Investment Banking or Doctor

Hi everyone - posting for a mentee I'm helping out

Essentially I am pre-med and recently interned at a prestigious US BB (think JP, MS, GS) over the summer in IBD with a full time return offer. Additionally I have a guaranteed medical admission - due to start at the same time as full time work. Many sleepless nights so far making a decision, I understand they're two very different careers and most people will simply say do what you're passionate about.

Not that simple, there are aspects of both that I have a passion for. Here's my quick pros and cons list for both:

IBD
P - Quick money, not studying 4+ years, more money than a doctor, easier work, ppl dont die around you, networking, set up for corporate life - can go commercial and live comfortably, more fun, some bits interesting, more travel, see the world more, diverse opportunities, faster money = focus on family
C - hours, not fulfilling, boring, not intellectually engaging, grunt work, move away from home,

Medicine
P - more fulfilling, surrounded by passionate people, valuable work, layman's prestige, look after family medically
C - lots of study, study beyond med school, less money, long hours, harder work, people die around you, family commitment, rote learning, grunt work, narrow opportunities, enclosed from the world, only work in US/need to transfer degree to work elsewhere/sit tests, less money to start family

Money wise I estimate I could be a millionaire at age 25 in IBD, as a doctor I'd be a millionaire maybe at age 35 based on spending habits, and university loan repayments. Yes many of the points I've raised are highly superficial but a combination of many of these are highly important to me.

anyone else have any idea how to approach this life decision? I can only take up one offer, I was very lucky to get either of these opportunities [average grades, networking and stone cold luck]. Whatever decision I make will be my path for a long while to come. Any thoughts much appreciated! Pls no mention of Michael Burry - like I said, cant do both unfortunately as the counter opportunity disappears.

 

Is this a joke? How are you going to be a "millionaire" by 25 in IBD? That's not possible. Counting on making "more money than a doctor" is a very poor assumption to make in ruling out the medical field. I'd say ~10% of people who start out in banking actually stay in the industry, and around the same number make it past VP in PE. Most people are only here for the short term and take less lucrative career paths after doing 2-4 yrs in the industry, seeking a better work-life balance.

 

I think the OP is weighing banking or finance as a career path, not as a two-year stint or a gateway to business school. For the very reasons your cited (high junior banker attrition rate), there will still be other opportunities across finance and in banking for him, including the ability to lateral, if he doesn't get promoted at his bank. If you're coming from JPM/MS/GS, you'll be able to stick around in the industry somewhere, if that's what you desire.

OP, I completed my pre-med coursework and elected to go into IB instead of medical school. Feel free to PM me.

 

I agree that if OP desires to stay in banking and wants to grind it out, it's completely possible. The point I was trying to make was that it's impossible to gauge whether he will be burnt out by then, or will face substantial hurdles to make this a long term career path. When a majority of the industry, who seemingly bleed banking in college, get burnt out themselves in 2-4 years, it's foolish to not consider that a possibility. At that point, it would be wise to consider medical school against all potential exit opportunities that banking provides, as well - would corporate development, F500 finance, start-up, or entrepreneurship all be preferable to medical school as well?

 

The way the pros and cons are stated, it seems like the choice is between a more financially lucrative but less personally fulfilling career (finance) and a less lucrative but more fulfilling career (medicine). Both paths will require their fair share of hard work and perseverance.

Can you picture yourself in finance for the long-haul, if you find it less fulfilling? At age 40, will you be more happy looking back on a lucrative career in finance or med school/residency/becoming an established doctor?

 

The fact you put "more fulfilling" as a pro under medicine speaks for itself, and is all that matters. Go be a doctor and save lives. I promise that you'll be more than comfortable financially as well.

 

OP, I might've accidentally hit the "report a violation" button when scrolling. Apologies.

I'll go ahead and comment, because I really don't think this is a career where you can just hop in for a quick buck. If you want that, this is probably not the best place for you. You should want the banker lifestyle before you get into the career path. You sound like you really want to make an impact right away, and that's a lifestyle choice. It won't be easy to get that opportunity again.

 

yeah, getting advice from strangers on something like this is a bit silly. where does your passion lie? have you always seen yourself as a ___? if you've shadowed a doc, what made you feel better, shadowing or your IB internship?

medicine is terrible at first. schooling, rotations, residency, and then and only then do you make money. IB is lots of moneymaking in the beginning but very cutthroat. probably has a higher ceiling but if you're looking for "meaning," you won't find it here.

both jobs have miserable hours to start, so I'd say it's a neutral there. just don't go into one just for money, make sure it's what you really want to do long term, because you can't get back into med school at 25 or 26 I bet, and it's difficult to get into IB with a MD I'd imagine.

