Are Doctors Rich? $$$ ENGINEER vs DOCTOR

Are Doctors Rich? $$$ ENGINEER vs DOCTOR


If you like science, it’s not unreasonable
to be weighing your options in becoming an engineer versus a doctor. But which is better financially speaking? Stay tuned to find out. Dr. Jubbal, MedSchoolInsiders.com. For those who are new here, my name is Dr.
Kevin Jubbal. If you want to know the down and dirty of
what it’s like to be a doctor, check out my second channel titled Kevin Jubbal, M.D.
Link in the description below. In certain cultures, becoming a doctor is
the highest achievement, followed by becoming an engineer or lawyer as number two. Why is becoming a doctor so highly valued
at number one? There are a few reasons: First, it’s an incredibly competitive and
difficult path to complete, and the type of work you do is often considered noble. For that reason, being a doctor is highly
prestigious. Second, the financial aspects. Job security is high, because people will
always have health issues and doctors are always in demand. Additionally, doctors are some of the highest
paid professionals, making low to mid six figures on average. In short, being a doctor is safe. It’s the only profession where if you work
hard, you are almost guaranteed to make low to mid-six figures. Can you make more in other professions? Sure, but going into business or engineering
doesn’t have that guaranteed level of salary. The range is much broader, meaning you can
make much less or much more than the average physician, but on average you’ll probably
be making less. Did your parents ever pressure you to become
a doctor? If so, mash that like button and drop a comment
below. So let’s say you want to get rich above
all else. You don’t care about job satisfaction, or
lifestyle, or your purpose in life. You’re just trying to make it rain. In that case, going into medicine must be
the best choice, right? After all, it’s the highest paid profession. This is the part where we crunch the numbers. With any analysis, a series of assumptions
must first be made. On the doctor side, we’ll have two comparisons:
primary care and specialist. To become an average primary care doctor,
you’ll finish college, then spend 4 years in medical school, graduating with an average
debt of $198,000, and then complete 3-4 years of residency prior to earning your attending
salary. Based on recent data, that starting salary
will be $223,000. To become the average specialist, you’ll
again have to complete 4 years of medical school, but since becoming a specialist like
a plastic surgeon or dermatologist is so insanely competitive, many students take an extra research
year to bolster their residency application. For that reason, we’ve simplified the analysis
with 5 years of medical school. You’ll still graduate with an average of
$198,000 in debt, but now residency is a bit longer. If you go into orthopedic surgery, it’ll
be 5 years, 7 for neurosurgery, 6 for plastics, and 6 for cardiology. For simplicity, we’ve rounded residency
and fellowship to 6 years in length. The starting salary for specialists is $329,000. On the engineer side, you’ll be starting
immediately after college and be pulling in a starting salary of $100,000, which is actually
on the lower end of the starting salaries for a computer programmer in San Francisco. However, given the wide range of starting
salaries for engineers, we’ve set $100,000 as the starting point. Additionally, student loans will accrue interest
at 6%, investments earn 7% per year, and wage growth increases at 3% annually. If you’re confused about the wage growth
rate, understand that inflation is on average 1-2% per year, and salaries usually steadily
increases over the course of one’s career due to promotions and other factors. In order to reduce extraneous variables, we
have eliminated living expenses and savings ratios, as it’s impossible to accurately
estimate the average engineer’s versus doctor’s living expenses — cue lifestyle inflation. Therefore, we are going to be looking at only
the lifetime earning potential. Do you have a problem with any of these assumptions? Fantastic. Feel free to download the excel spreadsheet
I created and plug in your own numbers using your own assumptions, and drop a comment to
let us know about your findings. You can find a link to the spreadsheet down in the description
below. First, between primary care doctor and specialist,
it’s clear that choosing a specialty that earns a high salary is far more advantageous
from a financial perspective. Despite spending 1 more year in medical school
and 2 more years in residency, specialists blast past primary care doctors just 8 years
after completing their training. Given the high salary, they must also blast
past engineers, right? Not so fast. Despite a starting salary of more than 3 times
that of an engineer, specialist doctors only surpass engineers in lifetime earnings at
the age of 45. That’s right, from the age of 22 to 44,
engineers are in a more favorable financial position than even specialist physicians. Primary care doctors don’t catch up to engineers
until the age of 49, just a little over a decade away from retirement. To most people, this is counterintuitive. It comes down to one often overlooked and
underestimated factor: opportunity cost. While future doctors are toiling away in medical
school and residency, engineers are already making six figures. And if you manage to save that money, the
powerful force of compounding comes into effect, accelerating your wealth accumulation. This analysis is far from perfect — and
that’s beside the point. If you want to adjust the assumptions, feel
free to download the spreadsheet and modify it yourself. No whining in the comments. That being said, you’ll likely find similar
results. The purpose of this analysis was to demonstrate
that becoming a physician is not as lucrative as you or your parents may initially think
from seeing those salaries. There is a massive opportunity cost due to
over 10 years of training and massive student debt. This is why you hear so many physicians warning
youngsters from going into medicine for the money. On one hand, the training to become a physician
is incredibly challenging, and the desire to get rich won’t help you push through
in the same way that more personal motives will. But equally important, it just doesn’t make
financial sense, unless your idea of financial success is being dirt poor during the best
years of your life, and being rich only when you’re too old to fully enjoy the wealth. If you are on the fence about going to medical
school, my advice is that you spend the extra time making sure it’s the right path for
you. Shadow doctors, gain more clinical experience,
and only pursue it if you are truly going into it for the right reasons. If you need help deciding, I recommend you
start with my video titled “Do Not Go to Medical School (If This is You).” If, on the other hand, you know that becoming
a doctor is in your future, you’ve come to the right place. Whether or not you plan on going into something
hypercompetitive like plastic surgery, it’s in your best interest to be the strongest
applicant that you can be. By crushing my MCAT, having a near perfect
college GPA, and a rock solid application, I had my pick of top medical schools, with
some even offering to pay my bill. That alone saved me over $200,000. My suggestion is to invest in yourself so
you too can be in the best possible position. Improvements in your grades, test taking skills,
and application will only have compounding effects, so you won’t be pigeon holed as
you move forward with your training. Rather, you’ll open additional doors, and
have your pick at the best opportunities. Trust me, it’s much harder to become an
orthopedic surgeon at a leading institution if you aren’t at the top of your game and
crushing it in school. Med School Insiders is innovating and turning
the tutoring and admissions consulting industry upside down. If you work with us, you’ll always get a
phenomenal experience. No hit or miss like you may experience elsewhere. Don’t believe me? Our results speak for themselves. We have industry leading satisfaction scores
and our students’ success is second to none. Visit MedSchoolInsiders.com to see for yourself. Thank you all so much for watching. I’m curious, did your parents pressure you
to go into medicine at all? Why or why not? Let us know down in the comments below. Much love to you all, and I will see you guys
in that next one.

