Where are you getting these numbers? Anything you get from a magazine or the internet doesn't normally tell the whole story. For example, I know my dentist works about 50 hours a week in his office. He probably has emergency situations with his patients on occasion that require him to put more hours in. His office is always extremely busy when I go and he's aged a lot over the last couple of years (probably from the stress). On the other hand, I know a financial advisor who probably brings in at least 250k (guestimating on his lifestyle). He leaves home every morning at around 9:30 and is home sometimes as early as 4:30. His stress levels are probably much lower than my dentist. Yes, the dentist probably brings in about the same but combined with the amount of hours, stress, etc. My friend only has a bachelors degree. He doesn't have to worry about 100K+ in loans. The lifestyle is different, regardless of the data any source has collected.
Anecdotal evidence is helpful in considering the whole picture, but one cannot determine the big picture based on anecdotal evidence alone.
The dentist you cite as working 50 hours per week does not represent the average dentist. How do I know? I know based on both the best statistical data available and anecdotal evidence.
Bureau of Labor Statistics:
Most full-time dentists work between 35 and 40 hours a week.
American Dental Association:
The average work week of dentists in private practice is just under 40 hours, and dentists in private practice have a high degree of control over their work hours.
About 88 percent of all dentists practice less than 40 hours a week, seeing an average of 83 patients per week.
Blair/McGill Consulting:
The average hours per week spent in practice for all specialties combined: 37.2.
The Wealthy Dentist:
The average dentist in this survey reports working 35 hours a week over average of five days.
Anecdotal Evidence.
I know 3 dentists and 4 dental specialists in my area. Not one of them works over 45 hours per week. Three of them are open no more than 30 hours, or 3.5 days, per week. Of these three, two are making more than $350k on this sub 30-hour workweek.
Based on numerous informal surveys on Dentaltown, the majority report spending 3-5 days in practice (the average being four), with some reporting only 2 days per week.
Numerous posters on student doctor, some of whom are moderators, have reported their jobs as dentists/specialists working an average of 3-5 days per week. A couple of moderators have reported their first jobs straight out of residency as dental specialists with sub 30-hour workweeks and $200k+ salaries.
Most classified advertisements for salaried dentists/specialists report working hours of not more than 40 hours per week.
You did well in quoting financial advising as it is one of the most lifestyle-friendly business jobs available. However, there are many financial advisers working 40 hours per week making $30k.
The difference between dentistry and financial advising is that the number of dentists nationwide is strictly controlled by the dental labor union, otherwise known as the ADA. One of the ADA's jobs is to prevent a saturation of dentists nationwide.
The number of financial advisers nationwide, on the other hand, is only limited by the amount of people wanting to go into financial advising.
I also wouldn't consider financial advisers to be the "top dogs" I was referring to earlier. These would be chief officers of corporations, investment bankers at prestigious firms or other comparable careers.
Financial advising is saturated nationwide and only those with the best jobs make good salaries. These good jobs are highly coveted, and one who is making $250k one year could be booted a few years later, depending on the market.
When I speak of averages, I speak based on statistical evidence nationally. So it is understandable and not that surprising to hear one person say dentistry isn't that great of a career. That is an entirely possible reality depending on location and experience.
A few broad generalizations based on both statistical data and anecdotal evidence:
Dentistry in NY and Southern California is very heavily saturated.
Dentistry in urban areas is much more heavily saturated than dentistry in suburban and rural areas.
It does not make much sense to go into dentistry in many urban areas. It is a highly possible reality for a dentist to accumulate $300k in debt at a dental school such as NYU, practice as a salaried dentist in NYC and make $100k or less, while working 40-50 hour weeks and struggling with a high cost of living and debt.
If you plan to live in a saturated urban area, money-wise it is probably a better idea to go into a business-related field. Pharmacy may even be a better choice.
