How to Become a Doctor Education and Career Planning

A medical doctor (also known as a physician) is an expert in the diagnosis and treatment of medical conditions. Many years of education and training are required to become a doctor. Most physicians undergo eight years of higher education (four in college and four in medical school) and another three to seven years of on-the-job medical training, depending on their chosen specialty. This is a significant investment of effort and time—over a decade in total. If you wish to become a doctor, it is essential to understand each step in the process, from your college degree to board examinations. Undergraduate Degree   After graduating from high school, a student who is interested in becoming a doctor must attend college or university. Pre-med students are required to excel in coursework in biology, chemistry, and physics. Though pre-med students are not required to major in a specific area, many will choose one of these subjects as their focus. Medical schools often appreciate well-rounded students with a liberal arts education, demonstrating a breadth of intellect and abilities. Once the specific prerequisites have been met, other coursework may round out the individual’s application. This four-year degree is required to attend medical school. Medical College Admission Test (MCAT)   One of the major testing milestones on the journey to becoming a physician is the Medical College Admission Test (MCAT). The MCAT is a 7.5 hour standardize test that gives medical schools an objective assessment of the knowledge you obtained from the required pre-med coursework. The exam is taken by more than 85,000 students each year. The MCAT is made up of four sections: Biological and Biochemical Foundations of Living Systems; Chemical and Physical Foundations of Biological Systems; Psychological, Social, and Biological Foundations of Behavior; and Critical Analysis and Reasoning Skills (CARS). The MCAT is typically taken in the year prior to the anticipated year of admission to medical school. Therefore, college students usually take it late in their junior year or early in their senior year. Medical School Students apply to medical school by submitting an application through the American Medical College Application Service (AMCAS). This application collects basic demographic information, coursework details, and MCAT scores that are then shared with potential medical schools. The application opens in the first week of May for students who plan to matriculate the following fall. Medical school is a four-year program that includes further education in the sciences, patient evaluation and assessment training (e.g., history-taking, physical examination), and specialized instruction across disciplines in the basics of medical treatment. The first two years are predominately spent in lecture halls and laboratories, and the second two years are spent in rotations among various specialty clerkships in clinics and hospital wards. The knowledge and skillset obtained during medical school serve as the foundation for the practice of medicine. United States Medical Licensing Examination (USMLE) Parts 1 and 2   In the context of medical school, national testing milestones include the United States Medical Licensing Examination (USMLE) Parts 1 and 2. The first part usually is taken at the conclusion of the first two years of medical school. It tests some of the basic subjects and principles that underlie medicine: biology, chemistry, genetics, pharmacology, physiology, and pathology as it pertains to the body’s major systems. The second part, which assesses clinical skills and clinical knowledge, usually occurs late in the third-year clerkship rotations or early in the fourth year of medical school. Residency and Fellowship After graduating from medical school, you are technically a medical doctor, entitled to add the credentials M.D. to their name and use the title â€Å"Dr.† However, medical school graduation is not the conclusion of the required training to practice medicine. The vast majority of physicians continue their training in a residency program. After completing a residency, some physicians choose to specialize even further by completing a fellowship. Applications to residency are submitted during the final year of medical school. In the first year of a medical residency, a trainee is known as an intern. In the years that follow, they may be referred to as a junior or senior resident. If a fellowship is undertaken, the physician will be called a fellow. There are many potential residency and fellowship training programs. Generalists may complete a residency in pediatrics, internal medicine, family medicine, surgery, or emergency medicine within three years. Specialty training—such as becoming a neurologist, psychiatrist, dermatologist, or radiologist—takes an additional year. After a residency in internal medicine, some physicians complete another two to three years of training to become a cardiologist, pulmonologist, or gastroenterologist. Neurosurgery requires the longest training (seven years). USMLE Part 3   Physicians typically take part 3 of the USMLE testing during the first year of residency. This examination further evaluates knowledge of the clinical practice of medicine, including the diagnosis and treatment of common conditions. Once completed, the resident is eligible to apply for a state medical license and may practice more independently. State Licensure Many residents apply for a state medical license during training. This certification requires a thorough background check, verification of transcripts and training, and the payment of an application fee to the state medical board. During residency, having a state medical license enables the resident to moonlight—make extra money by assisting in a role outside of the training program—if he or she wishes. Board Certifications   Finally, most physicians will undergo a board examination to demonstrate their mastery of knowledge and skills related to their specialty training. These exams occur after the completion of the relevant residency or fellowship training program. After passing the boards, the doctor will be deemed â€Å"board-certified.† Being board-certified may be required to obtain hospital privileges or to contract with insurance companies to practice a specialty. Continuing medical education, including the attendance of medical conferences and repeat board certification examinations at 10-year intervals, is often required for however long as the doctor continues to maintain their medical credentials. For doctors, learning truly never ends. Sources â€Å"What You Need to Know About the MCAT ® Exam.†Ã‚  Association of American Medical Colleges, https://students-residents.aamc.org/choosing-medical-career/article/preparing-mcat-exam/.Applying to Medical School. Association of American Medical Colleges, https://students-residents.aamc.org/applying-medical-school/article/applying-medical-school/.

