Should I become a doctor or an investment banker? What are the pros. and cons. of each?

Answer 1

The world could always use another doctor, but not another stock broker. And I think that the stock broker is undergoing quite a change, as less and less people are finding any need for them.

Eye doctors use to set up a practice in a town and make great money, but then the optical centers, like ones that are even now in Walmart stores, really cut into the profits of eye doctors. I think a similar change is occuring with the stock broker profession. I use a discount broker, to just handle the trade, and not give me any advice on trading, which I don't really need anyway. I study it all myself and get help from fellow traders.

But doctors will always be needed and will make a good living. Besides, you'll probably get a lot of good stuff inside you if you make a profession of making people healthier. I tend to appreciate my doctor much more than anyone who has things to do with my financial activities.

Go to the end of your life and ask yourself how you spent it. Did you spend it helping others or making lots of money? I believe that you would like to be able to say that you made a difference in people's lives for the better. Stock brokers don't really focus on that, but it seems that doctors do.

Having said that, I trade stocks for a living, but I use some spare time in doing volunteer work. So, if you want to get into the stock business, just trade your own stocks, while you heal people.

Answer 2

Becoming a physician takes many extra years of training and education beyond college, which has associated direct and opportunity costs (ie, the 27 year old banker may earn good money while most 27 year old doctors...aren't yet doctors). I know many people in finance / banking who have only BA / BS degrees who have done very well for themselves. Once you have finished your medical training, a physician enjoys relatively stable income and short hours, but this is not true for all specialties (ie dermatologists in a big city make $$, while family doctors in poor areas have trouble paying down student loans). Physicians can derive great satisfaction from helping patients; I don't believe most bankers are motivated by greed (alone), but clearly the social value of the two careers is quite different. Lastly, a successful investment banker will make much, much more money than a successful doctor -- there will be plenty of 32 year old, B+ grade investment bankers on Wall Street this year taking home well in excess of US$2-3mn this year, whereas that type of compensation is fairly rare among young doctors. D

Answer 3

DOCTOR!!!

Why? Stability! You don't have to worry about anything but showing up to work and you will always get a nice paycheck every 2 weeks.
The investment banker 99.5% of the time will not make more than the banker, has to worry about what the market is like and doesn't take home the same paycheck every 2 weeks. You are pretty much a salesman.

Sure that people here might be investment bankers and they might have done well. It sure doesn't mean that you will as well. I am sure that Michael Jordan says that basketball is a great career. It probably isn't for the most of us.

To those who rate me down, how are the stress levels as investment bankers right now? Has that paycheck declined a little? The smart doctor's income is not affected at all.

Answer 4

the difficulties of both endeavors has been clearly listed, but have you EVER considered NOT working for anyone but yourself ? While certainly possible as a doctor, rare indeed is the investment banker who works out of a home office !

I trade forex and spot futures from my home office, with two others of the same ilk, while remaining in contact with 4 others from Arizona to Spain, to Lebanon.

On the recent drop in USD/CAD beginning of November, I went long and in three days had made $180K USD. With the longs i was holding for the past 11 days, the profit went to $302K USD. and while im holding the longs, Ive set entry levels for the inevitable shorts that will come soon.

Not that I'm trying to brag, as THIS is what i do, and have done, for many a year (and can send you a copy of the brokers statement should you desire !)

I handle Investments for a few doctors plus a few other professionals, that Im not at liberty to divulge, so even doctors like to make extra money, it appears ! (small joke in the office is "to make a doctor stop thinking he's God, simply show him a $100k dividend check -- they positively beam !"

My overall feeling about forex and futures is that its a far simpler game than stocks ONCE YOU LEARN THE RULES OF THE GAME !!!!!!!! and since its not brain surgery, one can learn the rules well in one year and be very competent at the job within 1.5 yrs.

As in any endeavor, there will be those at the top 10% and those at the bottom 10%, but the majority fall into the middle ground, and the amount of money floating around there for the grabbing is HUGE !

I consider myself "decently competent" dealing in the market, and need no more that that level, although one does gain increasing abilities as one trades over the years.

YOU create your security in the game, and NO ONE can fire you or make a bad day for you, which certainly cant be said for a lot of professions.

enjoy and trade well
mp

Answer 5

Cons: Both are extremely hard to get, both require an arm and leg to be sacrificed, doctor = stress in school for 8 or more years, investment banker = stress at work for 8 or more years trying to climb your way to the top

Pros: money. but are you willing to sacrifice so much?

Answer 6

Be an investment banker. A doctor should be motivated by concern for his patients' health, not by greed. In the banking industry, you will fit right in.

Answer 7

Doctor: you help others, you contribute to their quality of life, or you simply save lives. You learn constantly in order to better yourself.

Investment banker: you lie convincingly to take advantage of others and make a lot of money for yourself.