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PODIATRIST STARTING SALARY residents and PODS only

Discussion in 'Podiatric Residents & Physicians' started by hasanm1, Aug 13, 2011.

  1. hasanm1

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    Hello everyone, i know this question has been asked alot, but i felt it was not answered properly.
    This question is only for residents or those hiring podiatrist that just finished their residency. I would as that current students in podiatry school and those that are pre-podiatry refrain from answering this question since they dont have a first hand experience in this matter..I am looking to go to NYCPM next fall, but my parents are a bit nervous about the field and were wondering what the starting salary is for a fresh out of their 3 year pms-36 residency? Also if someone could tell me the offers that they have recieved ( private message) or offers they have given ( again PM), i promise to keep it confidential?
    Thankyou to all those respond:thumbup:
     
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  3. PADPM

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    This question HAS been answered properly and adequately many, many times. I am an attending and our group has recently hired an associate, so I'm aware of the numbers.

    I can also tell you that there is no set amount. Period.

    I know graduates who have had offers in the $60,000 range and there have been starting offers just below $200,000. Not all residency programs are created equal and not all residents have the same skills. It also depends upon the geographic area where you end up practicing, whether you practice with a small practice, large podiatric group, orthopedic group, multi-specialty group, as part of a major institution, etc.

    There are too many factors involved to provide you with the simple answer you are seeking.

    Your destiny is basically in your hands. You can tell your parents that this is the profession YOU desire, and that should be what makes them happiest. Financial success will follow if you are skilled and ethical AND are willing to work hard. Some of your peers may start off with better offers, but in the long run it usually balances out. But there are no guarantees in this profession or any profession.
     
  4. javajava

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    Search for the Young Members Salary Survey in the form

    forgot which subforum it was in
     
  5. hasanm1

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    i was wondering if someone could email me or pm the 2008 young members survey data from the apma website since i am not a member
     
  6. 347932

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    It's in these forums somewhere.
     
  7. javajava

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  8. hasanm1

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    Okay so i got the 2008 young members survey and if anyone would want it i can email them the pdf
     
  9. javajava

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    Could you just copy and paste the salary distribution Im curious to see if it matches the older one :)

    Think I will quote Jonwill on a very good survey done by JAPMA on salaries of i think a majority of DPMS, not just the new ones. It's NET too, not gross, so DPMs can do the business

    If your parents are funding your schooling, you could show them that survey. A caveat though that you should tell them is that a fifth of them did no residency training, so you could attribute the fifth of respondents with less than a hundred Gs net as not applicable.. Although picking and choosing numbers in statistics isn't exactly a great practice lol
     
    #8 javajava, Aug 16, 2011
    Last edited: Aug 16, 2011
  10. hasanm1

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    Okay so there is way too much information on that survey for me to write it but for the first year associate BASE( idont know if this includes bonus/benefits) the numbers wen as such
    3% <30000
    18% 30k-50k
    44% 50k-75k
    20% 75-100k
    8% 100k-125k
    7% >125k

    But then there is another graph which states PERSONAL NET INCOME BY YEARS IN PRACTICE

    2 year or less 85k
    3-5 years 126k
    6-8 yrs 141k

    Also there are graphs based in type of residency

    PSR- 12 = 90k
    PSR-24 = 115k
    PSR-24+ = 120k
    PM&S 24= 90k
    PM&S 36= 93K

    these are the graphs that i am puting up but if anyone wants the rest PM me your email and i will send it
     
  11. javajava

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    Eighty five Gs Net is like a hundred and thirty five Gs Gross for the first year :)

    The only thing that scares me is the fact that almost half of new associates get fifty to seventy five Gs base a year.. But im guessing there is a commensurate bonus structure involved. Are the graphs for types of residency in Net or Gross, and what time period is this. Is it like five years

    Thanks

    But ya this is the most informing salary thread
     
  12. hasanm1

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    Eighty five Gs Net is like a hundred and thirty five Gs Gross for the first year :)

    The only thing that scares me is the fact that almost half of new associates get fifty to seventy five Gs base a year.. But im guessing there is a commensurate bonus structure involved.
    It is net income and the residency pay is an average of all of the young memebers which ansewred the survey so it was around 4-5 yrs. But i thought net income meant all salary and benefits included.

