1st Job As a Physician Associate
Make the money, Don’t let it make you!
-Diamond, Players Club
1ST JOB, HERE WE COME!! 👏🏾👏🏾👏🏾👩🏾⚕️👨🏾⚕️
Aren’t you excited you passed your PANCE, you have your state license and DEA, and you can start applying for jobs…YAYYY!! Time to start getting your money, aka your coins!! Looking for a job can take time because not every job will be ideal, but you should aim for it. Don’t just take any job because you have student loans to pay off.
Keep in mind you can apply for jobs while your license and DEA are pending. You can inform the jobs you are applying for that you are currently in the process of applying for a license and DEA.
The jobs I applied for were based on the clinical rotations I enjoyed. I lived in New Jersey and applied for jobs in New York City. I initially applied for licenses in New York, then New Jersey years later. When applying for 1st job, I considered multiple factors, but my top three were salary, commute time, and 401K. As I changed jobs and locations, my priorities changed, and so will yours.
The job you are applying for should have at least the following in a contract:
- Salary or Hourly rate near or above the average salary in that field
- 401K/403B (contribution of 3-8%)
- Health, Dental, and Optical Insurance
- Malpractice Insurance
- CME Reimbursement (min $1500)
- License Reimbursement/Coverage
- Non-compete less than 1-2 miles for no more than 1 year
The jobs I applied for were based on the clinical rotations I enjoyed. I lived in New Jersey and applied for jobs in New York City. I initially applied for licenses in New York, then New Jersey years later. When applying for 1st job, I considered multiple factors, but my top three were salary, commute time, and 401K. As I changed jobs and locations, my priorities changed, and so will yours.
SALARY
When discussing your pay scale, it would be best to consider commuting as part of a negotiation tactic. If you must commute far to work via driving, consider gas, toll, and parking.
For example, if you drive 10 miles per day from Monday to Friday, that is 50 miles per week and 200 miles per month. Tolls are $10 per day, $50 per week, and $200 monthly. Gas is $50 every two weeks, which is $100 monthly. Lastly, parking can be $200 per month. For the year commuting can cost you $6,000 per year.
Also consider the time driving to work, which can be 20 minutes or 1 hour depending on traffic and how far the job is from your home. Time is Money!!!
If you commute via public transportation, you can ask if the job offers pre-tax accounts for transit (i.e., bus or train). If they do, that is great because it will also help to change your tax bracket regarding tax time.
401K/403B
A 401K/403B is your retirement plan, and you may be thinking, “I’m not worried about that; I have time.” Time is on your side, so you must invest ASAP. Most jobs contribute 3-8%. It would be best if you matched the contribution percentage as a minimum. You can always contribute more, but you can do that over time because you have student loans to pay back.
In my 1st job, I only could contribute 8%, which is what my employer matched, and over time at other jobs, I was eventually able to max out my contributions. However, I have had jobs that did not have 401K/403B, so I invested in my own Roth IRA. I will go into that further in another post on finances.
If your job offers an HSA plan, take advantage so you can have an additional investment account.
Health/Dental/Optical Insurance
Malpractice Insurance is essential if you encounter any medical lawsuits. That is great if the job offers it, but you must check what they cover. Some PAs apply for their own malpractice insurance outside of the employer because they need someone to be in their interest and not just the employer. The AAPA has more details.
CME/License Reimbursement
CME reimbursement is usually about $1500 but can vary on your employer. CME money covers conferences or books that you need to maintain your license and skills. If the salary is not negotiable, then CME money can be used as a negotiation tactic.
License reimbursement covers your state license and DEA, but this can be included in your CME reimbursement, so double-check your contract.
Non-compete
You may have never heard of this before, but this limits you from working in the same field within a certain distance of your employer. It would help if you used google maps to determine how far other companies or hospitals are within the employer’s location.
For example, if your job in primary care has a 5-mile non-compete in your contract, that is a VERRRRYYYY FAR DISTANCE. If you decide to leave and want to work at a hospital nearby, you can only work in a field, not in primary care, if the non-compete is present.
So make sure you negotiate the distance!
Beyond The Contract
- A boss who understands your role in your position and willing to help you when you have questions or learn procedures
- Good working environment
- Supportive team and company
- Diverse company with minorities in different positions
- Upward mobility
- Flexible scheduling
These are important because your job can be miserable if you don’t have these things in place. You will burn out quickly and won’t be able to excel in this new position as a recent graduate. You will need support from the people you work with to transition into this new position.
It will take you at least 1-2 years to acclimate to your position, but it could be more if you go into a subspecialty. I will touch on this further in another post. Stay Tuned!
👇🏾👇🏾👇🏾TIP 👇🏾👇🏾👇🏾
