In fairness much of these FAANG salaries are coming from stock. No empire lasts forever and FAANG certainly will not, but no one can predict when it will end
Another important difference is medicine makes the most in the lowest COL areas while tech makes the most in highest COL areas. This is both a blessing and a curse depending on the individual. I didn’t account for any living costs.Well same issues apply to physicians who want to live in NY or CA, and I assure you, that’s at least 50% of the people in med school right now lmao. Thankfully I’m not in that 50%
That said, it makes sense that physicians would prefer bigger cities, but many of them are absolutely banking on NY and CA no question
Apparently attending salaries actually increased by 5% during GFC. I mean, I’m pretty sure that even the lowest paid doctors usually make around 250k pay year. Even in a relatively high tax state like NY, this is 6300 dollars after tax every two weeks. Even as somebody who makes decent compensation in gap year job, this seems like a lot of money. Mortgage on a 700000 dollar house is like 3500. Even if other expenses come out to another 3500, one could still put the remaining 5800 per month into investments and never touch it. Starting at 30, 5800 per month would mean that one would have at least 5.0million (8% ROR) and possibly 9.2million(12%ROR) by age 55.Honestly sure lots of people in tech/finance have had it made since 2015 or so, but a bubble popping seems to be coming for this year (look it up), and it could be quite bad. In 2008-2009, physician salaries if I remember correctly were hardly affected by the housing bubble.
The fed is also set to tighten inflation because it’s gotten crazy through the past decade or so
Beyond this, salary also varies a lot by location outside of COL. Using mohs as an example, the median salary in the midwest is 910k while in the east coast it is 600k. That's a massive difference. Midwest seems to be consistently higher for almost every specialty and the west also; these differences are huge when looking at higher paying specialties. Milwaukee WI is top 5 in physician compensation—obviously a great city but not somewhere most people are striving to live haha.Another important difference is medicine makes the most in the lowest COL areas while tech makes the most in highest COL areas. This is both a blessing and a curse depending on the individual. I didn’t account for any living costs.
And spends 3 days a week in a hotel easily and doesn’t stop when they get more senior. Lame-oUndergrad who goes to top consulting firm makes about $90k with $10-20k bonus. Can advance to Associate partner in 5-6 years with salary plus bonus around $450-500k. No graduate degree; no MBA...just undergrad.
Oh most of them are IMO and excelling for long periods in many of the other professions mentioned in this thread is not easy, thread is making it all seem like it’s cake compared to medicine which isn’t even close to accurate2 years out of undergrad with a B.S. in Biology and I was making a 6 figure salary already working in sales at SaaS technology companies in Silicon Valley. If I stayed in sales instead of leaving to do research to get into medical school, I would of easily been making 300K per year 5 years in. Good SaaS tech sales reps (half your salary is commission-based) and software engineers make significantly more than your average physician and only ever have a bachelor's degree. If your reason for going to medical school is just to make bank as a physician then you've chosen the wrong career path. There are other professional careers that pay significantly better and require much less student loan debt and fewer years of education. I personally left a very lucrative career and a job I really excelled at to pursue medical school because I wanted to help people; financially, medical school is not the smart move for me as I will incur a lot more debt and make significantly less income as a physician (unless I specialize in neurosurgery or plastics). Hopefully most people going to medical school are not in it for the money.
I travel a decent amount for work and don’t mind hotels. Actually one of the best parts of the job imo. Especially since we can bill meals and such.And spends 3 days a week in a hotel easily and doesn’t stop when they get more senior. Lame-o
This. It seemed like the post regarding consultants was making it seem like a relatively straight path to upper levels at consulting firms. In the aggregate, I would estimate that mckinsey, Bain, and BCG have annual attrition rates above 10% and likely double or triple that at key milestones (2-3 years in)Oh most of them are IMO and excelling for long periods in many of the other professions mentioned in this thread is not easy, thread is making it all seem like it’s cake compared to medicine which isn’t even close to accurate
That's not been my experience at all. I attended a Top 10 university and anecdotally speaking, it seemed about half of the top students chose medicine while the other half either chose computer science or finance. On a more objective note, medicine is only getting more and more competitive, both for medical school admission as well as the residency match. Even the students at the DO school I attend are way more intelligent on average than the finance/comp sci majors at my highly-ranked undergrad university.I am pretty certain that medicine has not been attracting the brightest students for at least the past 4-5 years. I attended one of HYPSM for undergrad and a large number of our smartest students chose to study some combination of mathematics, statistics, or computer science.
Definitely agree with the last part, but I don't know that the first part is true. Of course, I can't speak to your university, but Harvard has done an analysis of its graduates, and I imagine it would look somewhat similar across the T10.That's not been my experience at all. I attended a Top 10 university and anecdotally speaking, it seemed about half of the top students chose medicine while the other half either chose computer science or finance. On a more objective note, medicine is only getting more and more competitive, both for medical school admission as well as the residency match. Even the students at the DO school I attend are way more intelligent on average than the finance/comp sci majors at my highly-ranked undergrad university.
