Dataset Information

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

ABSTRACT:

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.

SUBMITTER: Gilbert J

PROVIDER: S-EPMC7431181 | biostudies-literature | 2020 Aug

REPOSITORIES: biostudies-literature

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Publications

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

Gilbert Julie J Kothari Pooja P Sanchez Nelson N Spencer Dennis J DJ Soto-Greene Maria M Sánchez John Paul JP

MedEdPORTAL : the journal of teaching and learning resources 20200817

<h4>Introduction</h4>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.<h4>Methods</h4>Using the Kern model, ...[more]

PMID: 32821812

Similar Datasets

Project description:ObjectivesTo review systematically the evidence about what factors influence the decision to choose or not choose a career in academic medicine.DesignA systematic review of relevant literature from 1990 to May 2005.Data sourcesSearches of The Cochrane Library, Medline (using Ovid and PubMed) from 1990 to May 2005, and EMBASE from 1990 to May 2005 were completed to identify relevant studies that explored the influential factors. Additional articles were identified from searching the bibliographies of retrieved articles.Selection of studiesWe attempted to identify studies that included residents, fellows, or staff physicians. No restrictions were placed on the study methodologies identified and all articles presenting empirical evidence were retrieved. For cohort, case-control, and cross-sectional studies, minimum inclusion criteria were the presence of defined groups, and the ability to extract relevant data. For surveys that involved case series, minimum inclusion criteria were a description of the population, and the availability of extractable data. Minimum inclusion criteria for qualitative studies were descriptions of the sampling strategy and methods.ResultsThe search identified 251 abstracts; 25 articles were included in this review. Completion of an MD with a graduate degree or fellowship program is associated with a career in academic medicine. Of the articles identified in this review, this finding is supported by the highest quality of evidence. Similarly, the completion of research and publication of this research in medical school and residency are associated with a career in academic medicine. The desire to teach, conduct research, and the intellectual stimulation and challenge provided in academia may also persuade people to choose this career path. The influence of a role model or a mentor was reported by physicians to impact their decision making. Trainees' interest in academic medicine wanes as they progress through their residency.ConclusionsIn order to revitalize academic medicine, we must engage trainees and retain their interest throughout their training. Research opportunities for medical students, and fellowships or graduate training can meet this challenge and influence career choice. Initiatives to stimulate and maintain interest in academic medicine should be evaluated in prospective studies across multiple sites.

Dataset Information

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

Introduction

Methods

Results

Discussion

Publications

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

Similar Datasets

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