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Undefeated

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So I have a serious dilemma.


I was accepted to both my dream med and business school (round uno). I have a big decision to make as I need to drop one route ASAP and start planning out my life.


I graduated from an Ivy 3 years ago with a major in Cell/Molec and minor in Economics. With luck I got in the back door at a top Bulge Bracket banking firm and have been an analyst here since graduation (also interned here one summer a while back). The work is tough and I have worked day and night (literally 80-100 hour weeks will make you sleep deprived and delirious or so I have been told by my collegues), but I have been paid handsomely, made well with the associates and directors, and met some nice NY girls. Money is a key point in my decision making, but so is stability and I have spent many nervous nights and days wondering if I would be next to get the boot as I saw colleagues and even advisors vanish when the going got real tough. I was lucky and made it though my analyst years, and I think with a little effort I can make it in this banking business (you guys seem to call it ibanking?). However, with a little effort I think I can also make it in medicine and be one heck of a surgeon.


My issue is this: what drove my initial passion in medicine was the wealth and prestige I witnessed. My close relative is a retired cardiothoracic surgeon (now a sinking specialty) and he pulled a very good paycheck 20 to 30 years ago amassing prestige and wealth. From what I see medicine is no longer this lucrative. To make anywhere near the millions he pulled I would have to pull crazy shifts as a spinal surgeon or do like 200 MOHs surgeries a week. Also, I fear that the autonomy and prestige of once being a surgeon is now fading; although Dr. Undefeated sounds much better than Mr. Undefeated Banker.


Don’t get me wrong I am compassionate and I love to deliver good news and have an impact on someone’s life (I have an impact on the Street but that’s only for my pockets and clients/company/boss’s). I would love to be in power and have the nurses and patients depend on me, and in the end see a smile and hear thank you for my life. All that would quite frankly be awesome….but back to the finances.


I will be paying in full for Stanford, but the BB bank could pay half (up to full with contract agreement) of the MBA at UPENN. But then I have to think about even long term projections (again I bank:thumbup:).


Say I get into Ortho residency and land a partnership…I’ll be 35 out of residency and if I manage to partner I could be pulling $750-900k (if reimbursement doesn’t go down the tubes). What if I have to serve an undeserved area to pull this type of salary:scared::scared:?? I want to practice in California, Boston, NY, or Palm Beach. Also that is 7 years of residency at $60k a year:eek::eek::eek:


On the other hand I pulled ~$200k last year with my bonus. After two years of near free schooling I’ll be at the associate level pulling ~$300-500k for 2 years and up the ranks for the next 3-5 years @ $700k-1.5M…if I can manage and keep a good track record:xf::xf:. I may be able to land a hedge, PE, or VC and from there the sky is the limit. The only issue is Uncertainty in uncertain times and if another crisis comes around I could be out of a job. As the wise say, there may not be a ceiling but there sure is a basement on the Street. However, while the basement may be vacant in medicine, what if the ceiling collapses? Do I take stability over large possible return? Plus if I stay with banking I will be set for living in either NY or Cali (regional offices or large boutiques are also in Boston or Fl).


I know this is my decision to make, but I would really like to hear what some students, residents, or attending have to say about this. I am compassionate, good with my hands, and have a nack for science. However, I am business savy too. Compensation will ultimately have a large part in my ultimate decision, but as of right now I would love my job either way.
Another thing to note is that while I have suffered long hours these past 3 years I feel that things get more stable as you move up in the business world, but with medicine in 4 years I will be back to the 80 hour grind for 7 years. The only difference is that the 3 yr. grind here landed me >400k and some savings.


*****PS: NO MD/MBA: I feel this is a total waste of time…you cannot be both a banker/consultant and doctor (there is simply not enough time in the day to run a practice and manage finacance) heck I could barely make one job let alone have a family and carry 2. I want one job that I will love not 2 paper degrees and the MD won’t help in the MBA world, and to a large extent the MBA would not be very helpful in a clinical setting.

Sorry for the blab or errors: I’m very sleep deprived and hungry…time to nap at work:sleep::sleep:
 

blaithnaid

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Jan 7, 2010
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You're not the kind of person wanted or needed in medicine.

Every single note in your post re: medicine is flat.

Incidentally, I know a douchebag plastic res who did a BA in Econ at Wharton, and then a post-bacc at a school most people don't even realize have a science dept (since it's the teacher's school for people who can't get into to the teacher's school). Somehow managed to get into Hopkins (they're like Mikey-- they'll take anyone).
 
Nov 11, 2009
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You're post is bold.....but yes do the MBA....You don't seem like a medicine person
 

Undefeated

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Um... Please tell me this post is a joke
No, sorry no joke. My first post I ever did was a joke, and it was funny as heck:laugh::laugh:...you should check that one out too. I wrote it while doing an Excel sheet (due at 5:30am) and watching She's Out of My League....I'm quite the multitasker....

