Finance to medicine

[quanttomed]

Happy New Year

I don't want to take too much time so I will just explain my situation briefly. I am in my late 20s, have a PhD in pmath and am working in the finance sector. However, I feel unsatisfied with my life. I am working ~10 hours daily and I find my job very uninteresting. I am thinking of making a complete career change to medicine, but that would be a very significant risk so I wanted to get the opinion of others on here. I was genuinely interested in medicine in college but decided to go into finance. I understand that it will take around 4 years in medical school and ~4 years of residency, and by the time I am out, I will be in my 30s. One of the factors in my decision is the amount of money I can potentially make after graduating. I am currently earning around 300k base+bonus (which isn't that much considering the COL here) and have potential to make total comp in the 500 range after several years. But exit opps are not great in my field, so I will probably be in a similar line of work for a long time.

Is it reasonable to make a change like this now, or does it make more sense to just stick with my current line of work?

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[hsmooth]

Are you able to find a similar job in your field with less work hours, in a lower cost of living area? You're compensated extremely nicely and to give up close to 2 million in lost salary over the course of 8 years to pursue a medical degree.

 

[Nommonnom]

Happy New Year

I don't want to take too much time so I will just explain my situation briefly. I am in my late 20s, have a PhD in pmath and am working in the finance sector. However, I feel unsatisfied with my life. I am working ~10 hours daily and I find my job very uninteresting. I am thinking of making a complete career change to medicine, but that would be a very significant risk so I wanted to get the opinion of others on here. I was genuinely interested in medicine in college but decided to go into finance. I understand that it will take around 4 years in medical school and ~4 years of residency, and by the time I am out, I will be in my 30s. One of the factors in my decision is the amount of money I can potentially make after graduating. I am currently earning around 300k base+bonus (which isn't that much considering the COL here) and have potential to make high 6figs total comp after several years. But exit opps are not great in my field, so I will probably be in a similar line of work for a long time.

Is it reasonable to make a change like this now, or does it make more sense to just stick with my current line of work?

Advise putting your energy into wife/kids for satisfaction. If not possible for whatever reason, switch.

 

[quanttomed]

Are you able to find a similar job in your field with less work hours, in a lower cost of living area? You're compensated extremely nicely and to give up close to 2 million in lost salary over the course of 8 years to pursue a medical degree.

It is possible, but more than the hours, I am just not interested in this field anymore.

I was also considering getting a job in soft eng, but even if I land a position with any of the Big4 (which shouldn't be very difficult considering my background - extensive work with development and algos), it would mean taking a serious pay cut.

I am not overly worried about the lost income, as long as I can safely assume that I after the training, I will be earning a significantly higher amount (with a lot more job satisfaction).

 

[hsmooth]

What amount are you thinking would qualify as a 'significantly higher' amount than your 300k?

 

[Dr.Sticks]

Unless you are a surgeon 300K is like the average for specialists.
You will be working even harder as a surgeon..
Anyways you make a good bit of dough if you don't want to work that much why not buy a lot of conviennce stores and rentals properties over time and retire in your 40s?
Money is the wrong reason to go into medicine and you will be working just as hard.

 

[psu228]

Happy New Year

I don't want to take too much time so I will just explain my situation briefly. I am in my late 20s, have a PhD in pmath and am working in the finance sector. However, I feel unsatisfied with my life. I am working ~10 hours daily and I find my job very uninteresting. I am thinking of making a complete career change to medicine, but that would be a very significant risk so I wanted to get the opinion of others on here. I was genuinely interested in medicine in college but decided to go into finance. I understand that it will take around 4 years in medical school and ~4 years of residency, and by the time I am out, I will be in my 30s. One of the factors in my decision is the amount of money I can potentially make after graduating. I am currently earning around 300k base+bonus (which isn't that much considering the COL here) and have potential to make total comp in the 500 range after several years. But exit opps are not great in my field, so I will probably be in a similar line of work for a long time.

