PhDs make more $$$ than MD?

[Chris127]

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Funny story, so bear with me here. I had not seen my parents in a couple weeks, so I decided to meet them for dinner. However, they already had plans to meet with my dads friend, but they told me it would be fine if I came along. My dads friend's daughter was turning 16, so there were about 15 of us. After dinner everyone was walking outside, and this girls father surprised her with a new car. A BMW. It was a 2005, although still insanely costly. Lets please not get into whether a 16 year old deserves to be driving a BMW. ANYWAY, as we were saying goodnight and leaving in the parking lot, I notice the girls father get into his own BMW. Now, these models looked fairly new, and the last time I checked an M5 didnt come with a discount. So I asked my dad what this guy did for a living, and he tells me he has a PhD and does research. This guy couldnt have been any older than 50, he actually looked like he was in his mid to late 40s. So, this led me to wonder, how much can a PhD make? If this guy is buying BMWs for every family member then he must be doing something right. Any comments?

 

[DrBowtie]

I'm guessing his money isn't coming from his PhD salary.

 

[Bluntman]

Funny story, so bear with me here. I had not seen my parents in a couple weeks, so I decided to meet them for dinner. However, they already had plans to meet with my dads friend, but they told me it would be fine if I came along. My dads friend's daughter was turning 16, so there were about 15 of us. After dinner everyone was walking outside, and this girls father surprised her with a new car. A BMW. It was a 2005, although still insanely costly. Lets please not get into whether a 16 year old deserves to be driving a BMW. ANYWAY, as we were saying goodnight and leaving in the parking lot, I notice the girls father get into his own BMW. Now, these models looked fairly new, and the last time I checked an M5 didnt come with a discount. So I asked my dad what this guy did for a living, and he tells me he has a PhD and does research. This guy couldnt have been any older than 50, he actually looked like he was in his mid to late 40s. So, this led me to wonder, how much can a PhD make? If this guy is buying BMWs for every family member then he must be doing something right. Any comments?

Like with anything (med included), the big bucks come when you get into the business side of the industry. Some PhDs make less than I do now with a BS. Some can't even find jobs. Others make millions.

On the high end of the pay range, the sky's the limit for both PhDs and MDs if you get into the business side of things. On the low end, however, MDs will typically always make over 100k, while PhDs can make much less.

Lastly, the mean pay for MDs is (much) higher than for PhDs.

Sooo...while you can aim for the stars with either background, an MD is a much "safer" bet if you can get into med school.

 

[RxnMan]

I know of a guy who's "only" got a M.F.A.. He developed some medical devices (an external fixator and a spine support), got a few patents, and now he never has to worry about working again.

But who cares? As long as you're receiving at least enough to live on, and you're doing something you're excited about, the rest is extra. If you're conerned about money, then go into finance.

 

[PariPari]

if you're good at what you do & work hard you can make $$$ no matter what degree

research PhDs (ie those at places like Pfizer, etc) tend to make more than academic ones, but I did happen to see my PI's grant reports once, guy was pulling in GP salary (120k) on top of his "academic appt." but it's not a walk in the park, we tended to avoid him when he was nearing grant deadlines

 

[snobored18]

That money is coming from somewhere else...I mean seriously M5's are insanely expensive even used...my bet the guy has a PhD, did research for awhile and now is some sort of exec. in a biotech company that or he was ina start up sometime back and smartly accepted stock options...when the company patented something valuable and eventually got bought out by a bigger company the guy probably raked in a small fortune...No one in academia is going to be making that kind of money...especially on the research end because any patent profit goes to the institution.

 

[Bluntman]

...especially on the research end because any patent profit goes to the institution.

Depends on what institution you work for. As an example, the UC system is actually supposed to be pretty good about letting the author keep a cut of the patent's profits.

 

[colt]

Those cars don’t necessarily mean he's rich. If he is 45-50 yrs old than he has probably been working 15+ yrs, thus, making 70+k. Now if he pulled up in a Saleen S7, that would be another story....

 

[OctoDoc]

any patent profit goes to the institution.

Not true. I was a professor at a university. I have two patents, both of which pay me royalties (unfortunately, only just enough to keep me with brewhouse coffee all year long).

Universities do get a big cut. However, the ownership of a patent usually goes to the PIs, who get a big cut, as well.

 

[fpr85]

Investments, stock market, etc.

 

[solitude]

There are a few PhD's at academic med centers that make enough money to buy BMW's routinely. For example, HHMI Investigators are compensated extremely well. Even if he's not HHMI, the guy might be very high-profile, and therefore be compensated extremely well by the university so that he doesn't defect.

 

[Hari Kari]

Anyone heard of leasing? It's a great way of putting on airs...