But this is no joke, please let me hear what you have to say as I am busy but I need to come to a consensus on this looming decision
 
Feb 15, 2010
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Definitely banking. If you can't even decide if you want to go into medicine, it's best not to.
 

LRAccord624

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Please, do the MBA.
 
Mar 11, 2010
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I don't think you need to apologize for your situation. By the second paragraph, it became obvious that you should get the MBA.

Socialized Wall Street banking system will always pay more than socialized medicine.
 
Oct 13, 2008
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If I was in your position, I would stick with banking. Then again, I'm not in your position and never will be. It seems to me like you could think about putting a good bit of your current pay check away and, if you make sound financial decisions with your OWN money, you'll have enough to live quite comfortably for most of, if not the, rest of your life. Beyond that would be fun money making, no ultimate risk, but plenty of reward.
 

JeetKuneDo

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I wish I was in your position. F*** medicine and go banking. You'll be living the good life. Empire state of mind baby.
 
Apr 30, 2009
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While the OP's views toward his dilemma do seem a little extreme (to the point that I question the OP's sincerity), I can commiserate. I myself at one point dealt with a very similar decision. I had held two summer internships at top Bulge Brackets, and had FT offers to top IBs. In the end, I have decided to go in to medicine. For me, the intrinsic reward from being a doctor greatly outweighs the tremendous earnings potential in IB (or for me, sales and trading). However, I do understand how much money is involved in IB and how hard it can be to leave that industry.

From what the OP wrote, I feel like he should choose the MBA. I think that a Wharton MBA would offer quite a bit of stability. Even if he can't stay at his firm and can't find exit ops at HFs, VCs, or PE, I would imagine that a corpfin position would still be easily attainable. And Corp Fin--a perfect sinecure--would pay more than most doctors earn.
 
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CityLights

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If a large part of your motivation for going into medicine is so that "nurses can depend on you,".... then I think you should choose the MBA.
 
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Jul 21, 2009
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Hey man. There's absolutely nothing wrong with wanting to make money in your future profession whether it be medicine or business. But, given your descriptions and experiences it seems like you would only be considering medicine over business for the prestige part. There is nothing wrong with liking prestige here but I honestly think that the "prestige" part would not be worth all the work and time commitment in your case (You will get prestige going to Wharton anyway). You can make a ton of money and live a good life as a banker. This post reminded me of my younger years when I got a fascination with the air force and wanting to be a fighter pilot. However, I grew out of that phase reluctantly because I knew that the medical profession just fit my skills and lifestyle expectations more realistically.

So, in summary, I am in consensus with all of the above posts whether or not I share their tone. BANKING +1.
 

bookfreak89

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What the hell is up with these elitist comments? :thumbdown:
You're not the kind of person wanted or needed in medicine.

Every single note in your post re: medicine is flat.

Incidentally, I know a douchebag plastic res who did a BA in Econ at Wharton, and then a post-bacc at a school most people don't even realize have a science dept (since it's the teacher's school for people who can't get into to the teacher's school). Somehow managed to get into Hopkins (they're like Mikey-- they'll take anyone).
Stick to banking, i wouldn't want to work or study with somebody like you.
 

ILikeDrugs

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Do investment bankers ever get weeks where they work less than 80 hours a week. Does it ever end. They make lots of money and have a nice house that they're never at and have money that they can never spend. What's the point?
 
Jul 21, 2009
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Do investment bankers ever get weeks where they work less than 80 hours a week. Does it ever end. They make lots of money and have a nice house that they're never at and have money that they can never spend. What's the point?
I think the goal in that field is to make it for ~10 years at which point you get a lower stress position or retire with your riches. My friend decided to become a professor just because of all the stress associated w IB
 

randombetch

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Listen to the comments on this board: would you want to put up with the vain snobs that medicine attracts? Nah, go make some real money in finance.
 
Feb 7, 2010
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@ Wharton

Dude, go for the MBA! Reading your posts, I can tell you are a smart guy (young Donald Trump) and you would excel in either career path. I can also tell that you are realistic by your "No MD/MBA" post instead of that "I will conquer the world" mindset which will help you in the financial world. You already have a strong background in banking so I suggest you use it to your advantage and get ahead. The problem with medicine is that although you will be paid handsomely, you may not have the time to enjoy the fruits of your labour to travel the world, meet with clients, etc. Your life will be centered in the hospital and you will be working long hours and interacting with only sick patients and hospital staff. Also, forget about meeting hot "NY girls" as a doctor, its always the MBAs who end up with the hottest women not doctors. Most medical students I know have ended up marrying other medical students who aren't the most attractive girls around. If you want the supermodel or access to the most attractive women go for the MBA or take up a sport (like golf).
 
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Oh no! Don't choose banking! The medical industry can't possibly thrive without you! We really need more physicians who are brilliant enough to have graduated from an Ivy League school, even if their primary interest in health care is making money!

Seriously, you must know how arrogant you sound. Otherwise you wouldn't have been able to successfully b.s. through an interview well enough to get admitted. If that's not the case, please let me know where I shouldn't apply.
 

