If main motive is $, then why MD instead of MBA?

[jjoeirv]

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I know a lot of people who are choosing to become doctors for the money. If money is your primary motive, isn't it better to go for an MBA instead of an MD? It's a long path to become a doctor, but a short path to become an MBA. An MBA can be gotten (while you work at a full-time job) in just 3 years.

Now, the economy is in bad shape such that MBAs are having a hard time finding jobs. But, when the economy picks up, MBAs will have plenty of high-paying jobs to choose from.

 

[LukeWhite]

Most competitive MBA schools tend to select for people who have already been in business for awhile. In other words, they're not choosing people who are simply "going into business"...the really successful MBAs are the ones already on a career track. The people who go into business school straight out of college tend not to be the ones with the six-figure salaries.

Kind of tying the two points together, it's very fashionable for doctors to do just this--practice for awhile, then go back for an MBA. When my father's practice was purchased by a managed-care organization, they tried to convince him to take time off to get an MBA (this after 25+ years of practice.)

So many doctors DO go for the MBA for financial reasons. But like most successful MBAs, they have a career that they can apply it to. The MBA is more of an enhancer than a career degree in and of itself.

 

[Deuce 007 MD]

I have two friends who have mba's. Both went to UCLA for their mba. Guess what they are both unemployed right now, and have been for the past 2 years.

 

[Sanman]

I'd have to go with a law degree from a years to $ ratio. 3 years, good job prospects and better earning power than doctors right now.

 

[Deuce 007 MD]

I'd say dentist, cuz I know a few JDs who are also stuggling cuz they owe alot in school loans and don't make over $100k. But dentist they don't do a res and start making around $120k a year fresh out of school and I've heard can go up to as much as $250k/year as a general dentist. Actually I have a cuz who is a dentist who makes $200K/year and only works 4 days a week. By the time I get out of med school and complete a res he'd already have a mil in the bank.

 

[Pre-Dent-David]

According to ADA I believe General Dentists average around 165K for those who have an established private practice. So I guess that means a few years out of dental school, but that is still very good.

My dad is a lawyer and his salary does fluxuate depending on when he gets cases finished. The pay isnt bad, but a doctor or dentist probably does have more job security, and especially relative to JD who just graduated and is trying to establish himself.

 

[donnyfire]

Just to add another profession to the mix...

I know a couple of DVM's who make 200+k/year. Granted, this is in an established practice. But the schooling is 4 years, without a residency.
The salary for this fluctuates also, depending a lot on the season of the year, but still, that's a pretty decent annual take home.

 

[mudbug]

"If main motive is $, then why MD instead of MBA?"

That's like saying "If Michael Jordan's main motive is $, why not play baseball instead of basketball?" Plenty of people who do well in medicine would suck at most other careers.

 

[Sanman]

Well, I do agree that dentists make good bank. If I had any interest in that I'd do it in a heartbeat. My cousin in dent. school will probably be rollin in it, i'm jealous. DVM's usually make like $50-70k a year, don't they? 200k seems excessive. As for the original question, only those really gifted MBA's will make big bank, but even the guy last in his med.school class at the worst med. school in the country could probably clear six figures IN ANY ECONOMY. Whenever thats possible, there will be people who do it for the money.

 

[Elysium]

My ex-boyfriend is a DVM and he makes around $70,000 a year. He only works 28 hours a week and mostly does orthopaedic surgeries (total hip replacements, etc). He absolutely loves it and the stress level is way lower than ours...

 

[donnyfire]

Originally posted by Sanman
200k seems excessive.

Maybe. I really don't know any other DVM's than the two I do know, and they have a thriving practice. Plus, they put in a pretty full work week as well. But I really have no idea on what the national average is, only what I can see firsthand.

I think the lesson here is that if you are good at what you do, and people like the work you do, you will be successful what ever you choose to do.

 

[want$it$bad]

Originally posted by mudbug
That's like saying "If Michael Jordan's main motive is $, why not play baseball instead of basketball?" Plenty of people who do well in medicine would suck at most other careers.

is there an echo in here?

 

[huktonfonix]

1st question, what the hell is a DVM?


2nd anyone going into medicine for $ is a total *****. Don't get me wrong the money is good, you won't be starving. But, it is NOT worth the tradeoff in personal sacrifice and the ****ty schedule you will have. I didn't go into medicine for the money but if I knew what I know now I would probably have been a pharmacist, physical therapist, dentist, or CRNA. The more pleasant schedule would more than make up for the lesser salary, lower prestige, etc... If you know anyone going into medicine for reasons such as money, do them a favor and stop them now...they'll thank you later.

 

[aphistis]

Originally posted by huktonfonix
1st question, what the hell is a DVM?

Doctor of Veterinary Medicine.

I won't comment on the second. I'm one of those dentists-to-be, and I couldn't be happier with my career choice 😀 I'll take my opinions on prestige with me, but we certainly don't average a lower income. The average practicing general dentist makes $165k according to the ADA, and Joe Specialist averages $240k. I'd stack those numbers against most MD's salaries; and as the previous poster mentioned, our work schedules tend to be much friendlier. Good luck to all of you 😀

 

[ItsGavinC]

troll. 😀

 

[mudbug]

Originally posted by want$it$bad
is there an echo in here?

Wow, my first flame. I feel so grown-up now.

 

[ceeepz]

the MBA trend is over, it once was prestigous to have an mba because so few had one but because mba programs are popping up everywhere its lost its lusture.

for example, i got an email today about buying an mba for a great price of only 19.99 and an md for 22.99

what the hell am i doing in medschool anyways......could save alot of money..

 

[OrthoFixation]

I have seen many posts touting the $$$ enhancing effects of a MBA or JD degree. I think these folks should do a little more research. Only a MBA from a top school will provide a sure thing salary of $150K or more. Most attorneys make less than $100K. I could fill a file drawer with atty apps by advertising a $75K salary.

Just as professional sports has the occaisional $2, $5, $20, and $100 million dollar earners, they probably number less than 500 total. Consider the number cut from the pro sports ranks after 3 years with no or little else to fall back on.

I looked into patent law, a very specialized field utilizing science ugrad a/o job experience and the salary was maxed at about $175K in the south central US. One could push that to $200-400K if you will agree to one coast or the other in large metro areas. But most atty's would kill for $400K. True, they have no residency. However, there is a thing called partner needed to make the big bucks and you will be their slave prior to that, working 70 - 120 hours/week.

Residency sounds better all the time. Much like hair stylists, medical support will always be needed, i.e. job demand. Health does not fluctuate with the economy, unless you choose plastics or similar, mostly elective medical field.

I became a great student of demographics and the aging baby boomer population segment made me feel that medical demand would only continue to rise.

This opinion is worth what you paid for it, $0. I have been in the game of business for some time, interacting with many professionals that had MBA's or JD's. This is not the money magnet that people make them out to be.

The best way to wealth is still to be a business owner and build equity for your future.

Any profession that has a constant time vs pay relationship is just a job. Jobs don't make near as many wealthy people as small business. Saving can overcome this problem, but you must have enough income to SAVE.

 

[DD214_DOC]

Hence why I intend to fund and start businesses as a doc. I do the medicine for the love, and the businesses for the cash.