Going into medicine for the money?

[orderofthescar]

I am not sure about that. There are far fewer high paying jobs available than there are graduates and people willing to take them. You really don't need a business degree to go into finance/consulting. There are plenty (if not most) of engineers who get into MBA program and switch fields. There are plenty of random majors from ivy schools or connected kids. Also lets remember getting into top MBA != getting into med school. And there is far less merit-based ways to get the job you want through the program. It's all about who you know/networking. Even if you are a perfect student you can simply strike out.

Everything you've mentioned is true for business/finance, medical, and engineering fields. A good career involves networking, high levels of competition and a certain amount of risk, and medicine is not exempt from that.

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[deleted393595]

Then you invest. Time is money: https://www2.blackrock.com/us/finan...-new-world-of-retirement-starting-out-20s-30s

You don't say?

https://www.rci.com/RCI/

 

[SunsFun]

Everything you've mentioned is true for business/finance, medical, and engineering fields. A good career involves networking, high levels of competition and a certain amount of risk, and medicine is not exempt from that.

Agreed but there is no such thing as STEP 1 in MBA. Your grades/hard work mean very little comparing to med school. So I guess it is not that what I said would be false for medicine, it is true to much lesser extend.

 

[Fulchera10]

If you're not into science then you're wasting your time. Not only is this because you stand a lower chance of getting into medical school, but also because medical school will be much more difficult then it already is. If your not into science then medical school will more then likely be the worst time of your life.

When you become older and more mature, you'll understand work becomes a passion - not just a means to obtain money. I'll be blunt here and say you don't seem cut out for medical school - but hey, prove me wrong. Of course this is purely off speculation since I haven't even looked at your transcript, but I can tell you that if you have a G.P.A below 3.0 then you might as well consider other career fields (that is if you want to be an M.D). And if you have a G.P.A above 3.0 but below 3.5, then you need to put yourself into high-gear.

 

[circulus vitios]

if you major in finance, IT, or business, work your butt off for a few years, then apply to a top MBA program, you will be making more than most primary care physicians. I am a career changer, leaving a staffing company that places IT, management, and finance consultants in fortune 500 companies. I typically see rates of $85-100/hour, with salaries of $150-170k/year. Bonuses range form anywhere form 8-25%, with the higher end being much more common with finance related jobs.

You also have to keep in mind that these consultants are making this with 6 years' of education. Medicine is 8 years' education, with 3+ years residency. There is lost opportunity cost with becoming a physician since you are putting off your high earning years by close to a decade. You lose out on compounding interest. On top of this, you'll be taking out hundreds of thousands of dollars in debt.

when you break it down and look at the options, there are clearly easier ways to make money. Nothing is guaranteed of course, but if you are willing to work as hard as you would for medical school, you can certainly make something of yourself in business/it/finance.

Top MBA programs require 3-5 years of amazing work experience at top companies. You aren't going to get into an amazing MBA program with 5 years of work experience at some rinky-dink company -- they want people from high-finance places like Goldman/JP Morgan/Morgan Stanley, or sexy tech companies like Google or Facebook. In case you don't know, getting a job at these types of companies is harder than getting into medical school.

 

[circulus vitios]

When you become older and more mature, you'll understand work becomes a passion - not just a means to obtain money.

Have you ever held a job in your entire life?

 

[Gauss44]

Some people go into money for the patients.

Too many people die of curable diseases due to a lack of funding.

Too many diseases are incurable due to a lack of research funds.

What medicine needs is money...

(Sometimes I wonder if I would save more lives as a philanthropist donating to medicine and poor people with medical problems, or as a doctor.)

 

[Fulchera10]

Top MBA programs require 3-5 years of amazing work experience at top companies. You aren't going to get into an amazing MBA program with 5 years of work experience at some rinky-dink company -- they want people from high-finance places like Goldman/JP Morgan/Morgan Stanley, or sexy tech companies like Google or Facebook. In case you don't know, getting a job at these types of companies is harder than getting into medical school.

Inaccurate. You seem to be using lots of speculation about MBA programs. I know of many people who have deviated from the boundaries you just described. However, I do agree with your comment about many of those companies being more difficult than an acceptance into a medical school.

Oh, and I've had plenty of jobs. What you say applies to crummy positions but you seem to be misinterpreting what I'm saying. It's a passion because it is rewarding - you've benefited society and you feel good for doing so. This isn't going to apply to all positions in the work place, but is especially prominent amongst physicians who see a direct benefit amongst their patients.

*Edit: your on the internet buddy, save the narcissistic talk for when we can actually evaluate your competence and get an understanding of who somebody actually is.

 

[circulus vitios]

Inaccurate. You seem to be using lots of speculation about MBA programs. I know of many people who have deviated from the boundaries you just described. However, I do agree with your comment about many of those companies being more difficult than an acceptance into a medical school.

