Who Makes More Money? Doctor vs. Banker in UK
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- Опубліковано 7 сер 2024
- This week we talk through the progression of both doctors and bankers and reveal all regarding how much money each profession makes. These are ballpark figures and the real numbers will vary based on the bank, your performance and the financial times. The figures for a doctor are again ballpark I go into more detail in a previous video that you can find more about in a previous video!
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WHO AM I?
My name is Mohammad, I’m a trainee surgeon, serial storyteller & wannabe entrepreneur living in London, UK. I started this UA-cam channel in 2017 to document my journey through my medical and surgical training.
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This was actually proper fun to film... i wanna thank KD for his honesty and to be honest if you asked me to trade lives with a banker i wouldn't. who's with me?
do a dentistry one!
Two self loving prik
Another solid video. Idea for next time: UK Doctor Salary and Progression vs US or Australian Doctor Salary and Progression. Would be quite insightful for non-meds like me.
Also, surgeon route vs general practitioner route
thats a shout!! need to wait for lockdown to be over
@@ThatMedic Defo back the surgeon vs general practitioner route idea too - would love to know all the factors (I feel like people always hype up prestige for surgery etc)
@@ThatMedic it’d be great to know what those other “faster” progression routes are to becoming a consultant. Thanks so much this was a great interview.
Would love a lawyer comparison as well!
Money is unnecessarily a taboo topic in medicine. This video was essentialllll
im here to change all that
Coming through with absolute BANGERSSS🤩🤩😍😍 straight fiyaaaaaa🔥🔥🔥
Bro this was so interesting yk. Finally people actually give some clarity on finances :o this kind of thing is necessary, regardless of any stigma because how else we gonna be able to plan our financial futures
could you do one on med Vs dentistry?
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me, retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
@@user-vk8vu4li2x Having an investment adviser is the best way to go about the market right now, especially for near-retirees, I've been in touch with a coach for a while now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
@@MaryPatricia-wr3wj Who’s the person guiding you
@@user-vk8vu4li2x credits to KRISTIN GAIL CUNNINGHAM, one of the best portfolio managers out there. she's well known, you should look her up
@@MaryPatricia-wr3wj Thank you, I just checked her out and I have sent her an email. I hope she gets back to me soon.
First time I stumbled across this channel & I love this video! Very informative.
Sorry this guy is a middle office associate project manager - he is not an Investment Banker. Not everyone who works in a building rented by an investment bank is called an Investment Banker
Interesting what firm did he work at ?
Lol, just seen his LinkedIn and you couldn’t be further from the truth
The "subtitles" of your thoughts throughout this video killed me. Great video! 👍
The skills from medical school are so transferable, listen to how excellent your spoken sentences are and your ability to distill concepts! Great work!
Maybe being smart enough to get into medical school means you can do that already? You can't really educate someone to be more intelligent as you seem to imply here?
@@cdd1craig Interesting perspective, you may be right. ( I am just a man on the internet).
You're missing the point...
Really insightful video, thanks!
This was a really clear and honest video, cheers!
Love these videos man. Keep the content coming. KD is a pretty cool lad.
Wow, mind blowing figures! Jealous of the Dubai shifts though haha. It would be interesting to see what each person is doing in the surgical team, for example what the registrar exactly does, how does it differ from the consultant's job. Kind of like a comparison between everyone's work.
Well done Mohammed! You and KD did a great job👍🏻
yeah Alhamdoulilah (praise be to god)
Insightful stuff as usual! Doesnt deter me from pursuing med but damn those bankers are making mad coin 😅
What a great video keep up the work
The banker of course, if you include his offshore account in the Cayman Isl and British Virgin Islands.
Why was the focus on the 0.05% and not the majority of people in investment banking ?
