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Graduating seniors what type of offers are you getting?

Discussion in 'Dental' started by helpfuldoc2b, May 1, 2007.

  1. helpfuldoc2b

    helpfuldoc2b Banned Banned

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    Dec 6, 2006
    Graduating seniors what type of offers are you getting? It be helpful if you can put the school you graduated from, city of offer, and total compensation. This will give a real more updated idea of the compensation of newly minted dentists.
     
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  3. aphistis

    aphistis Moderator Emeritus 10+ Year Member

    8,392
    28
    Feb 15, 2003
    Indianapolis
    hSDN Member
    Dental School: Indiana University
    Offer Location: Indianapolis
    Compensation: $48,000/year, nice benefits.



    Now that I've gotten everyone's heart racing, I should probably mention I'm doing a GPR after school. ;)
     
  4. scalpel2008

    scalpel2008 beep beep beep...smash 2+ Year Member

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    Apr 2, 2006
    dude, you must have a good agent. it took me 5 years to get to that.
     
  5. aphistis

    aphistis Moderator Emeritus 10+ Year Member

    8,392
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    Feb 15, 2003
    Indianapolis
    hSDN Member
    The incriminating photos helped.
     
  6. DrJeff

    DrJeff Senior Member Moderator Emeritus 10+ Year Member

    2,785
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    Nov 30, 2000
    Brooklyn, ct
    he also forgot to mention his 7 figure a year salary for being an SDN super duper moderator:D ;)




    .....unfortunately it's just 7 stick figures though:hardy:
     
  7. 12YearOldKid

    12YearOldKid 5+ Year Member

    775
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    Oct 31, 2004
    This is probably a good idea for those still looking for jobs.

    Private practice (not a chain)
    $500/day guaranteed minimum for an 8 hour day
    32% production
    Health insurance for me but not dependents
    3% matching in 401k
    $1000 CE
    License fees
    Malpractice premium
    Employee not Indepent Contractor
    No non-compete

    I didn't negotiate at all. He put the numbers on paper for me and I thought it looked fair.
     
  8. PERFECT3435

    PERFECT3435 7+ Year Member

    1,416
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    Oct 22, 2003
    Indianapolis

    not trying to be negative but thats 120k/yr working like a horse. is this really the norm right out of school?
     
  9. 12YearOldKid

    12YearOldKid 5+ Year Member

    775
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    Oct 31, 2004
    ummm... actually that is the mid to high end of guaranteed salaries. Keep in mind that is only a minimum, but it's still very fair even if that's all I take home.

    I'm curious. What were you expecting? Give me some numbers.
     
  10. gryffindor

    gryffindor Dentist 10+ Year Member

    2,794
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    Feb 2, 2002
    I think his offer sounds decent. It's not just 120K. There are a lot more perks included in this offer such as the 401K, license, malpractice, CE, and health insurance. Let's say that all totals an addition 10K. And there is the 32% production clause - so if this is a decent office that is busy and has good systems in place, 12yearoldkid could be outperforming his $500/day minimum within the first few months. If this is a good office and a good environment you see yourself working in, it would be worth taking an offer like this over an offer of more money from somewhere but with more compromises (chain, poor quality dentistry, no assistant, no perks, etc).

    What area of the country is this offer (just generally if you don't want to tell us) and is it rural, suburban, or metropolitan?
     
  11. dentalman

    dentalman Senior Member 7+ Year Member

    441
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    Jul 10, 2004
    Don't worry, you are not being negative, just very unrealistic. The above is a very good offer from what I've seen for a first year associate. Remember that the benefits add up to a lot of money as well. With the possibility of commission, it can of course be more, but hiring a first year dentist there is a risk that they won't produce even the minimum.

    To make more than this high-end first year offer, you either just have to produce more with a commission, or hire yourself. (Own your own practice). But if you start from stratch, you probably won't make this the first year either.

    Reality check, accomplished.
     
  12. Ex_EE

    Ex_EE 2+ Year Member

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    Sep 23, 2006
    Houston
    I would be happy with a deal like this right out of school. How about vacation?
     
  13. Lidopaine82

    Lidopaine82 Senior Member 7+ Year Member

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    Feb 14, 2006
    Ohio

    can you exlplain the pros and cons of Employee not Independent Contractor?
     
  14. Ex_EE

    Ex_EE 2+ Year Member

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    Sep 23, 2006
    Houston
    No self employment taxes!
     
  15. afrosheen

    afrosheen Junior Member 5+ Year Member

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    Aug 5, 2006
    12 year old, i would love to get that coming out
     
  16. 12YearOldKid

    12YearOldKid 5+ Year Member

    775
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    Oct 31, 2004
    I'm glad to see most people are realistic about what to expect. I think this is a very fair offer. I was actually going to ask for a minimum guarantee of $375 or $400 but he threw that on the table and I just kept my mouth shut.

    This is a small town/rural practice. I can take vacation as I see fit but it is unpaid.
     
  17. gottago

    gottago 2+ Year Member

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    Mar 10, 2007
    120k/yr w/ all those benefits and the possibility of earning more based on production for a fresh grad is not just good it's actually very good. I know some who work for much less their first year out (80-90k) in some of the chains out there.
     