    Also these number are a little low side since the pay difference between men and women was around 20-30 k less which is alot
     
  13. javajava

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    Oh cool is it like three quarter men and a quarter women or half half:)
     
  14. hasanm1

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    its like 33% women and 67 % men so they def bring down the average by 10-15 k
     
  15. javajava

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    So what is your decision gonna be

    are you going to pod school or going into another type of program
     
  16. PADPM

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    Although I've stated this dozens of times, it seems to be falling upon deaf ears.

    It has been my observation and experience over the past 20+ years, that despite some young docs starting with higher INITIAL salaries, over time the majority of docs will eventually balance out and earn within the same general range.

    So I wouldn't be too hung up over the starting salary. As a general rule it does balance out down the road. Start looking long term and not short term. I fully understand that the younger generation is used to instant gratification due to many factors (i.e. the cell phone vs. land lines of the older generation, google/internet vs. the library of older generations, text messages/instant messaging/email vs. snail mail, etc.,. etc.). I see this trait in my own kids who seem to want everything "now".

    Be patient and understand that once you enter this profession you will most likely be practicing for quite a few years, and although you may not make your fortune immediately or may not earn the same INITIAL income as some of your peers, you probably will make a better than average income and catch up with most of your peers if you are honest, ethical and willing to work very hard.

    But the bottom line is that there IS no guarantee in this profession or any profession.
     
  17. 347932

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    :thumbup:
     
  18. javajava

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    Hi PADPM, thanks for giving us your input. I totally agree with the fact most do catch up and even out as one progresses through their career. Just by looking at the young members survey the Net income by years show high increase from zero to eight years.

    Also sorry for giving the impression for being money hungry. It's just that there aren't as many detailed surveys available to prehealth students about podiatric income, it's almost like a big mystery since people throw from numbers from left to right field. At the end of the day I just want to make sure that Im compensated fairly, and that I know what to expect seven plus years from now.
     
  19. PADPM

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    I don't have the impression you are money hungry. But I need you to realize three important facts;

    1) Despite ANY future compensation, you must FIRST be interested in the chosen profession.

    2) If you choose to become a DPM, although there are no guarantees as I've stated too many times, there is no rational reason why you should not eventually make an excellent/respectable income and be very fairly compensated.

    3) If for SOME reason you don't succeed to your expectations, and are looking for someone to blame or for some other scapegoat, I'd purchase a mirror and the answer will be in there.
     
    ksp2276 likes this.
  20. hasanm1

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    Yea i think i will go into podiatry. It is a profession that i seem to like. Many of my friends are telling me to just go to MD programs but i don't think that is for me since there is no way to tell what field i will be able to get into. Also there are very few parts of the body that i like to touch beside the feet. lol
    Also the money factor is important but after reading the survey data i feel pretty confident in my decision. I just didn't want to go in to career and be making less than a 100k for the first 3-4 years. Personally i would like to go into surgery but i heard that it is hard to get the residency for that or open up my own multi-practice business.
    Right now i am just trying to beef up my application. Does shadowing a pod, really help or should i be doing more volunteer work as an emt.
    thankyou all for you response and input
     
  21. 347932

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    Be 100% sure before you make the commitment.
     
  22. Feli

    Feli ACFAS Member
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    I won't talk numbers, but there's a TON of opportunity after residency if you apply yourself to get good training, work hard, and make connections.

    I didn't look into ortho opportunities since I don't think that fits my lifestyle goals and interests, but I'm looking into many fantastic private practice, buyout solo practice, and hospital based jobs in the next few months. It's exciting to see what's out there, and the income potential is definitely comfortable.
     
  23. javajava

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    Dont worry I dont plan to be a regular poster on the uncensored podiatry forum ;)
     
  24. tracheatoedoc

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    It's not hard to get a general surgery residency.
     
  25. javajava

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    Ya I was under the impression that most residencies were three year and surgical
     
  26. PADPM

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    I think there's a misunderstanding here. Tracheatoedoc I believe is talking about a GENERAL surgical residency, not a podiatric surgical residency.

    General surgical residencies have not been very popular over the past several years and are usually about 5 years, vs. a podiatric surgical residency which are now basically mandatory and 3 years.
     
  27. javajava

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    Oops my mistake:laugh:
     
  28. msa786

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    Very very well said Feli!
     

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