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  • Compare gigs

    Hi,

    Looking to compare two gigs. New attending. Geographical and clinical ambiguity for some degree of anonymity.

    1) Private
    Structure: corporation employee
    Clinical: Bread and butter
    # hospitals: 2
    Work day: typical 6:30a-2p plus various other types of shifts
    Commute: 20 mins to main hospital and 45 mins to 2nd hospital (70/30 to 50/50 split, depending on month)
    Salary: year 1/2/3, base $350/350/375 then $475
    Vacation: weeks 5/6/7 then 10 weeks
    Retirement: 401k, match about $6k annual, although matching on hold due to COVID
    Other: $2500 CME, $10k relocation
    Call: 2 overnight weekdays/month (10 hrs/call) + 1 weekend shift every 5 weekends (12 hrs)
    Expected take home: expected first year take home $380, and after year 3, $550k
    - take home higher than base bc many work a few vacation days for extra pay + extra call.


    2) teaching hospital
    structure: academic
    Clinical: trauma
    # of hospitals: 1
    Work day: 7a-3p
    Commute: 10 mins
    Salary: $350 base, eligible for promotion after 5 yrs ($400 base)
    Vacation: 5 weeks
    Retirement: Employer match ~$31k annual
    Other: $8-15k annual bonus
    Call: 3 overnight weekdays/month (16 hrs/call) + one 24-hr weekend day per month
    Expected take home: ~$400

    For the first 3 years, the academic gig is the winner bc of the solid retirement benefits. However after year 3, the total compensation at private gig begins to outpace the academic one. The commute is better at academic. We (read: wife) wants to live in the city, where academic one is located. The vacation and call burden are better at private. Also the clinical duties are better at the private gig, as I'm able to practice my subspecialty. And ultimately the total compensation after 3 years is better at the private gig.
    Curious on the thoughts if the larger total compensation package (after year 3) at the private gig outweighs the paltry retirement benefits there and potentially missing out on matching contributions at the academic gig.
    Quick other details: e-fund is established, have disability insurance, Roth IRA maxed out annually during training. Shooting for 20% savings ($70k/year). Plan to live with parents for few months, maybe up to a year while I figure out housing.

    Appreciate any outside perspective. Thanks.

  • #2
    I’d do the private gig if you can put up with the longer commute and get your wife on board. In addition to better clinical duties, call is better and vacation is better.
    “Work” is a four letter word for good reason.

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    • #3
      Go private, unless you are gung-ho about research -- i.e. have protected time negotiated. You can still have trainees and publish case reports on the private side. The only main consideration about taking the academic gig is if your wife would be miserable at private (non-urban) location. But if she is OK with it and especially if you do not have kids now but plan to in the near future the urban setting tends to be overrated -- parking tickets, higher taxes, hassle of academic department politics. I could go on.

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      • #4
        “as I'm able to practice my subspecialty. ”

        ”We (read: wife) wants to live in the city, where academic one is located”

        Comp, job and location. Family decisions. You have pluses and minuses in all three areas. If you don’t want trauma, you won’t be content ever. Find the right job.

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        • #5
          The base comp isn't that different so the money doesn't move the needle much in the grand scheme of things.

          Do you have FI/RE aspirations? Job 1 would get you there faster with extra opportunities.

          Do you mind trauma? I hate it and wouldn't last long there. Job 1 again for me personally.

          Otherwise need to get your wife on board. Some people are ok living outside the city and get used to/like it (partner's wife). Others get really depressed and had to be placed on antidepressants (my wife). After 5 years of rural living, we're moving back to a city because she couldn't stand it anymore.

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          • #6
            If its me, Im taking the private gig pretty easily. Then again, doing research does nothing for me. If the research/commute are the two things that would make it a deal breaker, go academic. Otherwise, better pay and less call? Thats worth the extra drive time IMO

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            • #7
              Thanks for the responses so far.
              Regardless of which job, we are going to live in the city for a couple years. Hence the difference in commutes. So wife won't be miserable based on where we live, and it will primarily impact my commute. In the future, she will be open to an intermediate location that would improve my commute but still offer access to city desirables.
              Regarding academic gig, I have no interest in research. The main draw was the location and retirement benefits.

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              • #8
                The fact that right out of residency/fellowship you could have a job that you only had to be on call for 12 hours every 5th weekend is unbelievably fantastic. PLus a couple of week day nights per month. I would go with that and plan to spend a weekend every month in the city.

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                • #9
                  Private.

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                  • #10
                    When it is this close it makes sense to take the job you would enjoy more. If you would be happier doing job 1 despite the commute then that is the job for you. The difference in money is minimal over 5-6 years.

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                    • #11
                      Private- call schedule being the main reason.

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                      • #12
                        Definitely PP job.

                        Better call, better vacation and better pay in the long run.
                        Less of academic BS

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                        • #13
                          Call sucks.
                          If not into academics, don't take an academic job.
                          Otherwise, do what your wife says hah.

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                          • #14
                            I’m with the others and it’s not even a close call. It was a tie (your wife preferring to live in the city tied all the bene’s of the PP job) until I read your 2nd post. Easy call on my part (unless you get there and find out the job sucks, but that’s always a risk, wherever you start out).
                            Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                            • #15
                              Originally posted by a.dolorosa View Post
                              Thanks for the responses so far.
                              Regardless of which job, we are going to live in the city for a couple years. Hence the difference in commutes. So wife won't be miserable based on where we live, and it will primarily impact my commute. In the future, she will be open to an intermediate location that would improve my commute but still offer access to city desirables.
                              Regarding academic gig, I have no interest in research. The main draw was the location and retirement benefits.
                              What was the question again? There does not seem to be any doubt.

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