I wish what you were saying were true. At least then the profession of medicine would be forced to make some changes to match the tech fields, but right now the demand for medical school is still way higher than it should be.
Many people who take premed classes at these schools will do consulting or finance gap year before applying to medical school.Definitely agree with the last part, but I don't know that the first part is true. Of course, I can't speak to your university, but Harvard has done an analysis of its graduates, and I imagine it would look somewhat similar across the T10.
The Harvard Crimson | Class of 2017 By the Numbers
When Harvard College’s Class of 2017 departs Cambridge this week, they will leave a campus in the midst of a debate about its values and enter a professional world in the middle of a contentious dispute over its own direction.features.thecrimson.com
18% consulting, 18% finance, 15% technology. Only 5% went into healthcare fields, which includes MD, DO, Dental, Pharm, Nursing, not just medicine. It does, however, exclude MD-PhD, which would fall under academia (7%) alongside just PhDs. I would estimate about 3% of Harvard grads end up pursuing MDs and 1% MD PhD.
Just a personal anecdote, but every single one of my friends who entered T15 unis planning to be pre-med ultimate switched to CS, finance, or consulting. Quite frankly, had I know the immense amount of money in tech and the ease of getting it (especially with connections and prestige- both my parents work in tech and I got into Cornell though didn't go) I likely would have chosen that career path. I'm honestly still temple, as I have a CS degree. I could never do finance or consulting though. Even if there is money the lifestyle sucks for a while and the job doesn't seem enticing in any way.
Does this only include people who matriculated directly into med school? I would imagine the number of Harvard grads ultimately going to med school within the next few years would increase that percentage pretty significantly.Definitely agree with the last part, but I don't know that the first part is true. Of course, I can't speak to your university, but Harvard has done an analysis of its graduates, and I imagine it would look somewhat similar across the T10.
The Harvard Crimson | Class of 2017 By the Numbers
When Harvard College’s Class of 2017 departs Cambridge this week, they will leave a campus in the midst of a debate about its values and enter a professional world in the middle of a contentious dispute over its own direction.features.thecrimson.com
18% consulting, 18% finance, 15% technology. Only 5% went into healthcare fields, which includes MD, DO, Dental, Pharm, Nursing, not just medicine. It does, however, exclude MD-PhD, which would fall under academia (7%) alongside just PhDs. I would estimate about 3% of Harvard grads end up pursuing MDs and 1% MD PhD.
Just a personal anecdote, but every single one of my friends who entered T15 unis planning to be pre-med ultimate switched to CS, finance, or consulting. Quite frankly, had I know the immense amount of money in tech and the ease of getting it (especially with connections and prestige- both my parents work in tech and I got into Cornell though didn't go) I likely would have chosen that career path. I'm honestly still temple, as I have a CS degree. I could never do finance or consulting though. Even if there is money the lifestyle sucks for a while and the job doesn't seem enticing in any way.
Yeah, I was just speaking from my personal experience, so I could have been wrong. Out of curiosity, I looked up my school for that same year, and it seems that about 35% of people go to graduate school, and of that number, 32% is engineering/comp sci-related while 37% is healthcare related. However, this doesn't take into account the fact that the majority of medical school applicants (including myself) usually spend a year doing something else before going to medical school, so I would assume the number applying to medical school is actually much higher than is reported with this data.Definitely agree with the last part, but I don't know that the first part is true. Of course, I can't speak to your university, but Harvard has done an analysis of its graduates, and I imagine it would look somewhat similar across the T10.
The Harvard Crimson | Class of 2017 By the Numbers
When Harvard College’s Class of 2017 departs Cambridge this week, they will leave a campus in the midst of a debate about its values and enter a professional world in the middle of a contentious dispute over its own direction.features.thecrimson.com
18% consulting, 18% finance, 15% technology. Only 5% went into healthcare fields, which includes MD, DO, Dental, Pharm, Nursing, not just medicine. It does, however, exclude MD-PhD, which would fall under academia (7%) alongside just PhDs. I would estimate about 3% of Harvard grads end up pursuing MDs and 1% MD PhD.
Just a personal anecdote, but every single one of my friends who entered T15 unis planning to be pre-med ultimate switched to CS, finance, or consulting. Quite frankly, had I know the immense amount of money in tech and the ease of getting it (especially with connections and prestige- both my parents work in tech and I got into Cornell though didn't go) I likely would have chosen that career path. I'm honestly still temple, as I have a CS degree. I could never do finance or consulting though. Even if there is money the lifestyle sucks for a while and the job doesn't seem enticing in any way.
I feel that just chasing money when one is career searching is a great way to end up miserable. While one's not making the most money they potentially can by going into medicine if you enjoy helping people you may be happier in the long run. Working a higher paying job and being miserable might make you spend more money too. I know people who's stress coping mechanism is to shop so one may spend more of their money going into tech if they hate it.
