Critical Information About Salary for the Medical Student

Mo' money mo' problems?  If you're a medical student still carrying debt from undergrad, "Less money, more problems" probably rings pretty true.  I know it's a little early in the game, but I briefly wanted to comment on how people think high salaries are only in the surgical fields or things like dermatology.


I'm not sure if you know this, but specialty alone doesn't dictate what you'll be earning and counting as disposable income.


Here are some things to think about:


1. You can do academic or private practice, with private practice earning more.  


2. It depends on the region you're working in.  Salaries can vary widely in different regions like higher salaries seen in the South and lower salaries seen in the east/northeast, generally speaking.  Note: I do wonder if this is the case due to rural/underserved areas paying higher salaries to attract more people.


3. It  can depend on your contract/how many hours you work and when.  
>Do you want to work nights only in the ER 7 nights a week? 
>Do you want to carry more patients and work more shifts?  
>I've heard of pediatricians working part-time, and hospitalists focus on in-patient medicine rather than running both a clinic and following their patients into the hospital/ER.


4. How much disposable income do you have left over taxes?  What's the cost of living in where you'll be going to school, residency, fellowship?


5. What's the future of your specialty?  There's supposed to be an increase in demand in critical care doctors in the future, so you might be able to land a well-paid spot in a location you like.


6. How is the government going to affect what you earn?  How will it affect reimbursement?


7. Are you going to be paid a salary or be paid based on how many patients you see?


8. Less salary related, but tying back to number 5: particular, if not many, major cities are saturated with specialists like cardiologists, plastic surgeons, so there might be some competition when it comes to finding a job, and possibly a little bit of uphill work establishing a practice as a new guy in Olde Plastic Surgerington.


Additional things are:
1. Are you thinking about working in an underserved area through a loan forgiveness program?


2.  What kind of a spender are you?  Are you a person who is happy with an apartment and a trusty car or do you want 3 yachts and a gold-plated DeLorean?


There are a lot of things to consider from just salary.  I wanted to get that out there because I would hate to see someone going into a surgical specialty or a specialty that is super demanding with high pay but they hate what they do and end up leaving it.  




I really dislike writing financial/money posts because I'm not that kind of person to be obsessed with money, but I myself am carrying a lot of debt at the moment.  The thing is, I've worked enough places to know I need a job that I'm great at and I love, that makes me feel happy, accomplished and like an ace.  


I do believe that you should go with what you want, and the money will follow.