SERVING THE QUANTITATIVE FINANCE COMMUNITY

 
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traderjoe1976
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Finance vs. dentistry

June 28th, 2009, 10:26 am

Lot of finance people went from mid-six figures to $1,600 a month in Unemployment.Never heard of an unemployed dentist or doctor or nurse. It just doesn't happen.
 
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kennethlou
Posts: 31
Joined: January 8th, 2008, 9:59 am

Finance vs. dentistry

June 28th, 2009, 10:56 am

Agree with traderjoe1976. Actually it is more than that. I heard that a lot of traders in IBs lost all their savings last summer since their bonus and compensation were issued as shares in the equity market. Apparently they cannot sell their shares since they have to hold it for +5 years.
 
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DominicConnor
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Joined: July 14th, 2002, 3:00 am

Finance vs. dentistry

June 28th, 2009, 1:31 pm

Although dentists have made good earnings for years now, does this this mean that it will remain so ?They are mostly repairmen...When I wasa kid, there was a vast horde of TV repairmen. A valve based TV (the most common type until the the late 1970s), needed someone to come to your house and fix it every few months.Do the maths of a TV per home * 3 visits per year / 6 visits per day As I say a lot of midly skilled man hours, providing decent employment and apparent job security.But many of you think that I'm bullshitting, because televisionss have mean time between failure of years, many are thrown away still worknig simply because technology makes them obsolete.Even if it did die, you'd probably buy a new one, since repair costs are large compared with buying a n ew, bettter one.That is the scale of the change.The change from valve TVs to transistor then IC based was swift and brutal to TV repairmen. Old TVs died so often that they were almost all replaced very quickly, far too quickly for repairmen to shift.Can this apply to dentists ?I think the danger is great.Stem cells are just coming on line, and you will be able to grow new teeth that way.Although many of us will be less than overjoyed at the idea of robots in our mouths, they are laready in use for things like hip replacement, and that will only increase.Nanotech is also beginning to make a differece.So technology will increase pressure, and dentists will face the problem that their training may not be up to each wave of tech. That is a problem familiar to both quants and programmers.Also, dentists, eIspecially in the USA earn good money, and although it is a skilled job (or at least it should be), the number of people who have the combination of ability to learn abd manual dexterity is pretty high....especially in India, China etc.Already we see health tourism, so we will see cheaper dentists coming to richer customers and vice versa.Of course as the world get richer, more money will be spent on teeth, and the trend would appear to favour US levels of care and treatment options.So we have strong factors both pushing it up and down as a career option. Like quant work, farming, etc.If you believe the efficient market hypothesis applies to financial markets, then you should be prepared to consider it in modelling labour markets as well.
Last edited by DominicConnor on June 27th, 2009, 10:00 pm, edited 1 time in total.
 
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cryptic26
Posts: 971
Joined: February 18th, 2002, 9:39 am

Finance vs. dentistry

June 28th, 2009, 2:32 pm

If you were asking between physician and quant or cardiologist vs. quant, it would have still made some sense. What a crap of comparison!!Suicide rate in any professional field is highest among dentists. Most dentists become one because they could not become doctors. Quite frustrated people.And by the way many of them are dumb too. If I have to do it again, I would choose to be a quant and not only that I would also choose to plunge in at an early stage in my career. Dentists are just plumbers of another kind. Doing dirty work [literally] to clean. Not much intellectual growth or experiment. Not much money either (as compared to traders nothing). For that matter there are general physicians who make just 120k. Dentists don't make that much money.
Last edited by cryptic26 on June 27th, 2009, 10:00 pm, edited 1 time in total.
 
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KTE
Posts: 227
Joined: February 4th, 2002, 3:21 pm

Finance vs. dentistry

June 28th, 2009, 4:34 pm

This thread is something else. A dentist is a licensed professional who can practice as long as customers and interests hold. Quant finance is hardly a defined profession, despite pretensions otherwise. Dental schools are few and, at least in the US, entry is difficult. Quant training (MS, MFS, FinMaths, PhD, self study, etc) is so varied and widely available as to create almost open entry into the work. This is why, as always, after the overexpansion of schools providing these courses, there is now a reversion to the elite school names (they never vary) as a means of getting recruited into a good firm and job. In the US, dentists make at least as much as general practioner MDs. Unless you can really make a kiling for a few years as a quant, dentists will earn more over time as they can surely work far longer. Most quants are gone by age 35 max? Quant working hours are often awful. Dentists work when they want. I seriously doubt you'll ever meet a dentist who drops what they are doing to try to go into quant finance.
Last edited by KTE on June 27th, 2009, 10:00 pm, edited 1 time in total.
 
