Reneging on residency match for Finance job

[WACC]

A person who studies finance at home and immediately gets a job in private equity is like a teenager studying medical books at home then getting a job as a surgeon.

You're right - I was a pretty brilliant teenager.

---

Members don't see this ad.

 

[Dr. USMLE]

You're right - I was a pretty brilliant teenager.

Wow...talk about poor insight into your own limitations. Had you actually been the brilliant and excellent student you claim to be, you wouldn't even be in this situation. You would have done well in med school (instead of "so-so") and landed a top-tier program (instead of "no name"), like many of the med students here have that you ignorantly deride. You would then have a realistic option of landing a PE job after the top tier residency. But instead you were the mediocrity in med school and ended up in a mediocre program that you're embarrassed the one PE firm you got an offer from due to a biased recruiter will ultimately reject you over.

 

[dragonfly99]

I doubt he got less than perfect grades in med school because of not being smart enough...it was probably that he didn't get along with people that well. Med school grades are very subjective, particularly during 3rd/4th years.

I don't know that there is a large enough sample size of 4th year med students who bailed out of a residency match to do "private equity" - or any other one particular job - to be able to give you any statistics on your odds of success. You think you will succeed doing this private equity thing, and you may very well be right. I am thinking you have a degree from some Ivy League university like Harvard and you did very well in undergrad. Given that, I would think that even if the private equity thing didn't work out, you would be able to get some other banking or finance job. It might not pay that well, but might very well pay as well as fm/peds/psych/physical med/rehab or whatever residency you'd be falling back on in your situation.

People in your situation are so rare that I really don't think you are going to find someone on the internet who was in a similar situation to the one you are in right now. Not only are you not going to get any hard data/statistics, but I don't think you are even going to get a "case report" of someone in a similar situation. I attended a so-called "top 5" med school and there was one person in the class ahead of me who bailed for a job in business consulting (not sure which firm). This was before the Match and I know that she didn't even pursue matching into anything because she had decided medicine was not for her. She did want to finish her degree just for the sake of safety and having something to fall back on. I think many of us do know people who have bailed out of medicine for some type of business job after doing a residency plus/minus fellowship (sometimes right after, and sometimes after practicing for a few years). Most people who go to med school are either dedicated to the idea of taking care of patients and/or are risk averse enough and/or have enough student loan debt that they would not entertain the idea of taking such a risky job and throwing away a ROAD spot.

Is there any reason that you would do your residency except the money? I mean, do you like seeing patients at all? If you hate it, then you're going to hate hate hate residency...and would hate practicing as an attending probably even more. I'm about to accept an attending job in cardiology and I will have 4 days/week of seeing clinic patients - unless doing interventional cards most people only get 1 day/week of doing procedures like cardiac cath, etc. I'm talking about seeing probably 30+ patients/day perhaps. That's a lot of damn medicine to be doing for someone who doesn't seem to like the practice of medicine very much.

 

[DocDanny]

Unless he was doing Radiology. He wouldn't need to talk to many people and ge'd make a ton of money.

 

[link2swim06]

Unless he was doing Radiology. He wouldn't need to talk to many people and ge'd make a ton of money.

Would he? I don't think starting radiologist make really that much money anymore.

 

[SeekerOfTheTree]

Are we all still smoking the crack pipe here?

Even a brilliant Harvard grad won't be offered more than the entry level Ibanker salary. So a med student that takes courses on the weekend and has a resume that shows medical mission trips won't get a 250k starting offer. The only way he could get this kind of offer is if he managed a private portfolio and it showed astronomical growth. Having recruiter friends doesn't land you a 250k job. Your dad being a CEO does. I think this guy watch limitless and thinks he's the man.

 

[Chakrabs]

While the article is good, beware that its from 2006, well before the markets crashed and the economy went into the tank. I doubt things are nearly as rosy as they were at the time the article was written.

 

[WACC]

I doubt he got less than perfect grades in med school because of not being smart enough...it was probably that he didn't get along with people that well. Med school grades are very subjective, particularly during 3rd/4th years.

I don't know that there is a large enough sample size of 4th year med students who bailed out of a residency match to do "private equity" - or any other one particular job - to be able to give you any statistics on your odds of success. You think you will succeed doing this private equity thing, and you may very well be right. I am thinking you have a degree from some Ivy League university like Harvard and you did very well in undergrad. Given that, I would think that even if the private equity thing didn't work out, you would be able to get some other banking or finance job. It might not pay that well, but might very well pay as well as fm/peds/psych/physical med/rehab or whatever residency you'd be falling back on in your situation.

People in your situation are so rare that I really don't think you are going to find someone on the internet who was in a similar situation to the one you are in right now. Not only are you not going to get any hard data/statistics, but I don't think you are even going to get a "case report" of someone in a similar situation. I attended a so-called "top 5" med school and there was one person in the class ahead of me who bailed for a job in business consulting (not sure which firm). This was before the Match and I know that she didn't even pursue matching into anything because she had decided medicine was not for her. She did want to finish her degree just for the sake of safety and having something to fall back on. I think many of us do know people who have bailed out of medicine for some type of business job after doing a residency plus/minus fellowship (sometimes right after, and sometimes after practicing for a few years). Most people who go to med school are either dedicated to the idea of taking care of patients and/or are risk averse enough and/or have enough student loan debt that they would not entertain the idea of taking such a risky job and throwing away a ROAD spot.

