Accounting vs. Dentistry guys. Help me calculate if it is worth it or not

[dentalcpa90]

Thanks guys.

I guess I will start shadowing and see if it is something I really want to do.

The main reason why I am considering dentistry is not the financial part. It is just one of the reasons but not the main one.

The real reasons are that I am looking for something more challenging and meaningful to me. Accounting and other related fields just doesn't do that for me.

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[dentalcpa90]

I don't find it funny. This is my life here.

I know it is a calling but it has to be worth it to me too.

 

[jeffk805dent]

I dont know too much of accounting to give you advice but here's something:

if you want to work in a rural area - dentistry hands down
if you want to work in a metro area - accounting hands down (unless you had little loans and a dental practice to be hooked up with)

you assume you'll be a controller. Make no mistake good performers in accounting will indeed be rewarded with promotions and salary but not all top performers will become controller just a lot of dental students wrongly assume they'll be making 200k in 2 years time.

UCLA and UCSF are difficult to get into so you might have to assume you'll be headed for a private school (UNLV is the other option with in-state residency), which can cost you $450k-$520k nowadays.

 

[tooth knockn]

Hi Guys,

Currently, I am working as an accountant making 74k a year. However, I am thinking about going to dental school and becoming a dentist. I am having difficulty calculating if it is financially worth it or not. Can you guys help me out?

I am a former pre-pharmacy student, so I have all the pre-reqs finish already. My GPA is 3.9, and all I have to do is work on my EC's and do some shadowing.

I am a Californian so my choice of schools are in this order of:

UCSF, UCLA
Private In-state
Private OOS

Let's say I go to a Private OOS and go into Corporate Dentistry right after school. I work there until I feel comfortable enough to start my own practice back in California. I also plan to do IBR (is IBR worth it?) or some kind of refinancing if I could.

As for the accountant, let's say I work my way up to Controller in a couple of years. I max out my Roth and traditional IRA every year and plan to invest in real estate in the upcoming years.

At what time would dentistry catch up with the accountant? That is the big question I have.

Also another huge factor consider is the housing.

Right now, I am living at home and saving significantly on rent and food.

As a dentist, I probably will be renting for a LONG time. I am not even sure what usually goes first. A practice or a house? Is it even possible to get a loan for a practice and house with such huge student loans?

Help me out guys. There are so many factors for me to consider. I can't seem to decide what path I should take.

Money is a huge issue for you....

You will be chained to debt, unless you are paying out of pocket.

Dental student debt could be get high above 400k.
Helping people with their money /budget/taxes , is not the same as helping an individual to improve their health....
Health can deteriorate, and money from your potential accounting clients could run dry, but nobody gets hurt.



You seem to be all over the place.

Stick to accounting, and if your lucky, and good, I'll hire you in like 5-6 years.

 

[cacajuate]

Shesh, tough call. How old are you?

No debt, making decent cash now and able to save serious amounts for retirement early is hard to beat. You will make more money as a dentist much later down the road, but will start out deep in the whole. Whereas currently your retirement will be seriously large later.

What do you think the salary cap of an accountant is? That would probably be my deciding factor.

 

[jeffk805dent]

Health can deteriorate, and money from your potential accounting clients could run dry, but nobody gets hurt.

two things are certain - death and taxes. I dont see accountants becoming hookers anytime soon.

Another fallacy is that because people need to be healthy that healthcare professionals will be raking it in. If that were the case, family practitioners would be making well above 200k (certainly not the case).

 

[dentalcpa90]

I dont know too much of accounting to give you advice but here's something:

if you want to work in a rural area - dentistry hands down
if you want to work in a metro area - accounting hands down (unless you had little loans and a dental practice to be hooked up with)

Hi Jeff,

Those are the same thoughts I had.

The thing I like about accounting is that I can make good money working anywhere. As for dentistry, it seems I have to work in rural or take a significant reduction in my paycheck just to be close to my family.

I can't seem to balance the two and what makes me more happier exactly.

UCLA and UCSF are difficult to get into so you might have to assume you'll be headed for a private school (UNLV is the other option with in-state residency), which can cost you $450k-$520k nowadays.

Yes, that is why I assumed I would be going to a private OOS.

 

[dentalcpa90]

Money is a huge issue for you....

You will be chained to debt, unless you are paying out of pocket.

Dental student debt could be get high above 400k.
Helping people with their money /budget/taxes , is not the same as helping an individual to improve their health....
Health can deteriorate, and money from your potential accounting clients could run dry, but nobody gets hurt.



You seem to be all over the place.

Stick to accounting, and if your lucky, and good, I'll hire you in like 5-6 years.

Haha thanks.

Helping people with their money/taxes is not the same as improving people's health but I enjoy doing both.

Shesh, tough call. How old are you?

No debt, making decent cash now and able to save serious amounts for retirement early is hard to beat. You will make more money as a dentist much later down the road, but will start out deep in the whole. Whereas currently your retirement will be seriously large later.

What do you think the salary cap of an accountant is? That would probably be my deciding factor.

