Reconsidering a potential medical career path. Any advice?

[lukeskywalker]

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Hey all, I'm new on here so I hope I'm doing this right. If any of you have any wisdom to impart it would be appreciated 🙂

I am currently a first semester sophomore student at a fairly large private uni in the Northeast. Not an Ivy or anything, but nationally known and accredited. Having always been interested in the sciences in high school, and being a fairly high achieving student (4.0 GPA and valedictorian at a small high school), I decided to major in biology and seek out admission to an MD program post-grad. However, I am now having second thoughts. This is not because I can't see myself in medicine, or because I find the work uninteresting. Rather, my research seems to show that the field is currently going through many changes in the way doctors are regulated and compensated. Together, they seem to paint a future for the medical field that is not necessarily the one I would want to enter. I would like to stress that I am most definitely NOT in this for the money, at least in the way that certain people are. I simply seek what I would guess most people do, a career that will fairly reimburse me for work that I find engaging. However, with tuition and fees rising, a potential drop in compensation could very much threaten that. I am considering transferring into my school's business school and working towards a finance or management degree, a transition that is certainly within the realm of possibilities for me. It seems that avoiding the extensive post-grad schooling and residencies and working instead would be a smarter move. On the other side, I simply could see myself working in the medical field more so than any other. I have always been an above average leader and achiever, and my friends and family always suggest that I have more of the personality and qualities of a physician than some stereotypical bean counter.

Have any of you been in this or a similar situation before? Again, any advice is appreciated.

Best wishes to all of you!

 

[Dr panda]

What is your question padawan?

 

[hang50]

in this scenario, how far do you foresee financial compensation falling for it to not be worth it to you?

 

[lukeskywalker]

What is your question padawan?

To cut to the chase, do you believe that entering medicine is still/will continue to be a good choice financially? Especially as someone who doesn't have an overwhelming commitment to the field?

 

[lukeskywalker]

in this scenario, how far do you foresee financial compensation falling for it to not be worth it to you?

In the short term, I can see rising student debt payments limiting my growth in the first 10-15 years of my practice, as well as losing the opportunity cost of 10-15 years of work in order to complete MD+residency. In the future, increased government oversight/consolidation and growth of corporate medicine could reduce salaries closer to those practicing in Europe, which I have also heard from physicians I have talked with and shadowed.

 

[hang50]

Especially as someone who doesn't have an overwhelming commitment to the field

honestly i think this answers your question.

 

[Dr panda]

To cut to the chase, do you believe that entering medicine is still/will continue to be a good choice financially? Especially as someone who doesn't have an overwhelming commitment to the field?

No. Look at software development better off and forget about medicine.

 

[getdown]

It's obvious and you stated yourself hat you do not have an overwhelming commitment to the field. Imagine yourself in residency pulling 24-36 hour shifts taking care of sick patients. Missing family events because of being on call and scheduled to work. Putting patient's lives and needs above your own sometimes to the detriment and sacrifice of your own and your family's well being? If you can't see yourself doing these things then don't go into medicine. The last thing we need is someone who's gonna flake/dump work on others and is unable/unwilling to do their responsibilities.

 

[Angus Avagadro]

First, drop the bio major for something else. You can still attend med school if you decide to by taking the pre reqs and major in something else. Bio major alone is pretty useless, unless you want to go to grad school, teach, work in a lab.
2nd, without an overwhelming commitment to medicine, dont do it. It's way too much work for the casual participant. You will be unsatisfied. Most people would want their physician to be entirely committed to excellence. Not someone with a casual interest. Good luck and best wishes

 

[KnightDoc]

To cut to the chase, do you believe that entering medicine is still/will continue to be a good choice financially? Especially as someone who doesn't have an overwhelming commitment to the field?

Bottom line -- everything you have posted is true -- due to forthcoming changes, medicine will almost certainly be less lucrative in the future than it has been in the past. This has been the trend as insurance has moved to managed care, PPOs and high deductibles from going wherever you want and having everything covered.

I'll share advice I was given when I started my journey. While you say you're not in it for the money (absolutely everyone says that), it sounds like you might be, even if you're in self denial. Don't go into medicine for money, because there are lots of easier ways to make way more money. Do it because you can't see yourself doing anything else. In that case, it doesn't matter whether or not your future income is more, less or the same as those who came before you.

 

[Splenda88]

Almost everyone is in it partially for the $$$ and job security... If salary drops to 100k/year and it's not easy to get a job, I guarantee you that med school will no longer be competitive.

 

[longhaul3]

There isn't an easy way to determine whether you have a "passion" for medicine until you start learning it. I tend to be skeptical when pre-meds swear up and down that they would run through a brick wall over burning coals to bring a blanket to someone in the ED for a sprained ankle. Spare me.

I think where you see the passion is when people are in med school and start to think about what they want for their training and future practice. There are lucrative careers in medicine that are just fine for people who don't have a burning desire for it. You can practice outpatient medicine safely in a 9-5 setting without living to save people's lives.

Point being that I think it's reasonable for someone who is well qualified and reasonably well informed to take a shot. In terms of day-to-day life, medicine is as diverse of a profession as any. You will always be able to find a field that is engaging and well compensated. If you hate it, you will still be able to find something that pays well and offers unparalleled job security. Most people outside of medicine hate their jobs anyway.

 

[lukeskywalker]

There isn't an easy way to determine whether you have a "passion" for medicine until you start learning it.

Agreed. I've done some shadowing with local docs, as well as watched some videos online of surgeons performing operations. Its a career I can definitely see myself pursuing. The roadblock I always run into is the schooling required. Opportunity cost, loans, time commitment, the challenge of gaining admission into MD school and placing into residency. But I feel like these must be common concerns for most undergrads.

 

[gyngyn]

The roadblock I always run into is the schooling required. Opportunity cost, loans, time commitment, the challenge of gaining admission into MD school and placing into residency. But I feel like these must be common concerns for most undergrads.

There are few jobs with greater opportunity costs than medicine.

 

[PieOHmy]

The climate currently is to have all physicians employed earning about 20-40% more than nurse practitioners or PAs.
Every policy and every decision has that goal and mission in mind. I am convinced of that.
In my opinion, for me at least, I would NEVER have embarked on this journey for that upside.
It is just TOO much work, too much sacrifice, too much uncertainty, too much risk, too much (a lot of things) for that.
That is not to say it is not for some people. It just seems the policy makers don't have a clue what it takes to get through.