Consulting or Medicine?

[DeloitteGirl]

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Hi,

I am a recent grad (class of 2015). I just went through on campus recruiting, and found a job as a Business Tech Analyst in Deloitte Federal. Very fortunate to have this job, as I am a Biology/Educ double major with no previous business knowledge.

I've always wanted to go to Medical School, and right now I am teaching middle school science (hoping to join Deloitte in Feb 2016) and studying for my MCAT.

My parents are really pushing for medical school, as is my fiancee. However, at a presentation I went to today about Deloitte Federal...things seemed promising. The structure, and possibility to go from a BTA to a Principal in a decade and a half seemed a much more economical decision.


I want some advice so that I might make a decision that is best for me. In my life, all I really want is
1) Enough time to spend with my family (Good work/life balance). I love kids (why I am teaching 🙂 ).
2) Good compensation. Dealt with lower middle class upbringing, dad was out of a job for periods in my life, and I very much want financial security.
3) I want to help people.
4) I want to be respected for what I do (something I do not have with teaching unfortunately)
5) I want to make my parents proud and provide for them in their old age



Any advice? If there are any Myers-Briggs aficionados out there, I am a sensitive, service-oriented INFJ who loves to spend time alone, but derives energy from helping and problem-solving with others.


Thanks so much! I feel so dumb that I haven't really thought of what I want out of life until I hit nearly 23!!

 

[DeloitteGirl]

Extra info:

3.82 cGPA/3.8 sGPA/practice MCAT average = 514

I believe I have a strong, well rounded application. VA Resident.

 

[WedgeDawg]

The questions you should ask yourself are do you want to be a doctor? Do you know what being a doctor entails? Do you know the training that doctors go through? Do you know how the healthcare landscape in the US is changing? Are you willing to commit to at least 7 years of training and the financial repercussions of this to become a doctor?

 

[lmn]

Did you ask how many actually stay on to make principal? If you last, you make a lot, but the vast majority of people wash out long before that. That doesn't mean it's a bad job, if you are good at it and put in hard work you can switch out after a few years and get a stable job. It is pretty unlikely your salary will ever reach the level of a physician's, nor will your job be as secure, but that doesn't mean you won't be able to make a comfortable living. You will work hard on either path, but you are much more likely to have a better balance going the business side.

Neither are bad options, but you really have to decide what appeals to you the most. I wouldn't plan on really feeling like y0u are "helping" people at deloitte, depending what you switch out to after your 2-4 years you may feel like you are "helping" people more later on. But you have to decide if working for a company and helping them do well will be satisfying to you, if so then no problem.

 

[md-2020]

Consulting is a pretty dead end field IMO, so I'd strongly reconsider. Pretty much the way the economy is now you either do IB or you gtfo of the business sector.

 

[DeloitteGirl]

Did you ask how many actually stay on to make principal? If you last, you make a lot, but the vast majority of people wash out long before that. That doesn't mean it's a bad job, if you are good at it and put in hard work you can switch out after a few years and get a stable job. It is pretty unlikely your salary will ever reach the level of a physician's, nor will your job be as secure, but that doesn't mean you won't be able to make a comfortable living. You will work hard on either path, but you are much more likely to have a better balance going the business side.

Neither are bad options, but you really have to decide what appeals to you the most. I wouldn't plan on really feeling like y0u are "helping" people at deloitte, depending what you switch out to after your 2-4 years you may feel like you are "helping" people more later on. But you have to decide if working for a company and helping them do well will be satisfying to you, if so then no problem.

Thanks for your message. From the stats we got, 99.5% of BTAs get to Consultant, but then it varies a lot. I have no idea what percentage of people make it to Principal, but Manager does seem a viable option.

Do you really think that medicine has less work/life balance than business? Depending on the specialty, sure, but if I'm not doing surgery, I feel like some specialties would allow a better work life balance.

Consulting is a pretty dead end field IMO, so I'd strongly reconsider. Pretty much the way the economy is now you either do IB or you gtfo of the business sector.

Idk about that, we had a packed house full to BTAs today, and Deloitte has a pretty thriving Consulting practice. IBanking sucks, and I think it's only good for obsessive people. And another thing, IB ebbs and flows based on the economic situation, consultancy is much, much more stable.

