Doctor VS. Banker
Hey guys,
I'm seriously considering entering medical school vs continuing with my MBA at H/S/W. Can someone in the field give me some real information and not you college kids. I just can't seem to get the Banker lifestyle of 80+ hour work weeks. My cousin is an EM Doc and pulls nearly 500k a year working 4 - 10 hours shifts, he gets every Friday off. Don't talk to me about the cost differential during med school that's a non issue for me. I refuse to spend the rest of my life working 80 hours a week without spending quality time with my family. I guess my question is if there's any field within finance where I could be getting 400-500k a year for 40-60 hour work weeks max? How long would it take to get there? It's just becoming hard af to justify going into banking with the atrocious hours you guys have. It looks like the buyside at PE firms isn't much different. Realistically it will take over a decade of climbing the corporate ladder at F500 to get that salary if I'm not mistaken? Asset management on the other hand seems to be an ever shrinking field. Is there any real light at the end of the tunnel? I'm starting to think I'd rather work my ass off for 10 years in med school and residency and make 500k with a 40 hour work week for the rest of my life vs. getting burnt out in my first few years at a PE firm. Looks like the hours in finance never get much better. Someone please give me some hope, Is there any job in finance which you can pull 500k with under 60 hour work weeks?
Update: Just wanted to apologize for how I responded to some of you. It was unbecoming of an officer in the Marine Corp. I think I'm having somewhat of an identity crisis and am upset more at myself then any of you. I won't delete my comments as a reminder to myself of how much of an arrogant ass I can become when I get angry. I think I need to start looking deep into what really makes me happy above all else. When I did that my life was going well and I was happy. Now I feel stuck and confused. Thank you all for your patience and advice
Bump
Quite frankly you sound extremely arrogant. Go be a doctor if you want to be a doctor.
No, most F500 finance professionals (FP&A/treasury/controllers) have a ceiling around $120k/yr after 10 years unless they become a C suite executive. Utilize google further if you don’t believe me - it doesn’t take 20 years in the banking industry to use google. You hear higher salaries because guys like Zuck and Bezos are always in the news, but *most* CEOs won’t even make 500k/year. Also at that level they most definitely DO NOT work 40-50h/week. Most of them work 70 hour weeks - I’ve met plenty of CFOs/CEOs/COOs who ALL work 70+ hour weeks.
Most doctors don’t make that kind of money either - you slave away to have $300k in debt and make ~200k/year if you’re in the typical family practice in a high COL city. If you’re willing to work 80 hours/week and be on CONSTANT call then you can be a cardiothoracic surgeon making that kind of money (500-700k) but keep in mind that you can have a 16 hour surgery where you literally have someone’s heart in your hand for most of it. What happens when you have someone die on your table because you hate your job and you get a malpractice lawsuit? You lose your job and can’t practice ever again.
No, it’s not the easiest path to do banking or investing, but if you have this lazy mindset then you’re likely going to wash out of the industry in 2 years and have no job despite your pedigree. Pick whatever you like, focus on being the absolute best at it, and you’ll enjoy whatever you end up in. If that’s AM then you can make 500k/yr working slightly more than market hours, but if you hate it then you’ll likely suck at it and never get close to that salary anyways. If you like banking then you’ll work 70 hour weeks and you can make over a million a year, but if you hate it then you’ll burn out and leave.
TLDR: do something you like instead of whatever makes the most money, because if you hate whatever you do then you’ll likely not make that much anyways.
