which type of residency makes more $$$$..

Discussion in 'Finance and Investment' started by DebDynamite, Apr 12, 2007.

  1. DebDynamite

    DebDynamite Attending
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    Hey everyone.

    I am having an internal debate as to which type of residency program would make me more money in the long run. A smaller "lower tier" program with good moonlighting opportunities, without a big name, or a better known program in a location that will cost more in rent. Specifically, I'm going into psychiatry, but I really think this question applies to most fields. I'm in the southeast, and am overall a competitive appicant in psych. My question financially is what matters in the long run? The bigger names in my field are often in cities where the cost of living is higher, and lately I am wondering if it's worth it. I know that in the end I'll probably just rank my programs by how much I like them, but I do wonder....should I stay at my home program (which I do like lots), where the cost of living is cheaper, or go away and be more broke in the big city?

    Anyone have real life-hindsight on this issue? Specifically, do you think the bigger named programs really opened doors for you financially?
     
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  3. takotsubo

    takotsubo ...
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    you said it... go to the program that you like.

    everyone always talks about moonlighting and whatever but just hold your horses and see what residency is like and see if you even have time for moonlighting.
     
  4. mshheaddoc

    mshheaddoc Howdy
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    Making money during residency doesn't matter. Go to the place where you will get the best training and give you the best opportunities for practice.

    Residency is peanuts compared to being a practicing physician. Trying to offset a financial cost isn't worth it as many programs have larger salaries to offset COL (cost of living). With that said, some programs have bonuses (that aren't always advertised) for primary care specialities and then you can moonlight as well. Those "extra bonuses" will have tax implications as well as they might affect your eligibility for economic deferment on your student loans.
     
  5. madtowngirl

    madtowngirl Senior Member
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    I wanted to avoid living in a large city. Not only for the cost, but also I'm just not a fan. So I applied to big name programs in smaller cities. University of Michigan, University of Virginia, University of Florida are three that come to mind. There are others too.
     

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