MD vs. PhD in terms of total cost

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MeowMeowCAT

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This is not a question about which is better in terms of wages, etc. I am just asking upfront it appears that MD is more expensive, I have seen numbers like ~$40,000 for the tuition. However, doesn't an MD require only 4 years? And then I look at just a regular PhD. which appears cheaper, but most often does not take only 4 years.

So I am kind of confused about the math here. Would the total cost of the education be the same amount in the end with either? Because one(MD) seems like I will be paying more, but for a fewer years, but the other(PhD) I will be paying less, but for a longer period of time.

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Most PhD's, to my knowledge, are funded. Thus, you don't pay tuition and you receive a small stipend which should be enough to live on assuming you are renting a small apartment and don't have too many commitments. (children, wife, etc)

Conversely, the MSAR and other sources will show the average MD public school to be something like 26,000/year and the average private MD school to be like 30,000 a year. (These are not exact figures; they could be off a bit) However, the range is rather large; the Texas med schools are roughly 13,000/year while some private med schools can be 60,000/year for out of state!

The MD "only" requires 4 years but you have to do residency, which lasts 3-7 years. Fellowships will add, usually, 1-2 years more. The residency salary is not much, roughly 40-50,000/year after your MD.

The math shouldn't be too complex; just set up an excel spreadsheet and plug in the numbers for tuition, interest accrual, then money made after finishing your PhD or MD. Taxes are a large consideration also. (federal, state, city, social security, medicare...)

I'm not too apprised of how much PhD's make so somebody else could help you or you could do a google search if you haven't already done so.




This is not a question about which is better in terms of wages, etc. I am just asking upfront it appears that MD is more expensive, I have seen numbers like ~$40,000 for the tuition. However, doesn't an MD require only 4 years? And then I look at just a regular PhD. which appears cheaper, but most often does not take only 4 years.

So I am kind of confused about the math here. Would the total cost of the education be the same amount in the end with either? Because one(MD) seems like I will be paying more, but for a fewer years, but the other(PhD) I will be paying less, but for a longer period of time.
 
Thanks for the info. I did some digging around and comparing and it appears that while the costs are high at the beginning, I would be sitting through residence with ~$40,000 which would then "sky rocket" to at least $100,000 afterwards. Whereas if I go on towards a PhD, be it biochemistry, I would be making that much only after years and years of experience.

Seems like MD is the more guaranteed path to that $100k, whereas with the PhD I will climbing the career ladder to reach that pay.

Still have time to think it over...
 
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Dude don't go to medical school because you want to make lots of money. Go into medical school because it is what will make you happy.
 
Thanks for the info. I did some digging around and comparing and it appears that while the costs are high at the beginning, I would be sitting through residence with ~$40,000 which would then "sky rocket" to at least $100,000 afterwards. Whereas if I go on towards a PhD, be it biochemistry, I would be making that much only after years and years of experience.

Seems like MD is the more guaranteed path to that $100k, whereas with the PhD I will climbing the career ladder to reach that pay.

Still have time to think it over...

The only people I know who are taking out $40k or less in loans either got amazing scholarships or joined the military. Four years of living expenses alone (i.e. not including tuition and fees) is likely to cost at $40k or more. Tuition alone can cost more than $45k per year (most schools are cheaper). AAMC data for tuition, fees, and health insurance: http://services.aamc.org/tsfreports/report_median.cfm?year_of_study=2011

Note that cost of living is not included in this table.
 
This is not a question about which is better in terms of wages, etc. I am just asking upfront it appears that MD is more expensive, I have seen numbers like ~$40,000 for the tuition. However, doesn't an MD require only 4 years? And then I look at just a regular PhD. which appears cheaper, but most often does not take only 4 years.

So I am kind of confused about the math here. Would the total cost of the education be the same amount in the end with either? Because one(MD) seems like I will be paying more, but for a fewer years, but the other(PhD) I will be paying less, but for a longer period of time.

PhD takes usually 5 years. Sometimes 6 years but in theory it can last forever.

They pay you to do it so its like a job. You usually get a stipend between 20 and $35k/year depending on what part of the country you are in.

Afterwards you need to do a 3 year post-doc. During a post doc you make ~40k.

After this if you want to be a professor you probably need to do a second or even third post doc. then sometimes you still cant get a professor position.

Even if you are a professor do not expect to make six figures for a long time.

If you do not want to be a professor and want to be a industry scientist... you need to do the 3 year post doc and then get a job in biotech. which can be hard sometimes especially if you got the PhD in a area which there are not many biotech companies. From what I have seen most biotech deals with molecular bio and oncology and less in areas such as neuroscience/pschology.

Usually starting salary in industry with a PhD is 55k-70k...

You then slowly work your way up to making six figures.


If you get a MD/DO you will be in debt ~200k when you come out but have a guaranteed six figure salary for the rest of your life.

No uncertaintly. Eventually in the long run you will make more money when you pay off your debt.

However, like anything... the best way to make the most money is starting your own business.

I recommend getting a PhD and creating the next big biotech and making billions :)
 
This is not a question about which is better in terms of wages, etc. I am just asking upfront it appears that MD is more expensive, I have seen numbers like ~$40,000 for the tuition. However, doesn't an MD require only 4 years? And then I look at just a regular PhD. which appears cheaper, but most often does not take only 4 years.

So I am kind of confused about the math here. Would the total cost of the education be the same amount in the end with either? Because one(MD) seems like I will be paying more, but for a fewer years, but the other(PhD) I will be paying less, but for a longer period of time.

There is NO confusion whatsoever. An MD program costs a LOT of money: public schools will generally cost $200-220K (over 4 Y), while private schools will cost $280-310K (over 4 Y). There is usually little in the way of grants, so you either got lucky at birth (i.e. have wealthy parents) or borrow most (usually all) of the entire cost.

For a PhD, students are usually subject to little (if any) out-of-pocket costs. One would expect a tuition waiver, health benefits and then a living stipend to cover rent, food, etc.

The career options that are available to graduates of these programs are quite distinct as well. If you think you'd prefer to practice as a Physician, go to Medical School. If not, look for something else (perhaps a PhD). Don't think that just b/c PhD students (generally) graduate debt free that it is some sort of Panacea or fool proof route. There are a LOT of PhD programs and a lot of graduates in all fields. The best programs are VERY competitive. Even if you attend a top program, your career in Academia is not set as that depends on your research ability. You should be able to land industrial jobs with a PhD from a good University, but those industrial positions are not as stable in tough Economic times.
 
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