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There was a paper that looked at lifetime earnings of general otolaryngologists vs. fellowship-trained ENTs. As I recall, the only subspecialty that made more money than general ENT was rhinology. Everything else tended to make less money (even facial plastics), usually because fellowship-trained ENTs are in academics.
That's confounding, though.
Or sorry, "common response," because the variable z, "likelihood of entering academics" affects both x, "fellowship Y/N" and y, "earnings."
I guess Epidemiology does come in handy.