From my understanding of the video he didn’t really focus on the 0.05% but rather the pay in general. He only mentions the .05% in terms of the potential pay that could be earned from that position. If you look at the bottom left you can see there is a wide range of pay for each position, normally this is usually the “base pay” or your actual salary and the average/majority of people will be in the middle or less. I’m not sure if his ranges are also including things such as signing bonuses and regular bonuses (which is where we make the bulk of our money) but I’m going to assume it’s not. Depending on your firm regular bonuses can range from 15,000 - double your salary or beyond if your a VP or higher
Idk if I answered your questions or maybe I’m just not understanding but I hope this helps
Nice video Mohammad! For me money isn't everything but I understand that with more money comes more financial freedom. That's why I'm thinking to become a GP then maybe business on the side inshAllah 😎
likewise money aint it
Love these videos bro, mashaAllah!
i'm looking at this now, and realised it was filmed on my birthday
Mohammad making his kids become bankers 😂😅
adlibs are on point 👏🏾
migos next
idk if you have any PA (Physician Associate) buddies but it would be interesting to hear the comparisons between a doctor/pa salary :) Great video btw, never knew much about the banking pathway before now :)
im trying to convince my friend!!!
Another great video!!
dankeee
Wow. Superb.really good 👍🙏
This seems quite biased: It is MUCH harder to become VP or director than becoming a doctor,
--> it would be more realistic to take an average banker trajectory vs average doctor trajectory.
That’s why most investment banking analyst move to Private Equity or a Hedge Fund after working 2 to 3 years.
The hours and pay are better for a large majority.
Facts
@@pierre6372 Is the job security good in those sectors? Or do they only hang around there for a few years again?
It’s not hard to reach VP or even Executive Director in IB it’s harder to reach MD but still do able.
This video was lit and great vibes 🔥🔥🔥
always vibing
@@ThatMedic c’mon 👊🏾
This vid was sick!
dankeee
Great video. It would have been interesting if you compared the amount of work hours.
Nice vid mo!!! I wanted to ask, what universities and what course did you do KD?
I think the most important thing that you pointed as is most doctors become consultants hard work pays off as a doctor. The cast majority of bankers don't make it past VP and a large amount never make it that high and don't perform at that high bonus level he described. Plus a doctor's pension is often much better than a bankers pension. So you mind find a consultant retires living off a much hirer income from their pension than a banker.
very important to remember. most transition into well paying but not as financially rewarding roles. i really doubt any consultant is retiring better off than a banker
@@ThatMedic Depends on how smart you are with your money! I know some bankers who are stupid with their own money and doctors who are exceptional with their own money.
Most investment bankers use IB as a stepping stone job into private equity or hedge funds. Institutions in which the earning potential is much higher than the ones spoken about here for the investment bankers. It’s either that or they start their own companies or do something else entirely such as real estate and retire very early in their lives having no worries about money ever again. It’s simply put as this: are you willing to spend 80-100 hours a week on deals and trades for the quick and arming potential. For most people sacrificing their 20’s solely to work is unthinkable. It takes a certain kind of person that is very money motivated and as such will probably never have an issue with money. I myself am at UCL currently and will join Goldman Sachs next year as an analyst on the sales and trading floor. I hope my insight was helpful.
@@kafeelmohammad1662 well it's blatantly not most because there are far more IB jobs than hedge fund/private equity or working independently so they can't all go into that direction. Given markets aren't open that many hours in a week a trader usually works 50-60hrs a week not 80-100hrs that's usually the M&A people who work those kinds of hours.
@@williambardsley7540 actually there’s only about 50k employees in the top 12 investment banks and 50 to 100k in the many many private equity firms or hedge funds so you’d be wrong to say there is far more jobs in IB. The hours however are up in the air as it usually doesn’t include the outside office hour meetings or dinners which also constitute work. Mainly serving as a way to renew existing current relationships or bring in new business. The industry is a lot more nuanced than sitting at your desk. In any case if you’re trying to be a doctor for the money I’d ask you to recapture your choices because there’s a lot better options for pay in other industries such as software development at FAANG companies that pay significantly more with less stress and less hours. Doctors are almost never in it for the money and I say good on them.
Got any airline or corporate pilot friends? 🤔 would be a interesting video
The thing that you have to really keep in mind is just how competitive investment banking is.
Though the salaries may be higher the probability that you are ever going to even earn that is frankly miniscule, even from a top university. Whereas with medicine, as curly hair bloke said, most will end up a consultant earning 100k+ minimum, 200k+ with a partner (very comfy). Whereas most who aspire to banking will never even step foot inside an investment bank unless they are asking the receptionist for directions.
Investment Banking is not that hard to get into from any decent university. The hard thing is working your way up and staying in. Job security
@@annajones9701 Very funny
@@annajones9701 you pretty much have to attend Oxbridge / LSE / Warwick to even have a chance, and even then there are hundreds of applicants for every role. Your university name only gets your foot in the door
Can KD join you on a video with tips for students wanting to get into investment banking? Great vid btw.