Is it reasonable to make a change like this now, or does it make more sense to just stick with my current line of work?

Hey man,

I actually shadowed a surgeon who had been in his late twenties in finance when he switched to medicine. He was still in residency but loved his decision, so what you're thinking of doing is not unprecedented by any means.

With that being said I think some of the other users gave you sage advice. There are a lot of ways to find fulfillment outside of work. There are specialties that could pay you over 300k but they are very competitive and extremely taxing to pursue (rewarding too I'm sure).

What worked for me personally was getting direct health care experience. I work part time as a pca in a major hospital and I really fell in love with the science of medicine so to speak from seeing it intimately and contributing in a small way. Sounds in feasible with your current work but maybe you could look into getting some volunteer hours.

Either way, good luck!

 

[Goro]

No one here can tell you what you want to be when you grow up. In fact, if you have to ask the question, then the answer, at least for right now, at least for you, is a resounding no. This could be because you have decided subconsciously that medicine isn't worth it for yourself, or it could be because you haven't done enough due diligence to figure out the answer. If it's the latter, I suggest that you spend some time in a health care setting shadowing/volunteering/working so that you can gain some practical experience with the system and see what it's like working in it. This will help you decide whether medicine is worth it for YOU.

See also: post #3 in https://forums.studentdoctor.net/th...re-already-physicians-is-it-worth-it.1178947/

Happy New Year

I don't want to take too much time so I will just explain my situation briefly. I am in my late 20s, have a PhD in pmath and am working in the finance sector. However, I feel unsatisfied with my life. I am working ~10 hours daily and I find my job very uninteresting. I am thinking of making a complete career change to medicine, but that would be a very significant risk so I wanted to get the opinion of others on here. I was genuinely interested in medicine in college but decided to go into finance. I understand that it will take around 4 years in medical school and ~4 years of residency, and by the time I am out, I will be in my 30s. One of the factors in my decision is the amount of money I can potentially make after graduating. I am currently earning around 300k base+bonus (which isn't that much considering the COL here) and have potential to make total comp in the 500 range after several years. But exit opps are not great in my field, so I will probably be in a similar line of work for a long time.

Is it reasonable to make a change like this now, or does it make more sense to just stick with my current line of work?

 

[wizzed101]

Happy New Year

I don't want to take too much time so I will just explain my situation briefly. I am in my late 20s, have a PhD in pmath and am working in the finance sector. However, I feel unsatisfied with my life. I am working ~10 hours daily and I find my job very uninteresting. I am thinking of making a complete career change to medicine, but that would be a very significant risk so I wanted to get the opinion of others on here. I was genuinely interested in medicine in college but decided to go into finance. I understand that it will take around 4 years in medical school and ~4 years of residency, and by the time I am out, I will be in my 30s. One of the factors in my decision is the amount of money I can potentially make after graduating. I am currently earning around 300k base+bonus (which isn't that much considering the COL here) and have potential to make total comp in the 500 range after several years. But exit opps are not great in my field, so I will probably be in a similar line of work for a long time.

Is it reasonable to make a change like this now, or does it make more sense to just stick with my current line of work?

I don't know if medicine is for you, only you can answer that. You are smart and with a math background, the calculus should be obvious. You spend 8 hours a day to sleep, 2 for maintenance (eat, shower, reading news, social interactions etc...), so you have 14 hours left to do whatever you want. You spent 10 of that, to do an activity you don't like. That is idiotic. No matter how much money you make, that is idiotic. You can "channel" passions into your family and what not. But you still spend 70% of you time doing something you don't like. That is idiotic. You can retire early, but if you are like me, those 10 hours will then filled with stuffs you not worthy of your ability. That is, again, idiotic. If you are competitive, and I think you are, you cannot settle with something you think you "like" without striving to be the best at it. And you cannot delude yourself that you are competitive if you cannot make money out of it.

Don't settle for fulfillment outside of work. Find your passion and be good at it. Have a lot of pride too.

