Academic vs. Private Practice jobs

[Towelie]

Hello all. I am currently a pre-med who will be attending medical school next year, and am very interested in research/academics. I am aware that there is a salary difference between academic and private practice job. I had some questions, and I thought that you all might be able to help me:

What is the order of the difference in salary between academic and private practice jobs?

Also,

Do you think it is worth it to go into academics, even with highly reduced pay? Can you still do research as a private practitioner?

I appreciate any help that you can give me.

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[Mumpu]

Research in private practice is more difficult because your income comes from the work you do. If you are pureeing mice in the lab instead of curing the world of viral cough, you are not making money. In academics, your salary generally covers some research time. In terms of income, it depends on specialty. If you are a (ahem) "doctor" running an infusion center, doing allergy shots, outpatient dialysis, or superfancy cardiology suite with non-evidence based but very pretty CT reconstructions, you will be making a pantload. For general family or infernal medicine, the difference is not that great ($10-20K a year perhaps). Bear in mind that because of teaching, research, and administrative duties you don't work as much in academics, so you are not generating as much income for the hospital. On the upside, you usually have fellows, residents, and medical students who do most of your dirty work.

 

[Bigfoot12]

Research in private practice is more difficult because your income comes from the work you do. If you are pureeing mice in the lab instead of curing the world of viral cough, you are not making money. In academics, your salary generally covers some research time. In terms of income, it depends on specialty. If you are a (ahem) "doctor" running an infusion center, doing allergy shots, outpatient dialysis, or superfancy cardiology suite with non-evidence based but very pretty CT reconstructions, you will be making a pantload. For general family or infernal medicine, the difference is not that great ($10-20K a year perhaps). Bear in mind that because of teaching, research, and administrative duties you don't work as much in academics, so you are not generating as much income for the hospital. On the upside, you usually have fellows, residents, and medical students who do most of your dirty work.

I think the salary difference is much greater. 50-200K. Depending on where in the country you want to practice you can get academic jobs from 60-120K in the first year after residency as compared to private practice which offers usually 150-300K in your 1st year. Both have their pros and cons. Once you start school you will find out very quickly which of the 2 will suit you best. Research can be done at any place. Usually private practice is more clinical with little or no "benchwork". Hope that helps
Good luck!

 

[salmonella]

Hello all. I am currently a pre-med who will be attending medical school next year, and am very interested in research/academics. I am aware that there is a salary difference between academic and private practice job. I had some questions, and I thought that you all might be able to help me:

What is the order of the difference in salary between academic and private practice jobs?

Also,

Do you think it is worth it to go into academics, even with highly reduced pay? Can you still do research as a private practitioner?

I appreciate any help that you can give me.

Once you start medical school, you will realize many faculty and residents will persuade you to stay away from academic medicine. The salary is definitely an issue. Also, after a while most people will get sick of research. Recently NIH research grants have become more competitive. Research is fun if you do it in your leisure time, but it's very stressful when you are constantly pressured to come up with new research ideas, submit grant applications and beg for funding to support your lab and salary. The worst part is, you may spend 5 years on one project and the results may not even be immediately applicable to the real clinical world. Why not just do clinical medicine, saving human lives everyday? I think that's more efficient use of clinicans' time. Leave the basic research for PhDs and MSs.

 

[Towelie]

Once you start medical school, you will realize many faculty and residents will persuade you to stay away from academic medicine. The salary is definitely an issue. Also, after a while most people will get sick of research. Recently NIH research grants have become more competitive. Research is fun if you do it in your leisure time, but it's very stressful when you are constantly pressured to come up with new research ideas, submit grant applications and beg for funding to support your lab and salary. The worst part is, you may spend 5 years on one project and the results may not even be immediately applicable to the real clinical world. Why not just do clinical medicine, saving human lives everyday? I think that's more efficient use of clinicans' time. Leave the basic research for PhDs and MSs.

Interesting. Thanks all for the advice.

To respond to the above post, a great research project can do far more to "save lives" than any clinician can, which is part of the reason that I'm drawn to research. I also like that you can teach, do research, and do clinical work with an academic job. The mix seems like it would be great.

Does anyone know how big the salary difference is between private practice and academic physicians is for medical specialists? For example, how much would a private practice radiologist make vs. a radiologist with an academic position? Any clarification on this would be very helpful.

 

[The_Sensei]

Does anyone know how big the salary difference is between private practice and academic physicians is for medical specialists? For example, how much would a private practice radiologist make vs. a radiologist with an academic position? Any clarification on this would be very helpful.

I can only speak from an anesthesiologists perspective, but I'd imagine radiology would be the same.....