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PlasticSaber
Posts: 414
Joined: April 28th, 2007, 8:17 am

Finance vs. dentistry

June 28th, 2009, 7:20 pm

Just find some statistics about the average salary for dentists working in different parts of the world. Here is another one, but is US only. The money is good but is attainable from other industries which requires similar level of training (ie median around US$100k).
 
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hatchet
Topic Author
Posts: 9
Joined: January 6th, 2009, 4:34 am

Finance vs. dentistry

June 28th, 2009, 10:20 pm

Also keep in mind that dentists pay much lower malpractice premiums than physicians, and can run cash-only practices. Unless you spend years specializing, dentistry is usually more profitable than medicine. It has a stigma for sure, but so does running a profitable auto repair shop or HVAC business. And, your clients can be passed on to your children tax free.
 
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PaperCut
Posts: 1616
Joined: May 14th, 2004, 6:45 pm

Finance vs. dentistry

June 28th, 2009, 10:46 pm

QuoteOriginally posted by: AbhiJ...Suppose you are being paid quarter of what you are being paid now for example 20k would you still be in finance. I started as a clerk at the Chicago Mercantile Exchange. I made $1,400 per month. I paid $775 per month in rent. On the remaining $625 I supported a family. Nowadays, my situation is very different...
 
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deepvalue
Posts: 918
Joined: April 25th, 2007, 6:08 am

Finance vs. dentistry

June 29th, 2009, 1:47 am

QuoteOriginally posted by: traderjoe1976Lot of finance people went from mid-six figures to $1,600 a month in Unemployment.Never heard of an unemployed dentist or doctor or nurse. It just doesn't happen. there are no unemployed nurses and doctors -- but many have to take jobs that are beneath their training. For example, an orthopedic surgeon who dreams of making $1M/year might have to be satisfied with being a general practice foot doctor in a rural town making $200K because that is the best job he can get. As for dentists, many cannot get jobs -- in america, there are too many dentists and not enough cavities. Besides, i prefer to go to a dental tech because he cleans my teeth at half the price.be an accountant. there are always plenty of jobs for accountants.
 
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deepvalue
Posts: 918
Joined: April 25th, 2007, 6:08 am

Finance vs. dentistry

June 29th, 2009, 1:49 am

QuoteOriginally posted by: PaperCutI started as a clerk at the Chicago Mercantile Exchange. I made $1,400 per month. I paid $775 per month in rent. On the remaining $625 I supported a family. Nowadays, my situation is very different... i'm sure your family thanks you for that. this was back in the days when any high school dropout punk can get a cme job through family connections.
 
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EscapeArtist999
Posts: 1620
Joined: May 20th, 2009, 2:49 pm

Finance vs. dentistry

June 29th, 2009, 9:02 am

KTE - quants done by 35 - which planet are you living on? I think 35 is the average age of a working quant.
 
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Wilfrid
Posts: 524
Joined: July 19th, 2007, 11:52 am

Finance vs. dentistry

June 29th, 2009, 10:50 am

QuoteOriginally posted by: deepvalueAs for dentists, many cannot get jobs -- in america, there are too many dentists and not enough cavities.I say, they should go to England. There are cavities a-plenty there, what?
I learned two things at drama school. First, that I couldn't act; second, that it didn't matter.
 
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Wilfrid
Posts: 524
Joined: July 19th, 2007, 11:52 am

Finance vs. dentistry

June 29th, 2009, 10:51 am

QuoteOriginally posted by: DominicConnorWhen I wasa kid, there was a vast horde of TV repairmen. A valve based TV (the most common type until the the late 1970s), needed someone to come to your house and fix it every few months.I say, I hope that in between visits from the TV repairman, you were at least able to see some of my movies on the old TV, what?
I learned two things at drama school. First, that I couldn't act; second, that it didn't matter.
 
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deepvalue
Posts: 918
Joined: April 25th, 2007, 6:08 am

Finance vs. dentistry

June 30th, 2009, 5:45 am

It's a better deal to be a dental tech than a dentist. compare for yourself: Dental tech = 6 months school, $5K tuition dentist = 4 years school, $250K tuition and lab expensesAfter graduation: Dental tech = $135K salary, work 9 - 5pm cleaning teeth and giving xrays and giving lollipops to kids. Dentist = $150K salary, work 9 - 5pm filling cavities, pulling teeth, and picking at dirty teeth with a pitchfork.
 
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EscapeArtist999
Posts: 1620
Joined: May 20th, 2009, 2:49 pm

Finance vs. dentistry

June 30th, 2009, 7:11 am

Deepvalue, that is only if you are an AMERICAn dental tech.
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