Atomic Number Definition - Chemistry Glossary

The atomic number of a chemical element is the number of  protons in the nucleus of an atom of the  element. It is the charge number of the nucleus since neutrons carry no net electrical charge. The atomic number determines the identity of an element and many of its chemical properties. The modern periodic table is ordered by increasing atomic number. Atomic Number Examples The atomic number of hydrogen is 1; the atomic number of carbon is 6, and the atomic number of silver is 47: any atom with 47 protons is an atom  of silver. Varying the number of neutrons in an element changes its isotopes while changing the numbers of electrons makes it an ion. Also Known As: The atomic number is also known as the proton number. It may be represented by the capital letter Z. The use of capital letter Z comes from the German word Atomzahl, which means atomic number. Before the year 1915, the word Zahl (number) was used to describe an elements position on the periodic table. Relationship Between Atomic Number and Chemical Properties The reason the atomic number determines the chemical properties of an element is that the number of protons also determines the number of electrons in an electrically neutral atom. This, in turn, defines the electron configuration of the atom and the nature of its outermost or valence shell. The behavior of the valence shell determines how readily an atom will form chemical bonds and participate in chemical reactions. New Elements and Atomic Numbers At the time of this writing, elements with atomic numbers 1 through 118 have been identified. Scientists typically talk about discovering new elements with higher atomic numbers. Some researchers believe there may be an island of stability, where the configuration of protons and neutrons of superheavy atoms will be less susceptible to the quick radioactive decay seen in known heavy elements.