What made these people special in the eyes of the MBA admissions committee? I'm guessing they started their own companies or were truly world-class at their jobs?

 

[Fulchera10]

What made these people special in the eyes of the MBA admissions committee? I'm guessing they started their own companies or were truly world-class at their jobs?

The MBA admissions committee - as in there is only one? There is a variety of factors that are appealing, but most importantly are a registry exam and g.p.a which deviate from the norm. Are you forgetting the oh so obvious fact that there are high, mid, and low tier MBA programs? *sigh*

If what you said held any rational consistency, which it doesn't, then we'd have a shortage of MBA degrees along the likes of medical doctorate degrees.

*Edit: You would in fact be implying that there are less MBA degree holders than M.D holders by saying such a statement.

 

[SunsFun]

The MBA admissions committee - as in there is only one? There is a variety of factors that are appealing, but most importantly are a registry exam and g.p.a which deviate from the norm. Are you forgetting the oh so obvious fact that there are high, mid, and low tier MBA programs? *sigh*

If what you said held any rational consistency, which it doesn't, then we'd have a shortage of MBA degrees along the likes of medical doctorate degrees.

*Edit: You would in fact be implying that there are less MBA degree holders than M.D holders by saying such a statement.

I am not sure if you're trying to say that the most important factors are your GPA and GMAT. In this case I would disagree with you when it comes to top programs. Almost all of their applicants are in the reasonable range. What gets them admitted is amazing experience (connections, names, impact). It is not at all a numbers game.

 

[jm192]

Maybe if you go into medicine for the money and you just hated science more than anything, you'd be miserable.

But, I honestly can't think of many jobs that I wouldn't dislike. If ESPN would pay me for fantasy football columns, I'd have found my passion. But, that's not realistic. And even if they did, what are they going to pay me?

Medciine is always going to be there. The pay is always going to be six figures. 4 years of college--you're probably doing anyway. 4 years of medical school--sucks at times, but so would 4 years doing 40 hours of scut business work HOPING you made the right connections.

Then 3 years of residency--making 45-50K. Poor little you.

I think the guy was sarcastic when he said you wouldn't be a good doctor if you did it for the money--money fuels most of the world.

Lastly, even if you aren't "passionate" about helping people, there's virtually no one that doesn't feel good when doing it. Even if you weren't born to save lives, you still feel pretty darn awesome when you do.

Medicine has become viewed as this sacred profession that isn't supposed to be a job. Mechanics and lawyers can do it for the money. But medicine is supposed to be above being a job.

If I go to school for 8 years and spend most of my 20's becoming educated--I can do it for whatever reason I like.

 

[DoctorSynthesis]

Maybe if you go into medicine for the money and you just hated science more than anything, you'd be miserable.

But, I honestly can't think of many jobs that I wouldn't dislike. If ESPN would pay me for fantasy football columns, I'd have found my passion. But, that's not realistic. And even if they did, what are they going to pay me?

Medciine is always going to be there. The pay is always going to be six figures. 4 years of college--you're probably doing anyway. 4 years of medical school--sucks at times, but so would 4 years doing 40 hours of scut business work HOPING you made the right connections.

Then 3 years of residency--making 45-50K. Poor little you.

I think the guy was sarcastic when he said you wouldn't be a good doctor if you did it for the money--money fuels most of the world.

Lastly, even if you aren't "passionate" about helping people, there's virtually no one that doesn't feel good when doing it. Even if you weren't born to save lives, you still feel pretty darn awesome when you do.

Medicine has become viewed as this sacred profession that isn't supposed to be a job. Mechanics and lawyers can do it for the money. But medicine is supposed to be above being a job.

If I go to school for 8 years and spend most of my 20's becoming educated--I can do it for whatever reason I like.

If you go into medicine for the money you're going to have a bad time. (doctors won't be making that much in the future) Also be prepared to work and get paid almost nothing for it sometimes.

 

[circulus vitios]

The MBA admissions committee - as in there is only one? There is a variety of factors that are appealing, but most importantly are a registry exam and g.p.a which deviate from the norm. Are you forgetting the oh so obvious fact that there are high, mid, and low tier MBA programs? *sigh*

If what you said held any rational consistency, which it doesn't, then we'd have a shortage of MBA degrees along the likes of medical doctorate degrees.

*Edit: You would in fact be implying that there are less MBA degree holders than M.D holders by saying such a statement.

I have literally no idea what you're trying to say.

You're arguing that GPA and GMAT are important? GPA is a joke for MBA programs. Harvard's MBA program (the #1 MBA program in the country) has a 3.78 average GPA. I don't know anything about the GMAT, but from what I understand it's an incredibly easy test. HBS has a 97th percentile median GMAT, for what it's worth.