 

From my experience, a lot of people get caught up in banking during college because it's what everyone else is doing and they probably don't really understand what they're getting into. It provides options and different career paths, so they adjust themselves to become interested in it. I've seen people with 2-3 internships in the industry, and become miserable as soon as they start full time. It's an adjustment, and some people don't realize that the hours can seriously be horrendous - I've seen countless friends unable to go home for holidays, in the office every weekend, and rarely even have a life outside of a couple hours on the weekend. People start to see value in things they took for granted in college, and realize sacrifices need to be made one way or the other once you start your professional career - it's at this point that choices need to be made.

 

MGMA 2015 data .. median comp by specialty

Specialty Median Allergy/Immunology 348,579.30 Anesthesiology 453,687.30 Anesthesiology: Pain Management 440,661.00 Bariatrics (Nonsurgical) * Cardiology: Electrophysiology 601,351.81 Cardiology: Invasive 528,375.98 Cardiology: Invasive-Interventional 587,500.00 Cardiology: Noninvasive 452,558.17 Critical Care: Intensivist 398,172.77 Dentistry 163,536.25 Dermatology 457,419.44 Dermatology: Dermatopathology 465,227.32 Dermatology: Mohs Surgery 778,300.00 Emergency Medicine 311,859.07 Endocrinology/Metabolism 240,784.17 Family Medicine (with OB) 223,893.02 Family Medicine (without OB) 230,456.13 Family Medicine: Ambulatory Only (No Inpatient Work) 221,322.37 Family Medicine: Sports Medicine 267,997.96 Family Medicine: Urgent Care 272,209.25 Gastroenterology 529,232.97 Gastroenterology: Hepatology 429,400.00 Genetics * Geriatrics 231,198.96 Hematology/Oncology 450,000.00 Hematology/Oncology: Oncology (Only) 401,082.26 Hospice/Palliative Care 238,000.00 Hospitalist: Family Medicine 285,213.18 Hospitalist: Internal Medicine 278,470.87 Hospitalist: OB/GYN 272,019.28 Hyperbaric Medicine/Wound Care 292,009.25 Infectious Disease 258,217.65 Internal Medicine: General 247,319.11 Internal Medicine: Ambulatory Only (No Inpatient Work) 233,404.00 Nephrology 322,024.41 Neurology 286,008.00 Neurology: Epilepsy/EEG 277,019.84 Neurology: Neuromuscular * Neurology: Stroke Medicine 361,153.24 Obstetrics/Gynecology: General 330,695.76 OB/GYN: Gynecology (Only) 240,155.96 OB/GYN: Gynecological Oncology 429,683.12 OB/GYN: Maternal & Fetal Medicine 475,027.92 OB/GYN: Reproductive Endocrinology 436,635.59 OB/GYN: Urogynecology 352,935.00 Occupational Medicine 244,024.22 Ophthalmology 407,271.60 Ophthalmology: Corneal & Refractive Surgery 358,773.57 Ophthalmology: Glaucoma * Ophthalmology: Oculoplastic & Recon Surgery * Ophthalmology: Retina 556,296.00 Orthopedic (Nonsurgical) 322,937.98 Orthopedic Surgery: General 576,677.17 Orthopedic Surgery: Foot & Ankle 566,699.00 Orthopedic Surgery: Hand 617,607.53 Orthopedic Surgery: Hip & Joint 651,770.00 Orthopedic Surgery: Oncology 516,986.40 Orthopedic Surgery: Shoulder/Elbow 540,701.43 Orthopedic Surgery: Spine 777,262.12 Orthopedic Surgery: Trauma 578,178.27 Orthopedic Surgery: Sports Medicine 597,346.63 Otorhinolaryngology 444,347.53 Pain Management: Nonanesthesia 438,350.05 Pathology: Anatomic & Clinical 349,730.78 Pathology: Anatomic 325,192.85 Pathology: Anatomic-Autopsy * Pathology: Anatomic-Cytopathology * Pathology: Anatomic-Renal * Pathology: Clinical 309,129.31 Pathology: Clinical-Hematopathology * Pathology: Surgical 327,336.27 Pediatrics: General 231,636.87 Pediatrics: Adolescent Medicine 205,350.91 Pediatrics: Allergy/Immunology 207,819.64 Pediatrics: Anesthesiology 523,959.24 Pediatrics: Bone Marrow Transplant * Pediatrics: Cardiology 335,270.67 Pediatrics: Cardiovascular Surgery 822,494.36 Pediatrics: Child Development 162,525.70 Pediatrics: Critical Care/Intensivist 305,170.82 Pediatrics: Dermatology * Pediatrics: Emergency Medicine 248,228.15 Pediatrics: Endocrinology 191,685.71 Pediatrics: Gastroenterology 258,953.00 Pediatrics: Genetics 197,184.00 Pediatrics: Hematology/Oncology 242,108.98 Pediatrics: Hospitalist 196,661.88 Pediatrics: Hospitalist-Internal Medicine 284,085.26 Pediatrics: Infectious Disease 204,380.52 Pediatrics: Internal Medicine 249,995.20 Pediatrics: Neonatal Medicine 323,310.79 Pediatrics: Nephrology 227,156.02 Pediatrics: Neurology 240,120.20 Pediatrics: Neurosurgery 745,796.50 Pediatrics: Ophthalmology 330,680.17 Pediatrics: Orthopedic Surgery 535,957.64 Pediatrics: Otorhinolaryngology 473,104.40 Pediatrics: Surgery-Plastic & Reconstruction 360,233.45 Pediatrics: Pulmonology 246,846.40 Pediatrics: Radiology 497,150.12 Pediatrics: Rheumatology 212,874.49 Pediatrics: Sports Medicine * Pediatrics: Surgery 561,476.00 Pediatrics: Urgent Care 210,617.75 Pediatrics: Urology 576,233.89 Physiatry (Physical Medicine & Rehabilitation) 276,510.11 Podiatry: General 237,096.10 Podiatry: Surgery-Foot & Ankle 279,696.18 Psychiatry: General 255,543.07 Psychiatry: Child and Adolescent 264,812.00 Psychiatry: Geriatric * Pulmonary Medicine: General 358,034.61 Pulmonary Medicine: Critical Care 400,360.90 Pulmonary Medicine: General and Critical Care 397,334.64 Radiation Oncology 500,000.00 Radiology: Interventional 542,864.38 Radiology: Diagnostic 478,164.64 Radiology: Neurological 486,391.37 Radiology: Nuclear Medicine 402,830.35 Rheumatology 255,559.66 Sleep Medicine 280,000.00 Surgery: General 409,664.65 Surgery: Bariatric 452,556.00 Surgery: Breast 331,340.80 Surgery: Cardiovascular 717,987.08 Surgery: Colon and Rectal 431,657.10 Surgery: Endovascular (Primary) * Surgery: Neurological 772,914.44 Surgery: Oncology 396,060.00 Surgery: Oral * Surgery: Plastic and Reconstruction 496,242.63 Surgery: Plastic and Reconstruction-Hand 400,509.69 Surgery: Thoracic (Primary) 546,797.00 Surgery: Transplant 505,404.02 Surgery: Transplant-Heart * Surgery: Transplant-Kidney 446,864.95 Surgery: Transplant-Liver * Surgery: Trauma 460,075.47 Surgery: Trauma-Burn * Surgery: Vascular (Primary) 493,385.00 Urgent Care 239,536.37 Urology 452,293.77

