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Understand that 'residency funding' is locked in when you match into a specialty. In other words, say you match General Surgery.. you have 5 years of funding. Say you match , FM, you have 3 years of funding. If you match 'prelim' anything, then you are a temp year, and still have a wide open funding match.
I would HIGHLY encourage you, if you are mostly set on EM, then I would rank the interviews you have... and then scramble into a prelim spot if needed. Do the prelim spot and re-apply to EM and FM next year. Next year, if EM is still a no go, I would then settle on FM or whatever. IF you rank FM now, and match... and then are miserable, and wish to apply to EM next year. You are going to be limited as above as your funding is locked for 3 years so the program has to pay for your last year spot. Its not a huge deal at some places, but at many it would likely be a deal breaker.
Good luck to you...
Thanks for the advice and information everyone!! This was really helpful. I think I will go ahead and just rank EM, and hope for the best!! You never know what might happen, and I'm thankful that I at least do have 4 places to rank. If it doesn't work out, I'll go ahead and scramble for a prelim spot.
To answer questions that came up - Yes I did do a home EM rotation, and Dean's office tells me the SLOR was good. I'm wondering though if not doing an away and getting a 2nd SLOR killed me. Also, I did finally talk to an advisor but by this time I've been rejected by all but a couple of the programs I didn't get an interview at, so seems it is too late.