Career in Medicine vs. Finance

[603pharmacy]

Hey there,

I'm currently a sophomore in college with a double major in Biology and Finance. While it is a weird and unordinary combo, both have really peaked my interest and continue to do so.

While I have a few years left before I decide what I want to truly do with my life after college, I have started thinking early.

I currently have a 3.7ish GPA and have thought about either going to Medical school or going into Finance, such as Investment Banking or Hedge Funds and Private Equity.

I have been researching both of these careers and everything about them for months. I read that if you don't go to a target school then getting into Investment Banking will be very difficult. I go to Stetson University in DeLand, FL. While it is not a target school, it has a strong Business program and offers a Roland George Investment program where only 20 students manage a portfolio of over 3 million for their entire senior year. I plan on participating in this program to get more hands on experience and to see what Finance is all about.

So while Stetson is not a target school for I-Banking and Hedge Funds and Private Equity, would I still be able to go into this career field and compete on a competitive level with high level companies? Is it true Investment Banks will only hire from Ivies and Ivy comparables?

I am conflicted between Medicine and Finance. I need help comparing and contrasting these two so I can fully put all my time and effort into what I want to so I can be dedicated and achieve the results I want. I am a person driven by results. Working 80 hours a week doesn't bother me, I've done it before. While it is exhausting it is also rewarding when you are doing something you love.

Thanks for reading!

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[HeyNapkin]

Why do you want to be a doctor?

 

[lnvictus]

Wallstreetoasis is a better website to discuss financial careers.

There are probably college graduates who are exceptionally accomplished in their undergrad year and do not go to an Ivy/Ivy-tier school. It's very difficult though - generally, the people who go from Ivy to the big name investment banking firms are the cream of the crop from their university, which contains students who were the cream of the crop in high school.

But 80 hours? You might go up to 100 hours. Add to the fact that you'll be facing exceptionally high competition among your coworkers and you always have to be on top of your game to stay competitive within your firm.

And you have to understand the pros and cons of each career and why you want to pursue one over the other.

 

[Optimus-Prime]

You realize you can get an MBA/MD degree. You could manage your own/group practice financially and clinically, and have the capital to invest as you like

http://www.wharton.upenn.edu/academics/academics.cfm

18 different MBA majors!

 

[darkjedi]

Do what you are more passionate about. I personally switched careers from finance to medicine, but there are also people that turned away from medicine into business. It is much harder to get into a bulge bracket ibank or hedge fund without a top pedigree, but not impossible. An MBA from a top school can do it too. That said, it is also pretty difficult to get into medical school too.

Figure out the day to day and lifestyle of each career and decide which you'd prefer to do for your life.

 

[samsunimomo]

It is my understanding that to be competitive for any of those finance careers, you ideally want to be from an Ivy-league feeder and have a GPA of 3.8+

 

[lnvictus]

It is my understanding that to be competitive for any of those finance careers, you ideally want to be from an Ivy-league feeder and have a GPA of 3.8+

Ideally yes.

You need a 3.5 to have any shot at the big boys, however.

 

[bambam92]

I say go medicine. But you should be interested in it, genuinely interested. In finance the pedigree of your school is so important for landing valuable internships, and getting into top MBA programs. And by top--I mean top 10. My dad is a financial adviser (went to Upenn Wharton for MBA) and literally told me it isn't worth going into finance this day in age unless you can get yourself into a top 10 MBA program. While a 3.7 isn't bad, it isn't top MBA school material. Maybe a 3.7 out of yale or Dartmouth would get you some attention from top programs, but not Stetson. Medicine will guarantee you 200+k income, finance does not. If you were at Yale right now I would probably say go finance, but even then you have to ROCK the GMAT. When you get into big finance and top MBA programs I feel it is even more cut throat then medicine. Good luck!

Hey there,

I'm currently a sophomore in college with a double major in Biology and Finance. While it is a weird and unordinary combo, both have really peaked my interest and continue to do so.

While I have a few years left before I decide what I want to truly do with my life after college, I have started thinking early.

I currently have a 3.7ish GPA and have thought about either going to Medical school or going into Finance, such as Investment Banking or Hedge Funds and Private Equity.