It's not actually true what he says for 1st year financial analysts. Firstly, it really depends if you're working for the buy side of the sell side, as bonuses are obviously gonna be higher if you work for a top performing hedge fund. In banking, all things held equal, you'll be looking to make around 50k base if you're working with a top tier bank. You might get an extra 10k-30k max with bonuses. However, the moment you start working for a tier 2 bank chances are your salary will fall to 35k-50k. People will start approaching 6 figures salary once they become senior associates VPs. I don't doubt that there's probably a very small proportion of people which are making what he says in their first year, but it's a very small number to what happens, on average, in the city.
Top video
calculcate after tax figures and per hour salary for a better comparison. also think the banker salary increments and option portion of remuneration was a little "low".
Can you get one of your dentist friends on one of these types of videos I think that’ll be interesting !
Post lockdown bro
@@ThatMedic appreciate it loving the content as always
Swr this guy is getting better and better
software engineer next would be cool!
you're in luck i may know one
Really enjoyed this video bro. Maybe I should’ve pursued econ or Suttin instead of med 😭
being in banking myself, from associate onwards the figures provided here appear mostly too high unless you are literally top ranked at the top paying banks. I would say being an average performer at a tier 2 bank will by far not get you these figures at Associate, VP, Director and MD level, you won't even reach the lower ranges that are provided here. I am at a T2 bank and know thatyou can get promoted to MD and make around 500k all in initially, some MDs get literally no bonus if they happen to not close a deal in a year (without being told to look elsehwhere for a job immediately). Associates make 85k + 50-70% at my bank in the first year, so quite a bit below your range and I imagine in a very bad year bonuses could be worse.
curious - when you say tier 2 banks you mean like middles market banks or just bulge brackets that are not at the top? also we are talking about numbers in British pounds right? Thanks!
@@jxipa1604 yes, in pounds. Think UBS, BNP, SocGen, etc.
Do you mind if I ask, what do bankers do if they don't manage to get continually promoted? What sectors to they move to, and how good is the job security in those sectors, if any? Or are they continually changing jobs every few years?
@@AliYeah93 Most that stay do get promoted through up to Director if they continue to put in the hours at least in Europe - the majority of people that stay do get promoted. The issue are more the grueling hours which means that naturally enough people leave for banks to have enough room for promos - until director that is. The ones that don't make it from Director to MD after trying to make it for a long time (often 5 years) and realising / being told they won't become MD often leave often to a lower tier bank / boutique / big 4 and make MD / partner there.
People at more junior ranks mostly leave to go to Private Equity (the better performing ones), Corporate Development / M&A (comparably better hours) and in more rare cases to start-ups or various corporate positions. PE and Corp Dev tend to hire no or few people directly out of university and often focus on hiring ex bankers, which means there are sufficient positions that they are looking to fill with ex bankers.
I want to be a theatre nurse, is that a good job?
I was curious to know what a regular banker makes that's not in the 0.002%.
The 0.02% he mentioned who get the job are getting what’s known as “street” pay. They are all getting paid the same, and it’s like that up until Associate/VP. Director and MD are extremely competitive positions, but to get a chance at those 2, you need to pass through the 0.02%. Your pay would be consistent with what he said. The Millions of the 0.002% are getting compensated heavily based on their bonuses, it’s not as heavily dependent on their base. MD who makes $5 Mil is making like $800k base + $4.2 Mil bonus.
If you’re not at a top bank, you’re probably making a little less, maybe 5-10k less at the first level and proportional from there, so 10-20k less for 2nd year, 20-40k less Associate, 40-80k less VP and so on. Your bonuses can also be less.
@@namishponnala8895 Oh wow still much more than I expected
@@shalev5920 yeah, people are definitely well compensated if they are able to break into the industry
I think it might be better to mention the downsides, and also divide the pay by working hours?
The background music is nice may u tell me that song plzzz 👀
What’s his rank category
This sounds like a BB investment bank, you also have Middle Market Investment banks, Boutique Investment banks, Corporate Finance, Broker firms and even the Big 4 accounting firms have a corporate finance arm. The salary range is very wide depending on what type of firm you join.
