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Originally Posted by bing
I respectfully disagree. I have an uncle who is an emergency room surgeon and two that are CEOs (one heads an American multinational). This is what I think. Life and death decisions while important, is a different kind of decision than the important decisions CEOs need to make. Their not comparable. Theoretically going by that logic, if we as a society determine that the highest pay goes to those that save lives, how much should paramedics make then? Firefighters? scientists designing cancer drugs? arguably, doctors would be at the top of this hierarchy as they have specialized knowledge and ability, but where do you draw the line? You also have to remember these are paid by taxpayers as opposed to private capital. Usually, CEO salaries are inflated by stock value (like how Steve Jobs made $1 in salary). These stock options can be sold on the markets to other people who are willing to give them their money. Doctors, especially specialist and surgeons can make quite a bit in the US (comparable to many CEOs who only make a couple thousand).
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I do think that research scientists should earn much more than they do; the salaries they earn do not reflect the fact that they are some of the most intelligent members of our society, make greater contributions towards progress and assume massive risk to pursue their educations even in funded programs. Discussing the appaling lack of value society places on academic contributions is an entirely different topic, however.
Quote:
Originally Posted by bing
Studying to be a doctor has almost no risk, whereas in business its ALL about risk. Doctors can safely assume they would get a job, even banks guarantee loans if your a med student. You pretty much know how much you would make from the start, so if a doctor isn't happy with his pay, he shouldn't have got into the profession. Going into business does not guarantee you success, nor does climbing the corporate ladder guarantee you the CEO position. There is only one such position in every company, just think of all the competition and politics involved. Not all doctors are cut out for this, just because your book smart does not make you a successful businessman. If you've ever met a CEO in your life, I think you'll realize in a 5minute talk why they are where they are at.
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I've both met and spent a fairly significant amount of time with multiple CEOs actually, my mom is a senior vp and a large financial institution and I have interacted with them in my own professional life. The mind set of a CEO is certainly different, and it's not something that just anyone can have adopt, but I don't think it's all that special ultimately. I also don't feel that CEOs are taking a massive risk pursuing an MBA, I've known a few people in my life with business degrees and all of them held six figure positions within the first few years of entering their careers.
Quote:
Originally Posted by bing
Private companies are owned by shareholders. Do they not have the right to choose who they want to be their CEOs? and how much they want to reward them? Imagine you built a company, why does an outsider get to determine how much you want to pay your top management? If people want more jobs, we need more entrepreneurs to CREATE them. We need more people to step up in society who have balls instead of the whiners who think that they deserve a job.
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Shareholders have the right to choose who their CEO should be and the pay rate they will be given, certainly, but the pay rates are artificially high. I don't want to go into explaining my reasoning for that on my phone, but I will later.
Ultimately, there will always be people at the bottom of the pay scale working entry level jobs for one reason or another. Some of those people are not driven or intelligent enough to push beyond that level, others for entirely different reasons. Although I don't personally hold much respect for the majority of those people, I do feel they deserve to earn a wage where they can comfortabley support a life style with conservative management of their finances.
These are just my opinions of course, I appreciate and enjoy discussing these issues with anyone who can respectfully disagree with someone who holds opposing views.
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