Transitioning from residency to your first job

Editor’s note: The views expressed in this article are the author’s own and do not necessarily represent the views of BEL or the AOA.

So, it has finally arrived; you’re getting ready to finish residency or fellowship and transform into an attending physician. This is what you’ve been dreaming of for years, and it’s finally about to happen. And it can be daunting and scary. I want to take this time to share some information and explain some ways this can impact your life decisions.

Around 50-70% of physicians switch jobs within the first five years of practice, with 40% of them in the first two years.
I do not recommend signing longer than a three-year contract out of residency, nor do I recommend making any big purchases, such as a house. With numbers like this, it may be prudent to view your first job after residency as more “Residency+” where you can define your practice and leadership style and figure out your work-life balance.
Research what pay rates and benefits are standard in your region. Advocate for yourself and for adequate compensation.
Sources like Medscape, Reddit and other AOA members can help provide information. It may be beneficial to take a more lucrative contract right after residency, knowing you won’t stay for more than three to five years, to pay off debt, establish financial security and set yourself up to be in a stronger negotiating position for a job change. In a source from 2018 on revenue generated versus pay per specialty, you will note that there are large discrepancies between specialty pay and revenue. For example, family medicine and non-invasive cardiology generate $2.1 million and $2.3 million respectively, but their average salaries differ by almost $200,000.
Plan for retirement, side gigs and exploring different ways to be a doctor.
Nearly 70% of doctors in their 40s want to retire by their 50s or early 60s. The top reasons include burnout at 74% and desire to pursue other passions at 61%. I encourage everyone not to burn themselves out on any one way of being a doctor, be that clinical, academic, research or whatever. Many schools and programs look for well-rounded applicants and I encourage everyone to continue being well-rounded doctors to avoid burnout and seeking retirement or leaving medicine as the only way to pursue other passions. Groups such as Physician Side Gigs and the AOA are excellent networks to meet like-minded people and find new opportunities.

I hope this arms each and every one of you who reads this with helpful information. I hope it will set you up for success and that you can enter the world of being a doctor with confidence and security.