Academic - little money; Private practice - MUCH MORE $$$$

Hope this helps

 

[dawg44]

If you are in Ohio it is better to be academic.
http://cleveland.injuryboard.com/me...tims-of-medical-malpractice-get-the-shaft.php

 

[Towelie]

I can only speak from an anesthesiologists perspective, but I'd imagine radiology would be the same.....


Academic - little money; Private practice - MUCH MORE $$$$

Hope this helps

Could you maybe be more specific? What's the actual dollar difference in anesthesiology?

 

[Mumpu]

Bear in mind also that the gross salary difference doesn't tell the whole story -- malpractice, overhead costs, etc. can bring the two salaries much closer together.

 

[The_Sensei]

Could you maybe be more specific? What's the actual dollar difference in anesthesiology?

Academic = $175-250k

Private practice = $250->$600k

 

[Towelie]

Academic = $175-250k

Private practice = $250->$600k

Thanks. Does anyone have any examples from any other field?

 

[ihaveaquestion]

Academic = $175-250k

Private practice = $250->$600k

sounds about right. i think academia usually sub-200 for probably most fields?

 

[Disciple]

Depending on where in the country you want to practice you can get academic jobs from 60-120K in the first year after residency

60K?

That's sick. Especially considering some fellows make in the 50K+ range.

 

[Towelie]

60K?

That's sick. Especially considering some fellows make in the 50K+ range.

That 60K number is BS. Academic family practice docs make well over 100K, and that's the lowest paid field.

 

[dutchman]

That 60K number is BS. Academic family practice docs make well over 100K, and that's the lowest paid field.

If you know then why are you asking?

 

[Disciple]

That 60K number is BS. Academic family practice docs make well over 100K, and that's the lowest paid field.

Hmmm...

Maybe Peds in LA or San Francisco.

 

[Towelie]

If you know then why are you asking?

I used to work with FP docs, so the only thing I know is how much FP academic docs make. Don't know anything else.

 

[Hard24Get]

Thanks. Does anyone have any examples from any other field?

Median mid/late career salaries from AAMC Careers in Medicine (which you can get an account once you decide on a school). Academic vs Private.

Anesthesiology 249K vs 268K
Emergency Medicine 187K vs 201K
Internal Medicine 133K vs 162K
Neurology 157K vs 166K
Path - all academic (150K)
Pediatrics 124K vs 153K
Psych 143K vs 163K
Rads 258K vs 280K
Surgery 212K vs 235K

So right around the 10-20K range. Though I must warn you, differences in salary are generally much more important to young physicians who have never made money before. 5-10 years later as an attending, challenge and interest will be much, much more important, so these choices really should be based on preference rather than price.

Why not just do clinical medicine, saving human lives everyday? I think that's more efficient use of clinicans' time. Leave the basic research for PhDs and MSs.

See, that's the view of many physicians, which is perfectly reasonable. The problem is that part of the reason we have to worry about the applicability of basic research to clinical medicine is that most straight PhDs don't understand the clinical presentation, critical problems, or interventional feasibility of the diseases they study because they haven't been trained to.
Therefore I think it is important for those interested to get involved with basic researchers, if not become one themselves, to help guide them to the bedside.

(ok, ok, so I'm in the MD-PhD program - doesn't mean I'm biased )

 

[JungleBoy]

Median mid/late career salaries from AAMC Careers in Medicine (which you can get an account once you decide on a school). Academic vs Private.

Anesthesiology 249K vs 268K
Emergency Medicine 187K vs 201K
Internal Medicine 133K vs 162K
Neurology 157K vs 166K
Path - all academic (150K)
Pediatrics 124K vs 153K
Psych 143K vs 163K
Rads 258K vs 280K
Surgery 212K vs 235K

So right around the 10-20K range. Though I must warn you, differences in salary are generally much more important to young physicians who have never made money before. 5-10 years later as an attending, challenge and interest will be much, much more important, so these choices really should be based on preference rather than price.



See, that's the view of many physicians, which is perfectly reasonable. The problem is that part of the reason we have to worry about the applicability of basic research to clinical medicine is that most straight PhDs don't understand the clinical presentation, critical problems, or interventional feasibility of the diseases they study because they haven't been trained to.
Therefore I think it is important for those interested to get involved with basic researchers, if not become one themselves, to help guide them to the bedside.

(ok, ok, so I'm in the MD-PhD program - doesn't mean I'm biased )

My friend, be careful where you get these numbers from. I'm heading towards the end of my training and receiving job offers. I guarantee you your numbers are way off. The difference between academia and private practice is much greater for all fields you mentioned. It's hard to talk about starting salaries. It's basically between 120k and 180k for any specialty (academics), and between 180k and 300k for practice. Once established (3-4 yrs), you'll make about twice as much money in private practice compared to academics, but you'll also work a lot more.