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About the Author: Oren Garnes

100 Comments

  1. MOST COMMON COMPLAINT = Engineer starting salary. SEE BELOW

    Spreadsheet: https://docs.google.com/spreadsheets/d/1NADAVRnxTmaf1sYBG1BJXYMX2UJ2R6QZbJa0JjmUD4U/

    Biggest point of contention are the starting salaries! Feel free to play around with the spreadsheet yourself. Here are the reasons for the starting salaries we used:

    There is limited data on STARTING salaries in these professions. For that reason, we have to use the data available, which includes AVERAGE salaries. For reference, MedScape salary data: https://www.medscape.com/slideshow/2018-compensation-overview-6009667#2. This is the AVERAGE for primary care and specialist physicians, not necessarily STARTING salaries. I have not been able to find reliable public available information on starting salaries for doctors, so this was the best approximation. If you want to change the numbers, go at it. For this reason, we have also set Engineers at $100k.

    Don't like these assumptions? Fantastic. Play around with the numbers. You'll find something similar. Main point = going into medicine for the money is NOT a good idea. Thanks for watching =)

  2. You think biilgates is not a computer engineer markzuckerberg salary of software engineer 85000dollars datas science more than 200000 dollars hhahaha

  3. The fact is that money can be the driving factor for you to become a doctor. Just don't let it be the main driving factor.

    For example, my top reasons for becoming a doctor from highest to least favorite are:
    1) My love of science
    2) My love of helping people
    3) My love of constantly learning
    4) My urge to make big money
    With that said, being a doctor in the long run makes you a lot richer.

    Graduate high school at 17-18.
    Stay on track and finish residency as a specialist at age 31-34.
    You will make $400,000 average before tax and $250,000-$300,000 after tax as a specialist. You will easily become a millionaire at age 40. By age 45-50, you will be a multimillionaire. When you retire at age 65, you will have accumulated around $6-10 million.
    You will be rich and will also be personally satisfied with helping people in your life.

  4. If you go into medicine with money i stead of love for medicine in mind you will not be happy so speaking from a med student stand point , dont do it for the money

  5. Yes mi parents pressure me to become a Chemical Engineer. (Because they both are chemical engineers). Yet I didn't wanted to I like engineer but chemical was one of my least favorites. I am currently between medicine and other tipes of engineer like mechanical.

  6. I want to become a doctor because I want to help people, I believe a doctor is the real super hero, I will help people for free.

  7. medicine and engineering are two completely different fields. In my opnion I don't see how anyone could logically choose between the two

  8. IF YOU THINK YOU WILL MAKE BUX AS A BE PHYSICIAN, think again. Calculate the average hourly rate: at least you don't have to ask "you want fries wit' dat?"

