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    I am 24 with a 2:1 degree in psychology, a master's degree and I am currently studying for a PhD in social psychology.

    I initially wanted to become a lecturer/researcher but have recently changed my mind. I spend the majority of my time at the office, stuck behind a computer/doing paper work. I would like to apply my knowledge practically.

    Throughout my undergraduate and master's course, I worked as a support worker and I also gained experience as a camp counsellor with individuals of all ages with disabilities. I thoroughly enjoyed the work.

    It is because of my passion for science and my enjoyment of working practically that I have decided that I would like to become a doctor.

    I am looking for some financial advice.

    I would like to know whether medical school is a good investment?

    I would be 26 by the time I graduate. My parents are hugely supportive and I am lucky to be able to stay at home and save. By the time I finish my PhD I will have saved £40,000. I initially started saving to pay off my £16,000 student loan and to pay for a deposit on a house.

    However, I would like to use the £40,000 to fund myself through the 4 year graduate medical course. I have read that the NHS provide bursaries to cover tuition fees in years 2, 3 and 4. I am also a Welsh student, meaning that I won't incur costly top-up fees.

    By the time I finish medical school I will have no savings and my student debt will be accumulating with interest.

    How long does it take for medical school to pay financially?
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    (Original post by randomflag)
    How long does it take for medical school to pay financially?
    You gonna get eaten alive on this forum for asking such a question. It seems to be a taboo subject here.

    http://www.nhscareers.nhs.uk/details...lt.aspx?Id=553

    What do you mean by "pay financially"? Everyone has different ideas of a "good salary".

    If you're thinking of consultant salary, that would after many years of traning (length depends on specialty and how fast you progress/whether you make it to the next stage every year) and exams AFTER graduation from med school, if at all - not all doctors become consultants.

    You're unlikely to be out of a job and the pay is above the national average. The workload, training and years of study (even after med school) are high/long and whilst senior doctors are paid quite well (compared to the national average), they work hard for it.

    What do you mean by "good investment"? I think that's something you'll have to decide for yourself. Everyone will have different ideas of what is a good investment.
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    Uh oh... :P
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    (Original post by randomflag)
    Uh oh... :P
    I suppose it depends on a lot of factors...primarily the amount of debt you will be in when you graduate and how long that will take to pay off.
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    I would like to become a GP. I know this would mean
    - 2 x foundation years and an additional 3 years.
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    (Original post by No Future)
    You gonna get eaten alive on this forum for asking such a question. It seems to be a taboo subject here.

    http://www.nhscareers.nhs.uk/details...lt.aspx?Id=553

    What do you mean by "pay financially"? Everyone has different ideas of a "good salary".

    If you're thinking of consultant salary, that would after many years of traning (length depends on specialty and how fast you progress/whether you make it to the next stage every year) and exams AFTER graduation from med school, if at all - not all doctors become consultants.
    lol its done by a bunch of people with very little grasp of reality who base all their posts on ideals they think they have...simply ask them: would you work for free? No? Then shut the f*ck up!

    Nobody should be riding around on their high horse telling other people why they should or should not do medicine.
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    [QUOTE=No Future;30704137]You gonna get eaten alive on this forum for asking such a question. It seems to be a taboo subject here.

    I don't think it should be a taboo subject. It's an important fact of life. Especially when doctors invest a vast amount of time and energy.
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    (Original post by Vazzyb)
    lol its done by a bunch of people with very little grasp of reality who base all their posts on ideals they think they have...simply ask them: would you work for free? No? Then shut the f*ck up!

    Nobody should be riding around on their high horse telling other people why they should or should not do medicine.
    This definitely!

    Bizarre that people think they can judge whether or not someone should study medicine, or whether someone "deserves" a place. Wtf?
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    IMO yes - 100% not just for the 'investment' but for the career at the end of it. Bare in mind 4 year courses are ridiculously competitive though
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    (Original post by randomflag)
    I don't think it should be a taboo subject. It's an important fact of life. Especially when doctors invest a vast amount of time and energy.
    Well, I quite agree with you.

    You would be a bit stupid not to consider the finances of it and know what you're signing yourself up for.

    Also, the vast majority of doctors I speak to say that whilst it is hard work (and other negatives), on balance they feel their job is very rewarding (in terms of job satisfaction).
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    (Original post by randomflag)
    I would like to become a GP. I know this would mean
    - 2 x foundation years and an additional 3 years.
    AFAIK it will be more by the time you get there, 3yrs are being phased out in favor of 4s atm and there is talk of 5.
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    (Original post by randomflag)
    I am 24 with a 2:1 degree in psychology, a master's degree and I am currently studying for a PhD in social psychology.

    I initially wanted to become a lecturer/researcher but have recently changed my mind. I spend the majority of my time at the office, stuck behind a computer/doing paper work. I would like to apply my knowledge practically.

    Throughout my undergraduate and master's course, I worked as a support worker and I also gained experience as a camp counsellor with individuals of all ages with disabilities. I thoroughly enjoyed the work.

    It is because of my passion for science and my enjoyment of working practically that I have decided that I would like to become a doctor.

