I've duked out this argument with many people on SDN over the past several years and I am always in the minority. I preferentially chose to go to a 4 year program over a 3 year program, and I think it was the right decision for myself (as it has been for many people who have graduated from my residency). I have been told repeatedly by people on this board that I "drank the kool-aid" etc but I really think the discussion on this is extremely one-sided and I would like to offer a different view.
Before I dive into this topic (again), I have to make this disclaimer so I don't get chewed out: Going to a 4 year program DOES NOT (I REPEAT DOES NOT) make you more clinically competent than going to a 3 year program.
I attend a 4 year program that has 7 fellowships and that allows individuals to pursue academic careers and community as well. About 50% of our grads go into academics/fellowship and the other 50% will go into the community. The vast majority of individuals have felt that the extra year is worth it.
If you know you that you want to do tox or EMS straight of medical school, more power to you. For me, it's not that apparent. I know I want to do academics and fellowship because I love teaching/research and so forth. But I have already cycled through critical care, EMS, education, wilderness med and I am still not sure what I want to do (like them all). I have world class educators in all of these respective fields to grab beers with, to research with, and bounce ideas off of and figure out what's right for me. Does 4 years make sense financially? No. But it does make sense to figure out what it is what you want to do for the rest of your life and I would hardly consider that to be a 300K mistake.
4 year programs, in my opinion, without a doubt better prepare you for an academic career than 3 year programs. 3 year programs do not have the time to develop any academic niche, less elective time, and a more compressed clinical schedule that takes away from exploring academic interests. I can tell you that the vast majority of our fellowships prefer 4 year graduates. 3 year graduates are considered most definitely, but for a multitude of reasons are not ranked as highly (I have discussed this with fellowship directors at my program). If you are coming from a 3 year program you will not be allowed to supervise residents and your clinical time is delegated to essentially fast-track/triage shifts.
When you look at the faculty that our program hires, the VAST majority (>90%) of individuals are either 4 year graduates or 4 year + fellowship trained. There are very few 3 year + fellowship trained grads. There are NO 3 year non-fellowship grads. If you want to go into academics, from the standpoint of our chairman, you either did 4 year + fellowship, 4 year, or 3 year + fellowship. Sure I'm sure it's different elsewhere but that's just how it is at our shop. So I would caution people to think really hard about the value of a fellowship and a 4 year program if you are interested in academics.
I did a four year program. Our EMS fellow had done three years. Four year programs are the biggest scams ever. Maybe things have changed in the last decade, but I would do three years and two fellowships vs four years and one fellowship. Such a scam to get more free resident labor.
Prospective applicants have power in how they rank programs. I would hardly consider it "a scam" since most programs are transparent about what their curriculum entails and what their justification is for the 4th year. If you think that the 4th year is "a scam" then there are plenty of great 3 year programs you can go to. Many individuals (believe it or not) actually prefer going to a 4 year program and preferentially ranked 4 year programs ahead of 3 year programs.
Your career isn't all about money, but in general a fellowship is just as much a "$400K mistake" as an extra year of residency. It's not going to help you get a job that pays well. At best it'll help you get a job that pays less (i.e. an academic one.)
Be wise about these decisions. They do have consequences, both for the types of jobs you'll be able to get as well as your finances. In EM, a fellowship is generally for someone who wants to be on a tenured academic faculty for the rest of their career. Many of those jobs DO want to see a fellowship, and that fellowship will be your niche for the rest of your career. But to be a pit doc in a community ED like the other 90% of us....you'd better be really interested in doing it to "spend" $300K after-tax to get it.
Your "holier-than-thou" mentality towards people who want to pursue academics/fellowships/4 year programs is really off putting. Finances are important but some individuals are really passionate about academics/research and so forth and feel like they would thrive in academics. In my opinion, going to a 3 year program and working for a CMG right out of residency where you sell your soul to a corporation is as much akin to the "400K mistake" as doing a fellowship. There are TONS of people who leave residency and go into the community and are miserable, highly overworked, under compensated and have ridiculous metrics to put up with everyday. There are a TONS of people who go into academics and although they make less money, are happy at work and have very high job satisfaction. My academic attendings are not as financially well off as some of the community ED folks, but they have stable finances and are happy to come to work everyday and are working well into their 70s because they love what they do. Not saying this can't happen in the community as well (I know there are tons of great community jobs as well) but people can be happy in a variety of different work environments based on their interests and personality.