Leadership Training Programs
If you are in your final year of college or finishing up your MBA, you have probably been asked two questions. What are you doing after graduation? And have you considered a leadership development program (LDP)? Then, you either answered yes! Or you realized that you should figure out what a leadership development program is all about. These programs provide a great post graduation opportunity. We have summarized everything you need to know about medical device leadership development programs, so you can factor them in to your post graduation plans.
What Are Professional Development Programs?
Medical sales LDP’s are essentially paid medical sales internships. Through anywhere between two to four rotations, participants work at different business sites within a company to develop critical skills like leadership, critical thinking, and taking initiative.
As participants move through their different rotations, they build a broad understanding of the company they are working at, and are introduced to a valuable network of peers, managers, and company leaders.
Generally, these programs give participants experiences in multiple areas of the company. For example, they often have rotations in three of the following areas: marketing, sales, customer insights and analytics, global commercial strategy, and operations.
What Is The Purpose Of A Leadership Development Program Or Emerging Leaders Program?
The purpose of a leadership development program is to give participants an accelerated progression into the field of medical sales. This is accomplished by using multifaceted learning experiences to create future marketing and commercial leaders.
Also, by introducing participants to peers, managers, and company leaders, these programs allow participants to build their business network. This helps immensely in breaking into the field of medical sales. As we have discussed in numerous other articles, finding opportunities in medical sales is all about networking.
Are Rotational Programs Worth It?
The short answer is yes. Leadership development rotational programs are definitely worth it.
The resources these programs provide you are invaluable and will set you up for success in your post LDP job search. Even if the program does not automatically offer you a job at the end, the skills you develop, the people you meet, and the understanding of the company culture you develop will increase your likelihood of landing a job at any company in the industry.
How Do I Get Into A Leadership Development Program?
First, you must understand that there are two types of leadership development programs. The first is for recent college graduates who do not have their MBA, and the other is for students who are either enrolled in an MBA program or have just finished an MBA program.
To be qualified for a post undergrad LDP program, you usually need a few things. First and foremost the programs require that you are an undergraduate student graduating within six months of your hire date. In addition to your bachelor’s degree in a relevant field, you will most likely need some intern, or work experience. Next you must be what companies call, “highly mobile”. This means you need to be able to move to a new city for each of your internship rotations, as rotations may be located anywhere within the USA. Lastly, all the programs are looking for applicants with strong communication skills, interpersonal skills, leadership skills, and those who are committed to improving and advancing patient care.
The requirements for getting into an MBA leadership development program are similar to that of a post undergraduate program. To be qualified for these programs, you must be currently enrolled in your second year of an MBA program. One difference is you will typically need two to four years of prior professional work experience. Again, applicants should be “highly mobile” and demonstrate leadership skills, strategic thinking capabilities, strong communication skills, and be committed to improving patient care.
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What Companies Have Leadership Development Programs?
Many companies have sales leadership training and corporate leadership development programs. Here is a list of companies that have medical device leadership development programs.
Companies With Leadership Development Programs:
Which Companies Have The Best Leadership Development Programs?
While there are many companies with medical sales leadership development programs, some programs are better than others. Without a doubt, GE, Johnson & Johnson, and Medtronic have the most reputable leadership development programs. To learn more about each of these programs, read the article How To Find A Medical Sales Internship.
How Much Do Leadership Development Programs Pay?
Most leadership development programs for college graduates pay around $65,000-$70,000. Some of these programs provide candidates with an additional relocation bonus for each rotation. While the pay may seem low, you must remember that the earning potential is much higher once you finish the training program and become a medical sales rep.
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How Much Do MBA Leadership Development Programs Pay?
The MBA leadership development programs can pay anywhere from $65,000 to $170,000. The pay is generally higher for these programs because they require an MBA and significant prior work experience. So the applications are typically later in their career. These programs also offer relocation bonuses when candidates move to a new rotation.
Future Leaders Program
In short, leadership development programs provide a once in a lifetime opportunity. They put your career on the fast track providing visibility, connections, and opportunities not available elsewhere. If you are at an early stage of your career, the Medical Sales Authority team highly recommends looking into these top rated development programs.
Even if the program is outside the medical device industry, any program that teaches these fundamental sales, management, and corporate skills will get you on the right path. With a couple of years of this type of experience under your belt, you will be in a strong position to pursue the jobs of your dreams.