Okay, here i'm comparing the viability (for money making) of a medical career versus other high paying fields.
I'm starting with a few assumptions for my argument (they may not apply to you, but lets say they hold true for the sake of what follows)
-I'm talking only about high achieving, smart students, who could get into medical school, a top law school, or a top business job. (ie: top 5-10% of their college class)
-I'm assuming that you are motivated by money and will go into whatever specialty/area will make the most. (my assessment will target making at least $1,000,000 a year net salary at top of career)
Okay, so. lets compare 3 paths. Law, Medicine, and Ibanking.
In I-Banking- I'll give you the benefit of having already obtained a summer internship or a bachelors degree entry level analyst position (which, btw, only about 5% of business students achieve). Now consider that approx. 70% of analysts at these banks will get in to a top business school afterwards. In order to come back and be re-hired by your old firm, you would probably have to be in the top half of your business school class. Now you're working an 80-100 hour a week job as an associate, making 200k to start with. Its not our target salary, so, lets consider that about 5% of these associates will become managing directors (the first of the elite salary levels of 700-800k+).
Overall after undergraduate study - assuming you can even get an entry level job at a top i bank. 70%(go to bschool) x 50%(get re-hired) x 5% (become an MD) = .0175 ..
In i-banking .. 1.7 percent of these people can achieve the target income level.
Medicine
Like I gave the benefit of getting an i banking job out of college, i'll assume you will have gotten into some kind of med school. From here. Top 10% will go on to an elite residency (plastics, surgery, derm, radiology). From here, there's nothing stopping you from building an insanely rich practice.
In medicine... 10 percent of these people can achieve the target income level.
Law
Assuming you've gotten into a top 5 law school, lets say 40% of these people go on to "biglaw" jobs. Now, you have the next 7 years to prove yourself. 3% of these people become partners. 40% x .3% = .012 ..
In law.. 1.2 percent of these people can achieve the target income level.
So
If you want to make a lot of money, really badly, and you're willing to work at it. Medicine is by far the best bet. As 10% of medical grads will go into specialties that allow them to make ridiculous amounts of money in private practice. This is one thing i really like about medicine. You only spend about 3 years "proving" yourself, getting into a residency. After that its like you have a license to print money. You're controlling your destiny. In other professions, you have different "cuts" every few years where only a few advance, and everyone else has to stop. It takes 9 years in law to get a biglaw partner spot, perhaps 10 in business. In medicine, after 3 years (granted, perhaps 4), you'll be all but guaranteed a high paying job.
Comments?
