Career Advice After Residency

Videoteleconference with a job interview as a physician

Congratulations! You made it through medical school and have completed your residency. Now what? As you take the first step toward planning your career as a physician, there are many considerations you need to make as you embark on your journey.

First, explore all your options as a new physician. Consider what type of practice type would work best for your lifestyle and family or evaluate where you’d like to live in relation to a practice setting. Working with locum tenens is a good way to try out different locations and settings to see which is a better fit for you and your career. 

Once you determine where you want to work, make sure you are prepared with both your CV and your interviewing skills. Experts can help you prepare, and it’s always best to practice your negotiating skills. Don’t think you need to accept the first job offer that comes your way. As the U.S. is preparing for a physician shortage, you are in demand and are worth more than you might think! 

Make sure your finances are in order. Now that you’re out of residency, you might be excited about what comes with a physician’s income, but you can’t forget you most likely have a substantial medical school debt. Locum Tenens employment is often paid as a 1099 employee, which means you won’t be eligible for Public Service Loan Forgiveness (PSLF). If that’s the case, investigate whether refinancing your student loans if right for you. Consider hiring a financial adviser to create a budget or plan for how you will purchase a home or invest for your and your family’s future. Panacea can help you achieve financial independence through their unique banking opportunities exclusively for physicians like checking and savings accounts, PRN Personal Loans, and Student Loan Refinance.

Most importantly: have fun! You’re officially a doctor now and you’ll be making a difference in the lives of patients you treat. While it might seem daunting and overwhelming at first, this is an exciting time in your life and you should embrace every new experience. Good luck!

Michael Jerkins, MD MEd is the President and Co-Founder of Panacea Financial and is also a practicing physician. He has lectured locally and nationally on physician personal finance, and has been published on student debt associated with medical education.

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