I have been researching both of these careers and everything about them for months. I read that if you don't go to a target school then getting into Investment Banking will be very difficult. I go to Stetson University in DeLand, FL. While it is not a target school, it has a strong Business program and offers a Roland George Investment program where only 20 students manage a portfolio of over 3 million for their entire senior year. I plan on participating in this program to get more hands on experience and to see what Finance is all about.

So while Stetson is not a target school for I-Banking and Hedge Funds and Private Equity, would I still be able to go into this career field and compete on a competitive level with high level companies? Is it true Investment Banks will only hire from Ivies and Ivy comparables?

I am conflicted between Medicine and Finance. I need help comparing and contrasting these two so I can fully put all my time and effort into what I want to so I can be dedicated and achieve the results I want. I am a person driven by results. Working 80 hours a week doesn't bother me, I've done it before. While it is exhausting it is also rewarding when you are doing something you love.

Thanks for reading!

 

[circulus vitios]

You'll never get HF or PE out of undergrad, so you'd be looking at going into banking for an analyst and associate stint before switching over. I looked into banking and decided against it because I'm public school trash. You'd better have great connections because it's going to be a bitch getting into banking, even no-name, non-elite boutique banks, with an un-prestigious college degree.

 

[ponyo]

I am not in finance but consulting, and I've always been set on medicine, but many of my friends have been in the same shoes as you. I can't comment on finance recruiting other than the fact that you seem informed and that it is definitely possible, though difficult to beat the odds that are against you due to not being at an Ivy.

Let's assume that you are genuinely and equally interested in both of them. If you pick one and you turn out to love it, great. But if you pick the wrong one, what happens?

If you pick medicine: yes it is possible to switch from medicine to finance, but given the fact that you are already behind pedigree-wise and that you likely won't have the network for an off-cycle hire, it will be very difficult. On top of that you might have loans, which means you can't be spending all day networking and getting that rogue interview.

If you pick finance: speaking as a sort-of non-trad (I've been in consulting for 2 years), my application cycle has gone much more smoothly than it would have two years ago. I am more mature, better at managing my mentorship/professional relationships, financially better-positioned, etc. etc. Furthermore, I no longer have a curiosity about the glamour associated with these types of jobs, and I know with a certainty that this lifestyle is not for me and that I crave the moral/ethical fulfillment that comes with a career that does not merely leech off the economy and the public. I don't think that this is a particularly rare sentiment for people who come out of finance/consulting to go into non-profit/policy/healthcare etc.

Maybe you will be lucky and figure it out while you are still in undergrad. But assuming you're still stuck with the indecision, I would say to diversify your activities, give finance a shot so that you won't regret it. You need to start early and network right away. As an undergrad, you have the luxury to say dumb things, so make those cold calls and get those internships. Once you have some internships under your belt and have proven that you can do the work and are genuinely interested, you'll be much better positioned for recruiting season. You won't get one at Goldman to start, but there are plenty of boutiques where people won't just throw your resume straight into the trash, so do tons of research and don't be afraid of rejection.

Lastly... someone already said this, but i-banking is not 80 hours. 80 hours would be a cute vanilla light week.

 

[listener23]

You realize you can get an MBA/MD degree. You could manage your own/group practice financially and clinically, and have the capital to invest as you like

http://www.wharton.upenn.edu/academics/academics.cfm

18 different MBA majors!

OMG that sounds so boring

 

[Xenoblade]

Trust me, you ain't that special.

I've seen crazier majors.

Ex. Physics + dance

 

[Optimus-Prime]

OMG that sounds so boring

boring is as boring does...

 

[XmedBarney]

It is my understanding that to be competitive for any of those finance careers, you ideally want to be from an Ivy-league feeder and have a GPA of 3.8+

Generally speaking regional offices hire from regional schools.

For ex:- Houton heavily hires from UT Austin and Rice
Chicago focuses on UChicago, NWestern and NotreDame
West Coast hires from Berkeley, USC, UCLA
East Coast hires from UMich, UVa, NYU, Dartmouth, MIT, Cornell,...
Schools that place their people nationally include HYPS+Wharton

Now a person from a non-target(that's what the HR departments call them) can make it but it's exceedingly rare. The environment and attitude of the
hiring process for finance careers is very, very different compared to med. school admissions. And you have to remember that there are actually very few people
that are hired for finance as compared to medicine.