 

[leviathan]

Yep, so you better get your PhD instead, right? 😉

 

[BozoSparky]

Yep, so you better get your PhD instead, right? 😉

yes, everyone should get one! 😍science😍

 

[Creightonite]

$70k+ could be possible. Yeah, I am not surprized by a BMW

 

[ahumdinger]

double post

 

[ahumdinger]

maybe he's old money. anyone who buys his daughter a BMW at 16 must also have been spoiled at 16.

 

[QofQuimica]

yes, everyone should get one! 😍science😍

Why "settle" for merely an MD or a PhD when you can get both??? 😉

 

[relentless11]

Why "settle" for merely an MD or a PhD when you can get both??? 😉

Thats what i'm sayin 😉 Heck while we're at it, why not throw in an MS or MPH too 😀

*Seriously, our head of critical care has all of them. Who has that much time? 😱 If only they give you a raise for each degree you get

 

[novawildcat]

I have seen jobs on monster.com for people who have PhDs in stuff like financial mathematics and 10 years experience that have starting salaries from 250,000-500,000 for firms in NY. those jobs are extremely rare though and extremely tough to get. Economists w/ Phd's can also get 125,000 and up with enough experience if they choose to work in industry.

 

[QofQuimica]

Thats what i'm sayin 😉 Heck while we're at it, why not throw in an MS or MPH too 😀

*Seriously, our head of critical care has all of them. Who has that much time? 😱 If only they give you a raise for each degree you get

I already DO have my MS. I wasn't thinking about an MPH, but maybe an MBA would come in handy while I'm at it....

 

[cfdavid]

Anyone can buy a BMW, but few can afford it. It depends on one's debt tolerance. But, credit is easy to come by these days.

 

[pnasty]

Anyone can buy a BMW, but few can afford it. It depends on one's debt tolerance. But, credit is easy to come by these days.

exactly what i was about to say...one of the biggest tools of capitalism is credit

 

[Sanctuary]

Some people are right on the money (no pun intended) with their reasoning: Debt.

Most of the people I've encountered who drive overpriced vehicles usually also have a large amount of consumer debt. Converslely, some of the wealthiest people I've met drive some of the cheapest cars - hence their wealth. 🙂 I would suggest that EVERYONE read "The Millionaire Next Door" by Thomas J. Stanley, William D. Danko. It will definitely make you think differently about those who you may consider "wealthy".


So I think I stick with my 13 year old Ford Escort, "Ole' Rusty", and enjoy my zero debt and 25% savings and investments.

 

[BAM!]

A lot of PhDs make a bundle through consulting with large biotech companies.

 

[Bluntman]

A lot of PhDs make a bundle through consulting with large biotech companies.

Some do, but I would say it is a small minority. You have to get your name out there first, so to speak, usually by becoming a well-respected professor at a university. And if you can get that far, then you're already set.

 

[luke77]

If you look at the total population of PHDs, it is a very small percentage that makes more than $100,000 a year. Talk to any PHD and they will tell you don't do it if your goal is to make a lot of money.

 

[45408]

I'm guessing his money isn't coming from his PhD salary.

much like the anesthesiologist I know who lives in a house which has $25,000 worth of property taxes a year, and approximately the same amount worth of landscaping bills. Let alone what the house payment is. And a Porsche, two Mercedes, and a Land Rover. (he's got family money.....)

 

[relentless11]

I already DO have my MS. I wasn't thinking about an MPH, but maybe an MBA would come in handy while I'm at it....

Awwwwww I want one too! Hahaha. Well first I need to finish this PhD. One at a time😉. Get to lecture to MD residents and pharm residents 😀

 

[OctoDoc]

Get to lecture to MD residents and pharm residents 😀

If you do that, keep your ears pealed for "Man, I hate that know-it-all," as you leave the room.

 

[relentless11]

If you do that, keep your ears pealed for "Man, I hate that know-it-all," as you leave the room.

Thats given. Those are always the ones that make you realize that a degree means jack..and teaching skills come with experience, and some people are just born with them (or without them..haha). 😉

My PI said when you get your PhD, you feel like nothing can stop you. Then that one student asks a question the first time you teach.....lol

 

[IWannaBe-A-Dr]

anyone can make that kind of money depending on how many patents and rights you own...

some science related PhD's tend to make patents because such is the nature of the job. i think as a PhD, BS, BA, MS, etc etc etc, you can make ****loads of money, its about what you do and who you are as a person that gets you there...certainly, doctors are rewarded financially, but there is a great deal of training that we're gonna have to put into our careers in our lifetime to earn that, so not many people do it solely for the money...if PhD's are lucky enough to get some major patent, then good for them...

ex) at uc irvine, my biochem professor, Dr. Henshen was married to a man named Edmund Pehr who created the "Edmund Degradation," a widely used protein purification technique that is taught in many biochem textbooks today. apparently, her and her husband own a few castles, but the castle thing is only by rumor. regardless, they are very well off financially.

sorry for going off on a tangent, anyway, some PhD's make more than MD's, and vice versa.

