Two economists, Keith Chen and Judith Chevalier, summarize their research on the costs of medical school in the Atlantic. They conclude that it might make more financial sense for women to become physician assistants (PAs), rather than doctors. 

The training to become a PA is much cheaper than medical school. In addition, they begin to earn money earlier than doctors, who have many years of low paid internships after school. Money earned earlier in life is worth more than money earned later in life, because of returns on investment. In order to pay off that education and training investment, doctors need to work harder and earn more money later. 

Focusing on the financial repercussions of these career choices, we use a tool common for analyzing investment called a net-present-value (NPV) calculation. An NPV calculation adds up the costs of obtaining a degree, and all of the earnings received over the career that degree enables, taking into account the fact that money earned later is not as valuable as money earned earlier (due to interest), summarizing a career decision in a single number. This captures the insight that in order for an investment in the high up-front cost medical degree to overcome the lower up-front cost of a PA degree, not only do a doctor's wages have to significantly exceed those of the PA, but the doctor needs to be willing to work enough hours to make those wages pay off.

For men, this investment pays off. They work 60 to 70 hours per week in highly paid subfields of medicine. Female doctors, on the other hand, work much fewer hours and in less lucrative areas of medicine. They do not earn enough to justify the training to be a doctor. A PA degree might make more financial sense. 

There's no doubt that I would be in be better financial shape, if I became a secretary after college, instead of investing in a PhD. I lost ten years of income and retirement savings. (I worked nearly full time while in grad school, but at a lower rate than a secretary.) Unlike an MD, academics cannot stop and start up their career. There are also no real opportunties for part time work. Once you stop working at full speed, you're done. 

I'm not sure what to think about this research and my own observations. I want women in the top levels of medicine and business, but it isn't fair that they should lose money in order to purse that goal. Perhaps, the solution isn't to tell women to aim lower, but to make the investment costs lower. Cheaper medical programs and shorter time in grad school.