Dr McSexy

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Pfft... both your paths are terrible.

Here's what I suggest:

Choose medicine, but come to my school. I'll let you be my friend and I'll show you the ropes. All I ask for in return is for my tuition payment and a $5000 monthly stipend. Trust me, this path is a sound investment. Hit me up in a PM and we'll have a sexy time.
 

onb2014

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this thread is useless without a poll.

assuming this is serious -- do the banking, if you get laid off you'll be able to find another finance job somewhere.
 

insane

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I'm going to stay stick to banking and tell you something my dad told me when I decided I wanted to go for the medical route. "If you're in it for the money, respect, etc., you will burnout, there are much easier ways get all of that, and more. Medicine no longer has the idealized respect it had 40 years ago when you got out of tickets because you were a doctor." It seems to me that you are only in it for the money and "respect" aspect. Stick to banking.
 

bookfreak89

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Oh no! Don't choose banking! The medical industry can't possibly thrive without you! We really need more physicians who are brilliant enough to have graduated from an Ivy League school, even if their primary interest in health care is making money!

Seriously, you must know how arrogant you sound. Otherwise you wouldn't have been able to successfully b.s. through an interview well enough to get admitted. If that's not the case, please let me know where I shouldn't apply.
Yeah, he is the arrogant one. Did you re-read this before you posted it? Lol. :rolleyes:
 

bannie22

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Money gives you +1 (millionaire), +2 (billionare) [diminishing returns]
Dr. in front of your name gives you +2
Having your own office in the Empire State Building gives you +2

Whichever route you choose, you will likely get a +3 total, bumping you to a hard 8, and getting you with Alice.

Congrats
 

blaithnaid

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This, from the posts in this thread anyways. :rolleyes:
you came out of lurking for this?
really.
come on now.


unless it's spring break or summat.
 

willen101383

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What the hell is up with these elitist comments? :thumbdown:

Because posters on here like to pretend that a healthy paycheck didnt factor at all into their decision to become docs. Which is obviously BS. (those posters will then most likely go on to DO bash in another thread).

My dad is a medical oncologist and I had a very nice childhood/young adulthood. I want to be able to do that for my kids and family. I have absolutely no shame in saying that.
 

b-real

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Listen to the comments on this board: would you want to put up with the vain snobs that medicine attracts? Nah, go make some real money in finance.
You're willing to put up with the "vain snobs" but you're telling the other guy not to? Also, you mention Princeton every opportunity you get, so don't try to call out others here as snobs.
 

EulerianCircuit

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If you want money, stay in ibanking. You could be out of work every other year and still make more than most physicians.
 
Mar 1, 2010
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Definitely banking. If you can't even decide if you want to go into medicine, it's best not to.
I think this is the best advice I can think of.

It sounds like your financial position is important to you. That's fine, but I am a little concerned, because for your financial break-down you only listed the most lucrative sub-specialties. My concern is that there is a lot of competition for those positions. Judging from your record, you're probably in the elite of med school applicants, but so is just about everyone at Stanford. It's possible you could find yourself in a position where those doors end up being closed to you.

You should ask yourself, would I be happy making between $150,000 (read that's the average salary after two years of practice)? You'll probably make more then that (maybe much more), but if the answer is no, I would recommend shying away from medicine, business offers a much, much surer path to financial success.

P.S. Sorry about the trolls, I thought your post was perfectly reasonable and exactly the sort of thing the board was intended for. However, the muckslinging probably makes it difficult to sift through for any useful information.
 

auburnO5

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I think this is the best advice I can think of.

It sounds like your financial position is important to you. That's fine, but I am a little concerned, because for your financial break-down you only listed the most lucrative sub-specialties. My concern is that there is a lot of competition for those positions. Judging from your record, you're probably in the elite of med school applicants, but so is just about everyone at Stanford. It's possible you could find yourself in a position where those doors end up being closed to you.

You should ask yourself, would I be happy making between $150,000 (read that's the average salary after two years of practice)? You'll probably make more then that, but if the answer is no, I would recommend shying away from medicine, business offers a much, much surer path to financial success.


I agreed with pretty much everything you said - up until that statement. Are you kidding me? Business is a much "surer" path to financial success? Maybe it is for the OP, just because of his top school and experience, but there is no way that business is a surer path than medicine. What other job do you come out of training making at least $150k?
 
Mar 1, 2010
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I agreed with pretty much everything you said - up until that statement. Are you kidding me? Business is a much "surer" path to financial success? Maybe it is for the OP, just because of his top school and experience, but there is no way that business is a surer path than medicine. What other job do you come out of training making at least $150k?
That bolded statement is only true for the OP. I was giving him advice. For him, business offers a much surer path. He'll have a Wharton MBA and already makes 200K a year. That's a lot of $$$!
 
Sep 20, 2009
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You're asking this question in a forum where people are aspiring to become doctors.

What kind of answer do you think you're going to get?!?!?!
 

GoSpursGo

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Closed because the OP has been banned for trolling.
 
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