 

No. but AMGA provides median:

Allergy/Immunology $5,934 Cardiology $10,868 Dermatology $6,848 Endocrinology $7,181 Family Medicine $8,156 Gastroenterology $9,832 Geriatrics $9,355 Hematology & Medical Oncology $7,688 Hospitalist - Internal Medicine $6,765 Hypertension & Nephrology *** Infectious Disease $8,897 Internal Medicine $9,117 Nephrology Only *** Neurology $9,003 Occupational/Environmental
Medicine *** Orthopedic - Medical $16,825 Palliative Care *** Pediatrics & Adolescent $6,626 - Cardiology $9,693 - Internal Medicine *** - Neurology *** - Maternal Fetal Med/
Perinatology $48,044 Physical Medicine & Rehabilitation $7,537 Psychiatry $5,797 Pulmonary Disease (without Critical Care) $9,171 Pulmonary Disease (with Critical Care) $9,102 Rheumatologic Disease $5,894 Sports Medicine *** Urgent Care $9,371 Surgical Specialties
Cardiac/Thoracic Surgery $26,994 Cardiovascular Surgery *** General Surgery $27,496 Neurological Surgery $44,227 OB/GYN - General $36,622 - Gynecological Oncology $27,191 - Gynecology Only *** Ophthalmology $7,434 Orthopedic Surgery $18,737 Otolaryngology $16,456 Pediatric Surgery *** Plastic & Reconstructive $35,101 Urology $14,340 Vascular Surgery $29,596 Anesthesiology/Radiology
Anesthesiology $12,687 Radiology - Non-Interventional $10,800 Other Specialties
Podiatry - Surgical $6,883 Podiatry - Medical ***

 

Ophthalmology: Retina 556,296.00

This. My ex gf's dad was one and was a really cool dude. I mean having a 5500 sq ft house is something I think most on this forum wouldn't mind but prestige>sanity seems to be the motto of this forum.

 

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