Apparently, a lot of people think that doctors go into medicine for the money. I don't know about you, but it seems like an awful lot of training to do that, especially with the erosion of physician salaries for the past 20 years or so, and continued erosion likely. Most if not all of my classmates could have made a lot more money if they'd become consultants or i-bankers or lawyers. They went into medicine mostly a) because it's cool (it really is amazing what doctors do), and b) because they want to help people.
I can't say that money had *nothing* to do with my decision to go to medical school, however. My dream job when I started this thing was to be a physician scientist. I had a mentor whom I really admired, and I wanted a career just like his.
But, the fact that I can always be a full time doctor as a fall back career is definitely a plus! One, it turns out I like patient care -- or have thus far in my training. Two, job security is HUGE to me. Having lost my job before, and seeing how the economy just sucks right now, knowing that I will (most likely) always be able to support myself, always (most likely) be able to get health insurance, was huge to me. Even if I don't get my dream of being a physician scientist (which I have a great shot at), I have this great fall back. That's something that would have been a lot more elusive had I gone to PhD-only school.
There's also the MD-PhD aspect of things. I am going to graduate debt free at the end of all of this. Now, if you do the math including opportunity costs, interest, etc. MD PhD is not a good investment. But I had some savings from working prior to med school, and there is no doubt that med school tuition would have cleaned that out, not to mention leaving me with 200K of debt. It's nice knowing that I can always walk away debt free if I want or have to. Having a pair of golden handcuffs sucks.
So if I'm totally honest with myself, yeah, money did have something to do with me becoming a doctor. Mostly I really wanted this career, but these other issues were definitely important too.
I wonder if that makes me a wicked evil greedy person? Personally, I think it makes me a responsible and practical person. Thoughts?
14 Pearls of Wisdom:
If you go into medicine at this time with the non-stop talk of budget, debt, deficit, national default, skyrocketing health care costs, etc. and you DO NOT think about money (both the cost and the pay) , then you are extremely naïve and reckless/dangerous. I'm not saying it has to be your guiding light, but reality exists outside the walls of med school and blinders will not protect you.
I came here because it was what I wanted to do. I still enjoy it. It allows me to support my family, but I could do that in other jobs.
I'd rather make less money doing this, and at least be doing something I enjoy.
Yep Grump, that sums up my opinion mostly. Though I will say that the job security in most other fields is not nearly as good as what drs have. The truth is, I DID take a rather large paycut to be doing what I'm doing. About 60% if I remember correctly. And thank goodness for that, because what I did before was making me crazy.
omdg- relax about the money. you have stated it well. it is part of recruiting extremely talented people away from more lucrative careers. and it is important for minimizing the incentive for personal gain from interfering with clinical decision making. where i work there are many nurses who are smarter than most docs, and more knowledgeable than most docs, but do not want the hassle and responsibility. expect to earn every penny.
So you found a career you love, which happened to be a path which was debt free, and you also thought seriously about your financial future in case things don't wind up the way you originally thought? You are a wicked evil greedy person. ;)
Alternatively, more people should think like you. I know for a fact I am.
Your decisions for MD-PhD sound valid, even without the financial perks. I think it's stupid when people talk about doctors going into it for the money, too. I am one of the ones who is locking her golden handcuffs tighter with every year and if anything, the lack of money when it's all over is something that makes me want to walk away. I love the profession, but having had a real job (and lots of old people friends with real jobs), I know that the financial end of things SUCKS.
we have to work really hard for the money, so actually I tried everything I could to NOT choose medicine to make sure it was what I really wanted.
Great post...
agree w/Dr Grumpy above
You guys are too nice to me. Seriously though, it really bothers me when people insinuate that doctors are money hungry jerks. I think after clerkships occasionally you'll hear a comment like, "F primary care/surgery. The money/hours suck in those fields! I'm taking the ROAD." but Maybe some of those people are actually jerks, I think those come out of frustration and burnout more than anything else. I have several friends who wanted to be surgeons -- like really loved it -- and just wouldn't allow themselves to do it because of the lifestyle. Same thing with primary care and peds. It makes me sad to think of financial concerns forcing me to choose less than my favorite specialty.
I think at any level, you're going to have a few d-bags who are in it for the money (like my classmate who leases a BMW with his student loan), but yes, if you want to make money, medicine isn't the field to be in anymore - at least, if you want to have a partner/kids/life outside the hospital.
I think at any level, you're going to have a few d-bags who are in it for the money (like my classmate who leases a BMW with his student loan), but yes, if you want to make money, medicine isn't the field to be in anymore - at least, if you want to have a partner/kids/life outside the hospital.
I have no idea how but I came across your blog a few months ago and I really enjoy it! I'm not in medicine but, I too, will be leaving a well-paying job to go back to school for counseling/psychology. I'm not doing it for the money - that's for sure. My boyfriend is in school (about his 5th year now) getting his MD/PhD and what you say sounds like his life day in and day out. He too will be debt free (which is awesome) but yeah, there are a lot easier ways to make significantly more money than going to school for 8+ years whilst making very little money (while all your other non med school friends are making, what seems to be, boatloads of cash). It's not easy and it's certainly not a get-rich-quick scheme ;)
Saw that the projected inflation rate for healthcare is 5.8% annually for the next 10 years. Something has to give sooner or later.
I can relate to you wanting job security. I looked at my prospects in healthcare administration and to go anywhere I needed a clinical background as well, so for three years I scaled back my hours part-time while getting my RN. Now I have both sides of the equation (clinical and business), which will help me in the long run.
you make getting in med school sound so easy...I'm 30 taking pre-med reqs for one more year and I'm still debating whether if i should go for PA program or Med school. I do know i will be choosing an Emergency(Pa or med) though. Finish at around 40 seems like too much but i don't want to spend my time and energy (not even mentioning $) in something i don't want. All i know is i want to have direct contact with patients in the ED. ....
Anon -- Wow, I've never heard THAT before. It certainly wasn't easy. It was a LOT of work to get in. Really. I also feel very lucky.
You could also look into becoming a paramedic. Not sure how long the path is, but I really liked the paramedics I worked with in the ed during my various rotations, and they seemed relatively happy and well adjusted. Not sure about how much PA school costs, but it could be a better option for you, depending on what your priorities are. Both are big investments, though.
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