    I am looking for some financial advice.

    I would like to know whether medical school is a good investment?

    I would be 26 by the time I graduate. My parents are hugely supportive and I am lucky to be able to stay at home and save. By the time I finish my PhD I will have saved £40,000. I initially started saving to pay off my £16,000 student loan and to pay for a deposit on a house.

    However, I would like to use the £40,000 to fund myself through the 4 year graduate medical course. I have read that the NHS provide bursaries to cover tuition fees in years 2, 3 and 4. I am also a Welsh student, meaning that I won't incur costly top-up fees.

    By the time I finish medical school I will have no savings and my student debt will be accumulating with interest.

    How long does it take for medical school to pay financially?
    There's no guarantee that the NHS are going to fund years 2-4 anymore. So 9k for the first year, with the likelihood that you'll have to pay 6k for subsequent years.

    Does it every pay financially? Sure the pay is great, but the amount of hours you have to work for that pay is higher than almost other high end professions. Not to mention how that affects your social life. If you really want to make money I'd look into something more financially rewarding.
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    [QUOTE=randomflag;30704259]
    (Original post by No Future)
    You gonna get eaten alive on this forum for asking such a question. It seems to be a taboo subject here.

    I don't think it should be a taboo subject. It's an important fact of life. Especially when doctors invest a vast amount of time and energy.

    Those who say that they got into medicine just to "save lifes" and "help people"are simply hypocrite.Or naive.You don't have to study medicine to "help people".Want to help people?Get a nursing degree and off to Africa-saving lifes.
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    AFAIK it will be more by the time you get there, 3yrs are being phased out in favor of 4s atm and there is talk of 5.


    Where do you get your information from? Please can you share it, I would be very grateful. I want to be in 'the loop'.
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    (Original post by Fumblenuts91)
    This is brilliant.
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    (Original post by randomflag)
    AFAIK it will be more by the time you get there, 3yrs are being phased out in favor of 4s atm and there is talk of 5.


    Where do you get your information from? Please can you share it, I would be very grateful. I want to be in 'the loop'.
    http://www.rcgp.org.uk/gp_training/r..._training.aspx

    I'm currently doing a 4 scheme in South Wales.
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    (Original post by randomflag)
    I am also a Welsh student, meaning that I won't incur costly top-up fees.
    Thats not strictly true. You already have an equivalent (infact a higher) level degree so I'm not sure to what extent you would qualify to have your fees discounted. This whole area is under review at the moment so its hard (infact impossible) for any of us to give you even a rough idea of what it might cost you. Given the current climate towards students, I wouldn't take it for granted being welsh will = studying cheaply. Also, the NHS has not comitted to continuing the bursary on graduate courses in its present form when tuition fees go up to £9000. Whatever the new arrangement you can garuntee it will involve paying more. Never the less, the money you have set aside would be sufficient to see you through the degree - although your quality of life will be 'studenty' which from age 26-31 could be quite painful. Chances are you also won't be living at home since cherry picking a place at a local medical school is almost impossible.

    (Original post by randomflag)
    How long does it take for medical school to pay financially?
    You won't see a finiaical return on your investment until about 15-20 years postgraduation. Your starting salary will be around £22K, then the following year £24K. Then it will rise steadily to about £40-50K over the following 5 years. There is a big pay jump when you hit consultancy but for you that won't be until you are in your 40s. So from a financial perspective, if you have those kind of savings it is technically viable for you to do this (in the sense that a similar student like yourself in less secure financial circumstances physically couldn't afford it). But if you want to think about it in terms of city banker 'investment' then no, this is probably a bad investment particularly in the short term.

    Personally, if I were you (which obviously I'm not so disregard this if you want), I would forget about medicine. Some of the younger guys on here might get hostile with you because you want to know if this is financially viable, but I appreciate you're at an age where you need to think about things like that. However, I suspect medicine isn't really what you want. At best it is a step down in the short term and a lateral move in the mid-term. Med school itself can be horrific, thats not to say it's a bad experience but there are times when studying it becomes a means to an end rathern than a sustainable lifestyle. Even the process of applying to medical school will take years off your lifespan (and with a 2:i in psychology gunning for graduate entry courses is going to be fairly tough work, although you could theoretically get a place).

    Two other thoughts;
    • I know this thread is about finances and you haven't gone into your application but if the extent of your work expeirence is working as a counsillor/support worker it won't be good enough by orders of magnitude. At 26 years old they're going to want to see some serious work experience (like a year+ of a working as an HCA), hospital & GP work experience placements etc.
    • I'm purely making a guess here, but reading your post I got the sense you might have applied to study medicine previously perhaps at 17/18 unsucessfully?
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    You'll be hobo afterwards, lol jk you'll be rich.
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    (Original post by randomflag)
    AFAIK it will be more by the time you get there, 3yrs are being phased out in favor of 4s atm and there is talk of 5.


    Where do you get your information from? Please can you share it, I would be very grateful. I want to be in 'the loop'.
    I have heard this too, can't remember where I read about it. Possibly in the Student BMJ?
 
 
 
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