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Are you expecting to support a child or children entering college? Tuition and associated expenses represent a significant, long-term financial burden. Do you have significant student loan or consumer debt? Most advanced leader ship training programs are expensive. Is it wise to accumulate additional debt?

SELECTING THE BEST COURSE OF ACTION FOR YOU

Selecting the best option for advanced leadership training is not simple. Calculating the financial ROI is important. There are also other costs to consider: Financial costs you will incur in addition to tuition, such as books and supplies. Personal “costs” you will incur in terms of how graduate study will influence your relationships with family, colleagues, and friends. Costs of opportunities lost. Will your ROI be worth the benefits you would reap from investing your efforts in other endeavors? Travel costs if you are enrolled in distance learning that requires time “in residence.” Can you attain your desired outcome without completing a graduate degree? For example, if your primary interest is in operating a psychiatric practice or developing expertise in reimbursement models, you may not need to commit to completing a de gree. There are many on-line or limited duration programs focused on specific aspects of the physician practice enterprise. Typically, these programs result in the award of a formal certificate of completion. They are limited in scope and less intense than grad uate degree programs. Financial and personal costs are lower. However, no formal ac ademic credential, such as graduate degree, is awarded on completion. If you are interested in adding an additional set of letters after your medical degree, anything short of pursuing a formal degree is likely to leave you feeling less satisfied.

EXPLORE DEGREE OPTIONS

If you believe your motivation to pursue a degree is sound, the timing is right, and you have the necessary resources, you should explore options. The most common de grees include:

Master of Business Administration (MBA) Master of Health Administration (MHA) Master of Public Health (MPH) Master of Public Administration (MPA) Master of Medical Management (MMM)

Table1 offers information about the scope of study for each degree and information about the accrediting body and Web site listing accredited programs in each profes sional discipline. There are more than 800 Association to Advance Collegiate Schools of Business accredited business schools across the globe and hundreds of MPH, MHA, and MPA programs accredited by AAPHP, Council on the Accreditation of Health Manage ment Accreditation, and Network of Schools of Public Policy, Affairs, and Administra tion. Highly specialized graduate degrees, such as MMM, targeting physician health care executives are newer options. No matter which degree you choose to pursue, they have many common features including the requirement of a significant invest ment of time, money, and self. Take time to learn about the advantages and disadvan tages offered by each degree. Think about your career aspirations. If you are interested in private sector health enterprises, the MBA may be the best choice. If