I like you're brutal honesty. Reminds me of my old commanding officer. Anywho I am definitely somewhat arrogant and have an ego, I have enough self-introspection to know that. I've spent 4 years of my life as a Combat Vet, graduated with a 4.0 from an Ivy undergrad and now go to H/S/W. Anyone who tells you there not somewhat arrogant coming from that background is lieing through his teeth. You can always try to stay humble but shit creeps through when you get tired of the BS. Yeah man, maybe it is arrogant to expect 400-500k for a 40-50 hour work week. But the truth is I would rather take that than making a million a year working 80 hours a week. It's not about being LAZY as you like to call it, its about finding a work life balance where you don't get burnt out. You're numbers are completely off though regarding medicine. If you have a knack for medicine you can easily place into a solid residency that pays well with good hours. My GF isn't super smart or anything, she's bright and hard working and went to a state school for undergrad and grad and finished with 100k in debt. No help from family and received no aid or scholarships. She was smart and commuted from home and stayed in state. She's in a retina ophtho. residency and has job offers for 300k for a 9-5 guaranteed. EM pays better at closer to 500k with a more high intensity 40 hours.
Obviously don't do medicine if you don't like it. You guys are acting like the guys who don't like medicine can match in the top specialties. The morons who entered medicine purely for the money are the ones matching family medicine and making 200k. But for someone who scored a 520 MCAT I really have to think about my options from a longer term aspect especially if I like both fields. I would say the same for someone who really likes math. Actuarial Science may be a better path to working your ass off in you're 20's to make 300k+ guaranteed for a 40 hour work week. You guys are acting like work life balance isn't a thing and makes me suspect you're all young 20 year olds who haven't even though about the prospect of raising a family.
I’m married; raising a family is something I think about plenty. My wife and I have had plenty of conversations to determine what’s best for us, and we’ve determined that grinding in banking for a couple of years to grind slightly less later on is well worth it.
I LOVE finance. It’s the only thing I’ve been interested in at school. That’s why I’m doing banking - most finance jobs don’t pay well unless you work a crazy amount. The plan is to exit banking and work 60-70hrs/week in an investing role later.
I’m not here to tell you about how many hours you want to work, I’m simply telling you to think deeply and consider what you really want. Finance fascinates me and banking is a good finance job; I’ll exit into something else later. I’ll make a good amount of money and it’ll be a stable job, and I’m willing to do this because it’s something that interests me.
Nobody on a forum can tell you what interests you and what you’re willing to sacrifice for it.
Comment on the MD pay figures quoted - there are a few variables here that are the primary drivers of this. The main ones are "Public/Academic vs Private Practice" and "COL / Population density of City" and of course specialization. Comp is roughly inversely proportional to COL (surprising but consistent phenomena), pays more the more specialized you are, and private practice pays more (eat what you kill). I personally know of both comp packages between 160k for first year as an attending to 1.7MM (not an outlier, just on the right end of a few of the above factors).
If you go to med school for any other reason than you are dying to be a doctor, you will be making a massive mistake.
The quote in your signature checks out. I trust the guy
I'm interested to hear your thoughts as you seem to be in the field. I'm not dying to be a doctor I'll be honest. But I do have a natural inclination toward biological sciences since I was a kid. Why do you think It will be a mistake to enter the field? I'm just trying to pick you're brain here. My GF as an Optho doesn't LOVE it but its a means to an end. She's pretty smart and enjoys the job and can do it for the next 30 years as it's only a 40 hour work week. I'm of the mindset that doing 40 hours of something you like somewhat is still easier than 80 hours of something you love. Maybe I'm looking at this wrong. I'm just getting cold feet I guess looking at 80 hour work weeks in finance.
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You will make great money in both professions. Do you want to slave away studying the organ systems and dealing with patients who don’t listen to you and come back twice a month with the same symptoms? Or do you want to slave away making powerpoints and updating models for your MD for the next 10 years as you work your way up. After you start practicing medicine, your hours are really in your hands. You can find a hospital or physicians group that offers you the schedule you would like. My brother is doing 12, 12 hour shifts a month making 200k+. On an hourly basis he’s doing very well, but he hates his patients and the work. You’ll realize eventually that it really comes down to personality and personal interests. There’s plenty of ways to make money.
Hmm, thank you for this perspective.You seem to have a good head on your shoulders, the rest of these guys seem to be 20 year olds. What exactly does your brother not like about his work? Is he also in EM? I definitely don't want to end up where I hate the work but helping people seems quite fulfilling. Does he hate blood or something? Would love to hear back on his thoughts.
