Debt and income for a new graduate?

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BTR1208

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Curious what kind of debt students are coming out of residency with and also what kind of salaries are being seen?

Thanks!!

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Curious what kind of debt students are coming out of residency with and also what kind of salaries are being seen?

Thanks!!

The average tuition for four years of pod school is around 200k. The starting salary for a pod straight out of residency is roughly 150k, this can change depending on what geographic location you are at and what kind of employer you have (ie hospitals, multi-specialty, military, etc). You should do some digging around on this forum, I remember seeing actual data posted by someone a while back regarding salary.
 
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Data, I don't think so. Anecdotes, yes.

Be careful of any debt numbers you hear - some people have wealthy parents and others are married with working spouses. If you don't make it a point to live frugally you'll easily borrow the maximum amount.
 
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The average tuition for four years of pod school is around 200k. The starting salary for a pod straight out of residency is roughly 150k, this can change depending on what geographic location you are at and what kind of employer you have (ie hospitals, multi-specialty, military, etc). You should do some digging around on this forum, I remember seeing actual data posted by someone a while back regarding salary.

I wouldn't trust info without sources. :)
 
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I know this may not answer your question directly, but there is some information you might find interesting on this website: http://www.bls.gov/oes/current/oes291081.htm#(5)
I would be interested to see data from newer podiatrist with the 3 year residency vs older pods who could have a 1 to 3 year residency. I am guessing the non-surgical 1 year deals from years ago bring the average down? Thoughts?
 
I know this may not answer your question directly, but there is some information you might find interesting on this website: http://www.bls.gov/oes/current/oes291081.htm#(5)
I don't put too much weight on these websites. This is a good place to start your research, but people in the industry can give you the best info. I relied on the people I shadowed and the people who are either residents or new Podiatrists.

I had read an article that surveyed Pods nationwide and said the medium salary for Pods is $116,000 and the average salary starting out is around $90,000-$100,000. I mentioned it to a Pod I was shadowing as a concern I had and, he didn't tell me how much he made, but he laughed and said that Podiatrists making that kind of money are the ones who have time to complete those types of surveys. He and his partners have never completed those surveys because their practice is really busy and at night he would rather relax and spend time with his kids. His partners had a similar reaction when I brought it up to them.

He told me I wouldn't become rich being a Pod, but I would be able to live comfortably. People in the industry can give you way better info than a Google search can.
 
Debt is around $200k for most people coming out now. That is going to continue to creep up as tuition and cost of living continue to increase.

Salary is a tricky one, because there are different kinds of contracts out there: straight salary, base salary plus a bonus after producing a certain amount, and straight production (you earn a certain percentage of what you produce).

The overall total PACKAGE for all of these models for someone starting out is going to be $100-125k. Multispecialty and ortho groups can offer more initially, but often will not let you partner, and your overall earning potential (financial ceiling) will be much lower. A lot of people who are "in the know" recognize that working for a Podiatry group is still the best long term gig. They can't and won't start you out as high because you have to build your reputation and referral base; this is already built in with a MS or Ortho group. The downside to these groups is that you'll likely be an employee for the rest of your career instead of a managing partner.

Ortho/MS groups are not the "Holy Grail" that most podiatry students think they are; they're not better or worse, just different.

You'll definitely do more surgery in an ortho group (unless they just hire you to grind out clinic patients) than in a podiatry group, at least until you build your reputation in the area.

With MSGs, it's a toss up, and the type of work is regional. In one MSG I am familiar with, ortho prevents Podiatry from getting anything that isn't a wound from the ER. None of the Podiatrists in that group perform rearfoot surgery or anything very complicated. But they are incredibly busy in clinic and wound care clinic.
 
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