Happy new year!

 

[BombsAway]

Guys, this isn't real.
Dude with a PhD in math making 300k/yr wants to switch to medicine for the money? I don't even need to use excel to know the numbers don't work on that one.

 

[quanttomed]

Guys, this isn't real.
Dude with a PhD in math making 300k/yr wants to switch to medicine for the money? I don't even need to use excel to know the numbers don't work on that one.

I never said I want to make the switch because I want to earn more. But if I am planning on sacrificing 8+ years, one of the factors I have to consider is my potential income afterwards.

 

[LizzyM]

Giving you the benefit of the doubt, I want you to first spend the first 4 months of this year shadowing physicians. Start with your own provider or one who cares for a loved one. Explain that you are thinking of making a career change and ask if you can shadow for a day. Use the contact with one provider to make a connection with others until you have seen someone who has long term relationships with patients (usually primary care), someone who spends a substantial amount of time in the OR (could be a surgical subspecialty such as urology or a general surgeon), and someone who does episodic care such as emergency medicine or a hospitalist. Alternately, get a volunteer job in a busy hospital emergency room on the overnight shift on Friday or Saturday. Get your hands dirty just doing whatever needs to be done to help the place run smoothly. Or, find a hospice that needs volunteers to sit with the dying while their family members get a little time away. Figure that this volunteering is going to be an ongoing part of your life. Do you still feel the need to leave your current position? Do you have enough savings to drop out of the work force and go "all in" for two years in a strong post-bac pre-med program with the idea of applying to matriculate in 2020? AAMC has a listing of post-bac programs for career changes and a Google search should easily turn-up that list.

But start with some volunteering and shadowing to see if what you think medicine is has any basis in reality. A good post-bac will also help set you up with a research lab as a volunteer or a paid employee. Given your training in math, you might find a role in a research endeavor using statistical analysis for biomed data. The vast majority of med school applicants have some research experience.

 

[BombsAway]

I never said I want to make the switch because I want to earn more.

Seems like you did.

One of the factors in my decision is the amount of money I can potentially make after graduating.

Anyway, in the off chance this is real... You have a PhD in math and work in finance. with 300k/yr (and going up to 500, as you say). You're smart enough to be able to retire in 10 years or less. Then you can do whatever you want, which could be sitting on a beach, or the peace corps, or volunteering as an EMT, at a hospital, or whatever.

To quit your 300k/yr career because you find your job "uninteresting" is ridiculous. driving a forklift becomes "uninteresting" after an hour. Being a finance guy became uninteresting after however long. How long before medicine becomes uninteresting? Work is work.

Anyway, here's your future: -300,000(2yrs post bacc+1potential gap year+4years medical school)+(55,000 residency salary-300,000(5 yrs residency))
So, something like 3.5 million dollars lost income + the unquantifiable stress and lost sleep of 6 more years of school, then being worked like a mule for residency.
At which point you could have already retired... Have you smelled c diff? its doesn't compare to a mai thai.

Anyway. Yeah bro, you should do it. *Pom Pom's*

 

[DokterMom]

Financially, the move would be a disaster. You'd have cash going OUT for 5-6 years, then spend the next 5 in near poverty before rebounding to maybe where you already are. Of course, life's not about the money...

You didn't mention a spouse or kids. If they don't exist, by all means, explore medicine and go follow your dreams. But if they do, you owe it to them to factor their well-being into the equation as well, and dropping from +$300 to -$50K per year will be a significant negative adjustment to ask of them. Not to mention the demands on your time, which will be much greater than now.

Before you chuck away a pretty good gig (50 hours/week for $300K truly IS a good gig), consider other options for enriching your life. Are there hobbies that interest you? Causes you are passionate about? Things you'd truly love to do with your time that you aren't currently doing? Could you put your math and finance skills to good use helping non-profits or charities? Would you be interested in possibly starting your own business? You could do these on the side until you know there's something there...

