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I think it's important to define what problem you are trying to fix. Reading the posts above, it appears to be "salary". If that's the case, we already know that removing the match won't put any upward pressure on salaries. We know this because the IM fellowships are relatively new to the match. Before there was a match, the application process was just as you said -- people apply, programs interview, and can extend offers at any time. Feel free to search here for what applying to Gastroenterology and Cardiology was like before the match -- it was an absolute nightmare both for applicants and programs. But, importantly, there was no upward pressure on salaries to "fix" anything. That's because:
1. Most applicants are not driven by salary, but rather by prestige, geography, and other factors.
2. There were more applicants than spots. If you don't get a spot, your career is forever impacted. You can't just go get another cardiology/GI job. Hence, no one was willing to give up any offer.
3. Salary levels are set centrally by the GME office. Programs have no ability to change them.
4. Every year, people volunteered to complete a fellowship with no salary at all. If left to a free market, this would put downward pressure on salaries (which would not happen, because they are fixed by GME).
5. All PGY years are paid the same across the board. So GI fellows get the same as Nephrology fellows.
I think the comparisons to business/law don't hold, since lots of law and business students don't end up with ajob in Big Law or Big Business but do something else. In residency, that's not an option.
1. Most applicants are not driven by salary, but rather by prestige, geography, and other factors.
2. There were more applicants than spots. If you don't get a spot, your career is forever impacted. You can't just go get another cardiology/GI job. Hence, no one was willing to give up any offer.
3. Salary levels are set centrally by the GME office. Programs have no ability to change them.
4. Every year, people volunteered to complete a fellowship with no salary at all. If left to a free market, this would put downward pressure on salaries (which would not happen, because they are fixed by GME).
5. All PGY years are paid the same across the board. So GI fellows get the same as Nephrology fellows.
I think the comparisons to business/law don't hold, since lots of law and business students don't end up with ajob in Big Law or Big Business but do something else. In residency, that's not an option.