You do know that servers usually have to share their tips with the host and kitchen staff (percentage may differ) and in most restaurants, servers need to cover for dine and dash bills, so it may not work out as much as you think!
No tipping in Japan though, sad for me when i was a server T_T
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Well sure. But if you end up waitressing at a high-end restaurant then those numbers would be even higher. I took my wife to Ruth’s Chris for our anniversary dinner and ended up with a $150 bill (for two steaks, no sides, no drinks, taxes included, pre-tip). We were too scared to order the $15 steamed spinach sides. The guy made a $25 tip for bringing the steaks to our table. He was also serving a big table with 10+ people next to ours, and very likely made a decent amount of money that night. But I’m sure this is an outlier. A lot of waiters, specially in ethnic restaurants, get paid in cash and have a very good opportunity to not pay any taxes on them if it’s all under the table. But these guys definitely make below the minimum wage. They don’t get insurance/retirement benefits either. But it’s not a bad gig for very little training and short-term income while you sort out your career/school/life.
Yes, of course…top 5% or 10% in any field will give you good money…Look at the servers at Per Se and Masa just in Columbus Circle. Dinner for two will run you around $1,000. Tips at those places come in at minimum 20%…Good money. Probably tougher to get a job as waiter than it is as a quant at two sigma.
But close to 50% of U.S. medical school applicants get into a U.S. medical school. The individual school acceptance rate is deceptive because the applicants each apply to over a dozen schools.
Quite irrelevant and pointless comment for 2 reasons.
Okay let’s assume that 50% do get into med school although no idea where you got that number from. Same could be said of business schools and law schools still making the med school the tougher than the former two.
Your information, not only merit less but also fails to prove or disapprove anything I have said that is if you want the wow factor get an MBA from top5 school or law degree from a top 5 school or become a medical doctor…
Just sharing data. No attack intended. Medical school application is much more standardized. Average applicant applies to 16 schools. Your comparison was top 5 mba or law school to ANY med school. Much harder to get into a top 5 mba or law program than to secure a med school slot. Harvard, or any Ivy, much greater wow factor than State U medical school. Take a poll if you must.
2016-2017 medical school
830,016 applications 53,402 applicants 21,030 marticulated. Acceptance number higher obviously.
Source: AAMC
very well…thank you for your info and lesson.
Did not know so many actually got into med schools
Yea. Not everything is Harvard med.
I think about it a different way… top 5 MBA and law is no doubt tough to get into but you can with a variety of backgrounds so many can apply, many people get rejected. When you apply to med school, you must have pre-reqs… people devote 3-4 years of their lives to the path before applying. So to only say half get accepted ignores many years of selection before that.
When I started out pre-med, they said lets say 100 freshman want to be doctors. 50 remain for sophomore year, 25 remain for junior year, 12 for senior year (i made it to this group), and 6 ultimately get accepted. I saw it with my own eyes; in a lot of these classes, half the students passed, half failed. Just some perspective, I thought some of my semesters were a lot harder than doing CFA level II in 4 months (10/10 >70%, no prior finance classes). And my brother in law says that medical school is MUCH harder than pre-med.
Just sharing my experience, no attacking either. Really wish I could go to an Ivy League MBA program but my GPA was decimated from the experience, won’t ever be an option for me.
Ok so a few months after the events in the original post. I’m sitting at my desk and another colleague drops by. colleague: So how did the exam go? me: uhh…i don’t know colleague: what do you mean? oh well you’re smart i’m sure you’ll pass. didn’t you say you only had three choices to choose from? me: uhh…
ahh the word smart. Heavily used but almost always insincere.
good luck tactics. I remember my days waiting for the results. Very thrilling.
Harvard professor asking if Jeff Skilling was smart NSFW
I don’t disagree that servers make more money than most people think, but their options are limited once they reach 30 or 40?
Maybe in North America there are a lot of mature servers but not in Japan (and store owners who serve the tables as well don’t count!)
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The data, as opposed to the legend, is available. Many people with mediocre MCATs and GPAs get into u.s. med school. Obviously, the better your marks, the better your odds. AAMC has all the data on their website. Med school graduation rates are extremely high. 98% eight year rate and ultimate licensing success is just as high. Again, all publicly available data. Difficulty seems to be more legend than anything. It is after all a criteria based pursuit. Put in the effort and you can reach the finish line, much like the charter except with a distorted and artificially limited admission process. Might be the equivalent of a ten minute mile, but you’ll get there. Of course, it appears to take some serious aptitude and effort to kick ass and get that neurosurgery residency. At least I hope so.
Let’s not go with the outliers like there are plenty of low GPA and MCAT etc because outliers will always exist. And yes, as pointed out above, med school applicant applies to more than one school - 14 schools - therefore the chances of an applicant being accepted into any program is 39%. Since the same could be said and is true for all schools and programs, let’s leave this alone.
One thing we have is that the top10 MBA programs’ acceptance rate is around 15%. Let’s not even worry about the average of ALL MBA programs. Now the average acceptance rate for top10 medical school is ~2.5% and the rate for all medical schools in the US is around 3.5%.
Just given these information, it is safe to say med school is some challenging stuff. Let’s be real here, finance major or econ major is a joke compared to bio chem, org chem or pre med majors. To top it off, the average GPA of admitted students in the med schools are higher than that of the admitted MBA students.
As for the average salary, forget the outliers, majority of MDs including the all-day-pen-spinning family doctors make $260k and if he opens up his own practice - single practice with 1 associate pulls in about 600k for himself. 600K taxed at LLC rate unlike us finance people who gets more than half of our income as bonus which then gets taxed at 48.56465465254%
I am not bashing MBA students. I am just giving MDs more respect than top10 or even Harvard MBA grads because when you see someone get T boned and his guts and bones are showing, the person who could and might save his life is the MD not a Havard grad MBA running a short long equity fund that has underperformed the benchmark 7 out ouf 10 years.
No doubt medicine in the U.S. is very lucrative, no accident given the artificial restriction on supply, and less risky in that income has a tight distribution. And certainly provides important services.
But to suggest the caliber of an average m.d. student is on par with top 5 MBA is just not accurate.
Couldn’t find the overall chart, but here’s some ethnic data representing 26000 applicants. A Mediocre score is far more than an outlier. These mediocre students do become doctors. This reflects the rigor of what it takes. Kicking ass is a different issue. And medicine certainly attracts some of the best and the brightest.
https://www.aamc.org/download/321520/data/factstablea24-5.pdf
the bigger point is that there are MORE people that end up getting rich from finance then medicine…
sure you have the Beverly Hills plastic surgeons making millions but as someone pointed out the majority of top medical professional earners are topping out under $500k per year (in the US after reaching peak of profession and a career of experience)… in contrast a multitude more finance professionals / asset management earn much more( globally)
finance has a higher earnings potential and it’s a bigger industry overall
take the median salary there champ. also there are wayyyyy more people in the “finance” sector than med doctors so yeah more in numbers but not more in proportionately.
I don’t think we should compare the two industries, the people who work in medical fields are motivated not only by money, but most of them probably wanted to do it because they find the work meaningful and the reward is not just from getting paid. I highly doubt that a typical surgeon is constantly thinking about how to beat the target and make more money next month or what creative ways to make money…
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