Money and the MD/PhD degree

[mdphdstudent1]

I am wondering what you all think about the "M word", i.e. money/salary, in terms of the MD/PhD career track. I call it M word because it seems taboo to bring up money as though it is one's main priority in this career, and I seriously don't think anyone pursues this dual degree, particularly the PhD in biomedical sciences, primarily for financial purposes. Nevertheless it is still a career, and one with a long period of graduate education, begging the question of how this career path fairs financially, aside from the obvious rewards of satisfaction, respect, finding cures for disease, etc. that comes with it outside of money (and irrespective of the stipend/tuition waver that accompanies the training). Do you think that an MD/PhD makes you more or less marketable to academia, industry, or other areas?

---

Members don't see this ad.

 

[gbwillner]

I am wondering what you all think about the "M word", i.e. money/salary, in terms of the MD/PhD career track. I call it M word because it seems taboo to bring up money as though it is one's main priority in this career, and I seriously don't think anyone pursues this dual degree, particularly the PhD in biomedical sciences, primarily for financial purposes. Nevertheless it is still a career, and one with a long period of graduate education, begging the question of how this career path fairs financially, aside from the obvious rewards of satisfaction, respect, finding cures for disease, etc. that comes with it outside of money (and irrespective of the stipend/tuition waver that accompanies the training). Do you think that an MD/PhD makes you more or less marketable to academia, industry, or other areas?

You are definitely more marketable in academics and industry and probably other areas as well. The real issue is delayed gratification- you will make decent money (starting academic salaries usually 100-150K), but you will be like 35 before you see it. The only time you take a major hit is comparing your salary to those in private practice. Of course in industry I don't think you can set limits. You may have to put off marriage or having a family until you can afford it, which you will.

 

[MiniFreud]

You are definitely more marketable in academics and industry and probably other areas as well. The real issue is delayed gratification- you will make decent money (starting academic salaries usually 100-150K), but you will be like 35 before you see it. The only time you take a major hit is comparing your salary to those in private practice. Of course in industry I don't think you can set limits. You may have to put off marriage or having a family until you can afford it, which you will.

Since you seem to have the numbers available, what can a person expect to make researching in an industry?

 

[Neuronix]

Do you think that an MD/PhD makes you more or less marketable to academia, industry, or other areas?

It makes you marketable to those things. But, the most money is to be made in private practice in many specialties. So you're more marketable to make less money. If you want more money, MD/PhD is kind of a waste of time. You won't starve--the majority of jobs pay $100k in today's money once you're finally in your mid-late 30s, but you're putting it off longer for less money than you would have made in private practice.

 

[bd4727]

I am wondering what you all think about the "M word", i.e. money/salary, in terms of the MD/PhD career track. I call it M word because it seems taboo to bring up money as though it is one's main priority in this career, and I seriously don't think anyone pursues this dual degree, particularly the PhD in biomedical sciences, primarily for financial purposes. Nevertheless it is still a career, and one with a long period of graduate education, begging the question of how this career path fairs financially, aside from the obvious rewards of satisfaction, respect, finding cures for disease, etc. that comes with it outside of money (and irrespective of the stipend/tuition waver that accompanies the training). Do you think that an MD/PhD makes you more or less marketable to academia, industry, or other areas?

Of course MD/PhD makes you marketable. It makes you marketable in just about everything. It is a rigiourous, impressive graduate program that will be looked highly upon in any field, not even medicine. If I was running a hospital and someone with a JD/MBA from Penn applied as an executive, I would be impressed and I know nothing about JD/MBA.

Most MD/Phds go into academia (that is NIH's stated goal), but if you look at the upper people in a lot of biotech or drug companies, they are MD/PhD. But as others have said, if you care mostly about salary and work the numbers for debt and earings, etc then MD/PhD is definetly not the way to go.

 

[echod]

I am wondering what you all think about the "M word", i.e. money/salary, in terms of the MD/PhD career track. I call it M word because it seems taboo to bring up money as though it is one's main priority in this career, and I seriously don't think anyone pursues this dual degree, particularly the PhD in biomedical sciences, primarily for financial purposes. Nevertheless it is still a career, and one with a long period of graduate education, begging the question of how this career path fairs financially, aside from the obvious rewards of satisfaction, respect, finding cures for disease, etc. that comes with it outside of money (and irrespective of the stipend/tuition waver that accompanies the training). Do you think that an MD/PhD makes you more or less marketable to academia, industry, or other areas?

AAMC publishes a book that lists med school faculty salaries by degree type (MD vs PhD), region, private vs. public, etc. An "MD" assistant professor working in a basic science department has a mean salary of $80k-$90K. The $120-$150K that I read seems to be too optimistic.

 

[gstrub]

AAMC publishes a book that lists med school faculty salaries by degree type (MD vs PhD), region, private vs. public, etc. An "MD" assistant professor working in a basic science department has a mean salary of $80k-$90K. The $120-$150K that I read seems to be too optimistic.

$80k-$90K? Does this count clinical duties or is this just the pay for research? No way I'd take a salary like that.

 

[Neuronix]

I've heard that $80-90k is the starting salary in several departments where I am, research or clinical. I've also heard that at the neighboring children's hospital starting salaries can even be lower than that.

 

[gstrub]

Hello private practice.

 

[echod]

$80k-$90K? Does this count clinical duties or is this just the pay for research? No way I'd take a salary like that.

I think it does because in the report PhD assistant professors in a basic science department averages around 50-70K. What can an MD do that a PhD can't? Clinical work.

 

[gstrub]

That's a stone's throw away from UPS Driver salaries, and something tells me their benefits are better.

7-9 years of post-college training for an 80K/year salary? Not me.

 

[Neuronix]

Pre-med's argument: "You are a greedy bastard! Isn't that enough money for you to live comfortably?!"

MD/PhD student's argument: "You are really going to disappoint your program and advisor if you do that."

Program director's argument: "You do want to do research don't you? Isn't that why you did this program?"

Principal investigator's argument: "Doesn't life mean more than just trying to make money? What about the respect you gain from being an academic? Wouldn't you feel you have wasted years of your life?"

Academic Radiologists: "Those damn residency applicants tell us they're going into academics but then don't! Those private practice Radiologists are so greedy! Don't they know their days of high salaries are at an end?!"

(PS: they've been saying that last little bit for 20 years now)

Former lab members who went into private practice Radiology: "Well duh. Academics sucks."