Career Change - Realistic $ Expectation

[hey1234]

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Hi Everyone,

I'm contemplating a career change from Corporate Finance to Dentistry. And one the many factors causing me to deliberate the topic is salary expectations. Can anyone tell me what is a reasonable compensation for a general denist after 5 years of experience? Mainly I'm concerned with salaries in Florida.

Mainly, I'm not thinking of changing professions b/c of money, but I must be figure out if I can afford it (and is it worth it).

Thanks!

 

[TJNova2011]

Hi Everyone,

I'm contemplating a career change from Corporate Finance to Dentistry. And one the many factors causing me to deliberate the topic is salary expectations. Can anyone tell me what is a reasonable compensation for a general denist after 5 years of experience? Mainly I'm concerned with salaries in Florida.

Mainly, I'm not thinking of changing professions b/c of money, but I must be figure out if I can afford it (and is it worth it).

Thanks!

do you want to live in a big city or rural area?

 

[hey1234]

Ideally I would like to live in the Central Florida region..Orlando / Tampa or Clearwater.

 

[MiamiDent]

I made the switch from finance 4 years ago. Do NOT, and I repeat, do NOT do it for the money. Money in corporate finance will just about always be more abundant. However, if you're doing it for the opportunity to challenge yourself, own your own business, and because you genuinely enjoy healthcare/dentistry then go for it. I think it's the best move I've ever made. Realize though that you will have 4 years in which you will not make any money (in fact, be negative) and those years cannot be made-up financially (lost income leading to decreased investments, etc etc). I'm sure you know the opportunity costs...you're a finance guy. Also, you will see most of your finance friends' salaries and lifestyles change significantly while you chase your dream. I think it takes a lot of courage but is not something to be taken lightly and is also something I didn't fully realize.

Just a little advice: go to the cheapest school possible. Dentistry is in a strange place right now with corporate dentistry, group practices and the like gaining significant ground. Many of the older dentists you will speak to went to school and practiced in very different times and, therefore, have a much different outlook. Making money in the past used to be nearly a given. Now, with the amount of debt that graduates have, it is a different ball game. As much as they might not understand it, new dentists are a slave to the debt. The money is still there to be made, but it's a different economic environment and decreasing student loan debt is a great way to get a step ahead of the competition.

Your question regarding a dentist income 5 years out will depend on where he/she is practicing (rural vs. city), type of office (corporate vs. private practice vs. public clinic), type of job (associateship, partnership, owner). I hate to put numbers on these things because nearly every situation is different. Realistically, I would hope as an associate in a private practice you could bring in roughly 200k 5 years post-grad and your speed has increased drastically. If you are an owner, things change considerably as you have much more control over the money you're making. You could run your practice smart and lean and bring in 500k+ or you could run it poorly (with people still thinking you're bringing in big bucks) and make less than a productive associate, but with a ton of stress. In the end, it's a small business and your financial background can only be an asset.

Good luck on your decision!

 

[hey1234]

Thanks for the reply!

Why did you make the switch? And how do you like it now?

Also, I can't help but be a little weary of those income level...is 200k after 5 years really realistic? And how about the 500k figure, when I look up average salaries for Dentists, I never see figures that high.

Thanks!

 

[hey1234]

Also, how hard is it specialize...from reading and speaking with friends in the field, it seams that the earning potential for specialists is significantly higher than non-specialists.

 

[CMistry]

What MiamaDent said is 100% true - do NOT go into dentistry the money. Dentistry is not what it was 10 years go and certainly not what it was 20 years ago. It is a great field and I would definitely recommend it, but the money is not what most think it is.

As for as specializing, I wouldn't say the earning potential is significantly higher but I do think the the average income is. Most of the wealthiest dentists are in fact general dentists who own several offices; yet on average specialists do make a good amount more than general dentists. Specializing is always difficult, but how difficult depends on the specialty that you choose. Different specialties look for different things (grades, skills, years of real-world experience, etc.)

 

[hey1234]

I'm really not doing it for the money. I dislike alot of aspects about my current job (such as the long hours of sitting, the stress of meeting deadlines, the office politics, and the competitive spirit).

But before making a switch, I also have to make sure that it makes sense financially to dedicate about 6 years (2 yrs pre-reqs, & 4 yrs dental school) to re-training myself. Also, I might the risk of not getting accepted in Dental School. So, I am trying to get as much information as possible to make an educated decision.

Any feedback is very much appreciated.

 

[Shunwei]

I'm really not doing it for the money. I dislike alot of aspects about my current job (such as the long hours of sitting, the stress of meeting deadlines, the office politics, and the competitive spirit).

And yet the first question and post is about financial feasibility . . . .

