While a lot of people claim the residency doesn't matter, it does make a difference. It's just one of a number of factors. This myth that it is just matters for academics needs to be put to rest though. If it really didn't make a difference, people wouldn't fret about it so much. The good news is, where you train matters less the farther out from training you are.
- While you can have a successful cash practice regardless of where you trained, it is not coincidence that most of the people in major metro areas with successful practices went to top programs and heavily market their training.
- It also makes a difference in terms of opportunities like working with tech companies, consulting to fortune 500 companies, leadership opportunities (in tech, pharma, insurance companies, governmental, and even in big box shops like Kaiser)
- It does make a difference for forensic/expert witness work. Lawyers want fancy sounding experts. This of course depends on the region - An Alabama Jury is less likely to be impressed by a Harvard trained physician and may trust the UAB one more.
- It can make a difference for recruitment to more desirable positions. Even Kaiser in more popular locales is going to hire people from the better residencies.
- I can tell you I have had some pretty sweet gigs that pay well (e.g. >$500 for chart reviews that can take as little as 15 mins, $750 for a 30 min call etc.) - would absolutely not get those without the training and affiliations I've had.
But I am talking about where there is an actual discernible difference in the programs (e.g. MGH v Tufts, Stanford v Kaiser Oakland, Columbia v Jamaica Hospital). Dartmouth is not going to be more favorable than UVM, and won't help in academics either. Neither are top 40 schools - and UVM actually gets more NIH psychiatry funding than Dartmouth.