Current fellows: how's the job hunt this year?

[y2k_free_radical]

I finished training 4 years ago, had 3 job offers and took one in academics. I make about $265K, have 5 weeks of vacation, and have excellent retirement (80% of my base salary and insurance for life)once I am vested. I love going to work everyday, like the flexibility of being able to sign out more/less, teach, and do some clinical research projects. I rarely work more than 40hrs a week.

I am not concerned about how much money others are making in medicine or other fields. If I was I would get a job in tech.

That is worth close to 6-7 million in a retirement plan and congratulations.

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[octopusprime]

I finished training 4 years ago, had 3 job offers and took one in academics. I make about $265K, have 5 weeks of vacation, and have excellent retirement (80% of my base salary and insurance for life)once I am vested. I love going to work everyday, like the flexibility of being able to sign out more/less, teach, and do some clinical research projects. I rarely work more than 40hrs a week.

I am not concerned about how much money others are making in medicine or other fields. If I was I would get a job in tech.

also confused about your "retirement" once you are "vested" [could you define both?]...not something that is even remotely routine in the US...
departments don't offer tenure to many people; tied to research dollars and what you're bringing them, and sub-40 hrs/week and what seems like a casual associate prof gig aren't synonymous with tenure... so if you're US based and have somehow schemed this kudos to you.

 

[Guest8]

also confused about your "pension" once you are "vested"...not something that is even remotely routine in the US...
departments don't offer tenure to many people; tied to research dollars and what you're bringing them, and sub-40 hrs/week and what seems like a casual associate prof gig aren't synonymous with tenure... so if you're US based and have somehow schemed this kudos to you.

I've never heard of this either. That's decent pay for academics, and then 80% pay for the rest of your life and health insurance? That might explain all the Junior Associate Almost Professor positions paying $120k/year.

 

[octopusprime]

FWIW most academic gigs don't offer "flexibility" of signing out "more/less", most (all?) aren't sub-40 hrs/week...maybe if your institution has Harvard-levels of endowment and you're a rare asset, but US academic institutions can't offer that kind of guarantee nowadays...literally nothing outside the confines of Federal employment (which is paying nowhere near 265/yr to anything unless you're GS1000 or POTUS-level) offers guaranteed pension like that unless you're publishing daily or Andy King FYRE-level of dedicated.

 

[Med Director New England]

This is why I asked about the pension...sounds very generous (too generous in fact)..Wondering if the OP maybe has some details a little mixed up.
I know state of CA has a pretty good system for state employed docs, but I dont think it is nearly this good. Maybe a VA doc or someone working within Indian Health services may get a similar pension with lifelong health care avail, but I doubt the salary would be so high.

At any rate more power to you....maybe you'll retire before the pension system goes broke or the MDs are kicked out.

 

[gbwillner]

FWIW most academic gigs don't offer "flexibility" of signing out "more/less", most (all?) aren't sub-40 hrs/week...maybe if your institution has Harvard-levels of endowment and you're a rare asset, but US academic institutions can't offer that kind of guarantee nowadays...literally nothing outside the confines of Federal employment (which is paying nowhere near 265/yr to anything unless you're GS1000 or POTUS-level) offers guaranteed pension like that unless you're publishing daily or Andy King FYRE-level of dedicated.

I think federal maximums are set to $187,500 or something close to that. I'm sure there are exemptions.

Re: academic salary and benefits... there is a large variance. "Fully vested" may mean 10 years, and its lost completely if you make a lateral move to another institution. I dont think anything stated here is far fetched. However, it may mean "clinical track only", meaning no potential for advancement or promotion, and only salary increase is a cost of living adjustment. Sounds good today, but project 10 years from now... maybe not great, but you may decide not to leave because you leave retirement on the table.

Some programs give you free tuition to their university for your kids... I know a few that do this... can easily be worth $200k per kid... but if you dont have any or they are young it is worthless to you.

 

[Med Director New England]

Doubt fully vested is 10 yrs in any system... The state of MA you are vested at 10 yrs and full vestation to get the max benefit can take up to 32 years. The tables are also severely penalizing based on age (i.e 30 years service at retirement age 60 much less of a benefit than 30 years service at retirement age 67). Doesnt matter so much anymore for MDs employed by the state of MA, the MDs were forcibly bought out of the state retirement system years ago b/c they were too costly. What was described by OP is not even close to sustainable which is why it has sparked so many comments.

 

[octopusprime]

Doubt fully vested is 10 yrs in any system... The state of MA you are vested at 10 yrs and full vestation to get the max benefit can take up to 32 years. The tables are also severely penalizing based on age (i.e 30 years service at retirement age 60 much less of a benefit than 30 years service at retirement age 67). Doesnt matter so much anymore for MDs employed by the state of MA, the MDs were forcibly bought out of the state retirement system years ago b/c they were too costly. What was described by OP is not even close to sustainable which is why it has sparked so many comments.

I suppose technically if you're a military doc there may be some incentives that bring your total income into the low 200s, and you technically have healthcare covered, and great deals at the PX, and after 20 yrs active you can retire and collect immediately, but you don't have many military docs out bragging about how slick their gig is compared to everyone else.
...there have been lots of retirement changes in the military the last few years so I'm not even sure what the "% of base" rank equivalent retirement income is or the timing/vesting...

 

[WEBB PINKERTON]

That compensation package sounds made up.

If it were real I would hope there isn't any compromising pictures of the poster in an old medical yearbook. Someone will be taking your job.