My brother picked internal medicine because it was the shortest path to finishing residency. He knew from his fourth year in med school that it wasn’t for him (and as the guy who replied to me said, it wasn’t for a lot of his classmates either). To put it rather bluntly, my brother doesn’t feel like he’s actually helping people. He says that he’d love to help patients who actually want to help themselves, but says those patients are few and far between. Almost all the patients he see have problems that are self inflicted and are either asking for drugs, or won’t listen to his recommendation anyway. Obviously there are certain specialties where you are really making a difference (trauma surgery, pediatric surgery, oncology, etc) but the overwhelming majority are not in that category. He’s trying to use consulting to pivot out of medicine currently
You say the money doesn't matter, but you can make much less in finance after undergrad and probably even out of an MBA and still have more wealth in the longer term if you compound it after taking into account med school debt and the several years of low to no pay while a non-banking finance person may be making 60-100k in a chill job without that debt load. I don't understand how you you can accurately compare the salaries in both fields without considering the time value of it and school costs. Also, if you are willing to work hard 10+ years in med school, you can spend that energy in finance making money for 10 years and then relax in a chill job even if it pays much less and have a sizable nest egg to build wealth especially if you leave the major cities.
Of course there are other factors, but your post only looks at the finances of it and you aren't comparing them properly on that front. If you prefer the sciences or want to help people, then of course be a doctor, but finance will beat out doctors in terms of wealth if you put in equal effort.
Hmm I get where you're coming from but I'm not sure if equal effort in both yields the same result. For example I'm a 4 year combat vet who has a 4.0 from an Ivy Undergrad and is currently enrolled in H/S/W and will probably graduate with a similar GPA. I have a 520 MCAT and 760 GMAT. It seems much more secure to pursue medicine and match with a solid specialty vs entering the street and having no guarantee of going any higher than VP. Im just trying to speak facts here, a lot of people here make it seem like your path to Managing Director is guaranteed. I have top notch relatives who have burnt out before making MD, some of these starry eyed kids think there path is guaranteed? Even with elite credentials the finance and corporate world is a game of comeup with little job stability and the constant hustler mentality. Thats fine and all, but for someone who's looking at work life balance there aren't many jobs in the street that match that. My GF is a an ophthalmologist (retina) resident and she's getting job offers for 300k for a 9-5 guaranteed. I think the problem comes when you guys take average doctors because the majority of them are not super smart. Of course a gen. surgeon doesn't make as much, less schooling and specialization means less pay. If you like science and are very good at it, the same kids scoring 750 GMAT's imo can easily grind through med school and match with a high paying specialty.
Of course Finance CAN pay more but that pay is not guaranteed. So in a way you're taking extra risk for a possibility of a high reward. It's very possibly you end up on the street make good money for a few years and leave as a VP and take a BIG payout in the corporate sector. My dad works for Deloitte and his friend who's a VP at GS just left after having his second kid, Deloitte offered him 200k all in which is a huge payout from his 500-600k as a VP. He's burnt out now for the rest of his career vs a doctor who can keep up said work flow for the next 30 years in a lifestyle residency.
ER Medicine is going downhill fast. Don’t take my word for it, go read the Student Doctor Forum on the specialty via practicing physicians. Like many specialties, there was a period of shortage which upped the rates and benefits. Right now with Covid, a significant slug of new grads and residency programs for ER, and PE takeover of hospitals, the speciality is facing sub $200/hr pay. Yes, Covid has hurt ERs. Thats still decent coin but remember the sacrifices to get there. Reimbursements are dropping in basically everything except some surgical specialties, and surgery is not light work and has significant stress component.
Expect pay closer to 300k/yr for nearly all specialties over time , especially if you want to work less hours and have lifestyle.
there are buyside roles with 55-60 hours that make multiples of the figures you quote, but they don’t come easy.
