You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Medicine or Wall Street?
- Thread starter dazed101
- Start date
Let me just say that I know lots of M.D's and I know lots of traders.
One thing to point out is that there aren't many M.D.'s who are making 500K even in their peak earning years much less at 32. Let's assume that you're done with undergrad at 22, and then done with medical school at 28, then at least 2 years maybe as many a 4 years for your residency/fellowships. That puts you at 30-32 right there. At 32, you'll be lucky to pay your bills much less make a half a mil.
However from the ages of about 40 until you decide to retire you should do very well.
The vast majority of traders will never sniff 500K in one year much less every year. But there are some outliers who do quite well. Barriers to entry are quite a bit lower than being a MD.
Once you've been accepted to Med school the attrition rate of Doctors is virtually zero. Traders come and go all the time, even those that are trained at a Bulge Bracket firm. But more importantly MD's will never have a down year. Traders will.
Further, the skill sets of a physician and a successful trader are completely different and generally not compatible. I personally never have known a physician who has tried his hand at trading (not investing) that was even mildly successful. Of course, that is not to say they donât exists but Iâm just not aware of any.
BTW: Are you in or around L.A.?
One thing to point out is that there aren't many M.D.'s who are making 500K even in their peak earning years much less at 32. Let's assume that you're done with undergrad at 22, and then done with medical school at 28, then at least 2 years maybe as many a 4 years for your residency/fellowships. That puts you at 30-32 right there. At 32, you'll be lucky to pay your bills much less make a half a mil.
However from the ages of about 40 until you decide to retire you should do very well.
The vast majority of traders will never sniff 500K in one year much less every year. But there are some outliers who do quite well. Barriers to entry are quite a bit lower than being a MD.
Once you've been accepted to Med school the attrition rate of Doctors is virtually zero. Traders come and go all the time, even those that are trained at a Bulge Bracket firm. But more importantly MD's will never have a down year. Traders will.
Further, the skill sets of a physician and a successful trader are completely different and generally not compatible. I personally never have known a physician who has tried his hand at trading (not investing) that was even mildly successful. Of course, that is not to say they donât exists but Iâm just not aware of any.
BTW: Are you in or around L.A.?
Quote from dazed101:
I'm graduating high school soon, and I'll attend a top university next year in America. It has a top 3 business school and a great econ department, it's very strong overall.
My problem is should I pursue medicine or try to get a job on wall street as a trader?
I know I can become a doctor and if I specialize in the right field I'll be making around $500,000 by the time I'm 32ish with potential to earn more later on.
However, I realize that good wall street traders can earn millions in their twenties! Money is not everything but the lure of millions is too great.
I don't know what to do career-wise (any suggestions?) I'm only asking this because the two fields are so different and I'll have to do different things if I'm to prepare myself.
Yes, I do live in L.A.
I'll graduate from college at 21, finish (if I go) medical school at 25, residency (surgical) 5 years (if I get into one), and then maybe subspecialize again for 1 more year: that makes me 31 with great earning potential. (hopefully, my parents will help me out with education costs) It just seems too long to me, which is my only complaint about this route.
Dr. Z, are you a practicing physician? If so, what do you practice?
riskarb, who posts on this board was also a doctor but had switched into trading and making much more now as a trader than he was as a doctor.
I'll graduate from college at 21, finish (if I go) medical school at 25, residency (surgical) 5 years (if I get into one), and then maybe subspecialize again for 1 more year: that makes me 31 with great earning potential. (hopefully, my parents will help me out with education costs) It just seems too long to me, which is my only complaint about this route.
Dr. Z, are you a practicing physician? If so, what do you practice?
riskarb, who posts on this board was also a doctor but had switched into trading and making much more now as a trader than he was as a doctor.
As a practicing physician, I can confidently say that if you pursue medicine purely from a pecuniary point of view, you won't get very far.
Most people don't realise what they really want out of life until their brightest opportunities have passed them by. Don't let that happen to you.
At the risk of sounding condesdending, my advice is to assess your priorities, and set your sights on more than just finances.
What kind of person do you envision yourself becoming? What kind of legacy do you want to leave?
And remember, everything doesn't have to be black or white. Your identity and your earning power are not dictated by your job.
IMHO, there are many similarities between medicine and trading. There is absolutely nothing to preclude you from pursuing both...
Most people don't realise what they really want out of life until their brightest opportunities have passed them by. Don't let that happen to you.
At the risk of sounding condesdending, my advice is to assess your priorities, and set your sights on more than just finances.
What kind of person do you envision yourself becoming? What kind of legacy do you want to leave?
And remember, everything doesn't have to be black or white. Your identity and your earning power are not dictated by your job.
