One of my friend asking me if he should go UQ and take a MD
His first degree was in
NUS lifescience.
He is 30 years old this year.
Doctor of medicine Tuition fees is about 90k AUD per year so 360 AUD
Plus accom & living expense i think total 4 years will spend 500k SGD.
I did a quick calculation.
Say at steady state, life sci pay 120k per year. GP pay is 240k per year.
So 120k premium per year.
Capital investment
He will lose 4 years of earning so 120k*4=480k (income loss while studying)
Plus another 500k for tuition fees and living in Aussie
So during schooling years will lose 980k
Starting pay for HO in Singapore is 70k (yes it is 70k, coz now HO base is higher, my time was 3.6k, but now i think is 4K and call allowance much better)
When compared to 120k if he were to stayed in current job:
Deficit for HO year = 120k - 70k = 50k
MO pay about 100k each year:
Deficit for MO year = 120k - 100k = 20k
Income loss before full reg:
is 20k (MO year) + 20k (MO year) + 50k (HO year) = 90k
Total cost = 980k (during schooling years) + full reg investment (90k) = 1.05mil
Then full reg go GP with 240k pay package
Age 30 (now) +4years (MD) + 3 years (full reg)
At age of 37.
Since his GP pay will be 240k vs 120k , ie premium of 120k
His breakeven will be 1.05mil/120k = 9 years
So will breakeven at age 37+9=46.
I told him based on my calculation it’s worthwhile.