My id says take the easy path and go Top 20. My superego says push through the pain and serve society as a Top 5 graduate. My ego is asking you all, what would you do?
The answer is going to be very individual and is going to depend on your tolerance for pain and whether your desire to be from a "Top 5" program can carry you through.
When I went through the rankings process, I faced a somewhat similar decision. Program X and Program Z were very similar in workload and overall "fit". (On the interview trail, people were talking about how much call the programs have. Personally, I don't think the call at either program is bad at all, but you do take call all 4 years at both programs. Many other programs have no call during PGYIII & IV.) In terms of quality, both Program X & Z would be considered "elite". However, I have fairly specific research and practice interests, and there was much more flexibility built into Program X -- where the professional opportunities more closely matched my interests (although Program Z did have some interesting resources as well). On the
other hand, I had more and much stronger personal ties to the area where Program Z is located, vs. some and fewer personal ties to the area where Program X is located.
Anyway, to make a long story short, I matched at Program X. I've been having a fabulous time, it turned out to be a great fit, my experiences have confirmed its awesomeness as a program, and IMHO I think our PD is one of the top two PD's in the country (the other being Grace Thrall at Duke). But I'm realizing that personal factors matter quite a bit more than I had anticipated. (Residency training is
tough. "Even" psychiatry.) So I'm transferring to Program Z this summer. I still have doubts, since I'm giving up quite a bit of flexibility, but I'm sure I made the right decision. Program Z will be a great place to be, and several people inside and outside the program tell me that the residents are a fantastic bunch.
The Top 20 vs. Top 5 stuff is crap. There is a fairly large econometric literature on rankings and report cards and what not. Unfortunately, no matter how much the econometrically aware do their part to chip away at this rankings crap, we just can't seem to dispel the US News & World Report mystique. It's like hammering gophers with a mallet. An op-ed that Austan Goolsbee wrote in the NYT a few years ago pretty much sums it up. I posted the full text in another forum:
"How Rankings Rate", NYT 4/12/04.
However, to pursue this thread further -- How much of a "Top 5" program is the program you're looking at, and how much of a "Top 20" program is the other one? I understand your need to be vague in the interest of preserving your anonymity. Looking at the most recent USNWR, is your "Top 5" program Columbia, MGH, or Hopkins, and the "Top 20" program Cleveland Clinic? Even considering the research that Austan Goolsbee cites in that NYT op-ed, one might be able to argue that MGH and CCF are far enough apart in quality that despite very generous confidence intervals on the "rankings", Columbia would still compare favorably in a statistical sense. Or maybe you're thinking about Pitt -- an institution where some might argue that the distance betweeen "#1" and "#10"
isn't large enough (at least as far as psychiatry goes) that the confidence intervals couldn't plausibly overlap. But any number of other factors could enter the equation here. Being a resident at MGH involves lots of commuting, which economists have found to
severely dent your overall happiness. (I don't care how ambitious you are. Traffic sucks.) Being a resident at Columbia involves living in New York, which is not everybody's cup of tea. Being a resident at Hopkins involves living in Baltimore, which... is
definitely not everybody's cup of tea. Etc, and so on and so forth.
I'm not suggesting that you choose the "Top 20" program. All I'm doing is casting a vote (N=1) for you to assign greater weights to other factors in your decision calculus, that's all.
Cheers
-AT.