Business vs Medicine

Pre-College Issues High School Life
21

<p>I faced/am facing this exact dilemma.</p>

<p>I got into the Rice-Baylor 8 year medical program. The cost of this route would be very cheap for me, compared to full priced private undergrad and grad. However, it would mean I would be locked into medicine.
On the other hand, I also had Stanford, but at full price, where I was considering doing Business. The thing I decided on was that I wasn’t ready to commit to medicine this early. Despite thinking that I’d be going to Stanford for Finance/Econ, I realized I also still kept my options open by choosing stanford.</p>

22

<p>^^^^^
Whan, your school/program choices are crazy impressive! Congrats!</p>

<p>I’m in a similar situation…as in I rly couldnt decide at all…so I am getting an econ degree from Wharton and a bio de
gree from the college of arts and scienes at Penn. Here are kinda my top two careers and why I like them…just in case you would be interested:</p>

<ol>
<li><p>Healthcare Consulting for an MBB group or even like a Jefferies or someone…you get to combine your knowledge of healthcare and business to aid companies. Additionally, you get solid pay (like 70ish K/year) and great benefits. Exit opportunities are also great because many of these groups will pay for your MBA and out of an MBB you likely will have a good shot at W/S/HBS. Finally, I like consulting over banking because consulting is slightly less stressful, more people oriented (I’m not a crazy social person…but I do not want to sit alone in an office for 100 hr/week), and more stable.</p></li>
<li><p>Actually, the other field I’m looking into is dentistry. I was raised being told that really the only career choice that would be embraced by my family was medicine (particularly the ROAD professions =D). However, I don’t like a few things about the medical field. Firstly, national healthcare makes the future of this career field more…umm…“nebulous.” Dentists will not be affected much or at all by that bill. Dentists also work the usual 9-5 job and will start out making around 150k and thats a STABLE 150k. Plus, you will seldom (never) see people die as a dentist and, if you become an orthodonist or get into some other competitive field in dentistry, your pay will likely be in the 200k range. However, if you do not specialize you really dont have much of a residency you need to do, so you can just start making money right away. Finally, I’d say that dentists need to be more business oriented than any other medical doctor because you almost ALWAYS need to start your own private practice. I mean its not like some law firm or anything where you traditionally need to work for a larger company. So, business skillz are a prerequisite to denistry as well. PS…if your crazy left-brained like I am…I think dentistry is also superior because the job is more routine and meticulus. Make of that what you will.</p></li>
</ol>

<p>Anyway, sorry if this wasn’t wat you wanted, but I figured I’d share what I have been thinking on this matter. If anyone wants to make corrections on this stuff feel free to as I am still trying to research these fields.</p>

<p>Thanks,
Robbie</p>

23

<p>I have the same problem except is with law school and aviation, both are very rewarding in the long run. I would say think about the long term and short term cost and would you be able to afford both routes. Go to college, double major or minor, get an internship in business and/or medicine (volunteer at the hospital) and see which one you like better. You’ll probably have a more clear picture after your undergraduate of what you want to do, whether you stick with business or continue to med school.</p>

24

<p>I spent a while doing research on average wages, prospects, chances, etc. and developed a baseline comparison for the rest of my life depending on each plan. Note that there is no bias, no taxes, no schooling costs, only raw payment data. It is organized by year, age, and outcomes that are most likely in such a situation. </p>

<p>Sophomore: August 2010: 15
Junior: August 2011: 16
Senior: August 2012: 17
June 2013: Graduation from HS</p>

<p>1st year: August 2013: 18
2nd year: August 2014: 19
3rd year: August 2015: 20
Final year: August 2016: 21
June 2017: Graduation from college</p>

<p>Business school OR medical school---------------------------------------------------</p>

<hr>

<p>Beginning of business school, August 2017, 22
2nd year of business school, August 2018, 23
Graduation from business school, June 2019</p>

<p>1st year IB, August 2019, 24: $90,000
2nd year IB, August 2020, 25: $100,000
3rd year IB, August 2021, 26: $120,000</p>

