Thinking about Business but parents say it's not a "safe" career...

<p>Well, my whole family is medicine medicine medicine and all my family friends are medicine majors. But I really enjoy business and I'm 16 and worked at a few retail places and see how the top guys are working.</p>

<p>But my parents say that doing well in business is all luck. If I don't get a lucky chance I'll be making only 50,000-80,000 a year. I know that being a doctor or doing something in those fields have a better chance of getting a better job, but what about business?</p>

<p>Also, I'm pretty much clueless about this so what jobs are offered for business careers? I know for retail stores, they're district managers, supervisors, store operations managers, then it goes higher into the executive offices.</p>

<p>What other business careers are out there?</p>

<p>Management, Finance, Accounting, Real Estate, Marketing, IT</p>

<p>Tell ur parents to shut up.
First off, i dont think undergrad business is always too smart.
But an MBA can do sooo much</p>

<p>Especially if you work in a major city
Like if you get an MBA from UofChicago, or northwestern, itll do tons in the city
Same with columbia, and NYU
Upenn
Or Berkeley with the bay area</p>

<p>And 80,000 a year is never bad.</p>

<p>Yeah, I plan on living and getting a job in New York when I'm done with school and MAYBE going to a school also in NY.</p>

<p>They know that 80,000 isn't bad, but they want me to be a doctor getting 150,000+ a year. I just enjoy business (as much as I know of it) so much better than science.</p>

<p>DHL...thanks but what are things to do more specific than what you posted?</p>

<p>Thanks for the responses.</p>

<p>do wat u like to do
options-</p>

<p>doctor- more job security, good salary, sh**load of work
business- most jobs dont pay same amount (corporate world) besides ibanking, more risky (especially if u want to be an entrepreneur), but if u do well in creating ur own business u'll never have to work again.</p>

<p>see what u like in college</p>

<p><a href="http://talk.collegeconfidential.com/showthread.php?t=192088%5B/url%5D"&gt;http://talk.collegeconfidential.com/showthread.php?t=192088&lt;/a&gt;&lt;/p>

<p>Post #328 here:
<a href="http://talk.collegeconfidential.com/showthread.php?t=74417&page=22%5B/url%5D"&gt;http://talk.collegeconfidential.com/showthread.php?t=74417&page=22&lt;/a&gt;&lt;/p>

<p>There are no "safe" careers. There is no gain in life without risk.</p>

<p>It's all a question of, what phase of the process do you take the risk? With medicine, it's in the admissions and med school. There's tremendous competition to get in, even among top students in top schools, and it makes college admissions look relaxed. Same with law school. And in school, many med/law students burn out from the titanic amounts of work they have to do. That, too, is risk. </p>

<p>A career "in business" (which can mean a variety of things) is more flexible, and generally requires less explicit training to start off with. The skills you pick up are more transferable, since they tend to relate to (A) understanding the way companies work, (B) an ability to sell, (C) vision to create and grow an organization, and (D) all kinds of people skills. Whether you are an entrepreneur, a financial analyst, a management consultant, a sales rep somewhere, or even a marketing wonk, you will always have a skill set that will get you a job if the one you have doesn't work out. The risk in a business career tends to be farther down the line, and has more to do with whether you can advance and grow and become more productive or useful (or whether your career stagnates because you're just not very good).</p>

<p>To stretch an analogy, getting a law or med degree gives you a fish. A very big, tasty fish, which can last you a lifetime. But developing your business skills teaches you how to fish, ultimately making you more self-reliant.</p>

<p>And then there is the issue of potential upside. Doctors and lawyers make good money but their earnings are, essentially, capped by the limits of an hourly billing rate (doctors may not get paid by the hour but their services are billed to health insurance companies at fixed prices). Their skills, while highly valued, are mostly interchangeable with those of other people of similar quality. Top businessmen, on the other hand, have essentially no ceiling to their income because it all is a factor of how much value their companies can add to humanity. Bill Gates can make his own space shuttle because his software has made the economy more productive and efficient. Andrew Carnegie has public institutions named after him because he knew how to run a steel plant like you wouldn't believe. They didn't bill by the hour. </p>

