The transition from medical school to residency can be a challenging task, especially with limited income to cover living expenses and other needs. With long hours and a demanding workload, residents often feel overwhelmed and added financial stress doesn’t help.

New residents face challenges adjusting to their new salaries, budgeting, covering expenses, and taking advantage of employee benefits. We wanted to talk with physicians who have been there before to share tips on how to overcome these.

Here are insights and personal experiences from Disha Spath, MD, CEO and Founder of The Frugal Physician, Nii Darko, DO, MBA, FACS, Host of Docs Outside the Box Podcast, and Leif Dahleen, MD, Physician on FIRE, about salaries, budgets, expenses and benefits.

For many residents, their training may be the first time they have had a salary. How should residents think about their salary and budget? 

DS: Residency is a great time to start tracking expenses. While the salary isn’t as high as attending salaries, it is still around the average national salary. It is the first time many of us have made a real salary. 

If a resident can get a good understanding of their necessary expenses at this time, they can use it as a baseline to devise a reasonable budget when income increases as an attending. If they can get in the habit of saving a small percentage of their salary for retirement in a Roth IRA, that training will really put them ahead of the game as an attending when it comes to wealth building.

LD: Hopefully, it’s enough to get by. Depending on where you live and whether or not you’re supporting anyone besides yourself, that may or may not be the case. 

Either way, you’re going to have to get by on this amount of money for at least a few years, unless moonlighting opportunities present themselves and you actually have the time and energy to take advantage of them.

Residency is a great time to “live (and spend) like a resident” and not a good time to go into debt, especially credit card debt, with the assumption that you can easily pay it off when you become an attending physician. Circumstances change, you’ve probably got major student loan debt, and there’s no good reason to dig that hole any deeper. Live within your means; it’s not like you have a lot of time to go out and spend extravagantly, anyway.

ND: Budgeting your salary as a medical resident can seem daunting, especially if this is your first job ever. Look at it this way, it’s an important step in taking control of your finances and giving you the peace of mind you need during this challenging time. Here’s some tips to keep in mind:

• Determine your monthly income
• Create a budget
• Prioritize saving
• Look for ways to cut costs
• Keep track of your spending

Check out this clip from Episode 303 of Docs Outside the Box for more insight into your new salary as resident salary.

Sometimes, a resident doesn’t receive their first paycheck until several weeks after the move. What is the best suggestion for paying for living expenses during this time of no income? 

DS: Hopefully, they will have read this article and planned ahead for this time! The resident should have saved some money for these few weeks. If not, leaning on family is ok. Try not to go into credit card debt, but if it’s necessary, treat it like a fire and pay it off as soon as the first check hits the bank.

LD: This shouldn’t come as a surprise, so it’s obviously wise to have some money set aside to cover your expenses as you make that transition. The money can come from working a bit between medical school and residency, taking out more student loans than necessary as a fourth-year student, borrowing from friends or family, or even from a short-term lender that treats physicians fairly. 

ND: It’s important to understand the timeline for when you will receive your first paycheck and make a plan for potential gaps in income. Heads up: the biggest expense will most likely be housing, as you will have to pay a security deposit and the first month’s rent. You may have to set aside money from what’s left of student loans or savings. Consider asking for help from family if possible. If you know they are planning gifts for graduation, it doesn’t hurt to ask them to make it cash gifts. 

We live in a gig economy nowadays, so don’t sleep on freelance gigs (i.e Uber / Lyft) as a means to earn additional income during the gap period. If you’re really in a bind, you can consider applying for a personal loan or credit card with a low-interest rate as a backup option. Many medical schools offer these loans. However, it’s important to use these resources responsibly and avoid accumulating too much debt.

What should all residents know about benefits offered by their residency programs? What should they take advantage of? 

DS: Residents can often get a very reasonable disability insurance policy during residency, and there is often an option to extend that into attending-hood. If the policy is a true own-occupation policy (one that will cover the resident if they cannot perform their specific job, irrespective of whether they can work in a different field) then it would be a good idea to keep it. Similarly, if they can get a reasonable life insurance policy as a resident, it will likely be more economical given your younger age and hopefully less medical issues. 

Residency is a great time to start a Roth IRA, along with any other 401k/403b offered by the residency, if you have any leftover money at the end of each month to get a headstart on saving for retirement. 

