| Topic Name: |
Physicians are misguided. Money is a great option as a physican |
| Message Name: |
Doctors are so misguided and naive |
| Date Posted: |
10/03/2001 |
| Message: |
Physicians routinely cite Investment Bankers, Consultants and Attorneys as people who earn money than doctors.
Hogwash-Time to educate you ignorant physicians.
The only I-bankers who earn more than physicians are the managing directors. Vice Presidents earn more than primary care physicians but are on par with other physicians. However, it's extremely difficult and highly unlikely that one can even reach the Vice President position. To even break into IB, one must graduate from an Ivy League school or have connections. Then you HAVE to get into an Ivy League or top 15 MBA program to get hired as an associate. Then after that, you have to hope that you can survive long enough to make VP. There is no guarantee with this because your performance is often arbitrary. I-bankers are cut all the time. And I-bankers work longer hours than physicians.
Consultants who earn more than physicians are ones that are in management or strategy consulting with a top a firm with several years of tenure. Again, you must acquire consulting work after college and then you must get into a top 15 MBA program which is not easy. 90% of the consultants who are currently working do not even earn six figures particularly in I.T. consulting.
To be a successfull lawyer, you must not only attend a top 10 law school, you must graduate in the top 10 percent of your class to assure yourself of a physican-like salary. None of this is easy to do. And many people with high grades and LSAT scores get rejected from top 20 law schools because the applicant pool is so large.
To summarize my statements, yes the top I-Bankers, Venture Capitalists and Attorneys earn more than physicians, but then so do most pro athletes and entertainers. The chances of becoming either one of them are about the same.
90% of physicans have an average income(post residency) of 200K. And that's being generous. Realize that most CEOs have base salaries that are far less than this.
Physicians complain about hours. Do you think other positions don't work crazy hours? At least you get to remain at home. Try traveling M-F every week and living in a hotel away from your family. And yes this is a Sr. Consultant not just some 22 year old college grad. Try sleeping under your desk as a Sr. Banker or software developer. Try having to miss weddings, family gatherings or hollidays because a certain deal has to be completed. And no, we can't have someone take call for us. WE have to do it.
Malpractice..so what? You have insurance that covers that while it's our jobs on the line if something happens to us. At least you still have your job and earning potential.
Marketing for patients? You don't know what true marketing is. You will still get patients through patient referrals which leads to exponential patient growth if you are well liked.
You physicians are spoiled. That's it. You made a killing in the 80's but now you are only making half a killing. However, you all have no concept of how the other half lives. Get a reality check and appreciate the fact that your job will exist even during these harsh economic times.
I'm have some authority on this. I'm a former I-banker and current attorney. My parents and husband are all physicians.
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