Educational fund

[LovingItAll]

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Another difference I'm noticing among the various programs I have visited is the so-called "educational fund" or "book fund" Some places offer $1000 per year, other places offer $500 per year, and there were a few other variations.

To those of you already in residency: ever wish you had more of this type of money in your program? Conversely, do you find yourself looking for stuff to buy just because the money is there and you need to use it up?

 

[southerndoc]

We get about $1300 per year. If you don't spend it in books, you can count mileage to our community hospital.

 

[GeneralVeers]

We get about $1300 per year. If you don't spend it in books, you can count mileage to our community hospital.

We got $0 at King/Drew. I would visit Best Buy weekly and look at all the "educational supplies" that I could never get.

 

[SolidGold]

Carolinas gets a ridiculous $1900 per year!

On top of whatever educational stipend UMichigan gets, they get an extra 7% bonus every November. And their salaries are decent. Making $45,000 gives you a $3,150 bonus. PGY-4's make just over $50,000 too ($3,500 bonus). When I heard this, I needed to make sure I understood correctly because I couldn't believe it!

 

[southerndoc]

Carolinas gets a ridiculous $1900 per year!

On top of whatever educational stipend UMichigan gets, they get an extra 7% bonus every November. And their salaries are decent. Making $45,000 gives you a $3,150 bonus. PGY-4's make just over $50,000 too ($3,500 bonus). When I heard this, I needed to make sure I understood correctly because I couldn't believe it!

Michigan's 7% bonus is not an education fund, but is a reimbursement for failure to offer a retirement program. Although in some aspects one could argue that you come out ahead by getting the 7% and investing it in a Roth IRA instead of a 401(k).

 

[Spunky Monkey]

I used all of my educational allowance and conference money. Have I read all of the books yet?...umm...taking the fifth on that...

Remember some places allow conference money, book money and have journal subscriptions...some pick the books they want you to have and give them to you (and bomber jackets, but don't get me started)

Take advantage of the opportunities wherever you go, but don't make a decision to go somewhere based on allowance.

That's my two cents...

 

[roja]

I used all of my educational allowance and conference money. Have I read all of the books yet?...umm...taking the fifth on that...

Remember some places allow conference money, book money and have journal subscriptions...some pick the books they want you to have and give them to you (and bomber jackets, but don't get me started)

Take advantage of the opportunities wherever you go, but don't make a decision to go somewhere based on allowance.

That's my two cents...

Very sound advice. I don't known what I would do with 1K for books after the first year. Conference money on the other hand, that I use like crazy.

Our program gives 750$ a year for "CME"- it can be used for travel to an elective site, books, educational programs, etc. If you are presenting at a conference, the deal is paid for.

This kind of stuff is an additional 'perk' but shouldn't really determine how you rank a program, unless every other thing is exactly equal (and how often does that happen?)😀

 

[The White Coat Investor]

More important benefit perks in my opinion include close, free parking and all you can eat cafeteria. I think my program provided a book a year, a PDA, and a trip to ACEP as PGYIII, but we got to park in a covered garage right next to the ED and received so much money at the cafeteria that it was impossible to eat it all, even if your family came to the hospital to eat with you a few times a week.

 

[beyond all hope]

Remember residency is all about the experience. I get almost 7K/year as CME money now as an attending, so the piddly 500/year I got as a resident wasn't that important.

Make sure to use that money or it goes away. You can always spend it on licensing fees, or try to convince your program you need a new computer.