Thanks for the input. Yes, my cousin has mentioned how Covid has hurt EM as a whole. He think however rates will go back up after this blows over as its not as rosy as people think it is. ER isn't easy ass work like radiology or anesthesiology, so he says comp will rise again. It's only 40 hour work weeks but it's high intensity 40 hours. Ik you guys hate talking about medicine here but I feel like that's really narrow-minded. You seem to be pretty unbiased which is nice, most guys on here stuck on this IB lifestyle. I really have to evaluate if this is the life for me. Its easy for the 22 year old kids on here to say suck it up but that's not how it works once you have a family.
Have you considered PM or PMM roles in tech? You won't make IB money but still mid-six figures I believe, and you won't be working 80 hour weeks
Yes, I was looking at this as an option. looking at salaries though it seems like they don't go over 200k. Maybe my google search is wrong? I don't have any family in that area so any insight would be helpful. Ik I hate tech and computer science so it would definitely have to be a non-technical PM role
Quit thinking about work in terms of hours / intensity. You're coming at it all wrong. you'll burn out as a doctor or as a banker thinking that type of way.
Firstly, figure out what you're fuckin good at. Do you ahve what it takes to get into a top tier med school then cop out top in that med school after 10 yrs to land top tier residency to then go on to be a killer doctor? Think about that first
Then think do you have what it takes to make it in IB. Anlayst - VP years is a wash and easy to climb, but the serious money comes after and taht's a whol nother skill set.
thinking about "what will give me the most bang for buck in terms of hours spent" is the easiest way to end up as a mediocre dude.
I see where you're coming from but trust me when I say I love the grind when I see the reward. I worked my ass off for the past 15 years of my life. I have a 520 MCAT and a 760 GMAT which is what got me into H/S/W so I would say I have the aptitude for both. I was a Marine Corp Captain with a lot of direct combat experience. I had a 4.0 at an Ivy undergrad program. Whatever I did I tried to excel at. But as I'm getting older I'm getting tired man. I'm trying to look for some balance in my life. Im not trying to be an ass but it's a non issue getting into top schools with my credentials. The question is more of whether I want the lifestyle that the end goal entails. I'm not interested in making a Milli a year if that means Im in the office for 80 hours a week. I rather do 40-50 hours and make half that and spend time with my kids. I'm willing to grind till I can get that lifestyle, but it seems like that lifestyle is impossible in finance. Before I was disillusioned into thinking buyside has much better hours than IB but it seems like that's not the case.
You have to do what you enjoy (and hopefully love). I have very close family in medicine and it is also very stressful (even if hours might be “ok”, but depends on speciality).
Ultimately, careers that pay well do so for a reason (stress, long hours, require a lot of speciality) and you have to be good to make it at that level. Very rarely do you find people who are just ok crushing it at high paying jobs.
Also, the pay in the medical field isn’t as high as one would hope. I have family members who went to top schools, work at top hospitals, and are absolutely getting overworked and (relatively) underpaid right now. Hospital profits are under pressure during this time, and the doctors and nurses are working a ton and putting themselves at risk without any upside (from a comp perspective). Additionally, you have the stress of what happens on the job (patients dying, terribly sad situations, etc), it is not an easy job. Then on top of that to have your pay cut right now is bad.
Anyway, picking a job based solely on hours and pay isn’t the best way to do it. If work life balance is important use that to filter jobs, but find stuff you love (the job + the environment so that you’ll be happy). In finance it can definitely happen (I work 50-60 hrs a week and make a good living) but there are other fields too.
Study both. That will give you maximum optionality. The most sought-after people in bschool were the MD-MBAs. If you are fascinated by two fields why not try to do things that live in the intersection of both fields?
I'm seriously considering this. If I really get bored of one down the line it gives me the flexibility to switch. Hospital management also remains as an option.
