$how Me The $how Me The Money! Money! A Real Conversation About A Real Conversation About Post-Baccalaureate Graduate Post-Baccalaureate Graduate Options Options
Dec 14, 2015
$how Me The $how Me The Money!Money!
$how Me The $how Me The Money!Money!
A Real Conversation About Post-A Real Conversation About Post-Baccalaureate Graduate OptionsBaccalaureate Graduate OptionsA Real Conversation About Post-A Real Conversation About Post-Baccalaureate Graduate OptionsBaccalaureate Graduate Options
WHAT ARE THE DIFFERENCES?Earnings In 2006
WHAT ARE THE DIFFERENCES?Earnings In 2006
High School College Grad
All Persons 25 to 34 $28,982 $48,256
BS MA MD/JD PhD
25 to 34yo 48k 55k 81k 74k
All Persons 59k 70k 121k 96k
(U.S. Census Bureau 2007, Bureau of Labor Statistics 2007, NSCG 2000)
Major BS Job Professional Ph.D.
Chemistry/Biology 36k 114k (MD) 60k
Economics 40k 82k (MBA) 76k
Engineering 45k 62k (MS) 73k
Sociology/Political Sc. 34k 52k (JD) 56k
(U.S. Census Bureau 2006, Bureau of Labor Statistics 2006, NSCG 2000)(U.S. Census Bureau 2006, Bureau of Labor Statistics 2006, NSCG 2000)
What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!
What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!
Public/GovtPublic/Govt ($40k) to Private Practice ($80k)($40k) to Private Practice ($80k)
Let’s Not Forget Lifestyle Let’s Not Forget Lifestyle DifferencesDifferences
Let’s Not Forget Lifestyle Let’s Not Forget Lifestyle DifferencesDifferences
S M T W R F S T
Me (PhD) 0 0 3 2 3 0 0 8
Duane (JD) 0 8 8 8 8 8 0 40
Kelli (MD) 0 10 10 10 10 10 12 62
J F M A M J J A S O N D T
Me (PhD) 3 4 3 5 0 0 0 1 5 4 3 2 30
Duane (JD) 5 4 4 5 4 3 4 2 5 4 4 3 48
Kelli (MD) 5 4 4 5 4 3 4 2 5 4 4 3 48
Weeks In The Office Each YearWeeks In The Office Each Year
Hours In The Office Each WeekHours In The Office Each Week
J F M A M J J A S O N D T
Me (PhD) 0 0 0 0 0 0 0 0 0 0 0 0 0
Duane (JD) 5 4 4 5 4 3 4 2 5 4 4 3 48
Kelli (MD) 5 4 4 5 4 3 4 2 5 4 4 3 48
Major BS Job Professional Ph.D.
Chemistry/Biology 36k 114k (MD) 60k
Economics 40k 82k (MBA) 76k
Engineering 45k 62k (MS) 73k
Sociology/Political Sc. 34k 52k (JD) 56k
What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!
What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!
What’s The “Starting” Income For What’s The “Starting” Income For People People With Various DegreesWith Various Degrees?!?!
What’s The “Starting” Income For What’s The “Starting” Income For People People With Various DegreesWith Various Degrees?!?!
Major BS Job Professional Ph.D.
Chemistry/Biology 36k 114k (MD) 73k
Economics 40k 82k (MBA) 93k
Engineering 45k 62k (MS) 89k
Sociology/Political Sc. 34k 52k (JD) 68k
throw in summer salary . . .throw in summer salary . . .
What’s The “Starting” Income For What’s The “Starting” Income For People People With Various DegreesWith Various Degrees?!?!
What’s The “Starting” Income For What’s The “Starting” Income For People People With Various DegreesWith Various Degrees?!?!
Major BS Job Professional Ph.D.
Chemistry/Biology 36k 114k (MD) 76k
Economics 40k 82k (MBA) 96k
Engineering 45k 62k (MS) 92k
Sociology/Political Sc. 34k 52k (JD) 71k
throw in summer salary, and a $60 book . . .throw in summer salary, and a $60 book . . .