<p>1st year Associate, August 2022, 27: $150,000
2nd year Associate, August 2023, 28: $200,000
3rd year Associate, August 2024, 29: $300,000</p>

<p>VP/Executive Director, August 2025, 30: $350,000
VP/Executive Director, August 2026, 31: $360,000
VP/Executive Director, August 2027, 32: $370,000
VP/Executive Director, August 2028, 33: $400,000</p>

<p>Managing Director, August 2029, 34: $500,000
Managing Director, August 2030, 35: $500,000
Managing Director, August 2031, 35: $500,000
Managing Director, August 2032, 36: $500,000
Managing Director, August 2033, 37: $500,000</p>

<p>BURNOUT: Retirement or job that pays less that is less demanding
Accumulated wealth over years without factoring in school costs:
90,000 + 100,000 + 120,000 + 150,000 + 200,000 + 300,000 + 350,000 + 360,000 + 370,000 + 400,000 + 500,000 + 500,000 + 500,000 + 500,000 + 500,000 =</p>

<p>$4,940,000 by the age of ~40</p>

<p>No wife or kids, complete lack of social life, you look about 50-60 years old because of your job. Will attract gold-diggers in 20’s and 30’s. </p>

<hr>

<p>NOW, let’s rewind all the way back and say we had taken the medical school route. </p>

<p>Beginning of medical school, August 2017, 22
2nd year medical school, August 2018, 23
3rd year medical school, August 2019, 24
4th year medical school, August 2020, 25</p>

<p>You decide to become a radiologist, which happens to traditionally be one of the most lucrative fields of medicine.</p>

<p>1st year residency, August 2021, 26
2nd year residency, August 2022, 27
3rd year residency, August 2023, 28
4th year residency, August 2024, 29</p>

<p>Radiologist, August 2025, 30: $250,000
August 2026, 31: $270,000
August 2027, 32: $300,000
August 2028, 33: $300,000
August 2029, 34: $300,000
August 2030, 35: $300,000
August 2031, 36: $350,000
August 2032, 37: $360,000
August 2033, 38: $400,000</p>

<p>Break marker: Same age as when the investment banker burned out.
Accumulated wealth: 250,000 + 270,000 + 300,000 + 300,000 + 300,000 + 300,000 + 350,000 + 360,000 + 400,000 =
$2,830,000</p>

<p>The difference is that the doctor continues.</p>

<p>August 2034, 39: $400,000
August 2035, 40: $400,000
August 2036, 41: $400,000
August 2037, 42: $450,000
August 2038, 43: $500,000</p>

<p>Just opened up a private practice using start-up capital accumulated over years</p>

<p>August 2039, 44: $700,000
August 2040, 45: $700,000
August 2041, 46: $700,000</p>

<p>Business is good, expansion achieved</p>

<p>August 2042, 47: $1,000,000
August 2043, 48: $1,000,000
August 2044, 49: $1,000,000
August 2045, 50: $1,000,000</p>

<p>You know that you can keep going but you decide you can retire now.
Total accumulated wealth @ age 50:
Previous accumulated wealth = ($2,830,000) + (400,000 + 400,000 + 400,000 + 450,000 + 500,000 + 700,000 + 700,000 + 700,000 + 1,000,000 + 1,000,000 + 1,000,000 + 1,000,000) =</p>

<p>$11,080,000 final accumulated wealth at age 50</p>

<hr>

<p>Note: No payments for schooling are counted, both candidates were equal in grades, knowledge, school performance, IB was paid minimum wage for investment bankers, doctor was paid what a doctor of such status would most likely be paid</p>

25

<p>^ Evaluations are welcome.</p>

26

<p>^^Thats if everything is picture perfect, which we all know life isn’t.</p>

27

<p>

</p>

<p>In response</p>

<p>

</p>

28

<p>

IB = Minimum wage and the Doctor’s pay is some arbitrary number you claim to be correct? Well that sounds accurate.</p>

<p>Meanwhile, you do realize that the people who want to be making big money in business only do IB for the exit opportunities? Here’s where the real money is at:</p>

