How the heck is that? I’d expect either profession has a near 100% probability with a reasonable career length and no hooker/blow/airplane habit.
https://www.mbacentral.org/30-popular-degrees-studied-millionaires/ Engineering is #1.
No, it's not 100%, though it's pretty high, and the odds are better for engineers than doctors.
This will be in broad terms with some sweeping generalizations, and there are many
many exceptions on both sides, but bear with me.
One big reason the odds favor the engineer has to do with opportunity cost. Engineers can enter the profession with only a BS and pursue their advanced degrees while earning six figures. Physicians eventually earn more, but they go many years while earning less than their engineer contemporaries. Plus, physicians rack up much much more debt pursuing their education. So by, let's say, age 35, the engineer has cleared his student loans years ago, has been practicing for 12-15 years, has earned his advanced degree(s) (often paid for by his employer), and has been investing money all that time, whereas the doctor is still in the beginning stage of practice and has a mountain of debt to service. That gives the engineer a helluva head start. Engineers effectively have a longer career length, and compounded investment earnings alone give the engineer an edge.
The nature of engineering practice is such that the majority of us work for businesses with 401k plans, profit sharing, bonus plans, etc., and our employers will often pay for our advanced degrees (and in some cases will pay a bit toward undergrad student loans as a hiring incentive). When you compare an engineer's total compensation package to that of the physician, the doctor has an advantage but it's not as great as you might think.
Next, consider that many engineers eventually become entrepeneurs, inventing products and starting businesses, sometimes done as a side hustle while still reaping the benefits of a corporate employer. This can be quite lucrative.
Engineers are also more likely to move into top-paying executive positions. At Lockheed, the vast majority of our management team all the way to the executive suite were engineers.
One the expense side of the ledger, social pressures come into play. Many physicians feel they must own a large and expensive home in a pricey neighborhood, drive an expensive car, etc. Engineers aren't under as much pressure that way, and in fact there's almost a reverse pressure from our professional peers. Engineers take pleasure in keeping old vehicles running, or buying and rebuilding clunkers, for example. You might see a Rolex on the wrist of a physican and a Seiko on the wrist of an engineer, but that's not necessarily an indication of wealth; it might be an indication of debt.
As far as the
hooker/blow/airplane habit.
I don't know about doctors, but engineers are willing to settle for beer and don't have time for girlfriends when there's work to do in the lab.
Airplanes? Doctors are famous for flying Beech Bonanzas, whereas engineers like me just have little Beech Musketeers.