 

[JohnConstantine511]

OP, have you shadowed yet? That would make a huge contribution for your decision.

As for making Partner/Principal, it is possible, however, it really depends on your sales skills and how much business you can bring in. In 3 years, you could get possibly go to T14 MBA school from Deloitte. However, I do agree with the above poster that IB is the best.

Economically, consulting may be better depending on your speciality. You have to remember the opportunity costs of med school. However, shadowing is the key right now.

BTW, I have worked at E&Y. There are definitely some specialities even outside of R.O.A.D that would give you a better work life balance. You will most likely travel a lot depending on the consulting you do. I will say Advisory is a little more humane than the Audit side.

 

[Law2Doc]

... In my life, all I really want is
1) Enough time to spend with my family (Good work/life balance). I love kids (why I am teaching 🙂 ).
2) Good compensation. Dealt with lower middle class upbringing, dad was out of a job for periods in my life, and I very much want financial security.
3) I want to help people.
4) I want to be respected for what I do (something I do not have with teaching unfortunately)
5) I want to make my parents proud and provide for them in their old age
...

You've pretty much created the laundry list of reasons NOT to go into medicine. So definitely do the consulting.
1. Medicine is a field that requires bigger time tradeoffs than most.
2. If you are mostly doing medicine for the money you'll hate it. Money is a very weak motivator and your life will be awful if that's what's driving you in a field that demands your nights and weekends. The money won't be as much as some of the figures that get thrown around on here anyhow.
3. You can help people in any job. "I want to help people" is what you say when you don't know enough about the career and what it actually is about.
4. You won't be more respected as a doctor. Those days ended years ago. Be confident in your own skin and don't do a job because you think others find it impressive.
5. Do not go into medicine to make your parents happy. Virtually every person who does this despises the job. It's hard and long and if you aren't excited about it because of your own genuine interests it'll be bad. You don't put yourself through this if it's not a job function you genuinely want to do.

Long hours, lots of nights and weekends throughout training and beyond. Missing lots of holidays and family events. You either do this because you yourself are jonesing for it, or run as far as you can. Medicine is not for everyone and based on your above post its not for you.

 

[DeloitteGirl]

OP, have you shadowed yet? That would make a huge contribution for your decision.

As for making Partner/Principal, it is possible, however, it really depends on your sales skills and how much business you can bring in. In 3 years, you could get possibly go to T14 MBA school from Deloitte. However, I do agree with the above poster that IB is the best.

Economically, consulting may be better depending on your speciality. You have to remember the opportunity costs of med school. However, shadowing is the key right now.

BTW, I have worked at E&Y. There are definitely some specialities even outside of R.O.A.D that would give you a better work life balance. You will most likely travel a lot depending on the consulting you do. I will say Advisory is a little more humane than the Audit side.

Hey thank you so much for your message, I appreciate the insight, especially from someone who has worked at Big4!

And yeah, I have the sneaking suspicion that work might not be the 9-5 they're talking about. But again, I don't expect that from Medicine either.

Atm, most of my thoughts are sitting on the opportunity cost of medical school, as you mentioned, and the whole, start your career now vs. spend an additional 7-12 years in school.


I have shadowed a few different specialties. Wasn't crazy about Family Medicine, but loved the ENT Surgeon I worked with (he did a lot of earwax extractions that I loved helping with), and also the Ophthalmologist and Anesthesiologist I worked with. Though, the Anesthesia guy's schedule looked maddening.

Again, thanks for the thoughtful words.

 

[DeloitteGirl]

You've pretty much created the laundry list of reasons NOT to go into medicine. So definitely do the consulting.
1. Medicine is a field that requires bigger time tradeoffs than most.
2. If you are mostly doing medicine for the money you'll hate it. Money is a very weak motivator and your life will be awful if that's what's driving you in a field that demands your nights and weekends.
3. You can help people in any job. "I want to help people" is what you say when you don't know enough about the career and what it actually is about.
4. You won't be more respected as s doctor. Those days ended years ago.
5. Do not go into medicine to make your parents happy. Virtually every person who does this hates the job. It's hard and long and if you aren't excited about it because of your own genuine interests it'll be bad. You don't put yourself through this if it's not a job function you genuinely want to do.