<p>[Hedge</a> Fund Salaries: Your Guide to Salaries in Hedge Funds from Careers-in-Finance.com](<a href=“http://www.careers-in-finance.com/hfsal.htm]Hedge”>http://www.careers-in-finance.com/hfsal.htm)</p>

<p>Assuming one graduates from BSchool at around 27-28 and makes it into PE/HF, a Sr Manager/Fund Head position is definitely feasible after 10-15 years.</p>

29

<p>To be honest, I’m extremely skeptical about your “life plan”, despite the “fair” treatment you give both careers.</p>

<p>I doubt most doctors begin to open private clinics at 44. I will let your assumption that medical students of the same caliber as IB finance students can get into a specialty such as radiology slide though.</p>

<p>I also doubt all Ibankers burn out at 38. I’m quite sure there are many IBankers above 38, or former IBankers who have taken their exit opportunities to reach even higher. </p>

<p>It’s quite obvious which job you prefer to take, so then I say go that route. If you do believe that medicine is for you/will be better for you, then go for it. To me, it seems you answered your own question.</p>

<p>Finally, stop basing everything off of a Salary and “expected personal life”. Figure out which you would actually PREFER doing. That’s whats most important. If you hate your job at every moment, the salary isn’t going to make up for that. I’m quite sure Ibankers do love their jobs at certain moments.</p>

30

<p>

</p>

<p>Yeah, when they get their big fat paycheck and/or bonus. :P</p>

31

<p>This thread is so full of fail. I should really have laughed more than I did.</p>

<p>But since nobody’s mentioned it, OP switches from 3rd person to first. I love it.</p>

32

<p>SheenR: That looks great. I’d just like to point out though, that you typically don’t jump directly from undergrad to b-school. You work for two-three years first to gain experience. And if you’re working as an analyst in IB, WITHOUT the MBA, you’ll be getting I believe 70k-90k instead of that 90k-120k range you have. With the MBA, you usually start off working as an associate.</p>

33

<p>

Yeah, I just thought “to hell with what people will think about me,” there is almost no difference anyway. </p>

<p>As for the numbers for the doctor, I stated at the beginning of this “plan” that I did some research. I looked at a lot of figures, talked to doctors in the family who have talked to their coworkers, and essentially determined what radiologists commonly make where I live (keyword, salaries are different in different places). </p>

<p>Some of you will think that because the doctor’s income in the end is higher, I prefer doctor. I don’t. What I want you guys to do is bash on me as much as you can.</p>

<p>I am asking every single person who has already taken a side to persuade me the best they can to join their side. I know this might seem like a chore to those of you that can, but please help me out.</p>

34

<p>See previous post. If you’re comparing ideal salaries for doctors to ideal for businessmen, you shouldn’t be working in IB after BSchool. Try PE/HF. Do good in a HF and you can out earn a Doctor easily.</p>

35

<p>Business, for sure since he actually likes the practice of it. Plus, he can always find ways of helping people too.</p>

36

<p>

</p>

<p>I know HF stands for hedge fund but what is PE? And I think I will need more convincing than just salary if I want to make such a huge decision as business over medicine. If you are going into business, what are you going to do and why did you choose that career?</p>

37

<p>

Private Equity</p>

38

<p>

I’m just assisting the comparison you made with salaries only. A successful HF manager usually makes far more than a successful private practice doctor.</p>

39

<p>Also SheenR, the I-Banker has no social life, no kids, and no wife, and he also has a ton of gold-diggers after him - How about the doctor then?</p>

40

<p>

</p>

<p>IB’s apparently work longer hours. To my knowledge, most doctors will meet someone in their many years of schooling or in the workplace. They also make friends with fellow students. I would imagine there is less friend-making amongst IB’s because the occupation is so cutthroat. </p>

<p>Apparently, IB’s make more than doctors. I just have a feeling that there would be more hoes after a young banker than an underpaid doc in his 30’s. Also, most if not all doctors I have seen have a family.</p>