Consulting versus Medicine?

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I think we're pretty similar in our personalities and desires so I'm going to chime in here.

Yes med student / resident burnout is a real thing and some people start to feel that way as early as 3rd year of medical school and it does happen, but NOT to everyone. I'm graduating from medical school in a few months now. People complain a lot...that's just how it is, not just doctors and student doctors, but ALL people. I know my parents complain about their jobs on occasion, and my friends' parents complain. My friend from high school - her father is a neurologist and LOVES his job but complains that he has to take call occasionally. People will always find something to complain about. (Meanwhile there's billions of people without anything to eat tonight....so let's keep things in perspective.)

And keep in mind that you're on a "student doctor" forum and always keep in mind that the grass always appears greener on the other side. I have friends that went into business/consulting that just aren't happy and wish they went into medicine. And likewise I have medical school friends that wish they had considered going into business.

Now all that being said, I think what you should do is go into consulting for 2 years - see how you like it, and then if you're sick and tired of it - which I assume you will be since you said most people quit after about 3 years), at least you'll have already taken all the required premed courses already, and you'll have money saved up to pay for medical school. I think it's a GREAT choice and you should get started with the recruiting process ASAP.

I didn't go to a top undergraduate school with lots of opportunities for recruitment, or I likely would have done exactly that.
 
You're a Harvard kid. Go ibank, make a couple million, and relax for the rest of your life after the 100 hour weeks of hell are over.
 
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I say try it out. Consulting is a pattern-recognition, critical problem solving based profession just like Medicine. Except in consulting you will usually diagnose cases/businesses/strategies/markets instead of people. Go intern somewhere and start the process, see if you like it. Might suit you perfectly, might not - but you will never know if you don't try.
 
I second the motion that you should try it on. I did consulting for 2 years after a similar ivy undergrad. It wasn't for me; I wound up studying for the MCAT while working full-time to reroute myself into a career track that seemed more fulfilling. Deep in debt and no paychecks in sight for the near future, I'm still happy with my choice. Since you're young you could even apply to med schools and do recruiting. One of my friends deferred for a year while doing health care consulting.


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Would definitely try out consulting before medical school. I did the same, worked in management consulting for just over a year before school and it was a really valuable experience. On the job training in management consulting is typically very good, and there's just a whole new skill set to be learned about how to be a true "professional". That's taken me a long way in med school. I don't think I could go back to being a professional consultant, because no matter how much firms will try to deny it, the number one priority is selling work. I see work as something I love enough to do for free, but just happen to get paid.

The notion that you are born from the womb as a future doctor is completely ridiculous. You SHOULD be "taste-testing" other fields and gaining a diverse skill set. You've got the freedom try research, consulting, banking, food service…whatever! If you love medicine, then you'll come back to it every time and with more purpose. I'm actually not sure how tunnel vision students know they're meant for medicine, what are they comparing to?
 
I'd say go for it if you think you've got a shot at MBB or top tier boutique. Management consulting is the most well-marketed exit opp for bschool grads, but there are a lot of mixed feelings within the industry itself (prestige aside). At worst you make 80-90k/year, and MBB really closes no doors.

Oh, and speaking from my own experiences with medicine and consulting - the grass is always greener. Try to think critically about what consultants actually do and whether or not you would really like it. The travel isn't real travel (what? you think we go anywhere except client site and our hotel +/- a restaurant now and then?) and you get real tired of living out of suitcase 4 days a week, even if your meals and taxis are expensed. The work itself leaves much to be desired; it's marketed as "high-exposure" and "diverse" and to be fair it is. But ask yourself if you think 3-6 months is really enough to fully understand an industry. It's difficult work but in large part only because you will constantly lag behind the learning curve at every engagement. Your team is constantly switching (and if you're with McKinsey they won't even be from your office due to global staffing) so you have no real work friends. Oh and did I mention global staffing really sucks?

There's a funny theory one of my colleagues and I made up which is that the best and brightest consultants always leave the firm for startups and upper corporate management, being fed up with consulting life. The weakest are culled after 2nd year, leaving only the mediocre or prestige-obsessed to spend their lives on partner track.

I'm being one-sided, but I think consulting does a fine enough job of selling itself. It's not all bad - the prestige is great and people really do notice. But if that's all you're looking for then medicine will bring you the exact same thing.

EDIT: realized you had actual questions.

1). doesn't consulting pay better than medicine, at least in the short run? Does that equalize out in the long run?

Depends on what you exit into. Entry pay at MBB and some top tier boutique is 70 + 5k signing + bonus = 85-90k/year. At senior consultant (>2 years) you will be breaking 100k with 20k bonus. I know a guy at BCG in his 3rd year making 150k/year. The opportunity cost of med school (4 years) is around 500k, plus 300k actual debt. We'll round off to $1m if we count residency.

There's no question of which is better paying if were talking MBB. Alumni at lower tier firms would probably even out with Dr's in competitive residencies after around 10 years.

2) Is the saying that "if you can see yourself doing anything other than be a doctor, don't be a doctor" true?

No that's just dumb. I mean, that's even assuming that doctors all do the same thing.

3) Is it also true that most people, on their way to becoming doctors, lose that compassion/burn out? Is this an even greater risk if you were never burning to become a doctor?

People who burn out in med school would burn out in consulting. I have no doubt of this.

All in all: I would suggest med school if you can't get into MBB out of undergrad. Your brand will probably get you interviews at these firms if you have decent grades and leadership but you still need to crack the case.
 
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Oh and sell the transition as "consultants are just like doctors that diagnose business illnesses!". Interviewers eat that **** up.
 
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