Starting Salary out of Residency?

[Poety]

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Oh that's right--this was a discussion of salaries--not Tom Cruise's mental status! 😛 🙄

The numbers we are throwing about here are gross salary, i.e. pre-tax.
My net is about 60% of my gross, after taxes and other deductions (e.g. maximum 401k contribution). I am in a salaried position, so my malpractice insurance is covered (and I am blissfully unaware of its actual cost to the organization). I also have a nice package of benefits. If you were thinking of practicing on your own, you'd have to be paying your own life, health, disability, and liability insurance out of your gross.

I just saw a frightening stat online: the chair of a department in psych is making 140K and the PD is making 80K 😱 😱 😱 😱 😱 <PASSES OUT>

 

[Solideliquid]

I just saw a frightening stat online: the chair of a department in psych is making 140K and the PD is making 80K 😱 😱 😱 😱 😱 <PASSES OUT>

...it's nice to be the chair. That's how I roll.

 

[Poety]

...it's nice to be the chair. That's how I roll.

that chair is making SQUAT, if I'm the chair I better be making what the "athletic director" is making at 289K 😱 😱 😱 😡 😡 Whats up with THAT?

 

[OldPsychDoc]

that chair is making SQUAT, if I'm the chair I better be making what the "athletic director" is making at 289K 😱 😱 😱 😡 😡 Whats up with THAT?

Welcome to the ugly, ugly real world Poety dear...
...where an hour of our time is worth 15 minutes of a cardiologist's, and where neither of us is nearly as important to the well-being of the community (so saith the Free Market) as the defensive coordinator of a .500 football team, let alone the athletic director. 🙁

 

[Poety]

Welcome to the ugly, ugly real world Poety dear...
...where an hour of our time is worth 15 minutes of a cardiologist's, and where neither of us is nearly as important to the well-being of the community (so saith the Free Market) as the defensive coordinator of a .500 football team, let alone the athletic director. 🙁

Can I get into Cardio Sports Treatment? I could probably pay off this debt in about 1 year doing that.

And how come people said they're getting 150K out of residency but CHAIRS are only making 140? Did my mentor lie to me? He said I could make well over 100K after graduating. And that if I did child I'd be in near the 200+ category????? ARE THESE LIES?

 

[Psyclops]

Can I get into Cardio Sports Treatment? I could probably pay off this debt in about 1 year doing that.

And how come people said they're getting 150K out of residency but CHAIRS are only making 140? Did my mentor lie to me? He said I could make well over 100K after graduating. And that if I did child I'd be in near the 200+ category????? ARE THESE LIES?

P-Funk,

No stress, academia always makes less than market value for the field (any field). With the exception of maybe philosophy, since they only have academic positions.

 

[OldPsychDoc]

Can I get into Cardio Sports Treatment? I could probably pay off this debt in about 1 year doing that.

And how come people said they're getting 150K out of residency but CHAIRS are only making 140? Did my mentor lie to me? He said I could make well over 100K after graduating. And that if I did child I'd be in near the 200+ category????? ARE THESE LIES?

Not lies. You just won't make that if you want to stay in academia-land. In the private sector you'll make this easily. (Sorry if that's not what you want to hear...)

 

[NittanyLion302]

And that if I did child I'd be in near the 200+ category????? ARE THESE LIES?

how about forensics?

 

[PublicHealth]

how about forensics?

There's good money to be made in forensics, but you don't simply come out of residency and walk into quarter-million+ per year. You need to establish a forensic practice and build relationships with referral sources, join an existing forensic practice, and then build your credibility and reputation as a forensic expert witness. A fellowship in forensic psychiatry is the first step in this process.

The forensic psychiatrists that I know all have primary academic appointments, work in the prison system, conduct research, and spent a small percentage of their time (~10%) conducting forensic evaluations, writing reports, and testifying in court. I would imagine the balance of work is different for established forensic psychiatrists like Philip Resnick, who likely spends the majority of his time conducting forensic evaluations. He makes a killing, too (pun intended 😀).

 

[PublicHealth]

I just saw a frightening stat online: the chair of a department in psych is making 140K and the PD is making 80K 😱 😱 😱 😱 😱 <PASSES OUT>

Where is this?

 

[MBK2003]

I'm doing a public psychiatry fellowship next year and am struck by the pay differential for this branch of psychiatry. Granted eventually I'll be doing some form of child public sector work, but it's still a thankless and apparently, compensation-less job. Since my plan to marry rich seems not to have worked out so well either, I guess I will be spending my free weekends (or at least those that I'm not moonlighting to pay for 3 college 529 funds) on someone else's boat.

Some day I'm certain the good karma (seeing endless kids with medicaid) will pay off, like maybe my kids won't need braces or won't want to attend expensive Ivy League colleges 🙂

MBK2003 (quickly becoming vitamin D deficient and delirious from excessive hours spent on nightfloat)

 

[Poety]

Not lies. You just won't make that if you want to stay in academia-land. In the private sector you'll make this easily. (Sorry if that's not what you want to hear...)

I hope not lies. I was also told that he has forensic friends that are making upward of 500K (established)

Most the childs he knows are making around 250K

And he said I should start out well into the 100K (private) I'm SO NOT DOING ACADEMIA THANK YOU VERY MUCH. (there goes all those worrisome nights about doing research right? HAHAHA PFFFFTT)

He makes well over 250K and said he gets paid too much for what he does. He's C/L but also big in med teaching, and he's triple boarded.

Now, my goal is to make enough to pay off my (now increased loan amount) of 270K, (YES YOU READ THAT RIGHT SHAD UP and to think I STARTED MED SCHOOL WITH 26k DEBT!) and to fund the munchkin for college, get her a horse, and a car, and live in a nice house - I don't need anything else, oh except a nice vehicle.

I can always ride on Sazi's boat - 😀

 

[Anasazi23]

Now, my goal is to make enough to pay off my (now increased loan amount) of 270K, (YES YOU READ THAT RIGHT SHAD UP and to think I STARTED MED SCHOOL WITH 26k DEBT!) and to fund the munchkin for college, get her a horse, and a car, and live in a nice house - I don't need anything else, oh except a nice vehicle.

I have a nice RX-7 you can buy. I know you love those.
I'll definately have a nice car(s) and motorcycles before I get the boat, though.

I can always ride on Sazi's boat - 😀

I don't have it yet, but there will be plenty of room and lots of space for the keg-r-ator. We should have an SDN psychiatry pub crawl.

 

[Poety]

I have a nice RX-7 you can buy. I know you love those.
I'll definately have a nice car(s) and motorcycles before I get the boat, though.


I don't have it yet, but there will be plenty of room and lots of space for the keg-r-ator. We should have an SDN psychiatry pub crawl.

don't say keg-r-ator too loud today. I'm hung over and losing any and all memory of medical stuff while felicity is READING for internship - I'm a slacker/loser what has happened to me?