Hey devil dog you need to check your attitude. For someone coming from your background, you’d expect to see a little more humility. While I have no reason to doubt your stats and what you’ve done for our country, any officer who boasts about what they’ve done and who they are, are usually the ones who lack the most respect from those they command. Based on the way you talk, I wouldn’t want you to lead any Marines in combat, let alone be my physician when it’s obvious that you care more about the quality of your life than the responsibilities entrusted upon you if you ever do decide on becoming a physician. Or if you do decide to go the banking route, it’ll be clear whether your head was in the project you were assigned or if you were bobbing for cock all day, day dreaming about libo. I don’t know how you were as a platoon commander, but I pray to Chesty you were a whole lot better than what you just showed us now. Just like when you were a Marine, don’t expect responsibilities in these career fields to be limited to 9-5.
Just my .02 from a fellow Combat Vet
My bad brother,
I did come off as a bit of an ass didn't I? I sound like an academy grad reading these posts to myself :) Yeah I'm a little frustrated and letting it out on you guys, I apologize. You know what I think? I think I'm somewhat upset I left the Marine Corp. I think I'm getting angry because that's what I always wanted to do. I didn't give af how hard my life was in the Corp. I've had dogshit leaders in senior command and I still didn't care. The fulfillment of leading my marines was worth more than you can imagine. Well I guess you can imagine since you're not a POG either;) My life meant something. I had purpose. I had meaning. I really didn't care about anything else but my marines, that was my family. I think I just hate civilian life. What am I working for and where does it lead me? I feel so confused and empty.
Oorah!
https://docs.google.com/spreadsheets/d/1h1N6rrvLRmapN2fwreSBL45I89azg2t…
Gonna leave this here. You can make your own judgments.
You know it's a finance forum when in a "banker vs. doctor" thread the term "MD" almost always is used to mean managing director.
Hmm. Not a single Marine I know, and my brother and several of my friends are/were USMC Officers, would ever type "Marine Corp" and you've done that many times already in this thread, so you didn't make a typo. It's Marine Corps. You would have had that beaten out of you as a poolee. Come on, bro. Is it stolen valor or... ? I can't actually tell because your story is so detailed.
Even if I assume you actually are any of the things you have claimed to be, I can tell already you wouldn't make it in banking if you keep the attitude you've espoused thus far in the thread. I also know many former Marines who are in investment banking, from Associates up to the MD level in banking, and former USMC Intelligence as well as 0311. They are all humble, hard working, and attentive to detail.
You may want to reconsider going into banking given the fact pattern in this thread. Let's take spelling -- not only "Marine Corp" but also "there" instead of "their," "lieing" instead of "lying," "you're" instead of "your," random capitalizations that are wrong, etc. You went to an Ivy League school and either (1) can't type correctly, (2) don't know the right words to use, or (3) can't be bothered to try typing correctly when asking for professional help. Buddy, I don't like any of those three possibilities.
Here's the truth: you will be treated like shit in banking and will have to follow a lot of dumb orders while working ungodly hours, not having the proper tools or clear instructions, all while being expected to do everything perfectly and have a big-ass smile on your face all the time. Actually, a lot of that sounds like the Marines, right? But only you know whether you want more of the same or can handle a civvie who is 22 years old ordering you around and dressing you down for not putting the right border thickness on these boxes in PowerPoint. From your temper in this thread dealing with people who are giving you the free benefit of their time and honest feedback, you may not deal with that well, emotionally. Doctors can be more arrogant and lone wolf. Go at it. Banking is very much a team sport.
P.S. If you can prove to me you were actually a USMC officer and were honorably discharged, I will make a warm contact introduction to a Marine in investment banking. But man, you have to adjust your attitude. And if anything I typed above pissed you off while you were reading it, just wait until you actually join this job, nobody will be so nice.
