Career Path Comparison

Adjust the starting salaries for an Academic attending, Private Practice partner, and a Full-Time Locum Tenens physician, as well as your expected total career length.

The tool contrasts the estimated lifetime gross earnings across the three major career paths using typical income growth curves.

Choosing a practice setting is arguably the biggest financial decision of your career. An academic physician and a private practice partner may work the exact same number of hours, yet the private practice partner may earn $2M-$5M more over a 30-year career.

However, total compensation isn't just salary. Academic roles offer unparalleled benefits like PSLF tax-free loan forgiveness, while locums provide ultimate schedule freedom at the cost of zero benefits or ownership equity.

Lifetime Gross: Standard Future Value of an Annuity formula, compounding the starting salary annually by an estimated growth rate (2% Academic, 4% Private, 1% Locums).

Growth rates matter immensely over 30 years. A Private Practice doctor who buys into a surgery center or imaging facility will see their income compound much faster than an employed academic physician receiving standard 2% cost-of-living adjustments.

• Pearl: If you owe $300k+ in student loans, a lower-paying Academic job at a non-profit 501(c)(3) hospital might actually be the most financially lucrative path for the first 3-5 years due to Public Service Loan Forgiveness (PSLF).
• Pitfall: Overlooking the value of benefits. A $350k locums rate might sound better than a $280k academic salary, but the academic job includes health insurance, paid malpractice tail, 403(b) matching, and paid time off—often worth $60k+ per year.
• Pearl: You are not locked in! Many physicians start in Academics to get their loans forgiven, then jump to Private Practice in their late 30s to maximize their peak earning years.