Case study: earning to give compared to medical research

Introduction

Ramit came to us with a simple question: should I try to train as a medic with the aim of doing biomedical research, or should I seek a high earning job in finance and pursue Earning to Give?

He’s currently doing both – working as a quantitative financial analyst giving away more than a third of his salary (he was an early stage funder of Give Directly) and taking pre-med courses part time, as well as other projects!

Ramit’s initial thought was that the biomedical research path would be better. Read on to find out how he came to change his mind, and came up with a new set of next steps.

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A comparison of medical research and earning to give

Introduction and Summary

We recently did a case study with Ramit (see the full case study write up here). He was wondering whether to start a medicine degree, with the aim of going into research, or to continue in finance doing earning to give, where he already has a job as a quant researcher earning in the range of $150,000 per year.

We did an in-depth comparison of the expected impact of the two paths to help him decide. The rest of this post contains our case study research notes on the comparison.

If forced to guess now, we lean in favor of earning to give, though we think it’s very high priority to gain more information. Ramit is going to try to better assess his degree of fit with medical research, perhaps by working as a researcher during the summer, and learn more about his earnings prospects in finance by making applications and speaking to a headhunter. We’ll review our decision when we find out more.

In the rest of the post, we explain our reasoning:

  1. We outline our general approach
  2. We define a number of factors to compare the two options
  3. We evaluate the two paths based on the factors
  4. We make our overall conclusions

Note that there were several potentially important issues we didn’t address, including job satisfaction and which path is best for career capital in careers besides finance and research.

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