It definitely take an extraordinary amount of dedication to become a physician-scientist these days. Part of the struggle for these training programs is retention of students in the research endeavor. A lot of MD/PhD students convert to MD-ony, and even those who finish both often end up focusing on clinical practice. You have cited the primary reasons for this: length of training, salary, and difficulty securing stable research funding. NIH-funded research has become of a labor of love, which goes back to the dedication required to go down this road.
All that said, when we consider a new possibility, we have a tendency to exchange the old pair of rose-tinted glasses for a new set. In other words, at this moment you may be over-estimating the negatives of the MD/PhD while over-estimating the positives of finance.
I suggest you do whatever you can to give yourself more time to make the decision, bearing in mind that a deferral is extremely unlikely. Good luck.
Yes, and I'm trying to avoid my past mistake of blindly going into medicine in my current finance role. I've looked at both the pros and cons of the career and talked to many professionals within the field. I think it's common that when you work in a field for your whole life, you believe that other careers are more fulfilling or offer more. Doctors and residents I've spoken to mention all the downsides of medicine, while those who work in finance do the same for their industry. I feel as though only by experiencing each career firsthand can I know for sure where I'll be the happiest.
That's why I feel inclined to try working first, or I'll always look back at my life with regrets and what-ifs. I know my parents have many regrets about how their career has turned out, and they're both too old to change tracks now. They pushed me toward medicine due to the stability of the job itself; they emphasized that more than having an impact on patients or other more direct reasons.
Please don't take a spot from someone that actually wants it. Sorry for being blunt, but hopefully the words will be a wake-up call.
Wishing you all the best.
I don't want to take the spot unless I am 100% sure that's the life I want to have. It's less of a respect for others and more of doing myself justice; I have to look out for myself and those close to me before I can look out for others.
Investment banking is often a soul crushing career with very high burnout. You can make a ton of money but have little time to spend it (this is from a colleague whose son was in investment banking). My daughter who is in corporate banking works with many investment bankers and agrees it's a very tough career. By the way, corporate banking is no walk in the park. She puts in as many hours in her job as my other daughter who is a general surgery resident.
Medicine is a great, stable career that can have meaningful impact on others' lives. I have been doing this before many of you were born, and have no regrets--same with my colleagues. One of my colleagues is MD-PhD. He was in academia, now in clinical practice, with clinical research opportunities.
Speaking of job security, in investment banking, if you don't produce, you're out. In difficult economic times, there is also no job security. Goldman Sachs laid off 3000 last month. Just some things to consider, but I have to admit I am very biased towards medicine.
Job security is probably the top reason why I'm still considering medicine. Maybe that's shallow, but I think that's the truth for many people going into this profession, even if they don't openly admit it.
Of course, making a direct impact in others' lives is attractive, but at the end of the day (no matter what I choose), it's still a job. I've heard many physicians mention how they went into medicine with this "greater than life" idea of saving people's lives, and after they went through all the training, the actual profession can feel highly disappointing.
12 years is a long time to be in training for a skill that is highly specialized and hard to be relevant in other parts of life. I'm a different person than I was 12 years ago. I have different motivations, ambitions, priorities, etc. I'm afraid that 6-8 years into the program, I realize this isn't what I want. I'm worried I won't have the finances/time to raise my kids properly while in school or to spend quality time and treat my parents to everything they deserve before they get too old.
In a vacuum, if I only cared about myself and no one else, I'd easily choose medicine. As ironic as that is, that's where I am in my self-reflection.
I’m a former investment banker (I did mergers and acquisitions, the so called prestigious area of IB). My gut reaction is to scream at you - Don’t do it. It is soul crushing and you will just be a stressed spreadsheet monkey for the first ~5 years (2 as analyst, 3 as associate, and then they will kick you out if you’re not gunner enough for VP). Medicine is stressful too but at least you earn tons of money for the stress.
How is the path from IB -> buyside any different than from residency to attending? Most people only stay in IB for 2 years before they move on to the buy-side, where they can have more job stability, better WLB, and more interesting day-to-day responsibilities. If we compare IB to residency, the hours are about the same but you're also making significantly more money.
I'm sorry but there is a surprising amount of comparing and contrasting when it should really come down to something very simple: do they want to take care of patients or not. (I know it's a combined).
I know OP is trying to make the most of their situation, but I'm getting vibes that they don't really know what to do, and are torn in more than just two directions.
What are you actually excited about OP? Imagine you had ten billion double dollars in your bank account, and a wing in your name at Harvard, what would you want to do with your time tomorrow?
If the first instantaneous thought wasn't "go to med school" then it's time to walk away, or as Lizzy put it: Run.
Maybe the simplest explanation is indeed the best. If it was just about money or status, medicine would not be an option. But even still, I'm still deeply conflicted. Sometimes I wish I was born with a distinct talent and never wavered in what I want to do. But, I'm just a very average young adult and I feel a little lost in what I want from life. It's hard trying to filter out what other people want from me, and what I want from myself. In theory, it is very easy, but it's hard getting rid of the feelings and beliefs that I was taught ever since I was born.