Tax memo Financial Alternatives Example

Essays on Tax memo: Financial Alternatives Coursework Financial Alternatives Financial Alternatives Facts Cecile one of the big shareholder, invests $100,000 for a sole ownership of stock in an S corporation. New food product development is ongoing in the corporation and Cecile expects that the business plan requires approximately $200,000 in capital, this will only be possible if all other prospected trades payable. The first $100,000 of this total is to come from Ceciles contributed capital while the remaining $100,000 of funds will come from other sources including: a. Corporation borrowing from local banks b. Borrowing from her late husband’s real estates c. Borrowing from personal corporation funds From all the borrowed money, the corporation should pay interest at a rate accepted within each type of borrowing. Therefore, each of the borrowing mechanism deployed above, will attract different interest rates to the capital and the business itself including the accrued profit (Damodaran, 2012). For instance, personal income usually attract different tax rates and taxing systems compared to corporate financial incomes. Taxing Cecil’s Capital Contribution The cost of organizational capital is usually defined the cost that is payable in raising the funds and they include loaning from issuing bonds and bank loans. Such terms of loans are usually attract annual percentage. The weighted average cost of capital (WACC) which is expressed as the arithmetic average of each source of capital by proportion of funding obtained from each source. Therefore; the borrowing from personal corporation funds will be taxed as ratio of the amount of each contributor. Nonetheless, such taxes are deducted on annual basis (Stickney, 2010). Moreover, it is worth noting that all these including Borrowing from her late husband’s real estate contributes to cost of debt and all these are subject to annual taxation. The following rates and taxes will be incurred respective of each type and form of capital sources as was accrued by Cecile for her business. The yields of bonds before and after tax on the $100,000 pretax Organizational capital and personal corporation funds Federal interest before tax After tax Taxable loan $100,000 $69,200 Tax exemption $75,800 $75,000 Subsidy tax rate from Federal $40,800 Interest saving from S L 24,200 Windfall to Cecil $16,600 Percentage of windfall 41 % Capital from bank Before tax interest After tax interest Taxable amount $100,000 $65,000 Tax exempts $75,800 $75,800 Subsidy from the federal taxation unit $35,000 Savings from the S $ L $24,200 Windfall to Cecil $10,800 Percentage windfall 31% From the above calculations, it is apparent that different sources of income attract different taxation rates. In essence, funds obtained from bank and other financial institutions usually attract low tax rates compared to funds obtained from personal incomes. Therefore, it would be highly profiting for Cecil to obtain her capital from banks and other financial institutions that she does not have direct effect or contribution (Damodaran, 2012). However, the government usually give large subsidies to personal funds before taxing than on loan, but the same does not set off the interest rates attracted or subjected on these funds. Hence, I strongly recommend for Cecil to consider borrowing her capital from institutions that will lead her to minimal taxation as opposed to personal funds that will never be profitable for he business (Stickney, 2010). References Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset. Hoboken, N.J: Wiley. Stickney, C. P. (2010). Financial accounting: An introduction to concepts, methods, and uses. Mason, OH: South-Western/Cengage Learning.

