3 Salary Tips When Searching For Your First Physician Job

If you’re currently in the middle of your residency or fellowship, you’ve likely been anxiously looking to the future. After all, securing your first position promises not just professional growth but also a substantial leap in your earnings.

Of course, salary is important. It could be part of the reason you wanted to become a doctor in the first place. And if you’re part of the estimated 73 percent of medical students who finish their studies with significant debt—the average graduate owes a total of $250,990 in student loans—a high salary is crucial.

As you begin your job search, be prepared to do these three important things:

Research Salary Trends

Did you know that the current average base salary for an internal medicine doctor is approximately $206,800, but for a hospitalist, it’s about $229,800? The average base pay of gastroenterologists is about $357,000—but those working in the Houston, Texas, area earn more than $452,000 on average.  

These are just some of the insights you’ll discover in the Health eCareers Salary Center. Explore this data so you have realistic salary expectations during your job search. To further boost your salary knowledge, consult additional resources, such as:

• Your fellow trainees
• Mentors, attendings, and advisors

The U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook

It’s important, however, to go beyond a mere understanding of average compensation. First, several factors affect your salary, including your:

• Area of expertise within your specialty
• Geographic location
• Practice model

Additionally, physician salary is often tied to various incentives. One common compensation model revolves around productivity, typically using relative value units (RVUs). However, it’s not the only metric. Some institutions might emphasize the quality of care you provide, among other standards. This means your pay can fluctuate based on your performance against set criteria.

Make sure you understand how performance is assessed. If a portion of your pay depends on your output or performance, you’ll need to know the benchmarks and what’s considered realistic. The more clarity you have, the stronger your position will be in salary negotiations.

Start Your Job Search Early

Starting your search early isn’t just about job security—it’s a strategic move to help secure the best salary. By laying the groundwork well before your training concludes, you’ll likely have more job options and a better understanding of your earning potential.

You’ll also place yourself in a stronger position to negotiate, ensuring your skills are recognized and rewarded appropriately.

Two years before completing your training, focus on growing your network, updating your CV, and identifying your priorities. Start looking at job postings to get familiar with available positions.

One year out is the time to hold mock interviews, secure professional references, and register at a job board like Health eCareers. There, you can review positions in your specialty, get job alerts, save postings, and get your account on recruiters’ radar. Besides having inside information about the best available jobs in certain specialties or geographic areas, recruiters know exactly what physicians are making.

Hone Your Negotiation Skills

Once you’ve done your research and you know your worth, be prepared to negotiate with a potential employer. You’ll want to find that sweet spot between pricing yourself out of the job and accepting an offer that’s too low.

Negotiation is an opportunity to shape your job to best fit your needs and goals. Beyond base salary, several factors might be up for discussion:

• Compensation structure: The structure should align with your specialty’s norms and your desired work-life balance.
• Work schedule: Your potential employer will have expectations regarding regular hours, overtime, and on-call duties. Make sure you understand them.
• Benefits: These include insurance and malpractice coverage as well as paid time off and other perks tailored to your role.
• Professional development: Some employers offer reimbursement for conferences, courses, or other growth opportunities.
• Additional incentives: Consider exploring the possibilities of a relocation allowance or sign-on bonus. Some employers even offer profit-sharing and/or debt relief programs.

While it may be tempting to quickly secure a position, don’t limit yourself to a single offer. Exploring multiple job proposals not only provides a comprehensive perspective on your potential compensation—it makes you a more effective negotiator.

Having competing offers in hand is a powerful tool to leverage during negotiations. When employers know that others value your expertise, they’re more inclined to present their best terms to ensure they secure your skills and dedication.

Author Bio

Stephanie Davis, M.A. is a content marketer with over 8 years of experience. As the current content manager at Health eCareers, she creates a content strategy to help physicians, physician assistants, nurse practitioners, and nurses on their healthcare job search and life on the job.