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5 Job Hunting Mistakes New Doctors Should Avoid

JOB HUNTING MISTAKES NEW DOCTORS SHOULD AVOID Landing your first job after completing your residency can be challenging. To start your career on the right foot, avoid these common job hunting mistakes which could jeopardize your happiness and your financial future. PROGRAM BEHIND THE NUMBERS Let's first take a look at the current financial landscape many graduating medical residents face. The average salary of a family medicine resident is 1 $52,000' Depending on the region, resident salaries can range from $71,000 in the Northwest' $50,000 in the Southeast AY of residents graduate with debt, with many owing at least 84% $100,000 2 -5 1. JOB HUNTING MISTAKES 2 SHOULD AVOID WAITING TOO LONG TO APPLY 68% of final-year residents didn't begin a serious job search until less than a year before the end their of training. Final-year residents should start job hunting 12-18 MONTHS Q before the end of training. For example, if you graduate in June 2015, you should've started your job hunt in the Spring of 2014. JUNE SPRING 2015 2014 JOB HUNTING MISTAKES NEW DOCTORS SHOULD AVOID 2. FOCUSING ON ONE LOCATION 69% of final-year residents cited location as the most important factor, when considering a job offer. 25% of residents wanted to practice in locations with more than ONE MILLION PEOPLE 411 Practicing in a metropolitan area may sound great, but cities like Boston, Washington D.C. and New York City may offer salaries. to $100,000 $50,000 LOWER THAN OTHER AREAS.³ More graduating residents are needed in small towns and rural areas where only about 10% of physicians practice." JOB HUNTING MISTAKES 2 SHOULD AVvOID 3. MISUNDERSTANDING A PRACTICE SETTING There are some advantages to working in a hospital setting: Better job security Improved work-life balance Less administrative work 36% of residents would prefer a hospital-employed setting. of residents currently 73% workin hospitals." Hospital-employed physicians earn an average yearly salary of $262,000° While there are advantages to working in a hospital, there are also a few drawbacks such as less autonomy and limited earning potential. JOB HUNTING MISTAKES 2 SHOULD AVOID 4. NOT DOING YOUR RESEARCH Jumping at the first job opportunity without doing your research or thoroughly reading a contract could be a costly mistake. • ASK A LOT OF QUESTIONS • NEVER SIGN A CONTRACT WITHOUT READING IT • HIRE A LAWYER TO READ YOUR CONTRACT • NEGOTIATE CONTRACT TERMS IF YOU ARE NOT SATISFIED 70% of job searches involve a signing bonus. The average amount for 2014 was $ $21,773 But don't let the extra cash be your only motivation for accepting a job offer. Look for additional job benefits such as: Vacation Days Sick Days Health Insurance Child Care Disability Life Insurance Insurance JOB HUNTING MISTAKES -5 2 SHOULD AVvOID 5. FORGETTING THE REAL REASON YOU PRACTICE MEDICINE Always remember the real reason you chose to practice Family Medicine - for the patients, not the paycheck. of residents in their final years report 61% "relationship with patients" as the most rewarding part of their job.' 71% reported "being very good at what I do" as the most rewarding part.' of residents still look forward to 83% practicing medicine as a physician, even after all of their hard work and sacrifices.' AMERICAN ACADEMY OF FAMILY PHYSICIANS INSURANCE PROGRAM for your financial health Sources: 1. http://www.medscape.com/features/slideshow/public/residents-salary-and-debt-report 2. https://www.aamc.org/download/152968/data/debtfactcard.pdf 3. http://www.medscape.com/viewarticle/842301 4. http://sph.tamhsc.edu/srhrc/rhp2010.html 5. http://www.merritthawkins.com/uploadedFiles/MerrittHawkings/Surveys/2014_MerrittHawkins_ FYMR_Survey.pdf 6. http://www.medscape.com/features/slideshow/compensation/2014/public/overview#1 %24 田 田 : 日 田 田田 田 田田 目 田田 田 田田 田

5 Job Hunting Mistakes New Doctors Should Avoid

shared by AAFPINS on Sep 22
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It’s graduation season which means medical residents are on the cusp of completing their residency programs. As a young doctor venturing into the workforce, how can you avoid some of the most common...

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