    Wayment– when was this video published? Cos with the creation and evolution of the healthcare industrial complex, the only ones making the money you THINK you'll make is the hospital administration.

  9. what people don't know about studying engineering is…

    high chance of not having a girlfriend. especially in mechanical field. tries not to cry

  10. I’m not going into medicine for the money but I believe anesthesiologists have a starting of $317k starting where I live. And can go up to $500k or so maybe a little over

  11. I like the sliding scale you use for engineers. Because many of them go on to become borderline scientists and architects. Going even further. Into inventors. Which is at the top of the game from a technical standpoint. As then you have full control and you gain assets. Intellectual property with patents and such. Or some go on to be mid and high level managers or top level executives or go on to start their own company but still doing engineering things.

  12. Go into petroleum engineering if you want make money! I had friend make 40k over summer internship. But avg engineering is more around 60-70k starting out.

    Best thing to do is just use the money you would’ve spent on college if you have it at 18 years old and throw it into retirement account and you’ll make more money than your salary

  13. The one thing i think should be added is time. An engineer could easily get 2 jobs and earn 160,000 a year (in my area) wheras a doctor wont have that option for many years so while one job engineer earns as much as 1 job doctor an enginner can work 2 jobs in the time a physcian works 1. Doctors are usually salary despite soending 60 to 70 hours in the hospital a week. Sam with nursrs if a nurse works about 80 hours a week they are not on salary and get overtime plus differential for night and weekends. They can make 130,000 a year. If they invest 50% of that for 10 years they will have more money then a doctor at retirement.

  14. Throw every doctor of the planet, the race will survive but throw every engineer then you'll see nobody will survive. Because engineers do all shorts of work, just wait you'll see doctors are thrown for cost cutting policy of multinational hospitals ??(automation is coming bitch)

  15. my passion was to be a doctor….but due to illness i cant be able to study hard….so, i didn't got any chance and my parents didn't give me a second chance for next year preparation and admitted me into an engineering college this year…..i am not happy with my life…if i become a successful engineer in life then i wont be happy in life …..so,i am quiting from this life good bye everyone….???

  16. Wrong analysis. An engineer making $100k in SF is considered poor. Typical starting salary is $50k to $60k, not every engineer works for Google. Bottom line, do what u think u'll love. I see too many people hating work because its a field their parents choose…

  17. There's also 80 hours work per week usually. Which means you work more for less than an engineer.
    Opening your own startup(a clinic) is also not easy as compared to for an engineer doing it

  18. 6:10 Never too old to enjoy your money. With all honesty, if my purpose in going into medical school is about the money, then I'd doing it for my son and parents. My parents don't have a retirement plan and I fear they will end up homeless. As for my son, I want what is best for him so he won't struggle in life the way I did growing up in a low income community.

  19. I must be getting ripped off, most engineers I know don't make $100 000, maybe in San Francisco, but most other places I would say the average for an engineer is around $75 000

  20. my family mostly has doctors as relatives and they want me to become a doctor and but i'm not really inclined. i ONLY want to get super rich as fast as possible.

  21. As an engineer right now, 25, living in Ohio, I make about 120k – from passive income I make 15K right now. by 35 (typical doctor starting age I guess) I project to make about 160K in salary and about 50K in passive income – so about 550K in savings,50K passive income, 160K salary and no debt vs 250K and 200K debt. They seem to be just about to be the same. The baseline is, if you choose to do engineering, start investing immediately and work like a horse for first 5 years. That will rocket your asset pretty soon. Pretty ironic though that I am doing all this so I can go back to school and start my oncologist career.

  22. Well I agree, I was originally planning on getting my MD for the money, and with that said, I still wanted something in the medical profession, that’s why I chose to attend PA school after finishing my BS in Comprehensive Science Education (9-12) and it’s shorter, besides I want to run for office to become a Congressman.

  23. my mother (a dermatologist) and my father (a nephrologist) both told me if I didn't go to med school they would disown me.

  24. My mom never had to pressure me to become a doctor. I'm eleven and I've wanted to become a surgeon since I was three, I love science and medicine. My mom and me have the same eyes for when it comes to my future.

  25. I’m entering college soon, and I’ve wanted to become a doctor for most of my life. I’ve been good at all the sciences I’ve taken, and it seems to be where my skills lie. As I get closer to college, though, I consider these things for my career path: I want financial security, I want to graduate with the lowest amount of debt that I can, I do not want to spend an exorbitant number of years in extra schooling, and I desire a nice work-life balance. Lately I’ve been debating between pre-med and biomedical engineering. I’ve received a Questbridge scholarship that will pay for all my undergrad. Can anyone help give some advice?

