How hard is it to re-enter into academic if you work in a private practice directly out of residency?

[Psychferlyfe3000]

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So, I am progressively realizing that academia is financially a little ridiculous (in my area starting salary is 200K a year for academia and it is not too hard to find 300K starting salary outside of academia), and I have about $250,000 worth of loans I need to pay off. If I went into private industry to pay down my loans, would it be hard to enter into academia afterwards at a half-way desirable institution? If it is feasible, what should one do to stay competitive for academia? Thank you for any advice!

 

[littlefred]

So, I am progressively realizing that academia is financially a little ridiculous (in my area starting salary is 200K a year for academia and it is not too hard to find 300K starting salary outside of academia), and I have about $250,000 worth of loans I need to pay off. If I went into private industry to pay down my loans, would it be hard to enter into academia afterwards at a half-way desirable institution? If it is feasible, what should one do to stay competitive for academia? Thank you for any advice!

Does your job qualify for Public Service Loan Forgiveness?

Look into that.

Maybe the loan forgiveness that is being talked about can help you as well?

And to answer your question, yes... it's super easy getting into academia because of your progressive realization you mentioned above.

Good luck!

 

[Psychferlyfe3000]

Well, actually, let me elaborate: There are inpatient jobs in my area that pay 250K and appear to require essentially a half-day's work, and they also qualify for PSLF. So, my thought was that I could take on one of those + some other smaller gig, which would allow my loans to be forgiven by PSLF + would give me some savings.

 

[G Sheb]

Do you have a passion for teaching, administration or research?
If not, academia never made sense.
I think many doctors like to get the paycut merely for the name or the prestige, but if you're already past that, I'd say find something else.

 

[littlefred]

Well, actually, let me elaborate: There are inpatient jobs in my area that pay 250K and appear to require essentially a half-day's work, and they also qualify for PSLF. So, my thought was that I could take on one of those + some other smaller gig, which would allow my loans to be forgiven by PSLF + would give me some savings.

I think you've already made up your mind. Do that while you work on your loans, then you can get back into academia easy peasy. Look up on APA Job Central at all the big name academic centers hiring for psychiatrists, also if you want one in particular contact them and they probably have openings too.

You can still stay within the realm of academia if you'd want even after leaving your current job. Any residency program would love having attending psychiatrists doing lectures/supervising their residents when they do outpatient etc. for free.

So you can have your cake (the half-day work job) and eat it too (do academia stuff at the same time to not get rusty).

 

[comp1]

There are lots of PSLF jobs. The VA (including residents!) and prison are often options. In terms, re-entering academia, sure you can do it, no problem. Clinical work in academia isn't often very competitive. I mean honestly, no psychiatrist positions are "competitive." You can get a job where you want. And not all academic jobs involve research, some definitely do, but not all or even most for clinical specialties.

 

[whopper]

Usually no.

Most academic institutions need more people especially physicians in a field where there is a nationwide shortage. OF course they won't make you a full professor, may make you an adjunct or at best assistant professor, and once you're in the academic institution you will need to do "academic" things to get promotions such as research or teach.

I'm going to have to join Harvard, and then Yale and then brag about how I'm such an elitist, best of the best, doctor. Yeah I'll only work there one day then quit the job but that's another matter. Get ready to see me wear my intentionally too big sized "H" sweater.

 

[Psychferlyfe3000]

Do you have a passion for teaching, administration or research?
If not, academia never made sense.
I think many doctors like to get the paycut merely for the name or the prestige, but if you're already past that, I'd say find something else.

I do have a passion for research and honestly just really like talking about psychiatry, which makes me want to be a teacher of some sort. I think it is ironic that there are these jobs out there that leave plenty more time for research compared to academia and pay you significantly more so that you could put that money into your pet project if you were inclined to. At my institution, most attendings are receiving a few thousand dollars for research yearly but have limited time to even engage in it and seem to spend far more time on administrative tasks, which they generally dont seem too enthused about. In many ways, it just seems nonsensical to me...

 

[dl2dp2]

I do have a passion for research and honestly just really like talking about psychiatry, which makes me want to be a teacher of some sort. I think it is ironic that there are these jobs out there that leave plenty more time for research compared to academia and pay you significantly more so that you could put that money into your pet project if you were inclined to. At my institution, most attendings are receiving a few thousand dollars for research yearly but have limited time to even engage in it and seem to spend far more time on administrative tasks, which they generally dont seem too enthused about. In many ways, it just seems nonsensical to me...

Academic clinical jobs are generally not competitive. They are also often left open for years. I'm not sure what kind of "research" you are trying to do with a few thousand dollars a year, as a typical NIH research project grant has a direct cost budget between 250k and 500k per year, plus 40-60% indirect cost. If your "research" only costs a few thousand a year it's generally not research.

 

[Psychferlyfe3000]

Academic clinical jobs are generally not competitive. They are also often left open for years. I'm not sure what kind of "research" you are trying to do with a few thousand dollars a year, as a typical NIH research project grant has a direct cost budget between 250k and 500k per year, plus 40-60% indirect cost. If your "research" only costs a few thousand a year it's generally not research.

The majority of attendings I come into contact with at my institution are not receiving NIH grants and are just using the small amounts of guaranteed internal funding they receive. Some also seem to be receiving some pharma money.

 

[dl2dp2]

The majority of attendings I come into contact with at my institution are not receiving NIH grants and are just using the small amounts of guaranteed internal funding they receive. Some also seem to be receiving some pharma money.

I think you need to figure out exactly what you want. Your descriptions are very diffuse.
1. You want to use academia as an instrument to get PSLF and start a side gig. This is fine and just find a PSLF-eligible job right after, and find a new job after PSLF is completed.
vs. 2. You are actually interested in research. In that case you need to stay in academia and do research training to actually get to a point where you can do research.
vs. 3. You want to make more money overall, which means you go work in the private world make 150k more per year, which ends up translating to more money vis-a-vis PSLF. And Why would you want to go back to academia after? That's "nonsensical".