 

[OctoDoc]

Thats given. Those are always the ones that make you realize that a degree means jack..and teaching skills come with experience, and some people are just born with them (or without them..haha). 😉

My PI said when you get your PhD, you feel like nothing can stop you. Then that one student asks a question the first time you teach.....lol

Here are my pearls:

1. Teaching is the art of making students think that you've known for years something that you just learned 20 minutes ago.

2. If a jerk student asks you a question to either trip you up or to make himself look good, a) say, "That's a good question! Why don't you find the answer and report back to the class tomorrow?" or b) "That's a good question. I don't know the answer. Let's go to my office after class and we'll find the answer together, and you can tell the class about it tomorrow." or c) "That's an interesting question. What do you think?" or d) give the answer, put a spin on the question, like changing the scenario, and ask a followup question to the student. Uppity students hate extra work (who doesn't?), so giving them a left-handed compliment and more work will guarantee that they will keep their mouth shut for the rest of the semester.

Am I mean, or what?

 

[QofQuimica]

Some people are right on the money (no pun intended) with their reasoning: Debt.

Most of the people I've encountered who drive overpriced vehicles usually also have a large amount of consumer debt. Converslely, some of the wealthiest people I've met drive some of the cheapest cars - hence their wealth. 🙂 I would suggest that EVERYONE read "The Millionaire Next Door" by Thomas J. Stanley, William D. Danko. It will definitely make you think differently about those who you may consider "wealthy".


So I think I stick with my 13 year old Ford Escort, "Ole' Rusty", and enjoy my zero debt and 25% savings and investments.

Excellent book. 👍

 

[Rogue Synapse]

.

 

[OrganLibrarian]

Can anyone say inheritance?

 

[jjmack]

Can anyone say inheritance?

the best way to have $15 million by the time you are 35 is to inheriate $20 million when you turn 21.

 

[Bluntman]

the best way to have $15 million by the time you are 35 is to inheriate $20 million when you turn 21.

LOL

 

[beefballs]

get a grad level science degree then become a patent attorney-$$$$$$$$$$$

 

[Smoke This]

I know of a guy who's "only" got a M.F.A.. He developed some medical devices (an external fixator and a spine support), got a few patents, and now he never has to worry about working again.

Why is someone with an MFA doing medical research? Isn't that a graduate art degree?

 

[cfdavid]

Some people are right on the money (no pun intended) with their reasoning: Debt.

Most of the people I've encountered who drive overpriced vehicles usually also have a large amount of consumer debt. Converslely, some of the wealthiest people I've met drive some of the cheapest cars - hence their wealth. 🙂 I would suggest that EVERYONE read "The Millionaire Next Door" by Thomas J. Stanley, William D. Danko. It will definitely make you think differently about those who you may consider "wealthy".


So I think I stick with my 13 year old Ford Escort, "Ole' Rusty", and enjoy my zero debt and 25% savings and investments.

Sactuary, that chick in your avatar is HOT!!!!!!!!!!!!!!

 

[OSUdoc08]

Funny story, so bear with me here. I had not seen my parents in a couple weeks, so I decided to meet them for dinner. However, they already had plans to meet with my dads friend, but they told me it would be fine if I came along. My dads friend's daughter was turning 16, so there were about 15 of us. After dinner everyone was walking outside, and this girls father surprised her with a new car. A BMW. It was a 2005, although still insanely costly. Lets please not get into whether a 16 year old deserves to be driving a BMW. ANYWAY, as we were saying goodnight and leaving in the parking lot, I notice the girls father get into his own BMW. Now, these models looked fairly new, and the last time I checked an M5 didnt come with a discount. So I asked my dad what this guy did for a living, and he tells me he has a PhD and does research. This guy couldnt have been any older than 50, he actually looked like he was in his mid to late 40s. So, this led me to wonder, how much can a PhD make? If this guy is buying BMWs for every family member then he must be doing something right. Any comments?

Some guy owns a couple of BMW's and he automatically makes more than a physician?

What the hell?

 

[Chris127]

Some guy owns a couple of BMW's and he automatically makes more than a physician?

What the hell?

Huh? This scenario just led me to wonder how much exactly a PhD could make, and whether it could be greater than what some physicians pull in.

 

[FenderHM]

If you're going into medicine for money there are def easier ways, ie law or business school...

that being said, MDs definitely on average make a grip more than PhDs...(after residency and repaying debt)

MDs can provide immediate medical care to patients which has a higher return for hospitals than the federal grant money that funds PhDs and their research......