Thanks for your message! I don't want to make this a back and forth, and certainly do not want to make it look like I am arguing with you, but I feel as if I should clear up some misconceptions. First, I totally agree with the thought that Medicine requires a lot of time, and that is an issue I'm grappling with. Second, I just want financial security, and the ability to pay my bills. Growing up, there were times when we weren't on insurance, and I maxed out my Pell so, I'm just looking for security, not a bag of riches. And I do want to help people, but in a more direct way. Deloitte's spiel about helping the client doesn't nearly satisfy me as when I shadowed an ophthalmologist and saw him give the gift of sight after removing cataracts! So I worry consulting will never really meet that need.

And buddy, the amount of disrespect I get as a teacher is just...dehumanizing, from students and parents alike. I'm just looking for basic respect, and I think medicine, and consulting offer that.

The last one, again, I totally agree with you about. But my need to please my parents stems more from my love for them than for other reasons. Still, a bad complex to have and one I don't know if I'll ever get over.

Thank you again for your message.

 

[JohnConstantine511]

Hey thank you so much for your message, I appreciate the insight, especially from someone who has worked at Big4!

And yeah, I have the sneaking suspicion that work might not be the 9-5 they're talking about. But again, I don't expect that from Medicine either.

Atm, most of my thoughts are sitting on the opportunity cost of medical school, as you mentioned, and the whole, start your career now vs. spend an additional 7-12 years in school.


I have shadowed a few different specialties. Wasn't crazy about Family Medicine, but loved the ENT Surgeon I worked with (he did a lot of earwax extractions that I loved helping with), and also the Ophthalmologist and Anesthesiologist I worked with. Though, the Anesthesia guy's schedule looked maddening.

Again, thanks for the thoughtful words.

No problem. 🙂 It really depends on the area of Consulting you are doing and I am not terribly familiar with federal. At least in Strategy Consulting there is a ton of travel. Possibly even more than Audit.

Recruiting does tend to window dress jobs. Lol, for example, they can make Audit look like the sexiest thing ever. Like being the James Bond of business. However, it is the most mundane, boring work you will ever do. However, I have consulted at another firm (non-accounting) where I would be on a job site much longer doing 9-5. It's a mixed bag.

 

[JohnConstantine511]

Oh, one thing I am learning the hard way is the longer you are out of college the more complacent you become. For me, I have worked and know around a lot of Engineers turned Entrepreneurs, Consultants, etc. Seeing how well they do makes me realize I could probably stay down the path I am on and do well and even hit a Physicians income. However, there is this desire inside of me to go to medical school.

Based on your responses, it sounds like you would be a lot more fulfilled going the Med School route. I personally would go with Medicine.

 

[md-2020]

Idk about that, we had a packed house full to BTAs today, and Deloitte has a pretty thriving Consulting practice. IBanking sucks, and I think it's only good for obsessive people. And another thing, IB ebbs and flows based on the economic situation, consultancy is much, much more stable.

IB is a hard work=High pay tradeoff. Perhaps it's tougher for state school grads now in a down economy, but I can assure you IB/VC is one of the most stable tracks for target UG students.

Consulting is heavily dependent on industry demand (well, entirely dependent). 1. You won't be making a "fair" amount for the work you'll probably be doing, 2. Far lower ceiling than IB, 3. Less job security than pretty much everyone. Consulting firms have cut total employees by 5-10% each of the past couple years, big boys like deloitte included.

Also expecting to make it to manager is not realistic. There are piles of Ivy grads who worked hard their entire lives and retired as associates/midlevels.

 

[GrapesofRath]

You sound like someone who might potentially be an ideal fit for dentistry. At least worth giving some form of consideration to, even if it's small and you quickly realize its not for you

 

[DeloitteGirl]

You sound like someone who might potentially be an ideal fit for dentistry. At least worth giving some form of consideration to, even if it's small and you quickly realize its not for you

Hi thank you for the advice. I want to do something I'm remotely passionate about. Especially if I'm going through extra schooling. Shadowed a dentist my freshman year and it's just not for me.

