uhohcfa Wrote: ------------------------------------------------------- > hopefully people don’t become doctors just for the > money Or I-Bankers right???
wth…these two are not comparable…
uhohcfa Wrote: ------------------------------------------------------- > hopefully people don’t become doctors just for the > money i don’t really mind if the doctor does it for money, as long as he/she is qualified and skilled enough to do the job… really i’d rather be treated by a qualified and greedy doctor than some world peace humanitarian doctor who isn’t as skilled.
Med school is a lot easier to get into than it used to be. Salaries are also lower and some doctors don’t even break 6 digits. This is after 4 yrs of school and 3+ yrs of residency.
in addition to the MCAT and difficulty of getting into med school, you have to pass all of your classes each year otherwise you repeat the entire year again even if you fail one, and you have to pass numerous boards and other exams. it’s not guaranteed placement once you’re out of med school. there’s something called a match where you rank your top choices to do your residency and they rank you as well. if you don’t match you have to scramble and find someone willing to take you.
I was under the impression we’re under some sort of crisis with a shortage of doctors. My guess is that’s because the rewards aren’t enough to justify the sacrifice for a lot of people. LASIK is the way to go, Dr Boothe in Dallas has performed 70K surgeries at $1K a pop.
My impression is that success to become a doctor is 100% dependent on GPA and exam scores (MCAT and Boards). If you have the capacity to memorize and apply information very well, you’re guaranteed a good pay. As for i-banking, the risk and reward component is much higher. Your ability to network and schmooze with others is more important once you break in. I get the impression that there are fewer ibankers walking around than doctors. In short, I have a gut feeling that the sacrifices to become a medical doctor is equivalent to a VP at a Boutique I-bank.
RycherX Wrote: ------------------------------------------------------- > My impression is that success to become a doctor > is 100% dependent on GPA and exam scores (MCAT and > Boards). If you have the capacity to memorize and > apply information very well, you’re guaranteed a > good pay. > > As for i-banking, the risk and reward component is > much higher. Your ability to network and schmooze > with others is more important once you break in. SOf ski
RycherX Wrote: ------------------------------------------------------- > My impression is that success to become a doctor > is 100% dependent on GPA and exam scores (MCAT and > Boards). If you have the capacity to memorize and > apply information very well, you’re guaranteed a > good pay. > > As for i-banking, the risk and reward component is > much higher. Your ability to network and schmooze > with others is more important once you break in. For general practice, soft skills are huge. Try keeping patients if you got a lousy demeanor. People re-visit doctors they like. In that type of medicine, you have to be liked by all walks of people. Schmoozing other bankers/ analysts seems easy when compared to buttering up to the physically repulsive, morbidly obese and diseaseed people who visit doctors on a daily basis.
there is a far greater risk/reward component for ibankers. i work at pe fund and the managing partners here (both ex- ibankers) see most bankers as b-s artists that don’t provide much more value added then being a matchmaker. they’re motivated to chase as many deals to maximize their fees. they’ll do anything to sell the deal coming up unrealistic hockey stick projections and bogus investment considerations and growth opportunities. if the company falls apart post-close, they have no liability. whereas doctors, although economically they are motivated to seek out more patients if they run their own practice, they must be 100% informed and carry a huge liability with the advice and treatment they give. and if you’re a doctor at a hospital you earn a set salary and there’s no motivation to see more patients.
what are hockey stick projections
aldford Wrote: ------------------------------------------------------- > I was under the impression we’re under some sort > of crisis with a shortage of doctors. My guess is > that’s because the rewards aren’t enough to > justify the sacrifice for a lot of people. LASIK > is the way to go, Dr Boothe in Dallas has > performed 70K surgeries at $1K a pop. 8 per day, everyday, for 40 years? I know these things only take like 5 minutes, but still.
MD and IBanking is very similar - both requires tedious repetitive work. I would even say MD is more intelligent
Oh, I’d hate to go and see a medical doctor who would much rather have been an investment banker, nor would I like to entrust my money with a money manager who went into this business only because he didn’t make it to medical school (his first choice). I think I might have seen a doctor like that once, he told me there are people who die from eating a peanut and said my difficulties were so insignificant in comparison so I shouldn’t have bothered coming.
aldford Wrote: ------------------------------------------------------- > I was under the impression we’re under some sort > of crisis with a shortage of doctors. that’s because they deliberately train too few physicians to keep the salaries high. It may be hard to get into a good med school but it’s not that difficult to get into a sucky med school, and there’s the old joke about “what do you call someone who comes last in his class at medschool ?” (“doctor”) Academia has the opposite problem where too many PhDs are churned out because professors get brownie points for training students, with the result that you get eg physicists who spent 4 years BS, 2 years MS, 6 years PhD, 6 years postdoc ending up driving cabs and yet there are still 50+ applicants for every place in PhD programs in good schools
“It may be hard to get into a good med school but it’s not that difficult to get into a sucky med school” There is no such thing as a sucky med school in the US. There is also no such thing as a med school that is not incredibly difficult to get into in the US. When you also consider that students entering med school are taking much more competitive courses (pure science vs. econ for instance), I would guess that there is much more competition for medical school (the pools of people you are competing with may be of the same size, but the pure science will have higher quality - there generally arent any wash out classes for say econ majors where there are for say chemistry). Also, doctors salaries are going to be more uniform, where IB is going to have both a much wider distribution. I would guess that average lifetime earnings of all those who graduate from medical school exceeds (probably by a fair amount) the average lifetime earnings of those who enter IB, primarily due to longevity reasons.
There is no comparison. The reason i-banking appears to be so competitive is that any schmo from a “good” school and with a “good” gpa (laughable now) thinks they are a candidate. There are only a few i-banks left, so the supply of candidates vastly outweighs the demand. On the other hand, most people have to know they want to be doctors in high school. There is no chance for an off semester in terms of grades in college. There is no comparison of the diffuculty of the preparation or study. You will never, ever meet someone who has made it through the competition to get into medical school who then “voluntarily” drops out to be an i-banker. What a thread.
At least you can have a life in medicine. My fiance will be finishing up her radiology residency in a couple of years. After that, she’ll be working 4 to 6 hour days in nuclear medicine, bringing in 750 to 1MM depending on location. On the flip side, a surgeon has a pretty grueling lifestyle.
SteveInToronto Wrote: ------------------------------------------------------- > At least you can have a life in medicine. My > fiance will be finishing up her radiology > residency in a couple of years. After that, > she’ll be working 4 to 6 hour days in nuclear > medicine, bringing in 750 to 1MM depending on > location. On the flip side, a surgeon has a > pretty grueling lifestyle. dam sounds pretty cushy. my bro’s doing the exact opposite, another 3 years of fellowship at 60k on top of 5 grueling years of combined emergency/ internal medicine residency.
Whoa there’s a lot of misinformation in this thread…