 

[Ryan17]

Think about how you wanna spend the next 10-30 yrs of your life. I was an equity research associate at a major wall street bank and quit to do a postbac. A personal health crisis showed me how amazing medicine can be and I became far more interested in medicine/healthcare than I ever was about stocks. At the end of the day, I could see myself as a doctor in my 30s, 40s, 50s and 60s. I couldn't see myself, assuming I didn't get fired, sitting in an office in a tall building for the next few decades writing report after report on stocks and sucking up to big hedge fund clients.

 

[Mr Roboto]

So while Stetson is not a target school for I-Banking and Hedge Funds and Private Equity, would I still be able to go into this career field and compete on a competitive level with high level companies? Is it true Investment Banks will only hire from Ivies and Ivy comparables?

Why would any of us know the answer to that?

I am conflicted between Medicine and Finance. I need help comparing and contrasting these two so I can fully put all my time and effort into what I want to so I can be dedicated and achieve the results I want. I am a person driven by results. Working 80 hours a week doesn't bother me, I've done it before. While it is exhausting it is also rewarding when you are doing something you love.

What kind of exposure have you had to the medical field?

 

[Ryan17]

I'll also add, most finance guys, even the ones earning $250,000-500,000, if you broke it down by hours worked, I'd bet they earn about the same or less than your avg family medicine doc working 40 hr weeks. So if you're doing it for the money, you'd be better off just working your ass off as a doctor with the same bad hours.

 

[Mr Roboto]

I'll also add, most finance guys, even the ones earning $250,000-500,000, if you broke it down by hours worked, I'd bet they earn about the same or less than your avg family medicine doc working 40 hr weeks. So if you're doing it for the money, you'd be better off just working your ass off as a doctor with the same bad hours.

Finance guys don't spend $250,000 to go to school for 4 years, then work as an indentured servant for minimum wage for 3-15 more years.

If you're in it for the money then do finance.

 

[crimsonkid85]

haha if you love lifestyle and money, do finance. my partner makes low 7 digits and he works a 8am-5pm job. no weekends, although occasionally he does work from 9pm-11pm on Sundays to make sure the trading in Japan is going smoothly.

 

[crimsonkid85]

But the route is much shorter... For medicine, you don't start earning that kind of money until after 4 years undergrad + 4 years med school + 3-7 years of residency. You also end up with more debt because MBA degrees are 1) only two years and 2) sometimes paid for by the company.

The top people I know who entered finance (Morgan Stanley, etc.) have earned ~80k pre-bonus straight out of undergrad. One of these guys was earning 500k by the time he was 26. And on top of that, he was offered the partner position with a base salary of 900k. He did go to Harvard but this is the exact pool of students we're referring to.

finally. somebody who knows what they're talking about.

there are lots of HYP grads who are making ~1M around the time 2-3rd year residents are making $40k a year.

compensation in medicine is such a ****show these days. when will people realize making money is not a sin.

 

[Ryan17]

With all due respect, the above posters are using anecdotes, and I directly came from that world. My uncle is a well known mutual fund manager on the Street. I know plenty about that world.

The guys earning the big bucks are not coming in out of undergrad, they are in their 30s/40s most likely, and worked their tails off to get where they are. The glory days of wall street (pre-2008) are well over, and job security is ****. Good luck to you if you can even make it to a position on the Street where you're earning big money (250k+) anytime within 10 years post- undergrad. It's doable but very very hard. For every one of your anecdotal 26 year olds making bank, I can find you 100 more 26 year olds on the Street making $100-150k per year TOPS, working their butts off, and having zero job security/in danger of losing their jobs any moment.

 

[Ryan17]

They're not anecdotes. My sister is a part of that world and these are all people that I know in real life. Notice I said at the end that we're referring to a very specific pool (ie. very elite group of students). I had two points to make:

1) My first post was saying that you realistically only have a chance at these kind of numbers if you're from a top school or your parents are well connected. Of course there are "success" stories, but you can't really bank on being one.