<p>You can't put a salary range on what a "business career" makes, because many people that describes are (essentially) not employees, they are employers. They don't have an employee mentality of "how much salary do I get and can I skip out of work at 4:30", they have an employer mentality of "what will it take to make this company a better place? What can I do to this product to make this world a better place?". 97% of this world are employees, and they work for the 3% of the world who own or run businesses. Somewhere in your parents' hospitals are executives who are thinking about whether your parents' salaries are really necessary and what can be done about rising costs. What side of that decision is it better to be on?</p>

<p>There are many noble and fulfilling careers out there. Don't let your parents tell you that one thing is more risky or has less upside. Everything is risky, and the upside in everything is determined by how much you love it and how hard that love makes you work.</p>

<p>I think it's sad when parents force something on their children, whether it be careers, sports, religion, etc...</p>

<p>Medicine is a great field, but they generally never own a business. They are either employed and paid well, or are self employed and paid well. Bottom line is that in order to make money the HAVE to work.</p>

<p>Smart, savy business people learn how (a) to continue to make money once the work has been done, (b) own a business, that make them money from the work of others, or (c) manage other peoples money to make money for themselves.</p>

<p>Your parents only want what is best for you, and they think medicine is best for you. Sadly, they say this because it is all they know and defines their comfort level. Never take advice from ignorance.</p>

<p>If anything, accounting is one of the safest.</p>

<p>Yay for Sarbox.</p>

<p>I mean, by that token, there will always be a need for grocery clerks, too. let's not reduce an important and subtle conversation to the absurd.</p>

<p>Do not listen to your parents if your passion lies in business. Not everyone is cut out to be a doctor. Anecdotally, a person I know was very good in mathematics. He wanted to go into finance. His parents wanted him to become a doctor. He listened to them and was miserable as a result. Your parents are well-intentioned, but they do not know you as well as you know yourself. As was said earlier, the very best people in business can become extremely rich. It is much harder for one to do that in a field like medicine. (Not to say that you won't make good money).</p>

<p>Thanks so much for the replies. So many good points in these posts for me to argue back at them.</p>

<p>If I don't get a lucky chance I'll be making only 50,000-80,000 a year.</p>

<p>Correction: That is if you are LUCKY after getting your MBA, you will be making 50,000-80,000. That is not "only", that is a lot for a business degree. If you are used to a life style based on much higher income, you do not have any argument against your parents. Sorry, medicine is the way to go in this case. Your only argument could be that you are willing to settle for much lower income for the love of your future profession.</p>

<p>uh, actually, if he gets any decent MBA he could probably easily get 90-100k, and if he gets a top MBA, $120k isn't that hard to get, with total compensation jumping to several times that within a few years. He may not be in a position to realistically get into a top-7 MBA program, but getting a serious revenue-side job somewhere with a 2nd-tier MBA can still be quite lucrative.</p>

<p>Not for the sake of argument but for the taste of reality, getting job after getting your business degree is a totally different game compare to medicine. The first priority is to get a job, not that you will be able to choose based on your offers. "To get a job" - I mean to change your status from unemployed to employed. You need a huge chunk of luck just to do that! There are plenty of people on a job market with awesome digrees and EXPERIENCE, that you will not have and which counts much more on resume. A big plus could be if you have some professional skills in addition to your business degree, and you still should be prepared to start out with entry level and be there for several years (that is not $50,000). However, to go to medicine just for an income reason is totally wrong! All the sick deserve much better than that. So, you need to go where is your passion leading you and be prepared for sacrifices on the way.</p>

<p>The OP can see starting salary data from US News if he so wishes.</p>

<p><a href="http://grad-schools.usnews.rankingsandreviews.com/usnews/edu/grad/rankings/mba/brief/mbarank_brief.php%5B/url%5D"&gt;http://grad-schools.usnews.rankingsandreviews.com/usnews/edu/grad/rankings/mba/brief/mbarank_brief.php&lt;/a&gt;&lt;/p>

