Read  about steps 1 and 2 in Part 1 of this series  here.
Right now, your number one priority is, very understandably, focusing on your medical school workload. Still, it’s never too early to start thinking about your job search. There are easy steps you can take now that will prepare you for your job search and give you a competitive advantage when it’s time to start applying.Â
In our last installment, we recognized the value of money as a means of allotting your time in accordance with your values; identified financial independence for physicians as a goal worth pursuing from the earliest stages of your medical training; and discussed poor decisions that physicians commonly make, with the hope that we might tame the impulse to buy a new car or an irrationally expensive home fresh out of med school or residency.
Dear Me, M3:
As graduation approaches and the days of fourth year freedom quickly fade away, the terrifying reality of being a stupefied intern becomes more and more paralyzing. Self-doubt started as a whisper but is slowly escalating to a deafening scream. I have read and re-read the letter you wrote in attempt to silence the negativity— to remember how I felt as a naive third year student trying to navigate the world of clinical medicine— to remind myself of a time when graduation was an unforeseeable future and matching into residency seemed like an absurd possibility. Undoubtedly, your foresight advice will sharpen my self-awareness and hold me accountable to be kind and compassionate, to stay humble. Yet, in order to reassure myself that I will make it, to bury the self-doubt, it is time for some self-to-self hindsight advice— time to remind myself of lessons learned along the way. So here it goes:
Residency applications! The light at the end of the tunnel, and the process that will chart the course for the next 3+ years of your life and your spouse’s medical career. No big deal, or anything! It is an incredibly exciting time, while also being quite unsettling. Here’s what to expect and how to make it as joyful of a process as possible.
Dr. Jennifer A. Villwock is the current Rhinology and Skull Base Fellow at the University of Kansas Medical Center. After graduating in 2011 from the Michigan State College of Human Medicine, she completed her ENT residency at the State University of New York (SUNY) Upstate Medical University. Dr. Villwock is active in the American Academy of Otolaryngology and serves on the Ethics Committee of the American Rhinologic Society. You can reach her on Twitter @docwock
For medical school students, perhaps one of the most difficult choices to be made in the course of their education is what area of medicine to specialize in—or whether to go into general practice. Part of this problem is the wide variety of specialties to choose from: the AMA lists around 200 medical specialties and sub-specialties.
Part of it also may be that there are a variety of factors–from expected income to the demand for certain specialties to the personalities and preferences of the individual medical student–to be taken into consideration before a decision can be made. Understanding all of these factors can take some time, but it can also make this very important decision a little easier.
By Amy Rakowczyk, SDN Staff Writer
With Step 1 completed, and hopefully after a little R&R, your spouse is ready to get out there and try their hard-won knowledge in the clinics! Also coming up, your spouse will be selecting a specialty and starting the process of researching residency programs. They will put their application package together, go through the interview process, rank the programs, and wait for the much anticipated Match Day, then graduation! It will be a lot in a short amount of time, so here’s your breakdown of what to expect!
July 21, 2015
Dear Me, MD:
Now that you have opened this letter, you may have graduated or maybe you just matched into residency— somewhere, anywhere, hopefully?! As you read this, it should be some time during spring 2017. But, you never know, sometimes the train derails and it takes a little longer than expected, so forgive yourself if that is the case. You learned a while back that the fast lane is overrated so never mind months or years. You now have the degree that you worked so tirelessly for; the one they told you that you would never get; the degree that bears the title I know you will probably never feel is real.
While student loans are a necessary financial tool for most of today’s future doctors, the process of repaying them can get complex due to the many types of loans and the accrual of interest. If you make the wrong move, you could wind up facing a costly error—one that may take years to recover from. The following five student loan mistakes are a few of the worst errors that you can make. Do what you can to avoid them.
“Compound interest is the eighth wonder of the world. He who understands it, earns it…he who doesn’t, pays it.
-Albert Einstein
Your Life Of Abundance
The first thing to note about your life the day after you finish residency is that, despite the fashionable whining of your peers, yours has been an existence of relative abundance: You have likely never driven a nicer car, earned a higher salary, or had greater autonomy.
In 2014, the average resident salary one year out of medical school was $51,000 (Medscape). For perspective, in 2014 the median U.S. household income was $53,657 (U.S. Census Bureau). Given that the median household size was 2.54, a new, single intern fared better than most families that year (Statista).
What is the Undifferentiated Medical Student podcast? Give us an intro.
TUMS is an interview-based podcast about choosing a medical specialty and planning a career in medicine. Many medical students feel lost when it comes to picking a medical specialty and planning their careers (myself included). There are many reasons for this (and some I personally faced):
-they are overwhelmed by the number of options
-they may feel they don’t understand enough medicine yet to start the discussion
-they don’t have a mentor
One thing most people will agree that medical education and parenthood have in common is … Read more
Even the most confident and competent students feel anxiety as Match Week approaches: “What if … Read more
I knew residency was going to be hard. I had anticipated the long hours, weeks in a row without a two-day weekend (which, in an attempt to see the glass as half full, I have come to call vacations), and the mountain of new knowledge I would need to master. None of this came as a surprise and I was braced for them from the day I showed up for orientation. However, I’ve found that residency comes with a whole set of challenges I did not expect. If anyone had told me about them in med school, I guess I wasn’t really listening (or, more likely, was too preoccupied trying to figure out my patient’s acid/base situation by the time we rounded to take much notice). For each of us, these unexpected challenges in residency are likely to be a little different, stemming from our own strengths, weaknesses and pet peeves. Here are some of the difficulties I wasn’t expecting:
With Match Week approaching, this is an exciting and hectic time. As you prepare for the next phase of your medical career, it is also important to understand legal issues involved in the Match®, administered by the National Resident Matching Program (NRMP)®. As part of the online enrollment process for the Match, residents accept the NRMP’s Match Participation Agreement (MPA). Residents cannot register for the Match unless they accept the MPA. The MPA is a binding contract exceeding 30 pages. Many residents never read the MPA during the online enrollment process. Others may skim the MPA, but not read the terms carefully. Lurking within the MPA, however, are numerous restrictions on what residents may do before, during, and after Match Week. Applicants who fail to comply with those restrictions in the MPA may commit a match violation, which could lead to substantial penalties and adverse consequences for your medical career. Therefore, it is essential to be aware of your obligations under the MPA and to assure your compliance with the MPA.
The residency application process is winding down for the current cycle. As this is my second season reviewing applications to my residency program as a resident, I’ve across some insight that I wished I had as a fourth year medical student applying to residency. Being on the other side of the fence, I gained a deeper appreciation for the process and the care my program invested in selecting this year’s applicants. I will share some insight along with examples from current residents at various programs in the country. Here are five tips for 2017-2018 cycle applicants and beyond.
Aside from long hours and lots of studying, the other guarantee in medical school is financial stress. Unless you are fortunate enough to have a spouse whose medical education is paid for and you have funds from family or a job that will cover both of your living expenses, you’ll be on a tight budget and accumulating massive amounts of debt. That debt will be large enough to change your financial planning and lifestyle both now and for years to come.
So how do we put ourselves in the best financial position now and plan for the future? And how do we still enjoy life now during these lean years? It’s worth it to start talking about finances now!
Updated December 26, 2021. The article was updated to correct minor grammatical errors and technical … Read more