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Doctor or Investment Banker
Who earns more, a doctor or an investment banker?
Both when you've just started & average earnings in a lifetime?
or even average earning per hour?
I know as a doctor you start off at around 40k, but what about overtime etc.?
Both when you've just started & average earnings in a lifetime?
or even average earning per hour?
I know as a doctor you start off at around 40k, but what about overtime etc.?
Scroll to see replies
Is money the only reason you wish to do either job??
No, but it is a major factor. Let's theoretically assume that I have the choice of doing either?
relativematt
I know as a doctor you start off at around 40k, but what about overtime etc.?
I know as a doctor you start off at around 40k, but what about overtime etc.?
For the future, that's optimistic.
The NHS-trying-to-encourage-people-into-careers literature says:
http://www.nhscareers.nhs.uk/details/Default.aspx?Id=564
Junior doctors
In the most junior post (foundation year 1) a doctor would earn a basic salary of £20,741. This would increase in the second year (foundation year 2) to £25,882. A doctor in specialist training could earn from £29,000 to £44,000.
In addition a doctor in training would be paid a banding supplement determined by:
* the amount of hours worked over forty hours a week
* the intensity of a doctors workload
* the amount of work carried out at unsocial times
Banding supplements pay 20% to 80% of the basic salary. The most common supplement paid is 50%. A typical doctor, five years after graduating from medical school, on a 50% banding supplement would be earning approximately £48,000.
Most of the higher banding (which is overtime essentially) supplements have/will be phased out to comply with the EWTD. Also more cynically I've heard it suggested the shortage of training posts will be used as leverage to push down pay & that medics will continue to have to work the same sorts of hours anyway but as unpaid overtime...
Also to bear in mind, starting work as a doctor will be 2/3 years later than your BA/BSc friends working as bankers.
Doctor: Work your arse off at 6th form getting top notch grades, doing all the work experience, and it's still a lottery whether you get a coveted Medicine place. Then work your arse off in a very demanding subject with a high dropout rate for 5-6 years. Get a whopping 4 weeks holiday in the later stages. If you don't have money from parents good luck trying to get by later on. Then age 24 you've finally graduated in probably £25k debt, and are on a pathetic £20-25k to be on call round the clock. You really are envious of your brother, 3 years younger and working earning triple, because he chose to do...
Banking: Do Economics or whatever at a top uni - not as difficult as getting Medicine. P1ss around for 3 years doing a bit of work, a bit of extracurricular, and having lots of fun. Do a summer internship after your 2nd year, and get paid £800/wk (or £1k/wk at BarCap if they want you!) to either a) piss around being a coffee boy if you're in trading or b) work your arse off if you're in M&A. Get an offer to start straightafter your 3yr degree, manage to hack the hours and truly live the dream on quadruple what most your mates are on. And that's just to begin with...
TOUGH CHOICE!!!!!
Banking: Do Economics or whatever at a top uni - not as difficult as getting Medicine. P1ss around for 3 years doing a bit of work, a bit of extracurricular, and having lots of fun. Do a summer internship after your 2nd year, and get paid £800/wk (or £1k/wk at BarCap if they want you!) to either a) piss around being a coffee boy if you're in trading or b) work your arse off if you're in M&A. Get an offer to start straightafter your 3yr degree, manage to hack the hours and truly live the dream on quadruple what most your mates are on. And that's just to begin with...
TOUGH CHOICE!!!!!
"Prior to the GAMSAT exam my only exposure to any science was O-Level Physics some 15 years ago. Instead I went on to gain an MA in Economics from Edinburgh University in 1995 and subsequently embarked on a career in the city. I traded Credit derivatives for several Investment banks, both in London & New York, for some 10 years and, prior to joining the course, was an Executive Director at UBS Investment Bank responsible for Credit Default Swaps Trading in Europe.
While my employment was both stimulating and financially extremely rewarding, as the years progressed the lack of emotional fulfilment became overwhelming. To balance the lack of compassion I felt existed in my day job I regularly did voluntary work at St John & Elizabeth’s hospice in London to try and give something back and it was here that my interest in medicine also began.
This initial interest became a real desire after the birth of my first child, when I felt truly inspired by the healthcare professionals who looked after my family at that time. I truly desired to have such a profound effect on someone’s life. This was the catalyst I needed and the rest is history.
While leaving the city was a huge financial decision there is yet to be a day where I have regretted my choice and for the first time in a very long while, Monday mornings are not something to be dreaded.
PBL always appealed given my background, but I think it’s the way that this course challenges you in so many different ways that is its strength. Although I often feel outside of my comfort zone, the sense of achievement felt when a new skill is learnt is enormous. While it initially felt as if I had to learn a completely new language, after only a few months things are starting to fall into place and medical journals are no longer no-go areas."
Theres more to life than money, mayavara.