<hr>

<p>Being "stuck" at $50,000 for a few years is vastly better than being "stuck" at -$40,000 for four years.</p>

<hr>

<p>It is also important not to forget the basic idea of opportunity costs and the time-value of money. That is, time spent in school should be considered loss of income, and money earned earlier in life is worth more than money earned later in life. Those two things make a large impact on the financial sensibility of medicine as a career. Taxes, too, penalize somebody who tends to earn higher salaries all at once instead of slightly-lower salaries spread out over time and affect the financial sensibility of medicine.</p>

<hr>

<p>As has been discussed elsewhere, I'm an economics major who went into medical school. I understood that this was not financially sensible and I'm doing it anyway because this is what I'm called to.</p>

<p>But if your family is pressuring you into medicine for the money, they're not just wrong in some kind of emotional sense -- they're wrong in a financial sense, too. And I've done the math to back it up.</p>

<p>Actually, I don't think the OP's parents are pushing him to medicine for the money, strictly speaking. Not exactly. It seems to me that they are actually pushing him into medicine for the stability, as can be seen by the OP's denotations of 'luck'. </p>

<p>I agree that pursuing medicine just for the money is foolish. However, I have to agree that medicine is one of the most stable professions around, certainly relative to the kinds of jobs you will get in the business world. As a doctor, provided that you don't engage in malfeasance, you will basically always have a job. True, it won't pay as well as the kinds of jobs you could get in business, especially finance. True also, you have to forgo a small fortune in terms of tuition and lost wages to become a physician. But you will basically always have a job. </p>

<p>Hence, I have to agree that becoming a doctor is a risk-averse choice, and the fact is, most people are risk-averse. For example, many (probably most) people would rather take a guaranteed 100% chance of earning 100k rather than take a 50% chance of making 250k (but also a 50% chance of earning 0). Those are just made-up numbers, but I think my point is clear; safety and stability are important to a lot of people. </p>

<p>I think this is particularly true of parents. Let's face it. We all know what's going to happen. If you screw up your career, you are probably going to try to move back home and your parents will be psychologically hard-pressed to turn you away. Hence, your parents effectively serve as your 'insurance company of last resort'. They know this, so, if anything, they become even more risk-averse than you are. </p>

<p>In other words, if you embark on a business career and do well, you reap the rewards, but if you perform poorly, your parents end up picking up the pieces. Is it really any wonder that parents are so risk averse?</p>

<p>Whatever career you choose, set aside 10% of your income and invest it wisely. Whatever course of study you pursue, take the courses to become financially astute and take the time to grow in your financiall knowledge. Don't become a doctor unless you feel "the call." Even in a self-owned practice, you will have more bosses than you will have in business (insurance companies, patients, hospital admins, and more).</p>

<p>Sakky, that was exactly my point. Before you start earning ANY income, you got to get a job and retain it. Competition on a job market in any business related field is fierce with most people already having EXPERIENCE which valued on a resume much more than any degrees. You are much better off if you have some professional skills (IT, engineering, etc.). You have to be willing to start at entry level. Going into compensation discussion, if you forget about elite few in a very top management positions and just leave your rosy glasses behind and get down to earth, MBA will NOT bring you $50,000 after graduation, in most cases it will be much lower. And later on in your life you will most likely never reach $80,000 either. That is from family experience of professionals (IT, engineering, graphic designers) with MBA degrees that have been in business fields close to 30 years. Even that many years of experience and a lot of connections and great reputation will not result in a job security. Job can be lost at any point and in most cases it has nothing to do with performance, especially with business becoming more global. MOST MBAs will never come close to the income and stability of medical profession.<br>
Still to go to medicine for money and even stability is totally WRONG. You simply will not survive the cruel process and it is very unfair to sick people who are looking forward for somebody who trully care to help them. It is very unfair to yourself also. We spend 1/3 of our time working, well if you own the business, than you spend much more. Spending 8 hours a day doing what you hate to do will result in a very depressing life.</p>