Ha, kidding aside, i don't see much differences between what you dislike about your current job and dentistry. Let's see:

Long hours of sitting: Check
Stress of meeting deadlines: Check. In fact, there is stress of having multiple pts in multiple chairs at the same time.
Office Politics: Check. You'd be amazed at the interpersonal relationships among a few people in a small office
Competitive spirit: Not sure what you mean, but you will have goals that you need to meet if you are running a for-profit business

 

[hey1234]

I actually had another post in the pre-dental section talking about the 'non-financial' piece of my research. I just felt the 'financial' piece would be more suitable for side of the forum.

Basically here's my background:

Age: 26

Education
- Finance, GPA 3.5 (Major), 3.0 (overall) - UCF
- MBA, Stetson University (private good school, but not top-tier), GPA 3.9 (top 10% of class)
- All of CPA pre-reqs, GPA 3.85

Experience
- Senior Financial Analyst at a Large Hospital doing budgets, forecasts, investment analysis, etc. - 5 years - Current Salary: $62K, School Debt: $20k

If I don't switch professions, then I'll probably sit for the CPA exam within a year. But I just want to make sure that I want to stay in this profession.

I'm contemplating the change b/c of the things I mentioned earlier. (Sitting too long, availability of work / earning potentional, not owning your business allthough you do alot of analysis that make huge impact on the business, etc.)

All feedback is welcomed.

 

[Saddleshoes]

Making money in the past used to be nearly a given. Now, with the amount of debt that graduates have, it is a different ball game. As much as they might not understand it, new dentists are a slave to the debt. The money is still there to be made, but it's a different economic environment and decreasing student loan debt is a great way to get a step ahead of the competition.

I nominate MiamiDent for "Quote of the Week" here on SDN!

 

[hey1234]

So, if you guys were in my shoes, would you make the switch?

 

[jwdent]

My biggest bit of advice, if you will have to take out loans, is to minimize your debt. Dentistry itself is a good career and the potential to make money is there. However, a dentist 500k in student debt would probably have a different outlook on his career than a dentist with a little over 150k in debt. Unlike an MBA or law degree, where the school name holds a lot of weight and plays a factor in earning potential, success in the dental field is not as reliant on the name from where you obtain your degree. What matters more is your financial situation upon graduation. Having less debt will give you more flexibility early in your career and would probably enable you to own a practice sooner if you choose. It is usually the practices owners making the big money in dentistry and not the associates.

I know the idea of debt is so commonly addressed on this site, but I think it continues to need being addressed. I am amazed by the amount of debt some are willing to take on for the degree.

 

[hey1234]

jwdent - Thanks for the advice. I will try to miniminze the amount of debt that I might borrow as much as possible.

All - Does anyone else have any advice for me? Do you I'll be able to get into Dental school with my background? From your experience, have you seen alot of students rejected, and not able to get it in anywhere?

How about from work experience, do you all actually enjoy the work, or does it just become a job after a few years?

Thanks Again!

 

[Silent Cool]

jwdent - Thanks for the advice. I will try to miniminze the amount of debt that I might borrow as much as possible.

All - Does anyone else have any advice for me? Do you I'll be able to get into Dental school with my background? From your experience, have you seen alot of students rejected, and not able to get it in anywhere?

How about from work experience, do you all actually enjoy the work, or does it just become a job after a few years?

Thanks Again!

Hey,

Corporate finance or whatever you are in sucks. It's totally political, as are all corporate careers. Health professions are the place to be. The debt, however, it ridiculous at some schools. Look into the HPSP scholarship. Dentistry is definitely worth it. Your MBA will make you stand out, though will not necessarily make you more competitive b/c grad school grades are not considered in admission. If I were you, I would make the switch. Dentistry offers you a significant degree of control over your life that many other careers do not. All in all, it's a good career, just try to keep your debt to a minimum and if you can't, look into specializing.

good luck.

 

[Toothshucker]

Hey,

Corporate finance or whatever you are in sucks. It's totally political, as are all corporate careers. Health professions are the place to be. The debt, however, it ridiculous at some schools. Look into the HPSP scholarship. Dentistry is definitely worth it. Your MBA will make you stand out, though will not necessarily make you more competitive b/c grad school grades are not considered in admission. If I were you, I would make the switch. Dentistry offers you a significant degree of control over your life that many other careers do not. All in all, it's a good career, just try to keep your debt to a minimum and if you can't, look into specializing.

good luck.

A graduate GPA is calculated. All your grad school grades are factored into overall GPA also...

 

[hey1234]

Yes, the Corporate world can get quite annoying at times b/c of all the politics that is involved.

I think right now my worst fear is whether I'll get accepted or not. I don't mind taking the extra years out of my life, not making any income, and actually accruing debt instead, however, I want to make sure that I'll have a pretty good chance of getting accepted a any dental school out there.

I feel that I can do pretty well in the pre-reqs (b/c I have learned to study really hard), but my biggest fear is the DAT. I took the GMAT and scored around the average score. But how about the DAT, if I get good grades in the pre-reqs, do you think I'll do okay on the DAT? How about the non-science sections, are those pretty tough, and how do they weight into the score?

