So is I-Banking still a better paying option than medicine?

[EC3]

Just wondering since wall-street is taking dive. Any economists on board?

---

Members don't see this ad.

 

[plainfacts]

There are no longer any options. Game over.

 

[Manyac86]

Yes. Barring that the economy stays down permanently (in which case the doctors are in trouble too) this perfect storm will subside.

Err a clarification to that: Yes meaning that Investment Banking will continue to be a lucrative career.

 

[LADoc00]

investment banking will NEVER be like it used to be. The days of 22 year olds out of Harvard making 150K are long over. Welcome to knee high government regulation, low risk taking and much much lower bonuses at least for the next 50 years.

LADOC prediction: The number and quality of med school applications will SKY ROCKET as top students seek safe harbor career options. This will be equal if not worse than the boom during the Vietnam draft era.

 

[bcat85]

Can we just auto-ban people who start threads with the word "I-banking" in the title? Can we do that?

 

[radslooking]

Can we just auto-ban people who start threads with the word "I-banking" in the title? Can we do that?

apparently it's not called "i-banking" to people in the field, just "banking".

Hope this helps.

 

[mgdsh]

Just wondering since wall-street is taking dive. Any economists on board?

Depends how good you are. The sky is still the limit, just for fewer people.

 

[Taurus]

I-banking as we know it is over.

Sure, you can still make gobs of money in i-banking. You can also make gobs of money starting your own business as well. What's the chance you doing so? Not very good. 90% of small businesses don't survive 5 years.

 

[medicinesux]

investment banking will NEVER be like it used to be. The days of 22 year olds out of Harvard making 150K are long over. Welcome to knee high government regulation, low risk taking and much much lower bonuses at least for the next 50 years.

LADOC prediction: The number and quality of med school applications will SKY ROCKET as top students seek safe harbor career options. This will be equal if not worse than the boom during the Vietnam draft era.

This prediction is dead on. Med school tuitions will continue to rocket up as naive gunners cut each others' throats to enter the hallowed halls of med schools across America. DO schools and offshore med schools will multiply like a metastatic cancer. In ten years time, avg debt loads will be in the 300-450K range while medical salaries will not have budged a smidge from current levels. Welcome to slavery my friends. It's going to be quite an inferno. Can't wait to see this house of cards come crashing down. Got popcorn?

 

[Habeed]

Good thing the big crash waited until after it was too late for those gunner finance people to take their MCATs....so for those of us who get in this cycle, we are safe...

 

[Pinkertinkle]

apparently it's not called "i-banking" to people in the field, just "banking".

Hope this helps.

Who cares what they say? They'll have less time to complain about this kinda stuff now that they gotta find a new job.

 

[radslooking]

Who cares what they say? They'll have less time to complain about this kinda stuff now that they gotta find a new job.

lol, i was just being a douche for the sake of being a douche, since we were talking about i-banking. sorry.

 

[LADoc00]

apparently it's not called "i-banking" to people in the field, just "banking".

Hope this helps.

Ive also found that people who are profoundly ******ed rarely refer to themselves or "others in the field" as ******ed.

Hope that helps.

 

[radslooking]

Ive also found that people who are profoundly ******ed rarely refer to themselves or "others in the field" as ******ed.

Hope that helps.

I don't get it

 

[Twitch]

http://forums.studentdoctor.net/showthread.php?t=564593

 

[dropout]

investment banking will NEVER be like it used to be. The days of 22 year olds out of Harvard making 150K are long over. Welcome to knee high government regulation, low risk taking and much much lower bonuses at least for the next 50 years.

LADOC prediction: The number and quality of med school applications will SKY ROCKET as top students seek safe harbor career options. This will be equal if not worse than the boom during the Vietnam draft era.

I left residency a few years to work at a hedge fund and I can tell you that it is pretty bad out there, and only going to get worse.

Most of my MD friends who lost their finance job have landed on their feet - so far. but it's not clear how long these soft landings will last with all the funds shutting down and bank layoffs. the massive deleveraging we're witnessing should have taken place over 3 years, not 3 weeks. Compensation for all of wall street, not just banks, will be substantially decreased for this year, and even lower in 2009, since investment banking bonuses set the bar at the entry and mid level positions at hedge fund, private equity, and sell-side equity research shops.

Venture capital jobs are ridiculously hard to find nowadays, and starting compensation in 2009 will probably be less than $180k for an MD with 3 years of prior finance/business experience. (bonus included). Unless you are exceptional, forget about partner track -- one should assume you'll be asked to leave in two years.

The conventional wisdom is consulting will face a bloodbath of layoffs in 2009. We've already seen it in some 2nd tier firms.



So my advice is to recognize that there is low demand for MDs with minimal finance background. You will be competing against an increasing supply of out-of-work MDs who do have a finance background. You will be competing for a decreasing supply of jobs. You will not make as much money as you thought. Your job security will definitely not be as good as you thought. The guaranteed six figure salary of medicine is a guaranteed entry to middle/upper middle class life, and something one should keep in mind.