Seen as this thread is to do with money, you'd unquestionably earn more money in banking, in the short term at least. It'll take you at least 6 years after graduating from a medicine degree to earn 100k, some people get that in their 2nd year of banking.
While my employment was both stimulating and financially extremely rewarding, as the years progressed the lack of emotional fulfilment became overwhelming. To balance the lack of compassion I felt existed in my day job I regularly did voluntary work at St John & Elizabeth’s hospice in London to try and give something back and it was here that my interest in medicine also began.
This initial interest became a real desire after the birth of my first child, when I felt truly inspired by the healthcare professionals who looked after my family at that time. I truly desired to have such a profound effect on someone’s life. This was the catalyst I needed and the rest is history.
While leaving the city was a huge financial decision there is yet to be a day where I have regretted my choice and for the first time in a very long while, Monday mornings are not something to be dreaded.
PBL always appealed given my background, but I think it’s the way that this course challenges you in so many different ways that is its strength. Although I often feel outside of my comfort zone, the sense of achievement felt when a new skill is learnt is enormous. While it initially felt as if I had to learn a completely new language, after only a few months things are starting to fall into place and medical journals are no longer no-go areas."
Theres more to life than money, mayavara.
Seen as this thread is to do with money, you'd unquestionably earn more money in banking, in the short term at least. It'll take you at least 6 years after graduating from a medicine degree to earn 100k, some people get that in their 2nd year of banking.
If your basing your career decision solely on money (very respectable) then go with banking obviously.
Whilst there's nothing wrong with choosing a career purely 'for da money', I'm glad there are others who don't just choose one just for the cash, e.g. doctors. Though it's a profession that never excited me nor a possibility I ever entertained, I'm sure glad there's a steady supply of very clever people who are shunning City careers to become doctors, surgeons, engineers, researchers, entrepreneurs et al. Secondly, choosing a career just for the dough is probably a bit blinding, go for cash by all means, but I don't necessarily think a hunger for cash alone is going to make a success of one (if you consider 'successful' as being in the top 2-4% of your peer group), and as paradoxic as it may seem, this is probably even more truer in the business of money, esp. because most who enter the City just for the money are thinking they will be flying in private jets by 30 and dating supermodels. Maybe I'm wrong, but that's just my opinion.
mayavara
Doctor: Work your arse off at 6th form getting top notch grades, doing all the work experience, and it's still a lottery whether you get a coveted Medicine place. Then work your arse off in a very demanding subject with a high dropout rate for 5-6 years. Get a whopping 4 weeks holiday in the later stages. If you don't have money from parents good luck trying to get by later on. Then age 24 you've finally graduated in probably £25k debt, and are on a pathetic £20-25k to be on call round the clock. You really are envious of your brother, 3 years younger and working earning triple, because he chose to do...
Banking: Do Economics or whatever at a top uni - not as difficult as getting Medicine. P1ss around for 3 years doing a bit of work, a bit of extracurricular, and having lots of fun. Do a summer internship after your 2nd year, and get paid £800/wk (or £1k/wk at BarCap if they want you!) to either a) piss around being a coffee boy if you're in trading or b) work your arse off if you're in M&A. Get an offer to start straightafter your 3yr degree, manage to hack the hours and truly live the dream on quadruple what most your mates are on. And that's just to begin with...
TOUGH CHOICE!!!!!
Banking: Do Economics or whatever at a top uni - not as difficult as getting Medicine. P1ss around for 3 years doing a bit of work, a bit of extracurricular, and having lots of fun. Do a summer internship after your 2nd year, and get paid £800/wk (or £1k/wk at BarCap if they want you!) to either a) piss around being a coffee boy if you're in trading or b) work your arse off if you're in M&A. Get an offer to start straightafter your 3yr degree, manage to hack the hours and truly live the dream on quadruple what most your mates are on. And that's just to begin with...
TOUGH CHOICE!!!!!
yes, for a robot.
relativematt
Who earns more, a doctor or an investment banker?
Both when you've just started & average earnings in a lifetime?
or even average earning per hour?
I know as a doctor you start off at around 40k, but what about overtime etc.?
Both when you've just started & average earnings in a lifetime?
or even average earning per hour?
I know as a doctor you start off at around 40k, but what about overtime etc.?
40K? you must be joking and yeh they have to work **** loads of on calls
but in answer to your questions, it depends what you specialise in when you become a doctor, some areas have alot more private work than others, and thats where the money is at.
