More competitive? I-Banker or Medical Doctor

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RycherX

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Leaving details aside, Vote!
Which is more competitive to break into?
Which is more financially rewarding?
 
Which is more competitive to break into? I-Banker
Which is more financially rewarding? I-Banker
 
Everyone in another forum is telling me a medical doctor is tougher competition due to the sheer number of premed students.
In that case, wouldn’t a medical doctor be equivalent to a VP of an Investment bank in terms of competitivenes?
 
Ok, maybe I’m looking at it wrong. I’m thinking in terms of getting a job once you’ve met the education requirements of each profession. There are tons of MBA students as well, though.
 
Once you are in med school, becoming a medical doctor is not difficult at all. You are pretty much guaranteed a job if you are open to moving. The level of competitiveness probably depends on your specialty though. I know the best hospitals in ny are all about taking students from the best med schools. The hard part about becoming a doc is doing well on the mcat and being a student/resident for seven or eight more years than a banker.
You are not talking to the right people.
 
I hate the term pre-med. Every freshmen in Uni is pre-med. There is no such thing.
 
Good point, storko. Being a premed feshman is about as impressive as being a CFA Level 1 candidate.
 
To become a candidate, “Have a U.S. bachelor’s (or equivalent) degree or be in the final year of your bachelor’s degree program at the time of registration, scheduled to receive a bachelor’s degree (students who successfully complete Level I of the CFA examination will not be allowed to progress to Level II until CFA Institute receives degree confirmation); or have four years of qualified, professional work experience or a combination of work and college experience that totals at least four years.”
 
It’s definitely tougher to get into medical school, in my view. The MCAT itself is a beast to study for, and being on the pre-med track is a huge task on its own, whether you’re looking at the demands of the classes or simply competing with lots of other students who KNOW they want to become doctors and will do anything they can to earn the mark. That’s the track I started on as a freshman in college, and by the end of freshman year I realized that it just wasn’t for me. Of course, I didn’t even know what IB/ER/PE were until senior year, but somehow things worked themselves out.
Working on transactions generally pays more than what you’d make as a practicing physician, but there are a number of doctors out there that also have consulting agreements with major corporations or financial firms, and it’s not uncommon for some of these doctors to be earning in the millions. It’s much harder for a physician to achieve that level of income if they purely practice, mhowever.
 
Apples and oranges. If you have the credentials to be a doctor… ie made it through med school… you’re going to get a job somewhere and it will pay well. If you earn your CFA CHarter, however, you are guaranteed nothing. This is the business world and degrees and certifications are secondary to experience, business savvy, and working with people to meet your own personal objectives. In the medical field, your challenges are conveniently laid out for you (somebody comes in with a broken leg, you fix it). In the business world, you have to make things happen, at least until you’ve established a reputation. And even then, you still have to hustle and continually prove yourself.
 
the docs have much better job security than i-bankers, but the upside is somewhat limited. to each his own.
 
In terms of financial rewards… I’d say I-Banking if you reach the pinnacle. You can make movie star or athlete type dollars.
 
I-banking has a much faster payoff . Doctors have to wait a while before they start making large $$
 
The golden years for both the profession starts at the age of 35. Till then just dreams
 
Requirements for I-Banking (generalizing here - always exceptions):
Assumption here is we are talking post MBA.
undergrad degree in econ from a top school (sometimes fin, if available)
solid grades (3.5 min)
Finance MBA top school (assumes good grades, GMATs, etc.) (GPS is not always applicable, given school disclosure policies)
Competition for I-Banker jobs is tough but easier than it used to be with the intro of PE Funds / Hedge Funds, etc.
Requirements for Dr: (this spread here is huge depending on speciality)
Pre-med curriculum
Strong GPA
Strong MCAT
Lots of training (depending on speciality)
Lots of competition undergrad - but folks are weeded out pretty fast.
Generally speaking getting in to medical school is harder, getting into a top medcal school is harder as well (acceptance rates are 3-6% at top schools). Frankly getting into a sub top 20 business school is quite easy.
It is far more important to go to a top 10 B-School, where all med schools are good and fairly competitive.
Pay will be far higher for I-Bankers, yet volatility and control of one’s life will be DRAMATICALLY different (again depending on specialty). I-bankers also have to live in VERY expensive areas of the country.
I have a friend who is a doctor living in “the boonies” yet his quality of life blows me away. Making >200K in rural california is tough to beat.
 
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