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Have any of you considered a career in Finance/Business?

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  • Have any of you considered a career in Finance/Business?

    Since many of you are interested in investing---if you could go back in time, would you choose a MBA/finance route instead of healthcare?

  • #2
    Back in my undergraduate days I spent a significant amount of time thinking about going into finance.  After the internet bubble I had become very interested in stocks, investing and specifically compound interest thinking that everything must be pretty cheap to buy at that time.  I had equal interest in science though and ultimately went with medicine because of the stability of the profession.  I'm pretty sure I made the right choice for myself and would not go back to change my decision even if I had the chance.  I instead spent a significant amount of time studying finance in addition to my microbiology degree so that I'd still have a background to draw from.  I think many books about day trading, value investing, ponzi schemes, and behavioral finance have mostly paid out in my ability to avoid quite a few mistakes up to this point.

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    • #3
      Unless you are very lucky, the chances of getting a comparable income from finance is low.

      Better to make the money in medicine and invest in finance.

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      • #4




        Since many of you are interested in investing—if you could go back in time, would you choose a MBA/finance route instead of healthcare?
        Click to expand...


        No. I like job security.

        Per your other thread, I don't think the MBA/finance route will provide a friendly lifestyle, stable employment, and high pay all at the same time...

         

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        • #5
          My undergraduate degree is in business management.  Part of the reason I went into medicine is I enjoyed learning the principles of finance/business but I did not connect with the motivations of people in business school.  I couldn't see myself going into a full-time career with motivations for work/life that were so clearly different -- that's what led me to finishing the business degree while applying to medical school.

          I would not change that decision at all.  I enjoy my current speciality, and while I occasionally wonder if I would change my specialty with hindsight, I'm really not sure I would.

          I have thought about going back and getting an MBA, but where I am in life/career it isn't feasible.  I'm also not sure I would find it as valuable as I once thought I would.
          An alt-brown look at medicine, money, faith, & family
          www.RogueDadMD.com

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          • #6
            I was an economics major as an undergrad and considered careers in economics and finance.  For reasons others mentioned (caring for others, job stability, income) I chose to go to med school.  No regrets about this decision.  In fact my interest in areas of business and finance were strong enough to lead me back to business school for an MBA nine years after graduating med school.  No regrets about that decision either.

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            • #7
              If you have a deep understanding of numbers with a salesman personality then a career in finance might work.  People who are successful with a finance degree work very hard and can achieve a good income.  I had a good friend who combined those traits and was making >1 mill per year as a stockbroker

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              • #8
                I thought about it since I have always enjoyed business and investing.  I actually enjoy reading and writing about personal finance and helping others with what I learned.  I think I could make a living as a financial planner or investment analyst.  On the other hand, I really enjoy clinical medicine.  There is still something of a calling around helping vulnerable patients with clinical practice.  I'm sure I would miss that human connection and the clear vision of how I'm helping people.

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                • #9
                  In a similar vein, anyone know what online MBA or other graduate programs best for healthcare administration? For an md wanting to maybe transition into leadership within a healthcare system? Thanks.

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                  • #10
                    You can make a lot of money in finance. But the ones that do typically work just as much as physicians, are willing to move around the country, bust their ****************** in school and network a lot, etc.  The ones that stumble through a mediocre college, simply put in their 9-to-5 and take friday afternoons off do OK, but end up being the people who think they could never make as much money as their doctor clients.

                    No doubt many physicians would be just as successful as a banker, broker and so on, if not moreso, but but just as many would not.

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                    • #11
                      I've looked into what it takes to get a CFP certification [link].  It would have been something I considered doing as a side job since it would offer me a bit more schedule flexibility and a side income stream since I'm in a high-intensity field (critical care).

                      The bit that really got me was the experience requirement - 6,000 hours or 4,000 as part of a full-time apprenticeship - and I'm not sure that would be something I'd be able to do while being a father and already having a job, let alone one in medicine.  It's true that some of the things I already do could be counted toward that time - like responding to posts in this forum - but I'd basically have to CC everything to a CFP to be my "supervisor," and it all seems just a bit too complicated and time-consuming.  If all it encompassed was to read some books and take some tests, I'd do it.

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                      • #12
                        WCI has a second career in the finance / business realm,

                        As wealthy doc pointed out, it can be fun and interesting to read, write, and help others with finances without being "in the business" in a strict sense. I've enjoyed nearly a year of writing about it, and I feel like I'm helping people without profiting from them.

                        I'm sorting out a family member's IRA right now - 28 funds with a weighted ER of 0.64% plus a 0.5% AUM fee. We're going to transition to a three-fund or similar lazy portfolio, greatly simplifying the account, and saving nearly $20,000 per year in fees.

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                        • #13




                          WCI has a second career in the finance / business realm,

                          As wealthy doc pointed out, it can be fun and interesting to read, write, and help others with finances without being “in the business” in a strict sense. I’ve enjoyed nearly a year of writing about it, and I feel like I’m helping people without profiting from them.

                          I’m sorting out a family member’s IRA right now – 28 funds with a weighted ER of 0.64% plus a 0.5% AUM fee. We’re going to transition to a three-fund or similar lazy portfolio, greatly simplifying the account, and saving nearly $20,000 per year in fees.
                          Click to expand...


                          Yea what you are doing seems much more enjoyable than working in Finance in the corporate world.

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                          • #14
                            Can an introvert do well with a top MBA? It seems like most people with MBAs are very extroverted---usually the most outgoing/popular people with outstanding communication skills....I feel like healthcare is a much better field for introverts who aren't very persuasive/outgoing and don't have the ability to successfully lead people....Most physicians I know are very introverted

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                            • #15
                              yes, introverts can do well.  I know a number of them that work as CFA, CFP, investment bankers, sector analysts, etc.

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