IMHO, there are many similarities between medicine and trading. There is absolutely nothing to preclude you from pursuing both...
No, I'm not a Doctor. Iâm a trader. I know many physicians as friends and clients. Theyâre mostly surgeons, radiologist and anesthesiologists; three of the highest paid specialties.
I can assure you that as a junior surgeon fresh off a fellowship at 32 while youâre trying to build a practice you will not be making anywhere close to 500K.... even in Southern California. Later on, in the right situation, maybe, but not for many years. Plus, as a surgeon youâre married to your practice. It becomes your âball and chain.â
But there are sooooooooo many more considerations than money when it comes to a career choice. Itâs been my experience that people who consider money important usually donât go into medicine. And those who do consider money usually make the worst Doctorsâ¦and miserable people. Itâs only later in life that money becomes important to physicians.
PM your email. I can have some people I know speak to you if you wish.
I can assure you that as a junior surgeon fresh off a fellowship at 32 while youâre trying to build a practice you will not be making anywhere close to 500K.... even in Southern California. Later on, in the right situation, maybe, but not for many years. Plus, as a surgeon youâre married to your practice. It becomes your âball and chain.â
But there are sooooooooo many more considerations than money when it comes to a career choice. Itâs been my experience that people who consider money important usually donât go into medicine. And those who do consider money usually make the worst Doctorsâ¦and miserable people. Itâs only later in life that money becomes important to physicians.
PM your email. I can have some people I know speak to you if you wish.
Quote from dazed101:
Yes, I do live in L.A.
I'll graduate from college at 21, finish (if I go) medical school at 25, residency (surgical) 5 years (if I get into one), and then maybe subspecialize again for 1 more year: that makes me 31 with great earning potential. It just seems too long to me, which is my only complaint about this route.
Dr. Z, are you a practicing physician? If so, what do you practice?
riskarb, who posts on this board was also a doctor but had switched into trading and making much more now as a trader than he was as a doctor.
Yup, my parents tell me to follow my passion.
Well, many med school graduates have marketable degrees that will help them tremendously when starting clinics in areas that need more doctors.
Well, many med school graduates have marketable degrees that will help them tremendously when starting clinics in areas that need more doctors.
Quote from Dr. Zhivodka:
No, I'm not a Doctor. Iâm a trader. I know many physicians as friends and clients. Theyâre mostly surgeons, radiologist and anesthesiologists; three of the highest paid specialties.
I can assure you that as a junior surgeon fresh off a fellowship at 32 while youâre trying to build a practice you will not be making anywhere close to 500K.... even in Southern California. Later on, in the right situation, maybe, but not for many years. Plus, as a surgeon youâre married to your practice. It becomes your âball and chain.â
But there are sooooooooo many more considerations than money when it comes to a career choice. Itâs been my experience that people who consider money important usually donât go into medicine. And those who do consider money usually make the worst Doctorsâ¦and miserable people. Itâs only later in life that money becomes important to physicians.
PM your email. I can have some people I know speak to you if you wish.
i don't understand this, a doctor wannabe who wants to be a trader? you'll never be a doctor. end of.
from what I've seen in life, those who become doctors had the dream of becoming one before they were even fertilized.. now your weighing up your options?
few doctors are driven by the money-aspect of their jobs and even they'll admit they always have had the desire to help people in ways.. now u want to be a trader and put people in hospital..
having said that, ill tell you something, you won't see a single trader on wall st. in 20 years. I promise you that - you hear this from me.
go do your physics. - if you can. then be a quant. learn programming and automated trading - physics will help you immensely in this area.
people still think there are these unbelievable traders out there - but they haven't been on the floors to see how it's actually changing.. the big boys r now those from applied mathses who develop algoriithmic trading systems.
if i was you, i'd go be a quant - NO DOUBT. do a course in physics, engineering/applied mathematics/econometrics.. and learn programming..
if u can go to MIT, or cambridge, UK..
gluck
from what I've seen in life, those who become doctors had the dream of becoming one before they were even fertilized.. now your weighing up your options?
few doctors are driven by the money-aspect of their jobs and even they'll admit they always have had the desire to help people in ways.. now u want to be a trader and put people in hospital..
having said that, ill tell you something, you won't see a single trader on wall st. in 20 years. I promise you that - you hear this from me.
go do your physics. - if you can. then be a quant. learn programming and automated trading - physics will help you immensely in this area.
people still think there are these unbelievable traders out there - but they haven't been on the floors to see how it's actually changing.. the big boys r now those from applied mathses who develop algoriithmic trading systems.
if i was you, i'd go be a quant - NO DOUBT. do a course in physics, engineering/applied mathematics/econometrics.. and learn programming..
if u can go to MIT, or cambridge, UK..
gluck