Also would be good to understand what you mean Investment Banker, is that someone within the M&A team, Sales and trading or Middle office?
@@asfandrkhan IB generally means front office M&A, ECM and tbh trading too but trading can be separate as well. middle market can pay slightly above or below total comp vs BB and elite boutiques usually pay a bit more. most pay for genuine IB firms is usually similar.
The setup just keeps getting better and better🔥 Banking payss but being a doctor is too sweet🥰
sweet > pay
@@ThatMedic pay > sweet
@@Stinkmeaner420 sweet = pay
Hey, thank you for the video. could you compare your salary with a doctor from countries such as canada or qatar/dubai. It would be interesting to see how much doctors from different countries earn money
Waaaay more than in the UK is the answer.
@@ramizrafique4675 yep
What are the quicker routes to becoming a consultant
“A lot of people at our school had to choose between medicine or banking”... seems like you guys had it from the start and the main ambition was money and/or notoriety more than anything else.
Love this content! Mo, you have to convince KD to start his own youtube channel! He looks mighty FINE and seems to have a lot to talk about. 😍
To everyone saying they came to know what "normal" investment bankers make not the 0.05%. Those percentages were taken from applications, the "normal" investment bankers are the 0.05%.
Well considering that the internet puts the average to be around 50k euros, and top 90% at 125k euros instead of 800k, I'm gonna have to give both you and the guy in the video an X doubt.
So interesting...
Do another video .... who has more of a life banker vs doctor?
Can you talk about the other routes that are much quicker where one can take to become an independent consultant ?
stay tuned
@@ThatMedic Thank you so much and I also want to say your videos are amazing and has helped me a lot.
So these newly graduate financial analysts are making roughly the same bank as a consultant? Kriminol 😂
wild isnt it
Only 1% though if that
if you chose medicine for the money, thats ur fault not the bankers
Given the hours that analyst work they aren’t paid enough... at least from my experience
@@zakkhan6054 😂😂😂😂
A doctor earns more money if he opens his/her clinic chain or hospital than avg top IB but if IB opens his hedge fund then distinction is huge.
clinics wont go bankrupt lol
I'm afraid those banking numbers are exaggerated. I'm not a banker, but my younger brother is a director. 150 - 200k. Also it's funny how people with money say silly things like money doesn't matter
I’m currently studying to go into IB and was questioning the numbers too. From my research they seem very exaggerated.
middle/back office director make 150k pounds, but investment banker VP make much more in the range of 350k to 500k. So it depends on which position you hold.
It really depends if your in the back, middle or front office of a bank
Please do some compare and contrast vids with a GP/GP trainee!!
Don't know if this is too personal; but what stage are you both in now in terms of your relative careers?
im a CT1 as you can see from my videos. KD has left banking
@@ThatMedic Basically a scrub of the earth. Lol!
@@ThatMedic What’s he doing now if you don’t mind me asking
@@ThatMedic Has he retired with all his banking coins?
Those Dubai shifts sound tough :p
hahha they were :P
Yes the real videos
Dope song at the end of the video, whats it called?
Not all bankers make this salary....he needs to make clear which part of the banking operations these salaries are paid. Where I worked the directors were lucky if they got upto 200K. and some of these people were MIT Graduates.
ehhh doesn’t apply to US
if a director is making 200k then the "firm" isn't front office IB firm at all. mist likely financial/ investment consulting. if its 200k plus 200k bonus then maybe. and what is "banking operations" thats not IB lol
The normal doctor will become a senior consultant but the normal investment banker won’t become a managing director ?
I assume students from top universities have a much higher chance of landing analyst positions, and that not all applicants are equal.
Also, what does a banker do if they don't manage to get continually promoted? What sectors do they move to, and how well do those pay? Is there any long term job security of sorts, or can they be continually changing jobs every few years?
They just stay at their level they may job hop and get promoted otherwise they're at the same level
Thanks@@fader4358
So do 95% of banking applicants, rejected by top firms, end up at normal banks or choose different career paths?
They don’t get rejected most of the time if they know what they are doing and have prepared then they should be okay is a lot more easier and stable to become a banker their easing their requirements to get into this field and making it easier for inspiring individuals to achieve a high level of success.
Love how you can just KNOW the picture in the thumbnail was taken in a hospital lift!
looool of course
What level is KD at?
