Non-Monetary Factors Impact Specialty Salaries
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How do I assess my physician salary by specialty?
If you are comparing physician salary by specialty and you think you are underpaid, it's important to consider the non-financial factors that contribute to compensation in physician specialties.
Have you learned that your take-home pay in your small town internal medicine job is less than that of your colleague, who practices internal medicine as a hospitalist in a big city?
Keep these points in mind:
- Schedule: Do you have more flexibility in your work hours, or a more generous vacation plan, in exchange for a slightly lower salary?
- Location: What is the cost of living where you practice? What will buy you a large home and yard in one part of the country may barely cover a townhouse in another area.
- Commuter costs: Do you have two-hour drive to work, or can you walk or ride a bike?
- Benefits: Do you have a retirement plan and health plan that meets your needs? Are you eligible for bonuses?
- Career satisfaction: Are you happy with the opportunities you have to practice your physician specialty, and are there opportunities for advancement available if you want them?