how much does salary influence your program choice

[Ferdie]

Hi.

So, I'm trying not to let how much I get paid influence my decisions too much. Looking at salaries today though, I was amazed that UW-Madison pays its interns more than Cleveland Clinic pays its CA-3s (for 2007-2008 UW salary went from 46883 for PGY1 - 52413 for PGY4; Cleveland Clinic went from 40316 to 45446). I don't think the cost of living is much (if any) higher in Madison than Cleveland (or any other city, for that matter - none of the other programs I have interviews at pay more than UW, not even in NYC).

So my question is this - how much are you looking at salary in deciding which programs to apply to/interview at/rank?

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[2ndyear]

I wouldn't make too much of salaries as a resident. As a whole, I found that midwest tends to pay better than the coasts, with better perks and benefits. Pick a strong program in a place that you are happy with and you'll be fine. And Madison ain't that cheap!

 

[Pilot Doc]

Hi.

So, I'm trying not to let how much I get paid influence my decisions too much. Looking at salaries today though, I was amazed that UW-Madison pays its interns more than Cleveland Clinic pays its CA-3s (for 2007-2008 UW salary went from 46883 for PGY1 - 52413 for PGY4; Cleveland Clinic went from 40316 to 45446). I don't think the cost of living is much (if any) higher in Madison than Cleveland (or any other city, for that matter - none of the other programs I have interviews at pay more than UW, not even in NYC).

So my question is this - how much are you looking at salary in deciding which programs to apply to/interview at/rank?

When I was looking, i tried to put pencil and paper to salary, benefits, cost of living, etc. There are significant differences in compensation adjusted for COL. About 80% of programs were pretty close, about 10% were outliers on each side.

As for whether this should influence your decision, I wouldn't use it as anything other than a tiebreaker. An extra few K/yr isn't going to compensate for any significant flaw in a program. Only exception might be somebody with several children and a stay at home spoise for whom housing and insurance costs might make some programs very attractive and others simply untenable.

 

[Ferdie]

I wouldn't make too much of salaries as a resident. As a whole, I found that midwest tends to pay better than the coasts, with better perks and benefits. Pick a strong program in a place that you are happy with and you'll be fine. And Madison ain't that cheap!

I live in Madison, so I know all about how it's not that cheap (you're right!), but it sure isn't NYC. I pay 825 for a NICE, HUGE 1 br on the LAKE here! So that's kind of pricey, but I get a lot for the price. And I know the residents here are really well taken care of and happy (the gas residents are the happiest people in the hospital here I think). I'm glad they like taking their own, because I would be very happy to stay here another 4 years (although want to see what else is out there).

I agree that salary in residency shouldn't be that big of a factor though. Even though it blew me away that UW pays more in the first year than CC does in the fourth, what is $6000 really? Not much. Like 3% of my total debt...

 

[amyl]

what about moonlighting? some residents have told me not to let it affect my decision as i won't want to work the extra hours...others don't know how they would live without it????

 

[Ferdie]

what about moonlighting? some residents have told me not to let it affect my decision as i won't want to work the extra hours...others don't know how they would live without it????

I don't want to work the extra hours...

I'll give it 100% while I'm there, but I don't particularly want to sign myself up for extra. Be it 40k or 46k, it's way more money than I'm used to making (ie none, while paying tuition too)

 

[Arch Guillotti]

what about moonlighting? some residents have told me not to let it affect my decision as i won't want to work the extra hours...others don't know how they would live without it????

The problem with moonlighting is that once you start to do it and make some extra money, you get used to the cash. The money is nice but working a lot of extra hours can be a drag - always a trade off. So you keep on working the hours and making the dough. Most residents seem to be able to strike a balance though there are always a few that go crazy with the hours.

I expect to about double my salary with moonlighting.

 

[cchoukal]

No matter what they pay you, you'll eventually adjust your lifestyle to it, and it will never seem like enough. Given that, I guess I'd consider salary about the least important factor. Go where your gut tells you.

 

[Dr34566]

Hi.

how much does salary influence your program choice

about ten, maybe 9

 

[me454555]

I didn't even look at the salary they were offering and I had no clue what it was when I made my list. I think its prolly the least important thing to consider when picking a residency. First of all, the differences aren't that big. 5 or 6k may seem like a lot but once they take taxes out its really only 3k. Then divide that by 26 and you're only make a 200 bucks extra/pay check which in the grand scheme of things is nothing. Then of course you should really figure out how many hrs you're going to have to work and blah blah blah. In the end pick the program you like in the area you like. The salary will sort itself out.

 

[jennyboo]

When I was applying (2006) location was important to me, salary was not. Unfortunately salary is dependent mostly upon location, and in the same location, let's say the annual salary difference between program A and program B is $3000.... Either way, residents don't make a lot of money and most are just making ends meet, and you probably won't feel that salary difference as much as you think you might.

Money will probably be tight no matter where you work, so an extra $200 a month isn't going to make a big difference to your quality of life. However, the little details and the general culture of your workplace (residency program) will make a huge difference in your quality of life. You can be content in a challenging job with long hours if you like your department and feel rewarded by your job. But a residency that doesn't have those intangible positives can make you feel pretty depressed overall.

The good thing is that, sometimes, better programs also have a little more money and actually can pay you more.

 

[Pilot Doc]

The general advice above that many things are more important than salary is correct.

The "there really aren't any meaningfully differences among salaries" business is wrong.

Most programs have pretty similar compensation packages, but there are standouts high and low.

Health insurance contributions make a big difference, especially with a family.

Some programs offer free/cheap housing or simply exist in a market that's cheap.

Some programs are unionized and just pay better

Some programs offer free food.

Taxes do not take 50% of your salary as a resident. Marginal federal income tax rates will be 15% or 25% depending on exactly how much you make. Call it 20%. State taxes will be 0-10%, call them 5%. SocSec is 7.65%. That makes a grand total of 33%.

It can add up - it's a useful way to break a tie between two otherwise identical programs.