I appreciate you're honesty. I would love to contact you in private with proof, etc if you have contacts in IB. As for the typo my POS computer keeps autocorrecting Marine Corps to Corp. As for spelling errors, I really don't care much, I assumed this was an informal forum not a job search page. I think I'm just venting my frustration so I apologize. I'm having a tough time transitioning out and figuring out what I want to do. Maybe starting this MBA was a mistake. How do I know it's going to be something that makes me fulfilled? I think I'm going to spend some time in the VA office at our school and have talk with the counselor. Also btw I'm surprised to hear you know Rifleman who became MD's I'm trying to see how that window licker looks:) But for real that's very impressive, I've struggled to find many enlisted jarheads in school so its nice to know they're getting good opportunities. My Marines may be goofy at times but they were the most dependable guys on earth. Now regarding banking, I'm fine doing powerpoints and bullshit spreadsheets I've done that plenty. You ever heard of PowerPoint Rangers? Most Intel whether it's CI, HUMINT, etc. is that mind numbing work, ask your USMC brother if you don't believe me. My dilemma is I don't know if I wanna keep doing that for even more hours with even less job satisfaction. If you saw my update on my post I did apologize. My anger was unbecoming of an officer of my station and is not indicative of the quality of officer in the Corps. I think I have my own problems I have to sort out before I enter any field whether its banking or medicine. The vindictive and arrogant comments I made is a wake up call for me regarding my mental health and anger. But thank you so much for the advice and the offer. I will be sure to take you up on it once I come to a conclusion on what I wish to pursue. Please keep In touch if I send you a message later. Sometimes tough love is what gets a person to really introspect, so I thank you for that.
Alright man, just giving you a check. Will PM you with some thoughts.
For someone who claims to have had a 4.0 at an ivy, is currently at H/S, and was previously in the marine corps, you sure make a lot of your/you’re errors and Corp/corps errors. But I digress.
If you don’t want to work 80 hour weeks, why would you want to go into medicine? I have a lot of doctors in my family, and residency makes banking sound like an absolute cakewalk. You work literally around the clock and unlike banking, actual human lives are on the line.
The number of doctors who are able to work so few hours and break 500k is extremely minimal. My dad is a very good radiologist (regularly looks at professional baseball, football and hockey players) and owns his own practice - in his best years, he made over $1m while working 70-80 hour weeks, while his radiologist employees make $300-400k. Most other doctors and specialties do not come close to these amounts, either (except maybe surgeons). You need to have much better expectations if you choose to go down the medical path.
I addressed some of your concerns above. In regards to working 80 hours a week I think that's highly dependent on your specialization. My cousin who's a radiologist works 40-50 max and makes 300k. His brother is Cardiothoracic and makes 650k for 60-65 hours a week. Any standard EM guys make 250-300 an hour in most semi-rural locations. Work is very intensive but you have a set schedule and never have call as you work a shift based schedule. I think I've come to the clearer realization that banking is maybe not for me. I'll try shadowing an EM doc tomorrow at my schools hospital to see how its like. I think my main problem is not only an hours issue but a fulfillment issue. How fulfilling can making excel spreadsheets actually be? I guess buy-side is far more dynamic and interesting, but still. From what I understand if you stay in finance you have to work those hours even when your an MD. I was getting somewhat pissed as people were making it sound like I was insane for wanting some work life balance. Imo 80 hours a week is not only unsustainable but unhealthy as you get older. I'll give you an example, In the Corps a butterbar may work 12 hours a day plus but you don't see many senior officers and lifers working past the standard 9-5. It's fine if you guys are willing to trade those hours for extra comp but that extra time is invaluable to me. I guess I should have expected it to be biased since this is a finance forum. I guess where my head is now, is that it might be worth taking on all those extra years of med school if it means I'm doing a job like EM which is highly fulfilling and has a set schedule.
I'm a resident, maybe I can help. What you are saying isn't wrong. It sounds to me like you want to have a job that is fulfilling, good hours, and reasonably good pay 200-400k consistently. If you ask me, you will find that in medicine. As someone from the military, good GPA, good schools, good scores, you will do amazing in a role like Emerg. You are right that it is shift work, no take home work, you set your own hours. Emerg isn't highly competitive either, so you will almost certainly match. What does your girlfriend think, medicine is a commitment, because upfront it is 4 yrs of tuition, 4-5 years of residency for emerg with minimal pay. You won't be making much for 10 years.
