Is Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources

Introduction As a result of the common belief that professionals in academic medicine make less money than their private practice counterparts, as well as the rising cost of medical school and subsequent loans, medical students and residents alike are dissuaded from pursuing careers in academia. How...

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Autores principales:	Julie Gilbert, Pooja Kothari, Nelson Sanchez, Dennis J. Spencer, Maria Soto-Greene, John Paul Sánchez
Formato:	article
Lenguaje:	EN
Publicado:	Association of American Medical Colleges 2020
Materias:	Financial Resources Loan Repayment Student Debt Academic Medicine Faculty Development Promotions & Tenure Medicine (General) R5-920 Education L
Acceso en línea:	https://doaj.org/article/9b97c2891d9446ffa9eac5749d693bdc
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spelling	oai:doaj.org-article:9b97c2891d9446ffa9eac5749d693bdc2021-11-19T14:12:52ZIs Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources10.15766/mep_2374-8265.109582374-8265https://doaj.org/article/9b97c2891d9446ffa9eac5749d693bdc2020-08-01T00:00:00Zhttp://www.mededportal.org/doi/10.15766/mep_2374-8265.10958https://doaj.org/toc/2374-8265Introduction As a result of the common belief that professionals in academic medicine make less money than their private practice counterparts, as well as the rising cost of medical school and subsequent loans, medical students and residents alike are dissuaded from pursuing careers in academia. However, with greater knowledge of loan repayment programs and financial planning, students can make informed decisions about entering the field of academia. Methods Using the Kern model, a workshop was developed to educate medical students considering an academic career about financial resources, loan repayment, student debt, and the importance of budgets. The workshop also encouraged reflection on personal and financial factors that influence career choice. Results The workshop was implemented at five regional conferences with a total of 113 participants. After participating in the workshop, survey data showed that participants were statistically less likely to agree with the statement “Student debt will hinder my ability to pursue an academic medicine career,” and more likely to agree with the statement “Academic medicine is a financially viable career choice for me” and “A career in academic medicine will provide a comfortable salary.” Over 95% of respondents agreed or strongly agreed that each objective was met. Discussion This workshop provided an interactive and reflective method to increase participants' awareness of factors that influence financial considerations when considering postgraduate career choices. It highlighted factors that may be particularly relevant for an academic career choice and of resources available, especially loan repayment programs, to ensure a financially viable academic career.Julie GilbertPooja KothariNelson SanchezDennis J. SpencerMaria Soto-GreeneJohn Paul SánchezAssociation of American Medical CollegesarticleFinancial ResourcesLoan RepaymentStudent DebtAcademic MedicineFaculty DevelopmentPromotions & TenureMedicine (General)R5-920EducationLENMedEdPORTAL, Vol 16 (2020)
institution	DOAJ
collection	DOAJ
language	EN
topic	Financial Resources Loan Repayment Student Debt Academic Medicine Faculty Development Promotions & Tenure Medicine (General) R5-920 Education L
spellingShingle	Financial Resources Loan Repayment Student Debt Academic Medicine Faculty Development Promotions & Tenure Medicine (General) R5-920 Education L Julie Gilbert Pooja Kothari Nelson Sanchez Dennis J. Spencer Maria Soto-Greene John Paul Sánchez Is Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources
description	Introduction As a result of the common belief that professionals in academic medicine make less money than their private practice counterparts, as well as the rising cost of medical school and subsequent loans, medical students and residents alike are dissuaded from pursuing careers in academia. However, with greater knowledge of loan repayment programs and financial planning, students can make informed decisions about entering the field of academia. Methods Using the Kern model, a workshop was developed to educate medical students considering an academic career about financial resources, loan repayment, student debt, and the importance of budgets. The workshop also encouraged reflection on personal and financial factors that influence career choice. Results The workshop was implemented at five regional conferences with a total of 113 participants. After participating in the workshop, survey data showed that participants were statistically less likely to agree with the statement “Student debt will hinder my ability to pursue an academic medicine career,” and more likely to agree with the statement “Academic medicine is a financially viable career choice for me” and “A career in academic medicine will provide a comfortable salary.” Over 95% of respondents agreed or strongly agreed that each objective was met. Discussion This workshop provided an interactive and reflective method to increase participants' awareness of factors that influence financial considerations when considering postgraduate career choices. It highlighted factors that may be particularly relevant for an academic career choice and of resources available, especially loan repayment programs, to ensure a financially viable academic career.
format	article
author	Julie Gilbert Pooja Kothari Nelson Sanchez Dennis J. Spencer Maria Soto-Greene John Paul Sánchez
author_facet	Julie Gilbert Pooja Kothari Nelson Sanchez Dennis J. Spencer Maria Soto-Greene John Paul Sánchez
author_sort	Julie Gilbert
title	Is Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources
title_short	Is Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources
title_full	Is Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources
title_fullStr	Is Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources
title_full_unstemmed	Is Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources
title_sort	is academic medicine a financially viable career? exploring financial considerations and resources
publisher	Association of American Medical Colleges
publishDate	2020
url	https://doaj.org/article/9b97c2891d9446ffa9eac5749d693bdc
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Is Academic Medicine a Financially Viable Career? Exploring Financial Considerations and Resources

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