The Investment Behind Society's Most Prestigious Careers (Doctors, Lawyers, Engineers, 6-Figure+ Entrepreneurs)
Everyone wants to be successful in life — but what does success really mean for a person? Some may find it in creating a family or finding love in life — but the common sentiment that most people have when it comes to defining success is being able to land a stable and prestigious career. Recall the memories of your grade school teacher asking the class what they want to be when they grow up, it’s safe to say that the most frequent answers would either be a doctor, a lawyer, an engineer, or even the owner of a successful business. And true enough, these careers are recognized by many to be the most sought-after jobs and professions in the world. But, nothing good ever comes easy, let us take a look at the investment behind society’s most prestigious careers.
First, the average schooling cost and time you need to take note of in order to achieve your dream career. For doctors, the total cost of medical school would roughly be around $218,000, investing a total of 7 to 11 years after finishing undergraduate education (4 years medical school, 3 to 7 years residency). According to Education Data Initiative, investing in law school education would also be around the same range at an estimated average of $205,000 — the traditional time it takes to finish law school is 3 years. Furthermore, to be an engineer, the average tuition cost would be around $50,000 per year which will take around 4 to 5 years to accomplish. As for a six-figure earning entrepreneur, while the practice is more flexible and does not require any strict qualifications, aspiring business people can still widen their skill set by accomplishing an entrepreneurial degree which will cost around $30,000 to $40,000 every year for at least 2 to 4 years.
While the costs may seem shocking, landing a career in one of these professions has unbelievable returns in the long run. The average annual salary of a doctor in the US is around $224,000, lawyers earn $120,000 a year, while engineers earn an average of $97,000 a year, and entrepreneurs earn a yearly average of $66,000. As for the work-life balance, entrepreneurs get the most freedom among the rest due to their flexible nature — work hours can range from as little as 14 hours a week to 40 hours or more. Engineers would also play around the same 40-hour work range, while lawyers start from 40 hours up to 60 hours a week, and lastly, doctors work for an average of 50 hours a week post-residency.
By Neil Gregorio
Neil Gregorio is a graduating university student who writes as a hobby; when he is away from the keyboard, he spends his time watching Japanese animated shows and jamming out to his favorite rock music.