dil123 Posted December 27, 2007 Report Share Posted December 27, 2007 which other professions allow you to earn just as much money in Life science related fields. I guess doctors earn quite a lot, and I doubt any other profession comes close, but what if you do more than undergraduate degree, PHD, masters etc, could you then earn close to what doctors earn? I know there's dentistry, pharmacy, but other than that. BTW, I'm not ashamed to admit one of the main reasons I wanna become a doctor is money, and I will say this at medical school interview( if I get one I hopeee), and hopefully I will get rewarded for my honesty with an admission to med school hahaha:cool: Link to comment Share on other sites More sharing options...
zmedo007 Posted December 27, 2007 Report Share Posted December 27, 2007 I guess doctors earn quite a lot, and I doubt any other profession comes close Wrong. If your going to become a Doctor based on the salary and etc. DON'T DO IT. You'll be a miserable sucker. And personally, if this is your attitude now and that you'll admit it - you want to be a doctor based on pay - nobody will accept you. (Sorry to say.) However, the reason your going to University is to enjoy your experience there and not to mention, WHAT YOU LOVE! Whether it's engineering, or psychology, do whatever interests you most and that you could live with doing for the rest of your life. By the way, most Doctor's don't earn enough for what they go through; stress + board exams + gunners + being pimped + impatient patients + bad sleeping habits + rude attendings (refer to being pimped) + debt (approx. 100,00+ CAD) + on call rotations..... the list goes on forever. Judging from your posts, you don't know what your getting into. Link to comment Share on other sites More sharing options...
dil123 Posted December 27, 2007 Author Report Share Posted December 27, 2007 Wrong. If your going to become a Doctor based on the salary and etc. DON'T DO IT. You'll be a miserable sucker. haha, I said it's one of the factors. Besides, I think anyone who says they're becoming doctors because they like to help people, that's what they're born to do etc is simply bull**** haha. If in the end all doctors got was 30k-40k/year, a lot of people would be dying because no one would stress out about which university to go, how to get higher GPA, volunteering in hospital, mcat, medical school etc etc. Link to comment Share on other sites More sharing options...
zmedo007 Posted December 27, 2007 Report Share Posted December 27, 2007 This is going to be one angry thread. *walks away* Link to comment Share on other sites More sharing options...
dil123 Posted December 27, 2007 Author Report Share Posted December 27, 2007 Judging from your posts, you don't know what your getting into. Sorry, I've just been searching online about universities, medical schools etc because I have to choose my universities, and I see online how it's so difficult etc it is, and all this is taking a toll on me. But I think I'm just going to relax now, worry about universities later when I get accepted, and then worry about med school when I'm in university. But I know for sure I want to be a doctor, family doctor, a surgeon, cardiologist, I don't really care haha. Link to comment Share on other sites More sharing options...
dil123 Posted December 27, 2007 Author Report Share Posted December 27, 2007 This is going to be one angry thread. *walks away* Hey, my bad, I sometimes just say very controversial stuff. I hope it didn't offend anyone, I'm sure they are people who want to become doctors solely due to their passion. Link to comment Share on other sites More sharing options...
Guest FockI'mOld! Posted December 27, 2007 Report Share Posted December 27, 2007 Let me put things into perspective for you. The admissions process is designed to weed out bad apples, the kind that are in it for the money/respect. You won't be going anywhere with that kind of attitude. Link to comment Share on other sites More sharing options...
webshy Posted December 27, 2007 Report Share Posted December 27, 2007 which other professions allow you to earn just as much money in Life science related fields. I guess doctors earn quite a lot, and I doubt any other profession comes close, but what if you do more than undergraduate degree, PHD, masters etc, could you then earn close to what doctors earn? I know there's dentistry, pharmacy, but other than that. BTW, I'm not ashamed to admit one of the main reasons I wanna become a doctor is money, and I will say this at medical school interview( if I get one I hopeee), and hopefully I will get rewarded for my honesty with an admission to med school hahaha:cool: I think that it is possible to earn as much as a physician in other medical fields, especially if you are talking about a family phyician. I'm currently working as a paramedic/supervisor in Toronto. Many of my colleages and I have earned signficantly over $100K. (The numbers are publically available somewhere, but I'm not sure where. The list of over $100K earners is distributed each year.) What schooling is required to become a paramedic? Two years of college, each which cost about half of what university costs. While $100-120K might not seem to compare to a physician's salary, it really does when you look at the number of years you are able to earn this type of money. Undergrad + med school + residency = 10 years (presuming family medicine, and a 4 year undergrad direct to a 4 year med school) Paramedic program = 2 years Yes, you earn some money as a resident, but not that much. It isn't quite half of what a paramedic makes, but for symplicity sake, let's count it as half of the annual salary of a paramedic. Thus, as a paramedic you are about $700-840K ahead of a family physician when you start out. You are also 8 years ahead. You aren't carrying huge debt when you graduate, which also has financial value. After 30-35 years, you can retire and earn a pension. You also have good benefits through out your career, which again have value. I think you can be quite well off as a paramedic, when compared to being a family physician. However, again, you have to want to be in that profession. As I am already earning about $120K, and I want to be a family physician, I've done the math looking at the costs of med school and residency, and how long it will take me to earn back my lost income. It will take approximately 22 years of working as a family physician to recover the salary I will lose by pursuing this path. However, I'm not doing it for the money. I truly do want to move to a small town where there is a need for family physicians, and serve the community in this way. I believe that being a physician in a small town is a calling I have, and look forward to being able to meet the need. If I never recover the salary I lose, that is okay. For me, I can honestly say it isn't about the money. I fully understand that there are many other types of physicians who make a lot more money than family physicians, and if the same comparison was done, it would take significantly fewer years to make up for potential lost income. Best wishes in choosing your path. I hope you end up in a career that make you happy. We spend too many hours working to not enjoy work! Elaine Link to comment Share on other sites More sharing options...