 

[Petrichor1]

Idk about that, we had a packed house full to BTAs today, and Deloitte has a pretty thriving Consulting practice. IBanking sucks, and I think it's only good for obsessive people. And another thing, IB ebbs and flows based on the economic situation, consultancy is much, much more stable.

No, don't go there. Both have their times in paying dues. While you say it takes a decade to become a principal, it takes a decade nearly to become a doctor when you account for residency. After residency there is fellowship.

Come back when you start your job in february. Life is a lot easier to make decisions when you are out there in the real world. Teaching to me seems a little flexible (though can take a lot of time off the day) and much more commandable.

 

[DeloitteGirl]

No, don't go there. Both have their times in paying dues. While you say it takes a decade to become a principal, it takes a decade nearly to become a doctor when you account for residency. After residency there is fellowship.

Come back when you start your job in february. Life is a lot easier to make decisions when you are out there in the real world. Teaching to me seems a little flexible (though can take a lot of time off the day) and much more commandable.

Thanks for your message.

I think I should take your advice. I feel kind of dumb as I've taken a nearly 2 week long break from preparing for my MCAT due to this whole application process. I'm going to get back into it, give my MCAT, and after a few months experience, I will know if I want to apply to med school this upcoming cycle.

And really? I feel like decision making is so much tougher now that I've graduated. Teaching is very conducive to studying for the MCAT. I wake up at 4 and am home at 3, so I have nearly 6 hours to do whatever before bedtime. I usually study 2-3 hours a day, and 5-10 hours on the weekend.

 

[Petrichor1]

Thanks for your message.

I think I should take your advice. I feel kind of dumb as I've taken a nearly 2 week long break from preparing for my MCAT due to this whole application process. I'm going to get back into it, give my MCAT, and after a few months experience, I will know if I want to apply to med school this upcoming cycle.

And really? I feel like decision making is so much tougher now that I've graduated. Teaching is very conducive to studying for the MCAT. I wake up at 4 and am home at 3, so I have nearly 6 hours to do whatever before bedtime. I usually study 2-3 hours a day, and 5-10 hours on the weekend.

yea, I thought the same as you and couldn't wait to get back to work and perhaps get to a leadership position after a year. I will advise you that you are going the right way here. Before you do anything, take your MCAT prior to job. You will thank yourself a ton (x1000) when you form your opinions on how your work is. A lot of times it's not even the work but the people you deal with and how they treat you that makes your decisions to stay or not so never look at the content of what a job provides.

 

[phantomlimb]

deleted

 

[lmn]

Thanks for your message. From the stats we got, 99.5% of BTAs get to Consultant, but then it varies a lot. I have no idea what percentage of people make it to Principal, but Manager does seem a viable option.

Do you really think that medicine has less work/life balance than business? Depending on the specialty, sure, but if I'm not doing surgery, I feel like some specialties would allow a better work life balance.

Try to talk to some people who do the typical few years and then take jobs at other places, most of my friends that went into consulting did a few years than used that to get them different jobs that generally are much nicer life and work wise. Or even look on things like linkedin to see where you can go from Deloitte and see if it interests you. In terms of balance, generally you will get worked really hard the first few years, they know most people are just staying until they reach consultant or senior level. So for those years ya you will work hard and not have as nice of a life outside, especially if you are travelling every week (if you will likely be travelling really consider what that means, most of my friends thought it would be fun to travel but were extremely burnt out living out of a suitcase and in planes every week after a short time). But then generally your next job is a lot less stressful, much less so than parts of med school and especially residency, not to mention your salary will be much better, you will be able to support yourself and not worry about loans.

There are definitely some specialties that have decent lifestyles, but I wouldn't necessarily bet for example, that you'll love Derm, be able to match it, and end up doing that. There are plenty of non-surgical specialties that work very hard, have call, etc. You have a lot more flexibility generally in the business world to choose jobs at different points in your life that fit how intensely you want to work and what kind of balance you can have.

This isn't to dissuade you from med school, but you should be very sure that you want to do medicine before committing to it. It definitely sucks knowing that I will be a PGY3+ before I start making close to what I did straight out of college in consulting, but I don't regret my decision in the least. The business world wasn't the best fit for me, and I didn't find the work fulfilling. Ultimately that's the big decision you will have to make for yourself, what will make you happy.