 

[quanttomed]

Giving you the benefit of the doubt, I want you to first spend the first 4 months of this year shadowing physicians. Start with your own provider or one who cares for a loved one. Explain that you are thinking of making a career change and ask if you can shadow for a day. Use the contact with one provider to make a connection with others until you have seen someone who has long term relationships with patients (usually primary care), someone who spends a substantial amount of time in the OR (could be a surgical subspecialty such as urology or a general surgeon), and someone who does episodic care such as emergency medicine or a hospitalist. Alternately, get a volunteer job in a busy hospital emergency room on the overnight shift on Friday or Saturday. Get your hands dirty just doing whatever needs to be done to help the place run smoothly. Or, find a hospice that needs volunteers to sit with the dying while their family members get a little time away. Figure that this volunteering is going to be an ongoing part of your life. Do you still feel the need to leave your current position? Do you have enough savings to drop out of the work force and go "all in" for two years in a strong post-bac pre-med program with the idea of applying to matriculate in 2020? AAMC has a listing of post-bac programs for career changes and a Google search should easily turn-up that list.

But start with some volunteering and shadowing to see if what you think medicine is has any basis in reality. A good post-bac will also help set you up with a research lab as a volunteer or a paid employee. Given your training in math, you might find a role in a research endeavor using statistical analysis for biomed data. The vast majority of med school applicants have some research experience.

Seems like a good idea, although it might be a little difficult finding the time to do so.

If I decide to make the switch, why would I need to go through a post bacc program? Excuse my ignorance, but as far as I was aware, the only requirement was an undergraduate degree and the MCAT.

 

[LizzyM]

Seems like a good idea, although it might be a little difficult finding the time to do so.

If I decide to make the switch, why would I need to go through a post bacc program? Excuse my ignorance, but as far as I was aware, the only requirement was an undergraduate degree and the MCAT.

There are courses that are required as pre-requisites for medical school. Typically: Chem I and II with lab, Bio I and II with lab, organic chem I and II with lab, physics I and II with lab, Biochemistry, English is required by some schools.
Basically, you should buy access to MSAR produced by AAMC to see what the requirements for each school.

If you don't know the requirements for admission, you aren't ready to take the leap.

if you don't have 2-3 hours week to serve your community as a volunteer, you need to consider your priorities. Successful medical school applicants have demonstrated at least a modicum of effort in serving the needy in their communities to demonstrate their desire to "help people".

 

[psu228]

Seems like a good idea, although it might be a little difficult finding the time to do so.

If I decide to make the switch, why would I need to go through a post bacc program? Excuse my ignorance, but as far as I was aware, the only requirement was an undergraduate degree and the MCAT.

No, you need more than just MCAT and degree.. There are basic pre reqs in biology, physics, and chemistry. Most schools require math (which you already have) but if you didn't take the other science coursework, you will need to.

 

[quanttomed]

There are courses that are required as pre-requisites for medical school. Typically: Chem I and II with lab, Bio I and II with lab, organic chem I and II with lab, physics I and II with lab, Biochemistry, English is required by some schools.
Basically, you should buy access to MSAR produced by AAMC to see what the requirements for each school.

If you don't know the requirements for admission, you aren't ready to take the leap.

if you don't have 2-3 hours week to serve your community as a volunteer, you need to consider your priorities. Successful medical school applicants have demonstrated at least a modicum of effort in serving the needy in their communities to demonstrate their desire to "help people".

Yes, I have already fulfilled those requirements (as I mentioned I was interested in medicine in college, and also had a minor in biology), which is why I didn't know why a post bacc program is required.

 

[LizzyM]

You weren't explicit; it would have been helpful if you had said that you've taken all the prerequisites and had an undergrad GPA of #.
You still need some shadowing (find a doc with weekend office hours and someone on call for surgical emergencies or take vacation days for shadowing) and it would help if you have had some face to face interaction with sick, injured or dying people. You need some time to demonstrate that you have tested your interest in medicine recently and are making the right choice this time.