I am 26. I am not sure what the cap is exactly. There are so many thing I can do. I don't have to do accounting all my life per se. I can branch into other fields too if I feel like it.

 

[midman19]

I think you could crunch out the numbers better than any of us as to whether or not it makes financial sense to make the switch. However I think you need to make the decision based on where you see yourself in thirty years. Money aside, Do you want to be a dentist or an accountant?? It is never to late and money isnt always the catchall if it means you'll be happier doing something else.

 

[Master Yoda]

Have you taken any science courses (pre-reqs) for dental school? You need to take care of those first and that requires a postbacc program (formal or informal). In addition, you need some upper division sciences courses as well. So you are looking at 2 years of postbacc.

The other issue is why do you want to be a dentist. If it's only for money then ..................

 

[I want to go to there]

You are an accountant, crunching the numbers like this should be easy for you. Going only by salary, you would have made more as a dentist in 10+/- years(depending on how successful you are) from now, assuming your salary stays the same. However, it won't stay the same, especially if you hit big with your investments, so you could potentially make way more as an accountant.

General dentists make anywhere from 150k to 400+K per year. Really depends on how successful your practice(s) are.

Specialists make like 200k to 500++K per year. Same reasoning as above for the upper range.

You can make way more in metro area than in rural area IF you are an excellent dentist/salesman and beat out your competitions.

 

[dentalcpa90]

I think you could crunch out the numbers better than any of us as to whether or not it makes financial sense to make the switch. However I think you need to make the decision based on where you see yourself in thirty years.

I find IBR, increasing saturation, corporate dentistry, and future reimbursement rates too complex to come up with a reliable calculation.

There is also the possibility that student loans might be forgiven without a tax bomb

Money aside, Do you want to be a dentist or an accountant?? It is never to late and money isnt always the catchall if it means you'll be happier doing something else.

I think I rather be a dentist but I am not sure how I am going to cope with being away from my family, being in a lot of debt, and the delayed glorification. I might end up actually hating it instead of loving it

 

[Tikidude19]

Your last post says it all. If you think you may end up hating it, you should get a lot of shadowing hours under your belt before you start talking money.

 

[toothdriller2k17]

accounting. for what you have to pay to go to school in the first place for dentistry, it isn't worth it.

the ceiling is pretty high for dentistry, BUT in the time it takes you to establish a practice and all of that good stuff, you'll likely be making 6 figures as an accountant anyway, especially if you take any kind of advanced exams and become a CPA.

 

[mgc]

Accounting is the better option by far, financially speaking. You will not have to sacrifice 4 years of lost income in opportunity cost and the burden of loans at brutal interest rates...

I worked in finance btw... Also,
why not consider the big 4 or transactions/corp fin group within the big 4... You can also transition to private industry or shoot for high finance in investment banking. If you have good grades and can prob do well on GMAT - shoot for MBA, network hard and go PE...
You also have the option of a JD to combine with a CPA and get into tax law (unbelievably lucrative!). Bottom line is you have a tons of options within your field and industry that are way different than standard staff accounting and are in reach for anyone with good work ethic and the right qualifications. Also the money potential in finance is much greater than in dentistry.

Only do dentistry if it you abs can't stand accounting/finance/business (hard to believe because it's incredibly broad) and can't see yourself in a field outside of dentistry.

Also, why are you even considering dentistry? Is this decision purely financial? If so, you most likely won't be happy in this field. I'm asking because you haven't done any shadowing... If you think dentistry will provide you an easy 9-5 life with tons of money in the bank... look elsewhere - times have changed.

Best of luck.

 

[Incis0r]

Stick to accounting, and if your lucky, and good, I'll hire you in like 5-6 years.

Spoken like a boss.

 

[deleted480308]

if you were a good accountant, you wouldn't need help to do a ROI calculation.....go dentistry

 

[Cesar21]

It can be done! I know a dentist that I am really close to that she left accounting and went back to school to become a dentist. Her original major was communications and finance. She had her C.P.A and she worked her way up to a manager position. She was in accounting for 8 years and she went back and did her science pre requisites for Dental school took the DAT and she just graduated this past year. She is in her low 30s now, but she has so much passion for dentistry it is unreal! She loves her patients and honestly is a very successful dentist already in her first year out.

 

[Hannah Banana]

It can be done! I know a dentist that I am really close to that she left accounting and went back to school to become a dentist. Her original major was communications and finance. She had her C.P.A and she worked her way up to a manager position. She was in accounting for 8 years and she went back and did her science pre requisites for Dental school took the DAT and she just graduated this past year. She is in her low 30s now, but she has so much passion for dentistry it is unreal! She loves her patients and honestly is a very successful dentist already in her first year out.

It's very inspiring to hear stories like these... when people are actually going into dentistry for the passion and not for the cha-ching.

 

[Cesar21]

Yea honestly its so cool! She is one of the most fun and humble dentists and not in it solely for the money at all. She knows that will come later. She takes her time with patients and explains things so "common folk" can understand. She is unbelievably honest and tries to keep the best options for the patient. And I kid you not she is doing amazing. The amount of patients she is getting is unbelievable.