Same goes for IB, depends what division and how good you are.
being a doctor in the long run can be better. specialising in a particular field and then going private can earn you millions. things like plastic surgery and things like face/jaw reconstruction is big business. people at the top earn millions.
though top bankers also earn a hell of a lot.
either choice is good as the respect you get from being a doctor cannot be matched.
if you willing to work hard and be better then the rest either choice will earn you a lot of money.
overall dont know who earns more.. maybe a senior position at a top bank will get you more in the long run.
if you want to be a doctor its better if your academically hard working and can study till your like 27 or 28 (until it takes you to specialise.. might take a lot longer but the benfits are enourmas)
though top bankers also earn a hell of a lot.
either choice is good as the respect you get from being a doctor cannot be matched.
if you willing to work hard and be better then the rest either choice will earn you a lot of money.
overall dont know who earns more.. maybe a senior position at a top bank will get you more in the long run.
if you want to be a doctor its better if your academically hard working and can study till your like 27 or 28 (until it takes you to specialise.. might take a lot longer but the benfits are enourmas)
I think you are the first in this forum to raise this question.
all doctor friends i know are incredibly dedicated towards the notion of "helping" others regardless of the financial gains.
you obviously don't even qualify to be a doctor.
based on this, you should choose to be an investment banker
all doctor friends i know are incredibly dedicated towards the notion of "helping" others regardless of the financial gains.
you obviously don't even qualify to be a doctor.
based on this, you should choose to be an investment banker
wazzup
banking is harder to get in. it s a lottery. becoming a doctor is pretty much safe, if you follow the general academic route, getting good grades. there are more money in banking and it doesnt require getting into a massive debt.
medicine isnt exactly a breeze to get into. Even once you are there, there is no guaranteed job anymore.
You have a point though, that in terms of job security being a doctor is probably better.
flamingmoe
I think you are the first in this forum to raise this question.
all doctor friends i know are incredibly dedicated towards the notion of "helping" others regardless of the financial gains.
you obviously don't even qualify to be a doctor.
based on this, you should choose to be an investment banker
all doctor friends i know are incredibly dedicated towards the notion of "helping" others regardless of the financial gains.
you obviously don't even qualify to be a doctor.
based on this, you should choose to be an investment banker
I'd have to disagree with that, so many doctors out there who are complete bastards.
As I see it, as a banker, it's your salary through tax that is going to be paying the salaries of many these doctors to provide care for people who could not realisticially afford it in a private healthcare system. City workers are not pariahs leeching off society; in fact they earn a significant proportion of the wealth that keeps this country afloat, and the public sector workers in work. Don't be pressured out of going into the City because people are telling you it's somehow immoral - that view is simply nonsense.
The thing you have to weigh up is how much you will enjoy the job. For some people, money is really important, for others, having an enjoyable job is more important. That's a decision you have to make. Similarly, for some people work as a doctor is more enjoyable, for others work as a banker is more enjoyable. This, again, is a decision you have to make. Both professions have pretty crap hours. Medicine is difficult to get into the training, difficult to complete the training, difficult to get a job and even more difficult to get a job you want. Banking, on the other hand, seems to be more straightforward to get into, but only if you make the grade, and it is ultra-competitive. Even if you get in, if you don't keep producing at the level the bank wants you will lose your job.
I know people who work in both sectors, and they all enjoy their jobs. It isn't a case of one being better than the other, or more interesting work than the other. Banking is, however, better paid, but you can't give no consideration at all to what the job's going to be like, since you're going to be working 50+ hour weeks by all accounts, and few people can stick that out if they hate the work despite the knowledge of a lot more money to spend doing things in your free time. Also, while banking is better paid, if you go down the banking route but dont get a job in banking (or lose your job), your second, third, etc. choice jobs are not likely to be as well paid as being a doctor over your career.
The bottom line, though, is that both these careers are elite, and highly competitive. If you're only interested in the money you're unlikely to have the dedication to outcompete the 5+ other people of similar standard who want the same job.
The thing you have to weigh up is how much you will enjoy the job. For some people, money is really important, for others, having an enjoyable job is more important. That's a decision you have to make. Similarly, for some people work as a doctor is more enjoyable, for others work as a banker is more enjoyable. This, again, is a decision you have to make. Both professions have pretty crap hours. Medicine is difficult to get into the training, difficult to complete the training, difficult to get a job and even more difficult to get a job you want. Banking, on the other hand, seems to be more straightforward to get into, but only if you make the grade, and it is ultra-competitive. Even if you get in, if you don't keep producing at the level the bank wants you will lose your job.
I know people who work in both sectors, and they all enjoy their jobs. It isn't a case of one being better than the other, or more interesting work than the other. Banking is, however, better paid, but you can't give no consideration at all to what the job's going to be like, since you're going to be working 50+ hour weeks by all accounts, and few people can stick that out if they hate the work despite the knowledge of a lot more money to spend doing things in your free time. Also, while banking is better paid, if you go down the banking route but dont get a job in banking (or lose your job), your second, third, etc. choice jobs are not likely to be as well paid as being a doctor over your career.
The bottom line, though, is that both these careers are elite, and highly competitive. If you're only interested in the money you're unlikely to have the dedication to outcompete the 5+ other people of similar standard who want the same job.
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