Exactly. And if one is proficient at selling said healthcare consulting services, they will never not have a job. And one that pays very well.
This is too broad of a brush stroke. I worked in big pharma and strategy consulting for 30+ years and what you say can be true for some, but not all.
100%. There are many paths to pharma and on the business side you neither need an MD nor an MBA. For instance, Iāve personally seen 100s of VP+ who rose up the ranks from a field sales role.
To become a VP of legal in pharma or biotech, one needs to have at the very least a JD. To become a VP of R&D, a PhD or an MD is a must. For VP of sales or some other roles, a BSc can be sufficient.
However, even though it takes more time and money to finish education and training, physicians do have higher social status, no shortage of jobs and guaranteed high income. Its absolutely worth it for students who really love the profession, prestige or money.
For me it was frog dissection in 6th grade ā thatās when I knew that medicine was not for me.
Also, watching that TV show about plastic surgery made me ralph ā I just couldnāt imagine walking into a room with a bunch of human heads arranged on tables.
Now, in an emergency situation, if there were not a doc/nurse/EMT around, I would od my best to help a person in need with the little knowledge I have. But I havenāt wanted to be in a related profession sinceā¦ yeah, junior high. And frankly, my young-kid aspirations were more NFL/Wall Street oriented anyway. hehe
Bringing the conversation back around to 6 figures. I was talking to somebody yesterday who works for an international shipping company. He recruits at lower schools (places the average person has never heard of), and is having to offer finance/accounting type people $100K out of college to get them to accept his offer.
Due to fear of lawsuits, many physicians donāt volunteer to help in random serious emergencies and hope for some other physician, paramedic or nurse to move forward.
In their defense, for an ophthalmologist or a dermatologist trying to do emergency intubation on a plane or delivering a breech baby on roadside is very overwhelming. They probably havenāt done one in last 15 years and simultaneously googling and performing it can lead to mistakes.
Is it really that hard to get fresh grads to accept six figure jobs?
Presumably it depends on the field and the location?
Six figures is a big range. Top school graduates are not impressed by $100k letās say in SF with $2k per month rent with roommates so I can see how it can be difficult to recruit. But the example above was for low tier schools so there must be something else going on.
The Wall Street Journal had a great article a few weeks ago about the shortage of entry level accounting professionals-- yes, it is hard to get fresh grads to accept six figure jobs. They donāt want to work in Des Moines or Duluth. They donāt want to work five days a week with frequent travel. They want to live in Seattle (substitute another ācoolā city) and work from home in sweat pants.
Youāre talking about a very small subset of āfresh grads.ā
Most just want a job, and theyāll work 5+ days a week if necessary, for significantly less than six figures.
My fresh grad works 4pm - 4am on weekdays, weekends and holidays. There are no sweat pants. He never works from home. He loves it.
Young people who are passionate about their work are more likely to agree to work insane hours at low salaries for good projects but it must be hard to find 20 somethings with high passion and low fixation on salary to do accounting all day.
To your pointā¦Iāve never done a day of accounting despite my accounting degree.
It aināt meā¦ was a recent article in the WSJ.
Since the six figure salaries out of undergrad are mostly in tech and my DD is 2020 graduate who joined the field in this unstable job market I found this article interesting https://archive.vn/0nu8Y
Is there a shortage due to the 150 credit prerequisite for the CPA exam?
I donāt think it is the new credit requirements, as that has been in place for a long time. I think it is more likely that students jumped on getting tech degrees instead as the tech industry was so hot.
How many of the 12,000 laid off by Google, or the 10,000 laid off by Microsoft, used to have six figure salaries?
I donāt have an answer to this specific question. However I will take the opportunity to mention the value of AP credit. When applying to colleges consider how the school does or does not handle AP credit/test scores. DS easily made the 150 credit threshold in 4 yrs because our instate flagship (UIUC) was very generous with AP creditā¦and that included a relatively light study abroad semester in Europe.
Of course that means taking a lot of AP courses in high school and scoring relatively well on the corresponding exam. He took around 10 AP classes and went in as a sophomore credit-wise. It was just one factor (but a significant one) when deciding between Illinois and Michigan at the time. He is currently a CPA but has been doing financial consulting since graduation.
And to go back to the title of this thread, neither of my kids made 6 figures upon undergrad graduationā¦even the one who was directly hired by an MBB. They are doing very well now, almost 4 and 6 years out from undergradā¦with the MBB one having her MBA paid for by her firm.