Is there any reason that you would do your residency except the money? I mean, do you like seeing patients at all? If you hate it, then you're going to hate hate hate residency...and would hate practicing as an attending probably even more. I'm about to accept an attending job in cardiology and I will have 4 days/week of seeing clinic patients - unless doing interventional cards most people only get 1 day/week of doing procedures like cardiac cath, etc. I'm talking about seeing probably 30+ patients/day perhaps. That's a lot of damn medicine to be doing for someone who doesn't seem to like the practice of medicine very much.

Wow, someone else on SDN with brains and insight. There's a reason top 5 schools produce the best doctors, and it begins with selection. I sometimes still can't believe people like us have to share the title of doctor with graduates of schools like...Drexel....lmao with their sub 34 mcat averages. These people aren't fit to practice in the Caribbean, let alone a first world country.

Let's be real....for the smartest of us, what's irritating about medicine is having to deal with the stupid and uncouth and ignorant...the rednecks and homeless...the black crack addicts and single moms on welfare with four kids...not to mention the med students who slip through the cracks and the residents from toilet backgrounds who think that AOA at Meharry medical college and memorizing their way to a 240 step I qualifies theIssa "elite" doctors is why I hate clinical medicine...not because I hate "people"...but because I want to work solely with other people who are intelligent.

That said, the prospects of a future PP in my chosen ROAD specialty for dealing solely with these types are uncertain. A PP in a college town or the standard middle class to upper suburb offers this, but I wish to live in a major city. Cards in such an environment is perfect, but the prospect of spending three years in medicine at another teaching hospital with the dregs of society was intolerable.

Bottom line is you got me. I'd enjoy PE more, significantly more actually, than residency. However I'm well aware of the un-controllable and un-hedgeable risks in that path. After all my hard work, I'd hate to see myself not at least get the payout that even the AOA from Meharry gets in a toilet ROAD residency.

 

[smq123]

Ok, it is not appropriate to make negative comments about Caribbean grads, people who got less than 240 on Step 1, non-top 5 schools (and their graduates) and, particularly, patients.

If you can't refrain from making these kinds of comments, then the thread will be closed.

Finally, as an FYI, please refrain from insulting the posters who have taken the time to try to help you.

 

[Taurus]

Who cares what the OP does. Stay or go. I could hardly care. There are risks and rewards to both paths. Obviously PE is significantly more risky, especially given the new regulatory environment we are in. I doubt that any shop would offer $250k to someone who doesn't already have experience when there are so many other qualified unemployed bankers looking for work right now. I had a high paying job prior to med school so I know how to relate. Unless you already worked in finance and are willing to take the risks, I would just stick it out in medicine. Don't do it because you want to impress anyone with your new job. You may regret that decision later.

 

[scootad.]

Let's be real....for the smartest of us, what's irritating about medicine is having to deal with the stupid and uncouth and ignorant...the rednecks and homeless...the black crack addicts and single moms on welfare with four kids...not to mention the med students who slip through the cracks and the residents from toilet backgrounds who think that AOA at Meharry medical college and memorizing their way to a 240 step I qualifies theIssa "elite" doctors is why I hate clinical medicine...not because I hate "people"...but because I want to work solely with other people who are intelligent.

You are disgusting. It is a poor reflection on our system that you were able to lie your way through the medical school interview and gain admission. That MD from Meharry is just as much a doctor as you are (mediocre student from a "name" program"). That "black crack addict" didn't have the same opportunities that you did growing up with a silver spoon in your mouth. You should be shipped off to Afghanistan and learn some humility. You want to only work with people who are intelligent. LOL.

 

[Cdg02001]

http://www.focus.de/finanzen/karriere/bewerbung/bewerbung-impossible-is-nothing_vid_971.html

 

[Blitz2006]

Great thread.

WACC, you are a douche. BUT, you're a straight shooter as well, and I respect that. You tell it how you see it. Fairplay.

NY Times article is solid. Its very simple though, for every Robert Glassman, there are 1000 guys stuck in the medicine rat race.

So if you think you have what it takes to be the next Glassman, you jump ship now. If you don't, stick it out in ROAD and do other stuff on the side after residency, branch out (own hotels, investments, real estate, etc.). And then with that bolstered CV, maybe even tack on a 1 year MBA, which could potentially land you a PE job. This is what I would do if I was in your shoes. Use the ROAD speciality as a way to generate capital. Capital that I may say is pretty much guaranteed at around 300-400K annually.

 

[WACC]

You are disgusting. It is a poor reflection on our system that you were able to lie your way through the medical school interview and gain admission. That MD from Meharry is just as much a doctor as you are (mediocre student from a "name" program"). That "black crack addict" didn't have the same opportunities that you did growing up with a silver spoon in your mouth. You should be shipped off to Afghanistan and learn some humility. You want to only work with people who are intelligent. LOL.

You seem pretty stupid and un-aware. Most people at my level think similarly even if they don't express it publicly. People enjoy taking a c**p on the people below or around them. It's human nature, just like the poster above you whose signature is denigrating nurses. I'm just further removed from the nurses and see them as less of a threat.

Sorry, no silver spoon here. I'm just a kid from a small Midwestern town, who worked hard and put together some great options in life.

 

[smq123]

I fail to see how anything good is going to come out of this thread, despite asking everyone to try and make it productive.

Closing.

 

[SeekerOfTheTree]

This is one of the funniest threads ever.