I interviewed and had job offers at both academic and private practice jobs. I went for PP because I'd rather do things than teach other people how to do things and I'd rather get paid more for my work.
To me you really gotta love teaching to work in academics, because you won't get enough money or vacation to make it worth your while if you don't.
Both have pros and cons. For me it came down to being able to have more variety in my clinical practice (Ob, neuro, vascular, thoracic, ambulatory—subs that are typically closed off to “generalists” in academics), control over the business decisions as a member of the board and committee chair, more money, more vacation, and better location. I do miss teaching residents and there is some personal satisfaction that comes from being a academic professor.
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