Here are a few tips and guidelines for you:
To undergo a medical transcription course, one needs a good vocabulary in English and a very sharp hearing skill especially in grasping the medical terms.

ELIGIBILITY:
Any one who has completed a degree is elligible to undergo this medical transcription course.
One must have at least a minimum qualification of high school education.
To become a medical transcriptionist, one should undergo a certification course in medical transcription, which is aided by many affiliated centers or schools and now there are even more online training programs in Medical Transcription.  Study materials will be provided by the study center as a guide to have a sound knowledge of medical terminologies.  Some centers come forward with free training and some do charge for training.

COURSE DURATION:
This course will be of three to four months duration in general.  This course consists of two sessions:
1.  Theoretic session.
2.  Practical session.

Theoretic session will be handled by the well-versed professionals in the field of medicine.  Other than this practical session will also be there to test the hearing skills and level of accuracy.

In the practical session, old wave files, which are gathered by the study centers are given for practical work to the freshers.
 
Practice makes a man perfect.
So practicing these old files will improve the hearing skill better and ofcourse hearing repetitively of the same files would improve the knowledge of acquiring the medical terms in a better way during the practical session.

Live work:  Once completion of the course, some training centers come forward with job placements thereby assigning the fresh MTs to start with live jobs.  It is not a matter of experience, it is a matter of grasping medical terminologies and accuracy in the files that matter.
Some company offers offline jobs and some offer online jobs.

Various designations in Medical Transcription based on their level of accuracy:
Level I        -   Medical Transcriptionist
Level II       -   Senior Medical Transcriptionist.
Level III      -   Editor.
Level IV     -   Quality Controller.
Level V      -   Quality Analyst.
 
Finally, the analyzed file will be proof read by the proof reader. Depending on the designations and experience the pay varies.

PROS AND CONS:
In the beginning, one might find it very difficult, but as time goes by, it would be really interesting and much easier for anyone who loves this job.

In this fastly growing and competetive world, this field is of great demand now  and would fetch more money.  So, one can take up this career to improve his career as well as meet up his financial needs .

Ofcourse, any thing in this world has got its positive as well as the negative side.
This is the field where all vital parts of a human  system are being involved simultaneously.
Eyes do see the system.
Ears do hear the dictated voice.
Brain does function in grasping things.
Hands does the typing work.
Legs does the playing of foot pedal.

Since the above parts are being used, the whole human system becomes tired resulting in headache, eye strain, carpal tunnel syndrome, pedal edema, cervical strain, lumbar strain etc., etc.,

No strain, no gain.

So, always one should think of the positive side of anything and make steps to improve in their career.