- Joined
- Mar 23, 2010
- Messages
- 3
- Reaction score
- 0
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.
Dont get me wrong I am compassionate and I love to deliver good news and have an impact on someones life (I have an impact on the Street but thats only for my pockets and clients/company/bosss). 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
).
Say I get into Ortho residency and land a partnership Ill be 35 out of residency and if I manage to partner I could be pulling $750-900k (if reimbursement doesnt go down the tubes). What if I have to serve an undeserved area to pull this type of salary
?? I want to practice in California, Boston, NY, or Palm Beach. Also that is 7 years of residency at $60k a year
On the other hand I pulled ~$200k last year with my bonus. After two years of near free schooling Ill 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
. 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 wont 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: Im very sleep deprived and hungry time to nap at work
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.
Dont get me wrong I am compassionate and I love to deliver good news and have an impact on someones life (I have an impact on the Street but thats only for my pockets and clients/company/bosss). 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
). Say I get into Ortho residency and land a partnership Ill be 35 out of residency and if I manage to partner I could be pulling $750-900k (if reimbursement doesnt go down the tubes). What if I have to serve an undeserved area to pull this type of salary
?? I want to practice in California, Boston, NY, or Palm Beach. Also that is 7 years of residency at $60k a yearOn the other hand I pulled ~$200k last year with my bonus. After two years of near free schooling Ill 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
. 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 wont 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: Im very sleep deprived and hungry time to nap at work