THANK YOU!!!

 

[ubdental]

Hi ther, I've switched career from nursing to dentistry 10 yrs ago, and I'm very happy that I did. While in dental school, I met a few people who made a switch from their first careers, e.g I.T, and lots of engineers. As far as I know, they're all happy and more successful now.

When I made the decision to switch, I maintained my part time job as an R.N and started taking pre-req courses at a Community college (cheaper tuition). One semester later, I felt like I need to get the requirements in faster, so I stopped working in general and attended school full time. I was able to get all the courses in that one year, then signed up with Kaplan to take the DAT prep course. I was very glad I did it, because they taught some good tricks to calculate things quickly. I believed Kaplan helped me achieve the score that was a bit higher than average as I was never a good test taker, especially when it was timed.
When it was time for me to apply, I chose to apply to about 12 schools (this was 2001). I applied to the two state schools in my home state, and the rest were private schools. I got my applications in early, so by October, I got 3 interview invites, and by November, I went to all 3. By December 1, I got two acceptances. Luckily, one of it was a state school, so I accepted the offer and made my deposit. I continued to get interview invites later on, but I was no longer interested in them.

I was glad that I went to a state school, because my loan upon graduation was just around $120k. I did not get any help from my folks. I used about 20k from my savings the entire 4 years, and the rest came from loans.

I think if you are determined to get in, you will get in. Dental school is a bit more competitive now than before, but it's not that bad. Try to get good grades in your pre-req courses, and decent DAT scores and you will be fine. I hope my information can help you see clearer about the career change. Best of luck!

 

[Silent Cool]

Yes, the Corporate world can get quite annoying at times b/c of all the politics that is involved.

I think right now my worst fear is whether I'll get accepted or not. I don't mind taking the extra years out of my life, not making any income, and actually accruing debt instead, however, I want to make sure that I'll have a pretty good chance of getting accepted a any dental school out there.

I feel that I can do pretty well in the pre-reqs (b/c I have learned to study really hard), but my biggest fear is the DAT. I took the GMAT and scored around the average score. But how about the DAT, if I get good grades in the pre-reqs, do you think I'll do okay on the DAT? How about the non-science sections, are those pretty tough, and how do they weight into the score?

THANK YOU!!!

Hey,

The DAT is not very hard. If you spend a dedicated 2 months studying for it you should do well. Just get as many practice tests and questions as you can and do them all. 2 months of daily studying should do the trick. Also be sure to prepare for the PAT very well. It may seem difficult at first, but with practice you can do well on it.

 

[MiamiDent]

I had always wanted to be a dentist but majored in finance in college in case I didn't get in - I wanted a fall back plan and having a degree in Biology/Zoology just didn't seem that advantageous. I also felt that if I was fortunate enough to be admitted, having a finance degree would always help in the long-run as I am sure I want to be an office-owner rather than someone's employee. That's part of the reason I liked the career in the first place.

Having the finance degree served me well post college. I was an analyst for a large consumer goods company for a couple years and I took some science courses at night to beef up my application while I applied. The degree allowed me to hold a job that offered enough money to pay for these classes, applications, etc and I also didn't have a feeling like it was "dental school or bust." I gave it my all, but if I didn't get in then it wasn't the end of the world since I was employed in a great position. Have you thought about taking your pre-reqs in the evening and keeping your job? I kept it very quiet around the office, but I think there are more than enough hours in a day if you truly want it. I'm often baffled by the amount of excuses many people give about why they can't do something. I don't know your exact situation, but maybe try going to class at night while holding your finance gig.

The salaries are a tough conversation. Associateships are little easier to estimate, but ownership is just like it is in any other business. How you handle your profits is essentially up to you so your income can vary. When you see stats put out by the labor bureau or ADA or whoever, that is an average of every dentist out there - public health, teachers, associates, owners. Also, an owner might not claim a high income which is a benefit of owning the business. So, those numbers can be a bit deceiving. You can search around StudentDoctor for this topic as it's been well covered.

I think you're doing your due-diligence which is good. You don't sound like the typical pre-dent with the rose colored glasses thinking they're going to make a gazzilion dollars and hang out at the country club all day. Although that may happen later in life, your first years will be tough, especially if you go to some of these private schools or public schools as an out of state student. I have classmates that literally have no idea what their loan payments mean. They hear the number they have to pay, but they can't grasp what it will take to pay it back. With the school's continuously telling students they'll be fine and not to worry (shocking) and older dentists who also have no idea what a 400k student loan looks like, it's easy to understand why dental students think their career will be a walk in the park. It won't be.

Anyway, I'm doing a fair amount of rambling here, but dentistry is a great profession. It will provide you with a great life if you are smart and, honestly, I think many of the great things people talk about concerning dentistry are lifestyle related (4 day work weeks, small-business owner, gratifying work).