There’s diminishing marginal utility on incomes above 150k (but this number is more likely 250k in many areas such as California and New York). Also that number is probably also reflecting family/kids.
True but assuming a 33% tax rate, 250000 is 12400 per month take home. Even if bills are 5000 a month, gives you 7400 a month to invest. In 30 years at 10% compound annual growth rate, that would be ~14000000.Disagree. More money means more to invest. Diminishing returns are seen at far higher levels of income
I don't know where you are getting these numbers but a lot of people have to make do with far lessThere’s diminishing marginal utility on incomes above 150k (but this number is more likely 250k in many areas such as California and New York). Also that number is probably also reflecting family/kids.
If you plan to have your kids go to private high school, you’ll need to put 50000k into an investment account when you find out you’re pregnant (assuming no adding year by year after initial lump sum added). If you plan to pay for their college as well, you’ll need to put 38000k in similar account (need less since there is more time for it to accrue while kid is in high school). That’s 88000k per kid. Just goes to show how expensive that can be compared to salary that somebody without kids finds comfortable.
A lot can happen in 30 years. That not something to bank on. You’re going to want plenty of shorter term investments tooTrue but assuming a 33% tax rate, 250000 is 12400 per month take home. Even if bills are 5000 a month, gives you 7400 a month to invest. In 30 years at 10% compound annual growth rate, that would be ~14000000.
Many people who take premed classes at these schools will do consulting or finance gap year before applying to medical school.
Also, A 3.0 at Harvard can you an analyst role at a boutique investment bank if you have some connections, but won’t get you into an allopathic medical school
Excellent points and questions. I went back and reread the article, more closely this time:Does this only include people who matriculated directly into med school? I would imagine the number of Harvard grads ultimately going to med school within the next few years would increase that percentage pretty significantly.
Also most consultants take time for a 2 year MBA before they become VP, which is the level at which people make the 400-500k salaries. https://www.google.com/amp/s/www.clearadmit.com/2018/05/mckinsey-company-mbas/amp/And spends 3 days a week in a hotel easily and doesn’t stop when they get more senior. Lame-o
I would say the same for tech, just not to the same degree. However, top tech colleges have a much better curriculum than lower colleges. My college taught me less for my CS adjacent major than a single class on the same topic taught my friend at a T25 CS program.It seems like at top colleges, getting into med school is much harder than getting into finance or consulting but at most other schools I would say med school is easier than finance (but still not easy of course. I would never say that med school admissions are easy)
btw, what are the first five digits on your SSN?Also most consultants take time for a 2 year MBA before they become VP, which is the level at which people make the 400-500k salaries. https://www.google.com/amp/s/www.clearadmit.com/2018/05/mckinsey-company-mbas/amp/
Granted , it’s paid for most of the time, but it’s 2 years lost income.
91265... weird thing to ask for someone’s storage system number, I think I just have old books in there.btw, what are the first five digits on your SSN?
Doesn’t even include the attrition from the 40h office mandateTech Layoffs: US Companies With Job Cuts In and 2023 and 2024
Tech layoffs: More than 300,000 workers at US-based tech companies have been laid off in mass job cuts since the start of 2022, with the cuts continuing in 2024.news.crunchbase.com
Tesla planning to lay off 10%
Which is intentional to avoid severance packages anywayDoesn’t even include the attrition from the 40h office mandate
I think everyone who went into medicine between 2009-2020 or so are gonna have some arguably valid financial regrets as they’ve seen their peers in other fields take full advantage of the bull run in said years, but as we go into a recession, maybe the most recent trainees will change their tune…that said this bear run could easily impact certain specialties too given the ensuing nursing shortage (and therefore “healthcare shortage” to be exploited)
Yup thisI think everyone who went into medicine between 2009-2020 or so are gonna have some arguably valid financial regrets as they’ve seen their peers in other fields take full advantage of the bull run in said years, but as we go into a recession, maybe the most recent trainees will change their tune…that said this bear run could easily impact certain specialties too given the ensuing nursing shortage (and therefore “healthcare shortage” to be exploited)
Yup this
The tech bubble is bursting. Next decade will be different. Cheap money is going, going, gone. Artificially inflated company valuations for companies that don’t make money is going away.
How long will that last before layoffs occur?Hi OP, I work in pharma and with base, bonus, stocks etc, my package is about $300k right now. I am in my late twenties and have a PhD. Six figures is not that high anymore in certain fields, my friends in tech/finance with Bachelor's or Masters make even more than me especially at the big companies.
Everyone I talked to who is actually in tech says that this will definitely be a rough year. Multiple companies reporting mass layoffs or at least a freezing of new hires. Just deciding whether I should put my money where my mouth is...
Yea, part of me is thinking that’s a stupid idea cuz they’re all down ~40% already, but all my friends are in tech and they’re telling me things will get worseWhat do you mean? Are you shorting Tesla FAANG or something lol