2) My second post was specifically aimed to the person that was saying that by hours, even the "elite earners" don't get better numbers than family physicians. It's simply not true because the 250-500k bankers generally have less debt and a shorter path. This isn't to say that the average BCom will reach these numbers or anything about the stability of the jobs.

1) True.

2) Not so true. First off, investment bankers arent even near the highest paid people. They also work the most hours, at all levels. Traders and mutual fund/hedge fund managers laugh at the tiny amount of money bankers make by comparison. 250-500k bankers are usually vice presidents or higher, and NOBODY is getting that job within 3-5 years of undergrad, especially not without an MBA. Maybe 5-7 years out at best.

Obviously the wall street elite earners make neurosurgeons look like beggars. My point was, for the average wall street employee (junior banker, junior trader, equity analyst) if you broke it down dollars per hour, most doctors would come out ahead. Go to wallstreetoasis and read the thread about the junior I-banker than figured out his friend at Burger King was making more money per hour than he was.

OP, if you like medicine, go do it and don't look back.

 

[financenontrad]

I went to a target school and did finance, IT, and pre-med. It's definitely not easy getting an investment banking job these days even when coming from a target school. Of course I graduated when things were still bottoming out so it might be a little easier now, but the economy still has quite a ways to go.

A lot of pre-meds assume if they did finance they would be earning lots of money but honestly that's not a good way of looking at it as very few people "make millions." Like all fields you have to be good at it and love it to get to the top. You also have to be really good at sales and showmanship which are essential parts of business, finally there is an incredible amount of luck involved. Barriers to entry are also lower so job security is much less.

I would pick based on what you enjoy, do an internship and see if you like it and try shadowing some doctors. Keep in mind there are also many fields within finance too so if you really want to you could combine your skills.

 

[anon9301]

I still think most people would agree that the average person that starts out in IB (granted average means very talented/come from a target) makes significantly more than the average physician, though.

 

[Ryan17]

I still think most people would agree that the average person that starts out in IB (granted average means very talented/come from a target) makes significantly more than the average physician, though.

Not true at all if you mean starting salaries. The only bankers making more than physicians are vice president level or higher, which as I said, usually takes 5-7 years with an MBA post-undergrad. And all I-bankers work their butts off. I-banking is the last thing I'd ever do in finance, I have no idea why it's so glamorized- the work is mind numbingly boring and the hours are horrible. (I did equity research- covered a bunch of stocks)

 

[darklabel]

I went to a target school and did finance, IT, and pre-med. It's definitely not easy getting an investment banking job these days even when coming from a target school. Of course I graduated when things were still bottoming out so it might be a little easier now, but the economy still has quite a ways to go.

A lot of pre-meds assume if they did finance they would be earning lots of money but honestly that's not a good way of looking at it as very few people "make millions." Like all fields you have to be good at it and love it to get to the top. You also have to be really good at sales and showmanship which are essential parts of business, finally there is an incredible amount of luck involved. Barriers to entry are also lower so job security is much less.

I would pick based on what you enjoy, do an internship and see if you like it and try shadowing some doctores. Keep in mind there are also many fields within finance too so if you really want to you could combine our skills.

I'm curious, would you consider IT the clear winner between the 3? It has a low barrier of entry, great starting salary and jobs seem plentiful compared to finance while admissions to medical school isn't a guarantee at all.

 

[financenontrad]

I'm curious, would you consider IT the clear winner between the 3? It has a low barrier of entry, great starting salary and jobs seem plentiful compared to finance while admissions to medical school isn't a guarantee at all.

Well you have to appreciate that the business world is very cyclical. In 2000-2008 finance jobs were plentiful and lucrative. They have since declined substantially in number and supply far exceeds demand. Similarly, in the dot-com boom jobs in the computer field were plentiful but in the early 2000's programmers were struggling to find jobs. I think right now the technology sector is experiencing a similar rise with all these apps and tech companies getting ridiculously high valuations with no income to back them up. The going may be good now but there will inevitably be a downturn.

It is very hard to predict the future for any field, therefore I think its very important to pick a career one enjoys. If you really like something even in a downturn you'll still have a job because you'll be the best at what you do.