What Can I Expect for Physician Salary Tips
Read these 7 What Can I Expect for Physician Salary Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Physician Jobs tips and hundreds of other topics.
How to Ask for a Raise in Your Physician Salary
So, you are happy with your job, but you think your physician annual salary deserves a boost. Before you talk to your supervisor about it raise, keep these points in mind to increase your odds of success:
- Know the numbers. Do some research and find out the average salary of physicians in your specialty. You can find information about physician salaries by specialty through various online calculators.
- Know the policy. Some employers can only offer raises at certain times of year.
- Know what you want. Have an idea of your salary range and provide justification for why you deserve a raise.
- Be flexible. Would you be willing to take extra vacation time instead of a salary increase? Some employers may be limited by budget constraints, but they may be able to approve additional time off.
Make Your Physician Job a Good Financial Fit
When you have your job interview, physician starting salaries aren't the first topic you should bring up. In fact, don't bring up salary at all. Let your potential employer raise the subject.
But being prepared with information about the physician average salary in your specialty will put you in a stronger position for salary negotiation, if it comes to that. A specialized physician staffing agency can help you identify physician jobs in your specialty that meet your salary requirements, so you don't waste your time looking at physician jobs listings that won't be a good fit for you.
When it is time to talk about salary, keep these points in mind to assess the financial health of the medical group:
- What is the overhead of the practice? How does that affect salaries?
- How are salaries calculated? For example, are they based on charges, collections, relative value units?
- Are there opportunities for bonuses?
- Are there salary differences between partners and associates in the practice?
- What other sources of revenue does the practice or facility have?
Job Offers: More Than Money
When you are considering a possible offer for your next job, keep in mind that there is more to compensation than just your physician salary. It's important to know the average salary for a physician in your field, so you have an idea of what to expect. But remember that a job compensation package includes more than the money you make.
That doesn't mean that money doesn't matter. Recent survey results confirm that salary is the most important factor in considering a job for the majority of job seekers. But when you consider a physician job opportunity, consider other factors such as health benefits, a retirement plan, vacation, and the option to work part-time.
A specialized physician staffing agency can be helpful if you are trying to find out more about a certain physician specialty salary in a particular part of the country, and how it compares in terms of cost of living to similar physician salaries elsewhere.
How to Negotiate Physician Salaries
If you have specific preferences for your physician annual salary, you may have some room for negotiation once you get to the job interview.
Keep these points in mind and you may be able to get what you want as part of your physician employment contract.
- Don't mention money. Don't bring up the topic of salary until the employer does.
- Keep an open mind. If asked what your salary requirements are, start by saying that it depends on the overall compensation.
- Buy some time. Say that you'd like to know more about the responsibilities of the job before discussing salary.
- Give a range. If you have done your homework and know the physician salary range for your specialty, you can propose a range, which opens the door for negotiation.
How to Compare Physician Salaries
Whether you are actively seeking a new job, or just thinking about it, comparing the average salaries for physicians can be helpful, so you know what to expect when you are looking at job listings or when you are interviewing for jobs.
There are many online tools for physician salary comparison. For example, a general physician salary, such as that of a family physician, may range from approximately $150,000 to $200,000, according to the 2008 Physician Compensation Survey. Once you have an idea of the average salary of a physician in your specialty, consider working with a specialized physician staffing agency to help you locate the job that meets your salary requirements. Keep in mind that physician salaries vary by location and by practice type, so if you want to live in a small town, you may not need as high a salary as you would in a major metropolitan area.
Should You Disclose Your Salary History?
When you are conducting a job search, there are times when it can help to disclose your physician salary and other times when it's better to give a physician salary range. When to do what? It depends on when a prospective employer asks.
When you apply: If a prospective employer asks for a salary history when you are applying for a job, you may be concerned that being specific will take you out of consideration for the position. In this case, you may want to give a physician salary range. To get an idea of the average salary of a physician in your specialty, use one of the many online physician salary comparison tools.
When they make an offer: If a prospective employer asks for a salary when making you an offer, it's best to be honest and disclose your previous salary, if for no other reason than the fact that the interviewer can look it up.
How Much Do Medical Residents Make?
According to the Association of American Medical Colleges, the resident physician salary for each year of residency is as follows:
- First year: $46,000
- Second year: $48,000
- Third year: $50,000
- Fourth year: $52,000
- Fifth year: $54,000
- Sixth year: $56,000
If physician salaries are important to your plans for your medical career, consider pursuing one of the higher paid medical specialties, such as urology or radiology, as opposed to choosing a career in a primary care field such as pediatrics or general medicine.
A specialized physician staffing agency can help you locate the opportunities available that meet your salary criteria, as well as your preference for location and practice type. Talk to a physician staffing consultant who knows the local employers to help you find the right fit.
| Guru Spotlight |
| Ray Lokar |
