My last article discussed Obamacare and how it will be more difficult for Doctors to make money. Here are some calculations to compare the money my brother, an investment banker, will make compared to the money I, an aspiring doctor, will make over about a twenty year period.
Brother:
Four years: 4 years at Georgetown University Undergrad: 4 x ($56,485) = -$225,940
Two Years: First Year Analyst: 2 x $80,000 = $160,000
Three Years: Third Year Analyst: 3 x $120,000 = $360,000
5 years have passed from the end of college and you are making close to $125,000 a year. You then decide you want to attend a graduate school and get an MBA to make yourself look even more attractive to companies:
One Year: Full-Time MBA student (taking Wharton's numbers): 1 x $65,000 = -$65,000
Two Years: First Year Associate: 2 x $200,000 = $400,000
Two Years: Third Year Associate: 2 x $300,000 = $600,000
Five Years: Vice President: 5 x $500,000 = $2,500,000
Five Years: Managing Director: 5 x $800,000 = $4,000,000
This is about 20 years after college so my brother would be about 41, and making near a million dollars. With a total value of about $7,730,000
Myself:
Four years: 4 years at Georgetown University Undergrad: 4 x ($56,485) = -$225,940
Four Years: 4 Years at medical school (using Stanford): 4 x ($64,000)= -$256,000
Five Years: Orthopedic Surgery Residency: 5 x $40,000 = $200,000
Eleven Years: Average Orthopedic Surgery Salary: 11 x $500,000 = $5,500,000
This is about 20 years after college so I would be about 41, and making about half a million dollars. With a total value of $5,218,060.
To be honest these are both very impressive salary figures. Being an Investment Banker you can be promoted even higher in position and make much more money. For doctors, the salary remains pretty constant unless they decide to start their own practices. As stated in my last article, Obamacare will dissuade Doctors from wanting to start their own practice.
Ultimately there is still money in medicine, but if you want to become a doctor just for monetary purposes you are making the wrong decision. There is a lot more money in finance and business jobs with a lot less effort. Do medicine because you enjoy it, not for the money.
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