Yes but rarely does a 22 year old think about retirement funds when making the decision to take the offer from a major i-bank or go to med school. I think that the article was really focusing on current career choices, not so much the costs in choosing said careers.
Also, it's interesting if you look at other countries where the cost of education and graduating salaries are more on par. The way I see it is - lots of people in the US chose medicine and law back in the 80s when it was guaranteed that you were going to make a high salary and when the cost of post-grad education was not as expensive as it is nowadays (even proportionately speaking). Now that the salaries are not as great as they once were, and bc post-grad education is so expensive, people are looking elsewhere. I am sure that if you look at the growth rate of i-banking salaries btwn then and now it supersedes that of law and medicine by leaps and bounds. Add to that the possibility of being sued for malpractice and medicine doesn't seem too appealing, does it?
Here in the EU where college education is basically free and post-grad salaries are more or less the same across the board, you've got a more even number of college grads choosing across the professions. In fact, we have too many medical and law school grads.
Also, it's interesting if you look at other countries where the cost of education and graduating salaries are more on par. The way I see it is - lots of people in the US chose medicine and law back in the 80s when it was guaranteed that you were going to make a high salary and when the cost of post-grad education was not as expensive as it is nowadays (even proportionately speaking). Now that the salaries are not as great as they once were, and bc post-grad education is so expensive, people are looking elsewhere. I am sure that if you look at the growth rate of i-banking salaries btwn then and now it supersedes that of law and medicine by leaps and bounds. Add to that the possibility of being sued for malpractice and medicine doesn't seem too appealing, does it?
Here in the EU where college education is basically free and post-grad salaries are more or less the same across the board, you've got a more even number of college grads choosing across the professions. In fact, we have too many medical and law school grads.
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