  18. OceanBlue

    OceanBlue HA! I knew it. 2+ Year Member

    508
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    Feb 21, 2007
    South
    it depends on what state you're in! I'm not going to settle for 90k in my state. Are you kidding me? shoot! Saw a couple of posts in my state for new dentists comming out at 140k plus perks!
     
  19. shamrock2006

    shamrock2006 5+ Year Member

    802
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    Oct 9, 2006
    Nowhere and Everywhere
    wow...those are some pretty nice offers for a fresh dschool grad. at a 120-140k...how long do you guys think you'll be payin off loans w/ that type of income? Just kinda curious...I know a lot of factors come into play..like all the other expenses, how luxurious u like to live, if you have a family, etc. but just ball parked I guess is what i'm curious about. Congrats to all you guys graduating this year!
     
  20. gottago

    gottago 2+ Year Member

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    Mar 10, 2007
    Ofcourse it does depend on what area you wanna work in.
    Typically the offers are better for small towns vs big cities where the competition is higher.
    But I do agree with you, 90k is too low. Remember though that provided you work in a descent place, you should be able to make more than your guarantee based on production or collection.
    By the way, does anyone know what the situation is in Florida? Is it saturated out there? and what kind of offers are you guys getting there?
     
  21. 12YearOldKid

    12YearOldKid 5+ Year Member

    775
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    Oct 31, 2004
    My student loans are relatively small but I will likely be paying them off over the full 20 year consolidation term. My first priority is funding my retirement. I want to get the biggest nest egg I can right now while I am young. If you can get a ~$250k nest egg by the time you are 30 (and it looks like I will be close) that will turn into ~$8,000,000 at age 65. :eek:

    After that nest egg is funded it doesn't matter that my student loans are sitting there accruing interest at a whopping 4%. I can work 2 days a week and never save another penny if I want. Of course that's not what I'll do, but I COULD.

    I know it seems counterintuitive to save money when you still have so much debt, but in the long term you come out sooo much better.
     
  22. shamrock2006

    shamrock2006 5+ Year Member

    802
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    Oct 9, 2006
    Nowhere and Everywhere

    that makes sense. I'm only asking b/c i'm taking a different route so to speak for dschool by going via the military for 4 or 5 yrs post-graduation and was just wondering what people normally do as far as financing goes. I'm curious b/c I never really looked into it b/c I was locked into the military almost immediately. Now the more I look at financing dschool, and what you can earn as a fresh grad...it's starting to concern me slightly, even though there is nothing I can really do about it:laugh: . I know, for me, its not about $$..well some of it is I wont be a complete liar...but it makes me wonder if I jumped w/ the military too quick. But I guess since it's all i've really ever known it's pretty understandable that I did that. Oh well..my morning rant is over. Back to the topic at hand!
     
  23. KOM

    KOM Senior Member 5+ Year Member

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    Mar 2, 2006
    Is this the interest rate that congress has proposed in 3-4 years or so? I remember reading something about the reduction of student interest rates over the next 4 years. Is this actually going to be implemented?

    ...and if so, will all students who currently have or are taking out loans for the next few years be able to lock in those interest rates or is your rate fixed when you originally take out the loan?

    If we can start getting that 4% interest rate after 4 years then it would definitely make sense to save and invest more (figure at least 7-8% return) rather than paying off more of your loan.
     
  24. med2dent

    med2dent

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    May 4, 2007
    can you explain the math behind this??
     
  25. PERFECT3435

    PERFECT3435 7+ Year Member

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    Oct 22, 2003
    Indianapolis
    thank you for the input. i really dont have a clue as to what is the norm and whats not. i see offers posted at my school for 150k etc and hear the avg salaries being over 120. thank you for the clarifications.
     
  26. DrJeff

    DrJeff Senior Member Moderator Emeritus 10+ Year Member

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    Nov 30, 2000
    Brooklyn, ct
    This post, about it being more than 120K is EXACTLY right, and overtime, if you transition from associate to owner, you'll see exactly how much these perks can add up to/cost you. Most employees will just look at what is in the paycheck each pay period. As an owner, you start to look at not just weekly pay, but TOTAL ANNUAL COMPENSATION.

    When I look at what my employees make per year, and if raises/extra perks are warranted. I look at what the pay was, health insurance contribtuion, liscense fees, association fees, retirement contribution, CE allowance, and the enjoyable matching 7.5% in federal taxes that the employer gets to pay for the employee. Add all those up and then figure out if an increase in pay is warrented. Typically, the way my partner and I choose to fund out retirement plan (we use a maximally funded profit sharing plan where some of our hygenists alone get a $10,000 a year contribution), the employees "total annual compensation" will end up being around 20% more than their take home pay:eek: So don't just discount the "extra perks" as minimal things.
     
  27. dentalman

    dentalman Senior Member 7+ Year Member

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    Jul 10, 2004
    Right now the Stafford loans are fixed at 6.8%. If you need more, Grad plus are fixed at 8.5%. Those who were fortunate to graduate in the last few years were able to lock in all-time historically low interest rates, that in all likelyhood, will not be repeated again for several decades. But, I can't predict the future, but can only look at the past.
     

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