Tobacco Perfectly Competitive Market - Free Sample Solution

Question: Discuss about the Tobacco Perfectly Competitive Market. Answer: Introduction: The question states that the tobacco market can be assumed as a perfectly competitive market. As a result, the market would host a huge number of sellers and the size of each of these sellers would not be large enough so as to affect the market price. Additionally, the product sold by each of these sellers would be exactly the same, hence there would be no difference in the quality of the product sold. In such a market, the price of tobacco would be determined based on the consideration of the demand and supply of tobacco at the industry level and not at the firm level. The above aspect with regards to the tobacco market has been captured and represented below (Krugman Wells, 2013). On the left hand is the price, cost and revenue for a single firm while on the right is the industry demand and supply. It is evident that the individual firm is a price taker and not a price maker and the equilibrium price is essentially determined by the respective demand and supply at the industry level. It is noteworthy that the long run equilibrium is driven by the underlying price which plays the role of a equilibrating force. This is because if in the short run the firms would make economic profit, then new firms would enter the market due to absence of entry barriers. Over a period of time, this would lead to increased supply which would bring down price to a level where the economic profit for the individual firms become zero and hence an equilibrium position is reached where the new firms enter only to the extent an existing firm leaves the market (Mankiw, 2014). Based on the article given, the following two factors are responsible for the decrease in the tobacco production. Increase of tax burden on cigarettes to the tune of 12.5% during the previous two years Introduction of the plain packaging norms Impact of tax The following graph aptly captures the effect of levying tax on cigarettes as indicated in the article. Assuming that a taxation burden of $ 0.60 is levied on cigarettes and this whole tax burden is borne by the consumers, then the unit price of cigarette increases to $ 2.60. This leads to a shift equilibrium point from A to B. As a result of the increased price, the cigarette demand would plummet but the supply curve would be altered from its original position S0 to the new position S1. The net effect of the change in demand and supply would lead to a decrease in the cigarette consumption. The extent of decrease in consumption would be driven by underlying elasticity of cigarettes in the particular market where tax is imposed (Nicholson Snyder, 2011). Impact of plain packaging In Australia, the enforcement of plain packaging norms has limited the opportunity of marketing their brand to the cigarette manufacturers. This in all likelihood would lower the cigarette demand especially amongst the youth who tend to find the plain packaging non-attractive and may not be currently addicted to smoking (WHO, 2013). The following diagram accurately reflects the effect of plain packaging on the corresponding price and quantity of cigarettes. It is apparent that the plain packaging norms would lead to a shift in the demand which causes a leftward shift in the demand curve while the supply of cigarette remains unaltered. As a result of the above alteration in the demand curve, there has been a decrease in both the equilibrium quantity and price which is clearly indicated in the above graph. Therefore, it is evident from the above graph that the plain packaging norms would lead to lower consumption of cigarettes and hence would be beneficial to the society (Pindyck, Rubinfeld, 2001). It is noteworthy that plain packaging is rarely implemented in isolation and often involving levying of high taxes so as to enhance price coupled with decrease in demand so as to limit the incidence of chain smoking and encourage the users to search for cheaper alternatives. The price elasticity of a given product is driven by a host of factors whose cumulative effect needs to be taken into consideration. These factors include the nature of good (basic, luxury, giffin), underlying income of the consumer, cheap substitute availability and other factors (Krugman Wells, 2013). The tobacco demand is likely to be relatively inelastic (i.e. elasticity would be lesser than 1). This is primarily because the availability of cheaper alternative is highly limited particularly considering the addictive nature of consumption of tobacco in various forms. As a result, even when the price increases by some amount, most users tend to continue with the consumption although there is some decline. However, the formula for PED (Price elasticity of demand) is shown below (Mankiw, 2014). PED = - (Percentage quantity change/Percentage price change) For the habitual tobacco users in various forms, it is extremely difficult to decrease the consumption that too suddenly and only in the long run would there be seen tangible results in this context. Therefore, the price increases for tobacco would cause a proportionately lesser decrease in the tobacco consumption thus, the PED magnitude is lower than 1. Even though, through technology interventions products like e-cigarettes are being hailed as viable alternative for reducing tobacco consumption but there are issues with regards to their usage due to which these are not very popular. However, it is likely that in the future viable and safer alternatives of tobacco are available which would lead to increased PED for tobacco. The impact of sales tax on the consumers and producers can be explained through the assistance of the following diagram. It is evident from the above demand curve that the nature of demand for the given product is inelastic. This is apparent from the fact that even when the price increase has occurred from P to P1, the corresponding quantity decrease is comparatively marginal only as denoted through a shift from Q to Q1. Due to the inelastic nature of demand, the consumption of cigarettes would not decline even though the price may increase as consumers are addicted. This allows the sellers to act a pass through mechanism with a major portion of the incremental tax burden being borne by the final consumer (Krugman Wells, 2013). This situation is reflected in the diagram shown above where the green area indicates the extra burden for the producers while the pink area indicates the extra burden for the consumers. The diagram clearly highlights the fact that area in pink covers more area than the area in green. In case, the elasticity of cigarettes increases owing to availability of comparable and cheaper alternatives, then the pink area would shrink and would be substituted by the green area. This would be indicative of the diminishing clout on the part of the seller with regards to pass the incremental tax burden to the consumers as this may lead to a decrease in the demand of cigarettes. Thus, it may be generalised that the incremental burden of tax borne by the producer is directly proportional to the product PED (Pindyck, Rubinfeld, 2001). References Krugman, P Wells, G 2013, Microeconomics, 3rd edn Worth Publishers, London Mankiw, G 2014, Microeconomics, 6th edn, Worth Publishers, London Nicholson, W Snyder, C 2011. Fundamentals of Microeconomics, 11th edn, Cengage Learning, New York Pindyck, R Rubinfeld, D 2001. Microeconomics, 5th edn. Prentice-Hall Publications, London WHO 2013. Reducing the appeal of smoking first experiences with Australias plain tobacco packaging law, World Health Organisation, Available online from https://www.who.int/features/2013/australia_tobacco_packaging/en/ (Accessed on July 15, 2016)