NLengr Posted December 27, 2007 Report Share Posted December 27, 2007 Investment Banking. That's where the money is. I have friends in it that will clear far more then I ever will as a doctor. Link to comment Share on other sites More sharing options...
Jochi1543 Posted December 27, 2007 Report Share Posted December 27, 2007 As I am already earning about $120K That's it, Elaine....lunch's on you when we're interviewing at UWO (and maybe Queen's). Link to comment Share on other sites More sharing options...
KennethToronto Posted December 27, 2007 Report Share Posted December 27, 2007 BTW, I'm not ashamed to admit one of the main reasons I wanna become a doctor is money, and I will say this at medical school interview( if I get one I hopeee), and hopefully I will get rewarded for my honesty with an admission to med school hahaha:cool: Actually, if you told them that, I'm sure your only reward would be an expedited ExpressPost letter from the school with a post-interview rejection. Since from your previous thread you came across more or less as a naive grade 12 student, I suggest you *really* do your research before you decide to pursue medicine thinking you'll be rolling in the bling bling. Physician salaries are respectable, but when you factor in the amount of schooling, work, and low-income years as an overworked resident, it's not that great. If you're in it for the money, please save yourself the headache and disappointment down the road and do what many of my friends now do straight out of undergrad: commerce/business/engineering in management consulting/investment banking/high tech at big time firms like JP Morgan/McKinsey/Microsoft with starting offers of $80K+ US. Link to comment Share on other sites More sharing options...
ysk1 Posted December 27, 2007 Report Share Posted December 27, 2007 Investment Banking. That's where the money is. I have friends in it that will clear far more then I ever will as a doctor. Is it appropriate to go into Investment Banking for the money? Do Business schools think that the reason is appropriate? Link to comment Share on other sites More sharing options...
Jochi1543 Posted December 27, 2007 Report Share Posted December 27, 2007 Is it appropriate to go into Investment Banking for the money? Do Business schools think that the reason is appropriate? It's inappropriate to say that, but most people are there for that reason and there's nothing wrong with that. It's a tough job (80-120 hours a week is common for a beginning analyst), so it needs to compensated adequately. And since all you do is make money for other people, it doesn't really matter if you are a total piece of sh!t, as long as you boost their bottom line. It's not like a job where you actually have to take care of people and be responsible for their lives. Link to comment Share on other sites More sharing options...
funkmunk Posted December 28, 2007 Report Share Posted December 28, 2007 Business schools absolutely think that saying going into I-banking for money is appropriate. Most people go into i-banking for the money, its a commonly accepted fact. The burnout rate is very high, however, and most people retire after less than 10 years. There are many lucrative options, but the best bet is to go into something that you love becase you'll be spending the majority of your life doing it. Link to comment Share on other sites More sharing options...
ysk1 Posted December 28, 2007 Report Share Posted December 28, 2007 There are many lucrative options, but the best bet is to go into something that you love becase you'll be spending the majority of your life doing it. But what if you don't know what you love? Link to comment Share on other sites More sharing options...
Charlatan Posted December 28, 2007 Report Share Posted December 28, 2007 The OP stated "life science related jobs", so arguing about "earning more money from i-banking" is pointless in this debate. The OP seems to be interested in a potential job that is science-related (eg. paramedics), not business-related, nor any other discipline. Money or social status could be one of the many factors that you get interested in medicine, but should in no way be the top of your list. Who doesn't want to be well-off financially? But you need to keep in mind that you will not be "well-off" until probably after age of 35-40+, since you need to work much harder (go through many years more of education and residency training) than the average person and need to clear up the loans/debts. By that time you will probably have your own car/house and or some extra cash but nothing dramatic like driving multiple ferraris, as maybe suggested by some medical drama shows. After that you'd probably pour your cash into your kids' education, EC's, etc, while managing to save some money in your bank, and going to fancy restaurants once in a while. Guaranteed rejection would be in order if you were to state money as your motivation to become a physician in a med school interview. Link to comment Share on other sites More sharing options...
