreover, frequent travelling for work adds up as an additional perk.
It is a great choice for doctors who are looking for a fresh challenge of establishing a career for themselves in the corporate sector. Best MBA in United States allows more job satisfaction by influencing real change in a company and potentially being responsible for improving thousands of individuals at once by implementing changes.
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