Hey guys, post just came up on this reddit page I follow. This guy is basically saying that going to med school is the best way to make a lot of money, more so than finance/law. He even mentioned banking and consulting, figured you guys might wanna check it out.
https://www.reddit.com/r/changemyview/comments/8o…
What do you guys think?
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This discussion has been had on the forum before. I think that the poster underestimates how hard it is to 'jump through the hoops' to become a doctor, but I don't know anything about what the most lucrative career is. I think it depends on what you want to do. Also the guy who thinks that CPAs are 'almost guaranteed to start above 100k', lol
Becoming a doctor is difficult. Most who do become family practice physicians and earn less than $200k. They start earning a wage a lot later than someone in finance.
To get a specialty is harder and takes more time. $200k is not very much money. Double that with a specialty and take into account the ten years plus more of schooling and residency, and it’s hard to justify the medical route on money alone.
I will give it credit for job stability. I would probably push my kids tht route.....simply because I don’t want to be a backstop and the future of finance is uncertain (as always). That is, unless I can determine they can sell well and i’ll Push them to do that.
You don't think doctors - who are essentially very highly-trained and specialized mechanics - are going away in the future too? Probably not before mechanics - but still
I think it speaks to an "efficient market" of risk-reward. The alpha in this case being some super skill and the rest of the noise luck. Medicine is most likely the best choice for the majority of people on a risk-adjusted basis unless one has "alpha" aka some huge competitive advantage like going to harvard for undergrad etc. that makes finance less risky with a higher chance of success. Luck is another curveball in the equation.
There are 860,000 Active US Physicians
This 2016 MGMA Report report accurately depicts physician median reimbursement separated by specialty
The front office headcount at the top 12 investment banks totals 54,800
Medicine has several exams one must pass- MCAT, STEP 1, STEP 2, STEP 3, and Medical Boards.
Finance can pick from any major and have them learn the material rather quick. This shows that there are several qualified applicants for few spots. Hence why going to prestigious school and forming relationships/connections matter.
Yes, medicine may have good payouts; however, it lacks the scalability of finance, which explains why there are not as many jobs in Finance vs Medicine.
If you assume that you in fact do end up graduating and jumping through all the hoops to become a doctor, sure, the average income for MDs is probably higher than the average BS in finance or accounting (especially early in the career). But taking into account the cost of an MD, plus the number years it takes... it's a massive investment. Some of those MDs are graduating with 200k+ in debt. You need to make serious coin to justify that.
I will agree that law degrees aren't necessarily as valuable as they used to be.
LOL "Just do Medicine, bro"
You'd be better off just doing what you want and letting the money follow. Are there really people who are capable and pursue a career they're good at and like but still are lacking money? Wouldn't you rather not dislike your days than make 15% more?
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