I'm fixated on top MBA programs because they're the only ones worth attending if you want to focus solely on money. Bloomberg Business Week put together a nice compilation of earnings by school. It's pretty easy to see how quickly the money drops off as you go down the rankings. http://images.businessweek.com/slideshows/2012-06-11/top-b-schools-for-mba-pay#slide1

Having to explain makes me doubt that you know what you're talking about, or that you really worked in a staffing agency.

 

[Sephiroth]

The MBA admissions committee - as in there is only one? There is a variety of factors that are appealing, but most importantly are a registry exam and g.p.a which deviate from the norm. Are you forgetting the oh so obvious fact that there are high, mid, and low tier MBA programs? *sigh*

If what you said held any rational consistency, which it doesn't, then we'd have a shortage of MBA degrees along the likes of medical doctorate degrees.

*Edit: You would in fact be implying that there are less MBA degree holders than M.D holders by saying such a statement.

I think you're missing an important distinction implied in CV's posts, which is that between "an MBA" and "an MBA worth having that will actually get you a high-paying job." Everyone and their mother could go out and get an MBA or a JD if they wanted, but only those from top schools have decent shot at the high paying jobs in question. And these top schools will have much more rigorous admissions standards, and top MBA programs like Harvard, Stanford and Penn will expect some pretty impressive work experience. I know a guy getting an MBA from one of the lesser Florida schools that no one outside the state has ever heard of after doing pretty much nothing for a year post-graduation. I expect the benefit of this MBA on his employment prospect to be incredibly small.

edit: cv beat me to it

 

[Beargryllz]

Your occupation should be a resource that fuels your passion

Medicine *is* a way to make vast sums of money, and if that is what you want, then medicine is a legitimate path

It isn't the only way to make money, but out of all the possible careers, there is no better option

I suppose your occupation could be "inherit millions and invest" but for the rest of us, we have to work for a living, and I want a good living

 

[afujiwa3]

-Try you hand at wall street and cheat the system
-drug/arms dealer
-crime lord
-politician (make money from lobbyists)

those last 3 things are pretty much the samething

 

[Fulchera10]

I am not sure if you're trying to say that the most important factors are your GPA and GMAT. In this case I would disagree with you when it comes to top programs. Almost all of their applicants are in the reasonable range. What gets them admitted is amazing experience (connections, names, impact). It is not at all a numbers game.

I wouldn't have stated in my post that there are mid and low tier MBA programs if I did not agree with you. The man I was quoting was attempting to say that in order to gain entry into these programs, you MUST work at a top company, which couldn't be farther from the truth.

 

[ChemEngMD]

Top MBA programs require 3-5 years of amazing work experience at top companies. You aren't going to get into an amazing MBA program with 5 years of work experience at some rinky-dink company -- they want people from high-finance places like Goldman/JP Morgan/Morgan Stanley, or sexy tech companies like Google or Facebook. In case you don't know, getting a job at these types of companies is harder than getting into medical school.

I have a friend starting at Harvard's MBA program this coming year after 3 years working for a major chemical supply company...far from a "sexy" job and he's going to the #1 school....MBA programs want diversity in their classes too


Edit: All THREE people I know that have gone to HBS for their MBA have been engineers

 

[novafan3000]

There are easier ways to making a high 5 - 6 figure salary including PA, NP and some upper nursing positions (though these are difficult to get). Less BS and less debt and schooling.

However, always be wary of pre-med kids saying "medicine shouldn't be for the money, etc etc" as they could be just trying to dissuade competition.

While I agree with you, I think the problem is there is this "need" for kids to be educated through college and the only guaranteed 6-figure job when it comes to just going through school is medicine right now. Other career paths aren't as clear cut and require ingenuity to get a high salary; however, here we are spoon fed that a college education = jobs.

Medicine is really the only job that will have guaranteed job security. Unless Congress enacts some sort of insane law that allows FMGs to practice here without any hoops to jump through like now because of the "doctor shortage".

nailed it.. esp the spoon fed part

 

[novafan3000]

ladies and gentleman, lets not forget that there is a managing money side to becoming "successful." look at nick cage, mike tyson, mc hammer, t.o. etc... who made millions over their careers but didn't know how to manage it (or hired someone who didn't) and are now broke as a joke.. i think managing money is definitely more important than making a lot.. i mean of course it helps to make 6 figures, but there are a lot of fine investors out there who made a boatload off nothing

 

[Neutral]

He lies.

This is like saying all people must care about their job, or they couldn't possibly do good work. Certainly, money can be an incentive to do good things.

And it's not mutually exclusive!

If you care about people and money, all the better.

(Just joking about the lie.)

I think his post was satire