  26. Just for some people who’d think they’d get paid 100k starting salary as an engineer, I graduated with my Masters (6 years of school) and had to fight my way to starting offers at 85k. The key here is ‘in LA’, where the cost of living is so high they have to pay you that just so you can drive to work.

  27. My dad's goals for me was for me not to knock someone up when I am young. Little does he know I am gay so I have that on lock. I chose to be an engineering major so I am happy.

  28. See I was contemplating these two also, so I did an internship at a vet hospital to decide. On the second day they did an autopsy on a puppy and put a deaf mans secrvice dog down, I had a whole ass breakdown, here I am a 6'3 teenager having a whole breakdown in the middle of these people's office. No way I could handle a human death.

  29. You failed to understand the basic concept of economics. comparing salaries in two separate fields without any other context is like comparing two sports cars without looking at other factors. The cost of living, the cost of college, and the cost of time are all factors in what you should consider. Sure doctors make 200,000-700,000 a year and is in high demand, however most doctors work 60+ hours a week. Software engineers work at most 50 if something breaks.

    Also, the amount of time it takes to get a MD is 6- 8 years in college. However, software engineers are 2-4, the software engineer can be out of debt,building network relationships with companies, and building wealth by the time the doctor starts going for a phD or MD. think about that, a Software engineer goes in debt for 30,000 at the least and at the most 50,000 for college. Then pays it off in 2 years (at this point a MD starting at the same time as the Software engineer would start to go for his PHD or MD.). Then works in high ranking companies making at least 100,000 – 200,000 a year. By the time the MD finishes his PHD or MD. The Software engineer would have already been out of debt and made 500,000-1,000,000 dollars by the time the MD STARTS to work in a hospital(Which I believe is extended amount of time depending on college and residency), most wet eared doctors do not make 700,000 out the gate EVER. so 200,000-230,000 is a safe bet, with at least 200,000 in debt. Meaning it will take the Doctor 2-5 years of hard grinding to get out of debt, then he can start "making" money.

    Meanwhile the software engineer is already 5-10 years in his field. A millionaire, and debt free.

    So whos the real winner?

  30. Finished engineering first in my uni (msc in civil engineering) worked for some years but it's over the top boring for me.

    As opposed to your example, mom and dad fiercly wanted to see me become a high and mighty engineer, so i was never exposed to medicine, biology etc as i was on maths and physics. Until 3rd year of college, when i happend to get in my hands a bio book and that was it.
    Next month is entrance exams here in Greece, i studied my arse out for 2 years and i really hope for a career shift in med school, however long as it may takes to get to residency.

    P.S. Studying engineering, physics, mathematics is way harder compared to medicine in terms of difficulty. Not talking about hours of studying here, but in terms of context. Getting in medical school in most countries is way harder than actually completing it. That's my personal opinion, having studied both of fields.

  31. My opinion is do engineering for undergraduate, then if you still feel inspired, go to med school, otherwise get a good job. Engineering is a great back up. Win-win

  32. I just graduated from Qatar University as a civil engineer it cost me around 36,000 $
    After I graduated I found a job that pays 820 $ per month. I quit and cruntly I work as a totuor and I get around 27 $ per hour. Now I make around 1400 $ per month.
    I really want to travel to Canada or USA to work as a civil engineer. Here in Qatar they are very racist, because they have problem with Egypt they don't allow Egyptians to work full time. I just applied to get my master degree in Canada, wish me luck

  33. Unless you’re in San Francisco (or some other ridiculously priced city) barely any engineers are going to start at 100k lmao

  34. Caffeine, energy drinks, couple of hours of sleep every night, poor family, in debt. What’s pushing to continue?

    MONEY.idc about what you think. Doing this for the money ?! Only a couple of years left… and ? ? ?

  35. I am 25, a mvac engineer in hk, but I could not get satisfaction during work. I think medical industry is more suitable for me. It's too late to change?

  36. I'm a retired trauma surgeon, 76 years old……I put myself through Med School tending bar at night….I used to lease a Mercedes every 2 years……When I retired my malpractice insurance payment for the year was $110K. You dont make nearly as much as we did back in the 70's and 80's…Remember with the system today you are not a Dr. You are allowed to practice medicine..there is a difference…the system has put in place that you must do as they say or they take away your licence…Best of Luck to you all.

  37. I do want to be a doctor, but not for the money or anything. It just naturally stems from my desire to help people to the best of my ability, and I believe that becoming a doctor for my profession will allow me to assist people in ways I couldn't before. Of course, money is an important factor, absolutely, but just as the video stated, you're going to have a much harder time investing your energy and resources into becoming a doctor if the only motivation that you have is making 6 figures.

    Ahh I shouldn't be here i'm only 13 but nevertheless, the video was highly informative and I appreciated it, it let me learn more about my dream career's salary

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