True cost of medical school

[metallica81788]

You will remember my words, and YOU WILL repeat them over and over and over during the next decade. And then you will see that I was right, and that you were a snotty greenhorn when you typed that post. And I hope that when you realize it, it will not be too late for you to quit.

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[Defeatist]

Anyone who reads this and is genuinely feeling scared off by it should probably re-evaluate their drive towards medicine. If you care that much about the money then go ahead, skip any post secondary education, and pursue the lucrative garbage collector salaries.

By the way, I'm pretty sure the original poster is a troll.

 

[metallica81788]

Anyone who reads this and is genuinely feeling scared off by it should probably re-evaluate their drive towards medicine. If you care that much about the money then go ahead, skip any post secondary education, and pursue the lucrative garbage collector salaries.

By the way, I'm pretty sure the original poster is a troll.

No, he's just Nilf - the guy that tries to scare us away with a monthly anti-medicine thread. It provides entertainment like a monthly magazine subscription.

 

[Bernoull]

Look dude...

I'm not 'ahead'. I am in the shoes of the doctor at his 12th year of training. I can't quit now, because RIGHT NOW I have NOWHERE ELSE TO GO. Medicine DOES NOT give you flexibility on the job market. RIGHT NOW, it is in my best interest to stick around, because I love my job, even if the situation changes for worse. And I fear it will.

HOWEVER...

YOU ARE AT YEAR ZERO. Hence, it is IN YOUR BEST INTEREST TO RUN AS FAR AWAY FROM MEDICINE AS YOU CAN.

You will remember my words, and YOU WILL repeat them over and over and over during the next decade. And then you will see that I was right, and that you were a snotty greenhorn when you typed that post. And I hope that when you realize it, it will not be too late for you to quit.

Dude,

Don't arbitrarily narrow your options, you can still go into law, business or dentistry even at this point; it's called career changing. I think the average American changes careers like 5 times so you'll be in good company. You clearly went into medicine for the wrong reasons and are very gloomy/bitter about your profession and its future. The majority of premeds don't share your doom & gloom Armageddon pontificating proclamations...

Contrary to your misguided convictions, premeds do actually give serious thought to and carefully evaluate their motivation(s) for a career in medicine. Also any career analysis that only considers money is bound to fail, devolving career choices to just $$ is why after 12 years of training some fellows become so bitter/disillusioned about their chosen profession....

Anyway, why should anyone here listen to a one-off, biased, disgruntled anonymous fellow who insists that premeds end their medical aspirations. Your posts are extremely pessimistic, one-sided and bereft of any thoughtfulness or critical analysis. They'd be laughable if they weren't so pathetic.

FYI: I'm 27 years, married, I have an M.Sc. degree and I have worked professionally, as a Scientist, for many years. I have several family members (including a parent) who are satisfied, financially successful physicians. Some of them are retired therefore they have a whole career and wealth of experience to reflect upon as they give advice. Your "snotty greenhorn" comment shares the fate of the rest of your posts....FAIL!

 

[randombetch]

Here is a post from WSJ forum. Read it if you are considering career in medicine.


The "true costs" of going to medical school as compared to getting a job paying a starting salary of $35,000 per year.

Assumptions: The $35,000 per year salary will increase with a cost of living allowance of 2.5% and a merit raise of 2.5% per year (similar to compound interest of 5% per year). You will do this job while the person in medical school trains 12 years:

Year 1 salary: $35,000
Year 2 salary: $36,750
Year 3 salary: $38,587
Year 4 salary: $40,516
Year 5 salary: $42,542
Year 6 salary: $44,669
Year 7 salary: $46,903
Year 8 salary: $49,248
Year 9 salary: $51,710
Year 10 salary:$54,296
Year 11 salary: $57,011
Year 12 salary: $59,861