If you are someone who likes fast paced action and then a lot of downtime (when not at work), Emerg is a great specialty. Additionally, it offers a lot of flexibility in that you can work in trauma at a level 1 trauma center if you'd like later on. You may enjoy the work better and there is flexibility with where you live as well, you don't need to live in a big city, you can live anywhere. I definitely agree, shadow an emerg doc.
I'm not in IB but I will agree, pay is much higher, its up front, but hours are horrible and who knows how long you will last in it. Financially, if you make it, you'll do way better financially than you would as a doctor, but you'd be sacrificing a lot of free time and there is risk as well and question of fulfillment. There are many people in medical school who enter as a non-traditional and many are interested in emerg. You definitely would not be the only one.
you sound like a sissy retard
You can definitely pull 500k as a doctor with light hours if you play your cards right. My dad had medical school in Pakistan, so no prestige, and eventually worked his way to a small town where he has a private practice. He pulls that much and has time for weekends and fishing. This is in a town with an average GDP of 22000. However, he also is in a more lucrative field (endocrinology) because we have no other doctors of that type around here.
I used to work in the medical field and my wife currently does and I can't think of a single doctor that actually enjoyed their job or life.
I'm friends with many doctors. There is probably a good 20-30% who really love their job. 50% who probably did it for the money. 20-30% who just see it as a job but are jaded.
My older sister is a doctor and probably falls within the 20-30% whose jaded but sees it as a job. Pandemic didn't help.
I know a surgeon who makes millions and is quite cocky. Did save one of my family member's life and I will forever be grateful to him. Can't really beat that feeling of respect as a banker honestly. So if you love what you do in medicine even with all the downsides, there's probably no other white collar profession that is emotionally fulfilling.
I don't really get it...you'll have to "work" 80 hours a week during med school (studying instead of working), residency program, and fellowship program for 8-10 years anyway. And when you get out of there, you'll have to be a surgeon who works long hours some days anyway if you want to make $500k+ right out of your fellowship. During this time in banking, you could be making hundreds of thousands each year and not paying any debt instead of racking up debt. I have a few friends in med school right now, and they study almost as much as I work. They won't see a paycheck for 8 more years. When you get 8-10 years in banking, the hours do get better (vp status). It'll be the same work to get to the doctor status you're seeking as it would to work in banking.
It seems to me that you are greatly mistaken in your conclusions. Yes, maybe when hiring, you will be told that you will work 40 hours a week, but considering overtime or urgent calls to work, there will be all 80.
The work of a doctor is also tricky in psychological terms, plus you always need to improve. My friend has been working as a nurse for five years and recently decided to enhance her skill. She has completed phlebotomy courses — https://phlebotomynearyou.com/phlebotomy-certification/.
Therefore, it is better to go to the industry you are interested in or are good at. Money can be earned everywhere.
Laughing at everyone on this thread saying do what you enjoy. There’s on a few sick people that actually enjoy IB. The rest are here for the money.
Here is the thing with IB. Nearly everyone that comes in burns out. You can work 3-4 years make some money but when you leave your options are limited. Corporate just won’t pay what this job does. If on the off chance you do like the job at some point there will be a down turn and you’ll just get fired. Banking is very rarely a 30 year career with consistent $500k+.
Once you’re a doctor though just show up and cash those checks. Sure maybe some specialities it’s a little less and some it’s a little more but the consistency of pay and job security is what makes it probably the most attractive profession in my opinion.
I’d say so. Most people who I know who went to MBB out of business school aren’t working in the industry 5 years later. They’ve gone on to work for previous clients. They have good jobs but their compensation likely isn’t what it was in MBB.
Sister is a doctor, it's not that simple:
"Once you're a doctor though just show up and cash those checks. Sure maybe some specialities it's a little less and some it's a little more but the consistency of pay and job security is what makes it probably the most attractive profession in my opinion."
You're often paid based off on how many procedures/patients you see in terms of bonuses. You can get sued at any moment and can make a misdiagnosis that could be life threatening. I work in healthcare and have seen crazy mistakes by MDs/DOs that could have lifelong problems (some of them got sued and the patients probably will win).
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