From medicine to Wall Street

Physicians are jumping from a sinking ship to the lure of riches:

“There were doctors at the reunion “” very, very smart people,” Dr. Glassman recalled in a recent interview. “They went to the top programs, they remained true to their ethics and really had very pure goals. And then they went to the 20th-year reunion and saw that somebody else who was 10 times less smart was making much more money.”

Comments

Anonymous
Well, it can’t all be about money. If it were, then NO ONE who goes into teaching English (my field) would EVER go to a reunion! In most cases, we don’t even get to teach upper-division lit — it’s all about composition and reading. Oh, and I am speaking of college here! Basically, we teach high school-level English and get paid LESS than do high school English teachers! Twice the degrees, 30-50% less money! At least docs get to pick-n-choose! – Kathy in Kentucky
Anonymous
The flashiest person at my 20-year reunion was in the news a few years later after his arrest and conviction for masterminding an illegal drug ring.
Money has never equaled smart, in any profession – not just medicine.
But I agree… it’s a bummer…
Anonymous
Yeah, but I’m willing to bet you don’t have to make a very nice house payment ($200,000) to Sallie Mae for the next 30 years to teach English as well.
Anonymous
“And then they went to the 20th-year reunion and saw that somebody else who was 10 times less smart was making much more money.”
Besides other physicians, is there anyone else that physicians don’t think they are 10 times smarter than?
Anonymous
This is one of the most fascinating articles I have read recently, and makes many salient points.
One has to do with wealth tracking by colleges. I received an “alumni survey” a year back, many pages long, that included questions about my wealth and income that I considered a little too personal. I did not return it. I guess because all they know is that I am a doctor, they only ask for $100 per year.
It is also evident that there is a brain drain in medicine, as well as other professions, fueled by Wall Street’s overwhelming relative attractions, both economic and intellectual.
Finally, more people should heed the advice of the wise Ph.D. quoted in the article:
“The trick is not to want more as your income and wealth grow”
Not subscribing to this theory is undoubtedly the root of many evils that have befallen physicians and other professionals I know. In short, instead of conspicuous and escalating consumption, if you are so blessed, give it away.
Anonymous
Anon 12:58 pm. So what DID the smartest, best, brightest, whatever that you know from school do? Most of the ones I know went to medical school. Most of the ones I know are medical researchers or professors, and they aren’t making the big bucks the former football players in the financial industry command.
I guess the point is that there the disparity in income potential/wealth today is luring these people away, not just in medicine, but law and other fields. To quote the Ph.D. in the article: “If Wall Street was not there as an alternative,” Mr. Moon said, “I would have gone into academia.”
Anonymous
Issues of satisfaction aside, which medicine cannot claim any necessary superiority these days, the security of the higher income on Wall street offers clear advantage. Five years on Wall Street with control of one’s personal lifestyle could yield more in investable savings than a whole career in medical practice anymore. It is hard not to see the appeal. Jobs on Wall Street come and go, but even accounting for the relative job insecurity, the short-term financial return is considerable.

From medicine to Wall Street

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