Doctor vs Cleaner next please thanks xxx
Is it possible to become a consultant as a GP? If not are GPs able to work privately without being a consultant ?
GPs are Consultant primary care Physicians
GP's are kind of like consultants, in the sense they have their own training pathway after foundation training. Also most GP's work privately as well and many cover locum shifts at A&E wards etc. A good amount also set up their own GP practices (nhs and private) with a few partners and that can bring in good money. I would actually say that if you are looking for a shorter training pathway that provides a good work life balance and a rewarding salary then GP would be the best way to go forward.
What are KDs life and career plans? Will be really interesting to know and if he’s planning to retire very early etc
i think so - planning to do a Q&A with him post lockldown
Someone get me a mop because the tea has been spilled ☕️ 🫖
Would be good to do one with a lawyer
KD is like a really handsome man lol
You look so pissed off by the banking salaries 🤣
I don't know any 27 year olds earning 300-500k lol this must be rare elite level
Well yeah but remember he is talking about the under 1% and to get there is so bloody hard he does good job emphasising this so to get there you gotta be best of the best
@@theocooper2203 Also being white helps let's keep it real
Az Akh oh absolutely not that is such a stupid statement common man please don’t say unsubstantiated stuff like that and play victim brown people Asian people do much better then whites across the board and black people who go into the area of their choice do as well as whites
Az Akh what you said there has no backing of any evidence what so ever if you are still told to this day your skin colour has anybting to do with success they are misinformed or straight up lying
@@theocooper2203 What are you on about lol, the majority of top positions in big companies are occupied by white people. To deny this fact is a bit strange
Can you do USA doctor Vs Uk Doctor?
I’ll try find one!!
i think the us ones make a lot more right?
You can't compare US Dr salary vs UK. US salary wise is arguably the best in the world.
I want to get in touch with the investment banker on LinkedIn
what is the outro song?
patience - CPTHAGOD
The peripheral universities you know...the audacity
rahhh you go to one of those peripheral ones innit
@@ThatMedic Yeah, Barts ;)
@@Djspeeda you just made the cut 🤣
@@ThatMedic is Exeter one of those ?
Liking the video before it even premieres cuz I already know its going to be fire
fireeeee
Big man earning bags...but can't afford the top buttons on his shirt XD
looool rightttt
Lmao dead
I've learnt that the fewer top buttons done up, the higher their net worth.
👏 👏👏 Excited!!
wooo
Isn’t being a banker like super cutthroat competitive??
top banks have a 1-2% acceptance rate
VERY EXACT FIGURES
By the time your dead you can make money.... I don't know why this got recommended for me. Socialized medicine limits earnings, in Canada you can't open a private clinic everyone has the same wait time, rich or poor. Except in the province of Quebec I think
Lool the money I definitely don’t care about. The age not sooo much. I just want my future partners to be 😊. Buttt great vid😎
Its unfair to compare a career in medicine to investment banking. Ideally, medicine is a calling where the driving force is service not the get rich or doe trying greed in investment banking. From strictly economics of remuneration, the chances of rising to managing direction in an investment firm is much smaller than to be say an orthopedic surgeon and therefore from a risk perspective, it is no wonder the bankers make much more than their medical counterparts.
stop calling medicine a calling when its not in other developed countries. Its a way for the UK govt to make doctors slaves
I loved the breakdown- money shouldn't really be a taboo topic at least imo
Eh, I’m kind of on the other side on this. It’s tricky in my eyes, some people change up when they realize how much someone earns or what they do. Some people treat with envy or jealousy, and some people want to take advantage. I guess you just have to be careful who you share money info with. That’s why it’s probably a taboo.
Go work in big tech. You will make same or more than those bankers and it isn't nearly as competitive or stressful lol.
Good video but bankers salary figures are exaggerated.
If you had said its including bonus then it would be alot more accurate
Who makes more money?
Might have to send a phishing email to u man 👀
Plot Twist: Its actually a youtuber
This video is no where near a representation of the UK salary difference between the vast majority of bankers and doctors. Many doctors are in 6 figures especially those who are specialised surgeons. As for bankers alot of them start of with competitive salaries as low as 20k even in investment banking. The guy who is interviewed is a very rare case or would have been at the top of his game in comparison to millions of students when studying.