Be a doctor for money!

bluedevilmike
Sat, 21 Oct 2006 02:42:55 +0000

Yes, if you’re comparing medicine to PhD work. It depends on your point of reference. The other thing, of course, is that the example given (radiology) is perhaps one of the most extreme specialties in medicine. Many pediatricians and primary care physicians are making $90K. Very comfortable, definitely. But hardly outrageous.

Also, many graduate students in the biomedical sciences can be funded, which means that while they’re making a pittance, at least they’re not spending a lottery/incurring a fortune in debt. Remember one of the basic principles of economics: money early matters more than money late. Finally, also notice expenses. A $300K cardiologist is paying $175K in taxes (17% + 35% + sales, property, state, city) and then you incorporate malpractice insurance, office expenses, insolvent patients, etc. Professors have tenure, work fewer hours (sometimes much fewer, sometimes very close), etc. So while doctors make more money, the difference isn’t as large as it might seem.

Still, many premeds could have pursued lucrative jobs in the private sector/business world/pharmaceutical industry, even as late as matriculation to medical school. (Actually, healthcare consulting is still interested in medical students.) If they’d been following Econ/MMS tracks early on, even more of them would’ve had that option open.