Now let's look at my son the potential medical student. For 4 years at current going rates, medical school will cost $80,000 per year. You will need to take out loans to cover each of those 4 years. You will not pay back the first year loan until 11 years later (cost:$164,958 at the current govt rate of 6.8%, source http://www.ed.gov/offices/OSFAP/DirectLoan/calc.html), similarly the second year loan will cost $154,455, the third year $144,620 and the fourth year $135,412. You will earn $35,000 starting as an intern (source wikipedia). Your salary will rise at 5% / year like the employee we are comparing you to:

Year 1 salary: -$164,958 cost of servicing $80,000 loan over 11 years
Year 2 salary: -$154,455 cost of servicing $80,000 loan over 10 years
Year 3 salary: -$144,620 cost of servicing $80,000 loan over 9 years
Year 4 salary: -$135,412 cost of servicing $80,000 loan over 8 years
Year 5 salary: $35,000 Internship You work 80 hours per week
Year 6 salary: $36,750 Junior resident You work 80 hours per week
Year 7 salary: $38,587 Senior resident You work 80 hours per week
Year 8 salary: $40,516 Chief resident You work 80 hours per week
Year 9 salary: $42,542 First year specialty fellow You work 80 hours per week
Year 10 salary: $44,669 Second year specialty fellow You work 80 hours per week
Year 11 salary: $46,903 Third year specialty fellow You work 80 hours per week
Year 12 salary: $49,248 Fourth year specialty fellow You work 80 hours per week

The employee who started at $35,000 per year has now made $557,099 while you end up in the hole -$265,230. By starting in as an employee making 35K per year, you come out ahead of the medical trainee by $822,329 after 12 years.

Furthermore, as a medical trainee he would work 80 hours per week for 8 of those years. (By the way, these hours are notoriously under reported). As a result of exhaustion and the financial burdens, you have been unable to start a family in those 12 years. You have no home and debts of hundreds of thousands of dollars.

Congratulations, after 16 years of education following high school, you are now ready to start your life as a physician in your 30s. Good luck! You are going to need it."



Note that this analysis DOES NOT include the thousands of hours required for preparation for USMLE steps 1-3, and for Board certifications examinations.

Not too shabby of an analysis, although I'd say that starting salary for a college grad who's smart enough to get into medical school should be at least 50k.

But really, $820k? That's 3 years' salary for an anesthesiologist. By then end of your 4th year, your net salary would be greater than the guy who went to work straight out of college, and you still have 40 years left that you can work.

 

[deleted307836]

My post did not even touch upon these nonmaterial costs of medical school that you mention here. These nonmaterial cost include the toll that the career in medicine will take on your relationships and on your health. I was dealing only with nominal and opportunity cost. My next thread will be something like that:

True cost of medical school = nominal cost + opportunity cost + social cost + health cost

Nilf (or any residents), I'm actually curious about this... what kind of "health costs" did you observe your classmates experiencing? Are you talking mostly about stress here?

 

[Jihad]

Look dude...

I'm not 'ahead'. I am in the shoes of the doctor at his 12th year of training. I can't quit now, because RIGHT NOW I have NOWHERE ELSE TO GO. Medicine DOES NOT give you flexibility on the job market. RIGHT NOW, it is in my best interest to stick around, because I love my job, even if the situation changes for worse. And I fear it will.

HOWEVER...

YOU ARE AT YEAR ZERO. Hence, it is IN YOUR BEST INTEREST TO RUN AS FAR AWAY FROM MEDICINE AS YOU CAN.

You will remember my words, and YOU WILL repeat them over and over and over during the next decade. And then you will see that I was right, and that you were a snotty greenhorn when you typed that post. And I hope that when you realize it, it will not be too late for you to quit.

LOL Career path fail. Life pwn

 

[TooMuchResearch]

No, he's just Nilf - the guy that tries to scare us away with a monthly anti-medicine thread. It provides entertainment like a monthly magazine subscription.

It's been more frequent than a monthly...

 

[TooMuchResearch]

Not too shabby of an analysis, although I'd say that starting salary for a college grad who's smart enough to get into medical school should be at least 50k.

But really, $820k? That's 3 years' salary for an anesthesiologist. By then end of your 4th year, your net salary would be greater than the guy who went to work straight out of college, and you still have 40 years left that you can work.

..