ducky Posted December 28, 2007 Report Share Posted December 28, 2007 why can't money be one factor in a person's decision to choose medicine as a career? Is it that irrational to want financial security, medicine being a profession that can guarantee that? The OP never said they abhor medicine... Link to comment Share on other sites More sharing options...
hp18 Posted December 28, 2007 Report Share Posted December 28, 2007 I have done a lot of research on salaries. In general MBAs make far more than a doctor (average) in their life span. And mind you doctors not only work harder but also have very depressing work environment (at least for those who do not love the profession). Bottom line is It's not worth pursuing this career unless you really love it. You will regret. Medicine is no way lucrative career in terms of money. Link to comment Share on other sites More sharing options...
NLengr Posted December 28, 2007 Report Share Posted December 28, 2007 I have done a lot of research on salaries. In general MBAs make far more than a doctor (average) in their life span. And mind you doctors not only work harder but also have very depressing work environment (at least for those who do not love the profession). Bottom line is It's not worth pursuing this career unless you really love it. You will regret. Medicine is no way lucrative career in terms of money. MBA's make a much larger range then MD's however. You get some people with MBA's who have very high salaries (7 figures) and some with low salaries (5 figures). MD's have a very consistant lower half of the 6 figures salary. Business has the potential to make more money, but it's not so much of a guaranteed thing. The other thing is an MBA isn't needed to succeed in business. I know lots of successful business men who don't have a B.Comm, let along an MBA. It's a much more individual driven thing. Link to comment Share on other sites More sharing options...
Vallinar Posted December 28, 2007 Report Share Posted December 28, 2007 Docs make more than any other field in helathcare (on average). Poeple will point to I banking as making more, but thats arguable due to the huge hours they have to make. I don't know why were so quick to get on the op's ass. EVERYONE goes into medicne at least partly b/c of the money. But ofcourse, going into it solely for the money is a recipe for deistater (both for his himeself and his potential patients). That being said i know of many ppl who only wanted meds for the money/prestige and had no problem getting in. If you havew great grades, MCAT, and you know how play the admissions game you can get in regardless of your motive. Link to comment Share on other sites More sharing options...
Julie Posted December 29, 2007 Report Share Posted December 29, 2007 I'm sure money is a plus for everyone applying to med school, but like others, I agree it shouldn't be one of the main reasons. Maybe $ motivates me less than others, but I just can't see myself doing all this studying, then all these hours of clerkship, and then residency, etc., etc., if I didn't actually really enjoy it. Personally, I think I'd flunk out if I didn't like it, money or none. You have to actually be really curious about what you're learning, to find it really interesting, to really enjoy working with patients... otherwise you'll be miserable when you work, which will be a lot of the time! "No amount of money is worth that much work" has been said on this forum before... Plus, you'd have to really be a champion at delaying gratification... For almost everyone, med school puts your bank account in the red (and hugely so!) pretty fast, and for quite a while! As for the saying that no one would apply if the income wasn't that good, it's important to keep in mind that doctor's earnings are specifically high in North America compared to much of the rest of the world. In Europe, for instance, it's much lower compared to population income, yet there are more physicians (at least in some European countries) per habitant over there, and it's still quite a competitive profession. Anyway, it's true that the OP's still in high school and has time to find out plenty of awsome aspects of the medical career besides $/prestige, and/or change his/her mind a dozen times about actually choosing the profession Link to comment Share on other sites More sharing options...
dil123 Posted December 29, 2007 Author Report Share Posted December 29, 2007 Hahaha, it seems like me opening post did make it look like all I care about is money . But I did say I want to pursue something life science related so that kind of shows my interest. I'm also sure I won't change my mind about medicine unless it happens that I flunk my first year. BTW, I want to be a doctor because: 25% for money 15% cuz of prestige 10% under pressure from family haha lol Rest 50% because I watch Discovery Health channel and I'd like to be one of those doctors in future Link to comment Share on other sites More sharing options...
clive Posted December 29, 2007 Report Share Posted December 29, 2007 Why are the highest paying medical specialties the most competitive? Link to comment Share on other sites More sharing options...
Charlatan Posted December 29, 2007 Report Share Posted December 29, 2007 Anyone looking into a health-related job who denies money as one of the many factors (but again it shouldn't be the top or main reason) to enter medicine is being hypocritical. Link to comment Share on other sites More sharing options...
tooty Posted December 29, 2007 Report Share Posted December 29, 2007 Anyone looking into a health-related job who denies money as one of the many factors (but again it shouldn't be the top or main reason) to enter medicine is being hypocritical. Amen to that. To answer the OP's question: I hear PhDs in pharmceutical companies make good moneys. Link to comment Share on other sites More sharing options...
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