Pros and Cons of being a Doctor? (1 Viewer)

[sikeveo]

Turtleface, how many make it? And where do you pull ur stats from?

 

[turtleface]

My cousin is first year analyst equity research and is on a 85K base. Bonus at his firm is 50-100% for good people. Thats about 170K if he maxes out for his first year. Some of the better grads get even higher bases/bonuses. (so not in the actual IBD, but close enuf)

I usually don't trust surveys precisely for the Dentistry reason, but in this case those figures are supported by the Michael Page 05 Finance & Accounting Survey

Edit: in no way am I flogging Ibing careers to people. It is an extremely high rewarding but high risk and high cost too. It is not a job, more like a life. I'd rather be a Doc and earn much less.

 

[+Po1ntDeXt3r+]

My cousin is first year analyst equity research and is on a 85K base. Bonus at his firm is 50-100% for good people. Thats about 170K if he maxes out for his first year. Some of the better grads get even higher bases/bonuses. (so not in the actual IBD, but close enuf)

I usually don't trust surveys precisely for the Dentistry reason, but in this case those figures are supported by the Michael Page 05 Finance & Accounting Survey

Edit: in no way am I flogging Ibing careers to people. It is an extremely high rewarding but high risk and high cost too. It is not a job, more like a life. I'd rather be a Doc and earn much less.

but isnt it cos its not a uniform cohort?...
like the govt report links
Medicine to just MBBS, BMed
and
Dentistry to just BDS or BDSc
Engineering is BEng... etc..

with Investment banking its ????? BComm? BAcct? BEco?BComm/LLB?
and lik since its not realli a single entity its not easy to guage..

secondly..
in medicine they range lik 43k- 52k base..with a ~0% unemployment so then the average is easy to calculate..

in the other ones.. im sure some BComm'er earn lik 35K -42K but not all are employed... and some might get the 100K mark.. but avg out they become outliers in the stats..

Thirdly..
the stats only take base gross... and does not take into account overtimes or bonuses..

the grad statistics are not bull shit per se but they are limited in their interpretation..

umm medicine isnt realli that simple .. its realli a great course for those that like applicable science with ppl contact.. not impossible ... and its not rocket science

 

[sikeveo]

Yeh turtleface is an idiot. The graduate survey is for actual degrees. Not random people who get IB jobs.

 

[turtleface]

Actually I think the grad stats are BS. Do you notice that for Pharmacy and Architecture they say "pre registration salaries, not indicative of future careers earnings" well duh...no shit, you stupid surveys. Pretty much every field has registrations and salary later in career is not representative of graduate starting salary. I'll pull up Accounting since its the only example I know. Shit, when you get Registered Liquidator or Registered Company Auditor Registration the average salary is like 500K

Sikeveo,
thanks for the insult. You'll learn that its your salary in 3,5,10 years time is more important than getting a few thousand bucks extra at graduation, and still be on that amount when you retire.

 

[sikeveo]

Hmmm, apologies for the insult. I dont get what you mean by the last line? Average earnings of dentists trump those of accountants. Besides, im not that kind of person who is in a job for the money, life is too short to worry about money.

 

[turtleface]

nah I was just joking in the other thread,

dont get what you mean by the last line?

Its hard to say how much Accountants earn though, because there are a lot of Accounting jobs that don't have an "Accountant" job title (e.g. CFOs, External Administrators, Financial Controllers, Auditors) whereas many people who aren't CAs or CPAs call themselves Accountants (e.g. Tax agents who do your tax return, bookkeepers) so its almost impossible to say dentists get more than accountants on average (though I suspect this is the case.) because frankly noone knows what Accountants get paid on average. Unlike in some countries, the term "Accountant" can be used by anybody, unlike "dentist".

Having said that though, although a grad Dentist gets much more than an Accountant, the variance of salaries in Accounting is much higher. In ten years or so years, when that grad is an Equity Partner and earning 1 million dollars a year, or even more as CFOs. I find it hard to believe any Dentist can match that range. Because in Australia more CEOs are from Accounting Backgrounds than from any other, you can even argue that the top range for Accounting salaries in Australia is 20 million. I don't know any Dentists in that range.

I don't know anyone doing Dentistry to get a high salary. Thats totally misguided. if you want a high salary, its Investment Banking or Management Consulting for you. Not even Accounting matches those two in terms of salary potential.

One (in)famous Investment Banker was earning by all accounts about $200 million dollars. no typo

Anyway, my (personal) belief is:
Dentist: High Mean (250K), low Variance (+/-300K)
Accountant: Low Mean (95K), high variance (+/- 1,500K)

 

[+Po1ntDeXt3r+]

i think i made tat post as a point on how to read data and statistics.. cos we use them so bluntly in lik every other thread...

dentist earn stable incomes.. the top CFO may do $20 million after 20 yrs.. but there is risk... that they might earn nothing... how about a couple of bad investments?

No Offense but wat do other accountants do after 20 yrs?....

i have friends tat want to do IB.. i agree the profit is proportional to the risk.. i know some ppl in med tat do med as a backup for business cos it allows u to outlay a decent capital.. its for the money... and its a good idea if u lik the risk..

dent will always pay in the upper ranges... with little risk... or worry...

doctors usually retire relatively well off... so do dentist... so its not a problems its just that they arent stupidifyingly rich millionaires.. but they get by ..

my cousin is a dentist.... 6 yrs out... he is a univeristy tutor and an orthodontist... he <3's it.. he has fun with his life.. isnt tat important? golf on sundays.. 9-5 weekdays... he still has a PS2 and loves it.. he loves the study.. and the life.. im sure we all want to say tat..

 

[+Po1ntDeXt3r+]

oops sorri i read the latter post.. not the earlier.. was skim reading between reading a text book

 

[turtleface]

I'm sorry, when I say Variance I mean risk

No Offense but wat do other accountants do after 20 yrs?....

Why would that be offensive? Its very rare for Accountants to be Accountants in 20 years. A job as an Accountant is a means to an end, ether CFO, CEO, Director, Partner etc.
The Accounting Firms are widely regarded as training institutions. Graduates go in, get their CA, get their experience and go off into the business world, working as General Managers, Analysts, peddling corporate software solutions, consultants, all sorts of weird stuff.
Again, thats why its so hard to compare salaries with Accountants. Noone knows what an Accountant is or does these days.

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edit: whoa sorry this is totally confused, I just deleted this post accidentally so the orders screwed lol sorry