How good is medicine financially?

In terms of pay, debt, job security ...

Above average pay overall for sure, but at the same time, not going to be proper minted

Debt depends really. For me, it's not too bad since there's no tuition fees in Scotland and my parents are well off enough to help with rent.

Job security is basically 100%

Reply 2

Democracy

Original post by alanaro

In terms of pay, debt, job security ...

Above average pay across the board however they will make you work for it. It would make a lot more sense to look at the salary in terms of hourly pay (especially as a junior doctor), in relation to the number of weekends/nights you're doing and how exhausted/ill they're making you feel, the social/family events you'll miss because the department is too short staffed and/or the rota co-ordinators are terrible, etc.

But yeah, in terms of gross salary pa you'll be well above average, and those who are more finance minded can make a very good living with private work, locuming and so on.

Obviously student debt will be well above average too. As will your professional expenditures - GMC fees, medical indemnity, Royal College fees, exam fees, attending courses, etc.

Job security and prospects are 100% if your only goal is being "a doctor, somewhere", but you need to look at it relative to the complete picture of what your specific goals will be - there are plenty of surgeons who have completed their training but are doing registrar jobs because there simply aren't any consultant vacancies at the moment and plenty of doctors need to apply more than once to get into their chosen specialty. So yes, you will always have a job, but it's not quite as easy as getting any job you like, wherever you like, with no questions asked just because you're a doctor.

Reply 3

nexttime

The above answers are accurate.

All i would emphasise is that compared to other careers, there are a lot of hidden costs and compulsory unpaid overtime that make the headline pay an effective overestimate. The headline pay is fine, though.

Reply 4

username334839

Original post by Asklepios

YOU SO LUCKY!

And yeah its above average but the more extra work you do the more you get.

Reply 5

username3563852

Omg ! Want to do medicine aswell but hearing how much it will cost is intimidating , I am a working class. :s-smilie:

Reply 6

Helenia

Original post by KillerCosine

Omg ! Want to do medicine aswell but hearing how much it will cost is intimidating , I am a working class. :s-smilie:

The uni course doesn't really cost any more than any other degree apart from being longer, so you will naturally have more student debt than someone who only did a 3 year course. You will therefore be paying off your student loan for longer but the monthly payments will be the same as anyone else earning the same amount.

Yes, there are professional expenses afterwards, but at that point you're earning the same whether you're working class or aristocracy, so your background really doesn't matter.

Reply 7

Nottie

Original post by KillerCosine

Original post by Helenia

This may be specific to my uni, but I found quite a lot of "hidden" costs that I have to cover that other degrees don't, such as (and mainly really) commuting to placement. Even if the university provides accommodation for most placements outside of Nottingham I still need to somehow get there and also either come back every Friday for compulsory Nottingham-based teaching or just come back for the weekend at my own expense. While it usually costs about 5 pounds one way, at the end of the usual 8 week block its about 80 pounds or more (if I need to get back for doctors appointments etc).
My first clinical placement was 17 weeks and I had to come back every Thursday for doctor's appointment, get back to the hospital and come back for the weekend. I don't even want to count how much money I have spent, but it was the first time since coming to uni that I needed financial help from my parents.

Maybe I am just being difficult, but at this point in my life spending 10 pounds a week or more is quite an expense for me.