What’s The “Starting” Income For What’s The “Starting” Income For People People With Various DegreesWith Various Degrees?!?!
What’s The “Starting” Income For What’s The “Starting” Income For People People With Various DegreesWith Various Degrees?!?!
Major BS Job Professional Ph.D.
Chemistry/Biology 36k 114k (MD) 80k
Economics 40k 82k (MBA) 100k
Engineering 45k 62k (MS) 97k
Sociology/Political Sc. 34k 52k (JD) 74k
throw in summer salary, and a $60 book, and throw in summer salary, and a $60 book, and consulting fees . . .consulting fees . . .
What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!
What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!
Major BS Job Professional Ph.D.
Chemistry/Biology 36k 114k (MD) 93k
Economics 40k 82k (MBA) 116k
Engineering 45k 62k (MS) 109k
Sociology/Political Sc. 34k 52k (JD) 86k
throw in summer salary, and a $60 book, and throw in summer salary, and a $60 book, and consulting fees, and a research grant . . .consulting fees, and a research grant . . .
throw in summer salary, and a $60 book, and throw in summer salary, and a $60 book, and consulting fees, and a research grant, and 2-3 consulting fees, and a research grant, and 2-3 invited talks.invited talks.
What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!
What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!
Major BS Job Professional Ph.D.
Chemistry/Biology 36k 114k (MD) 95k
Economics 40k 82k (MBA) 117k
Engineering 45k 62k (MS) 111k
Sociology/Political Sc. 34k 52k (JD) 88k
Major Physician (MD) Asst. Prof (PhD)
Biology 114k 92k
What’s The Difference Between The What’s The Difference Between The M.D. and The Ph.D. “Starting” M.D. and The Ph.D. “Starting” Income For Biology Majors?!Income For Biology Majors?!
What’s The Difference Between The What’s The Difference Between The M.D. and The Ph.D. “Starting” M.D. and The Ph.D. “Starting” Income For Biology Majors?!Income For Biology Majors?!
20 Years 20 Years EducationEducation
20 Years 20 Years EducationEducation
Major Resident (MD) Asst. Prof (PhD)
Biology 44k 92k
What’s The Difference Between The What’s The Difference Between The M.D. and The Ph.D. “Starting” M.D. and The Ph.D. “Starting” Income For Biology Majors?!Income For Biology Majors?!
What’s The Difference Between The What’s The Difference Between The M.D. and The Ph.D. “Starting” M.D. and The Ph.D. “Starting” Income For Biology Majors?!Income For Biology Majors?!
Residencies last from 3-5 years after receipt of the Residencies last from 3-5 years after receipt of the degree. Year one is $44k and year five is $54k.degree. Year one is $44k and year five is $54k.
20 Years 20 Years EducationEducation
20 Years 20 Years EducationEducation
Average Work Average Work WeekWeek
51-80 hours51-80 hours 20-51 hours20-51 hours% with no debt% with no debt 13%13% 42%42%Tuition ExpensesTuition Expenses $31-33k$31-33k WaivedWaivedAverage DebtAverage Debt $130,571$130,571 $36,917$36,917Insurance PremiumsInsurance Premiums $12k to 57k$12k to 57k $0k$0k
Major Physician Y1 Asst. Prof Y4
Biology 154k* 104k
*Internal Medicine
Average Work Average Work WeekWeek
51-80 hours51-80 hours 20-51 hours20-51 hours% with no debt% with no debt 13%13% 42%42%Tuition ExpensesTuition Expenses $31-33k$31-33k WaivedWaivedAverage DebtAverage Debt $130,571$130,571 $36,917$36,917Insurance PremiumsInsurance Premiums $12k to 57k$12k to 57k $0k$0k
Major Physician Y1 Assoc. Prof Y5
Biology 154k* 130k
*Internal Medicine