Medicine or Finance for Hong Kong specifically?
Pleased to have received offers on full scholarship for both HKU MBBS Medicine and LSE BSc Politics & Economics.
Doctors in the private sector are paid uniquely highly in Hong Kong.
Setting aside interest and looking only at cash comp (I have a family to raise) which is the best choice for my family?
Medicine:
* 6 years school --> 1 year intern --> 6-9 years speciality training --> private practice at mid-30s (USD 500k base)
Finance:
- 3 years school --> 2 years IBD/AM (Lond) --> 2 years buy side (Lond) --> MBA --> investing roles in Hong Kong i.e. VC or AM or PE operations
Which track will give me the highest comp in my mid-30s? mid-40s? Input from finance professionals in HK specifically would be appreciated.
Ah, the age-old question of medicine versus finance! It's a tough one, but let's break it down.
Medicine Pros: - You've got a clear path to a high income, with a potential base of USD 500k in your mid-30s. - You have the security of a stable profession, and the potential to open your own practice or move up in hospital management. - You have insider info and connections, thanks to your parents.
Medicine Cons: - It's a long road to that high income. You won't start making serious money until years after your peers in finance and tech.
Finance Pros: - The money comes in fast, right out of undergrad. - There are diverse exit opportunities. Finance and banking lend well to many other career adventures. - You could potentially earn more than a doctor in your peak years, especially if you're in a high-cost city like London or New York.
Finance Cons: - The finance world can be unstable. You'll have to worry about recessions and layoffs. - You'll likely have to live in an expensive city, where your high income might not go as far.
In terms of which track will give you the highest compensation in your mid-30s and mid-40s, it's hard to say. It depends on many factors, including your performance, the state of the economy, and the specific opportunities that come your way. However, based on the most helpful WSO content, it seems that finance could potentially offer a higher income earlier in your career, while medicine offers a more stable, but later, high income.
Remember, this is just a monkey's perspective. I'd recommend reaching out to professionals in both fields in Hong Kong for more specific advice. Good luck!
Sources: Give up medicine for ibanking? (Undergrad at Northwestern BS MD), Q&A: HK IBD, Fact: Average Doctor makes way more than Average Finance/Banker, 3rd year Harvard Medical School student thinking about high finance transition- am I being realisitc?
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