MD vs. PhD: Money Issues

[Palaver87]

I am wondering which degree I should pursue after undergrad. If money wasn't an issue, I would go to graduate school. But, I want to be able to live in a upper middle class neighborhood when I get older. I also would like to send my kids to decent schools and not have arguments with my wife because I'm not bringing home enough bread. Moreover, I like women, and women like MDs more than PhDs. I don't necessarily dislike becoming a doctor. I have volunteered and shadowed, and I like it, but I like research better. Lastly, if I decide to go to graduate school, I am going all out to shoot for a tenure professor position. This means I will be making about 30K as a postdoc, about 50-70K as an assistant/associate professor, and then about 100-120K as a professor.


So, basically it boils down to choices A and B. If you were in my shoes, which would you choose and why?

A: MD = Like job, money (good neighborhood, kids to private schools), hot wife (haha)
B: PhD = Awesome job, broke until 40s, okay wife

And, I would rather not do MD/PhD because nearly everything an MD/PhD can do a PhD can do as well in the field I am interested in.

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[JaggerPlate]

I am wondering which degree I should pursue after undergrad. If money wasn't an issue, I would go to graduate school. But, I want to be able to live in a upper middle class neighborhood when I get older. I also would like to send my kids to decent schools and not have arguments with my wife because I'm not bringing home enough bread. Moreover, I like women, and women like MDs more than PhDs. I don't necessarily dislike becoming a doctor. I have volunteered and shadowed, and I like it, but I like research better. Lastly, if I decide to go to graduate school, I am going all out to shoot for a tenure professor position. This means I will be making about 30K as a postdoc, about 50-70K as an assistant/associate professor, and then about 100-120K as a professor.


So, basically it boils down to choices A and B. If you were in my shoes, which would you choose and why?

A: MD = Like job, money (good neighborhood, kids to private schools), hot wife (haha)
B: PhD = Awesome job, broke until 40s, okay wife

And, I would rather not do MD/PhD because you cannot really own in practice or research. I think you really need to pick one.

I personally think you could get flamed here, but you seem to have genuine concerns ... and I think they are reasonable, so I'll do my best to give my dos cents ...

I think first and foremost, you should follow what you love. If you think you want to get your PhD, try not to let money stand in the way. I mean, how much are you going to enjoy life in that upper middle class neighborhood with an MD if you just hate what you do and would much rather be doing something that you really have a passion for??

Also, there is nothing to say you can't make a comfortable living with a PhD. I mean, don't assume that MD = great cash (this could be argued .. and is quite a bit on SDN) and don't assume that PhD = broke philosopher. You do have some numbers on there which (I don't really want to analyze right now) show that you have put some thought into this, and I do understand that money is an issue in life. You want to be able to live nicely, and there is nothing wrong with that. I think you should look at some averages online (they are kinda ehhh) but will give you an idea of what makes what in medicine, and what some numbers are you could earn doing whatever it may be with a PhD.

Also, I think it is important to understand that you can still do research as an MD. I've worked in two labs at my undergrad campus ... both were well funded, and both research docs were MDs. So getting an MD would (in my opinion) give you a decent opiton for both.

Also, if you are worried about the ladies aspect ... just refer to yourself as Dr (no matter if there is an MD or PhD after your name), drink martinis, and drive some sort of cool transportation (a motorcycle, muscle car, porsche ... etc).

Hope this helps!!

 

[HumidBeing]

You must not know the same professors that I do. Some of them have VERY hot, and very interesting wives. OTOH, I know some doctors who have noodle heads for wives. I'd really rather spend my life with someone who was an interesting person on her own. Besides, who says you will always be living on just your income? Many women prefer to work. If the income is the only thing that interests you, YOU could marry the physician and happily go about pursuing your professorship. After all, about half the incoming med students are female. I'm sure many of them would appreciate a guy who had brains, but wasn't in medicine. I'm also pretty sure that doctors wind up divorced more often than professors - there goes that money angle.

You have more alternatives than you've thought of.

Hey, this is coming from someone who, like you, is still trying to decide which avenue is most appropriate. The major differences are that I know that a medical education would be very meaningful to the type of research in which I'm most interested, and I'd rather be with a woman who was more interested in being with ME than riding the tailcoat of my title. But, yeah, I get what you're saying.

 

[Gut Shot]

So, basically it boils down to choices A and B. If you were in my shoes, which would you choose and why?

A: MD = Like job, money (good neighborhood, kids to private schools), hot wife (haha)
B: PhD = Awesome job, broke until 40s, okay wife

I was in your shoes in 1993-1994. First I chose B, and after realizing it didn't really suit me I did A. After finishing B, that is. Good times.

There is option C, which is to pursue an MD and then focus on research. You will incur debt, but down the road you'll make considerably more doing the same job as a PhD. There are also loan forgiveness programs at NIH and whatnot. Also, if you decide that you actually enjoy medicine, you can adjust your goals as needed.

 

[Gut Shot]

While I'm at it, I'd like to say one more thing. PhDs have been overproduced for some time now, and the current funding environment is as rotten as it has ever been. A lot of researchers run themselves on startup funds while playing musical chairs at different institutions. It sucks.

That's not to say you can't have the career you want as a PhD, but I don't think it has ever been so difficult to achieve as it is now.

 

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[pakbabydoll]

Do what you love.