Student loans are another large topic to be addressed. If your program offers any free debt counseling, I’d take that. Consider starting to make loan payments via an income-driven plan in residency, instead of forbearance, to get credit for those payments via Public Service Loan Forgiveness. Due to your lower salary, the payments will be much lower than any other time in your career. 

LD: Certainly, one should know what the benefits package entails, and that’s going to vary from place to place. Health insurance is paramount, and there will likely be some additional insurance coverage offered. Group disability insurance is usually a poor substitute for having your own true, own-occupation, long-term disability insurance policy, and such coverage is usually cheaper to obtain while in residency.

If you’re lucky enough to have a 401(k) plan with a match, do whatever you can to get that free money. If you have to take on debt to earn an instant 100% return, that’s going to work out in your favor 100% of the time.

ND: Residency is not just a job. It’s an experience that will help you succeed professionally and personally. Your residency has benefits that you should investigate as soon as day one. 

Residency programs offer health insurance to their residents, which can help you stay healthy and save on medical expenses. Take advantage of your program’s retirement savings plans (e.g., 401(k) or 403(b)), as they can help you build wealth in the future. Do not forget about the educational opportunities like conferences, workshops, and seminars that can help advance your career. Be sure to visit the Human Resources department and ask them what other benefits you’re eligible to receive.

Read more about the transition to residency

We spoke to Disha, Nii, and Leif about other topics surrounding the transition to residency. Check out:

• Renting Vs. Buying & Other Tips For New Residents From Physicians

Find more residency-specific guides on our Resources page, or check out one of these:

• Why Monthly Budgeting Is Critical For Doctors-In-Training
• What Happens Between Match Day and Residency? We’ve Got Your To-Do List
• 10 Tips for New Residents

As a medical student transitioning into residency, you are about to embark on a new chapter in your life and the next step on your journey to becoming a physician. So much is changing in a short amount of time, and there are many decisions to be made, including where you will live.

Both renting and buying have their own advantages and disadvantages, and the choice depends on your personal needs and future plans. To help you navigate this decision, we spoke to three physicians who have been there before.

Here are insights from Disha Spath, MD, CEO and Founder of The Frugal Physician, Nii Darko, DO, MBA, FACS, Host of Docs Outside the Box Podcast, and Leif Dahleen, MD, Physician on FIRE, about their tips for renting vs. buying and one thing they want new residents to know.

What tips do you have for residents when considering renting vs. buying in training? 

DS: The decision to rent or buy in residency is a nuanced one based on future plans and location. Generally speaking, it’s a good idea to rent if the projected time one is going to be there is shorter than 4-5 years. There are a lot of costs and headaches associated with homeownership that make it undesirable for residents, especially in this high interest-rate environment. 

However, buying can be the right choice if someone is planning on staying to work in the same town in which they are doing residency. Buying a home in residency can also be a good way to kickstart a rental portfolio. My husband and I bought our residency home with plans to turn it into a rental property later, and that worked out for us. But, we specifically bought a house that had good rental potential in a less-than-desirable neighborhood at the time. 

It is important to run the numbers and see what works in your individual situation. There are many rent vs. buy calculators out there, such as this one: https://www.calculator.net/rent-vs-buy-calculator.html. 

Also, if considering buying a property for rental potential, make sure it cash flows positive (results in a net gain at the end of the year, after all expenses are accounted for) by running the numbers on a calculator such as this: https://www.calculator.net/rental-property-calculator.html.

LD: Do as I say, not as I did. I bought a one-bedroom condo, and it worked out okay, but I recommend renting to the vast majority of residents.

The break-even point for owning vs. renting is five to seven years, on average, which is on the longer end of the residency +/- fellowship spectrum, and it’s common for those who move on to fellowship to do so in a different city. Additionally, some interns and residents realize they chose the wrong specialty for them, and they may need to move to join a program in a field better suited to them. It’s much easier and less costly to break a lease than it is to sell a home you’ve only lived in for a handful of months.

Some people feel that renting is “throwing money away,” and it’s true that owned homes can and usually do appreciate, but there are a lot of costs of home ownership that are often underappreciated or ignored when running the numbers.

You’ll hear anecdotes from those who bought the right place at the right time, lived there for 6+ years, and made a tidy profit when moving on, but I believe most residents should opt to rent.

ND: As a medical resident, you have a lot on your plate. Between long hours at the hospital, studying for board exams, and trying to maintain some semblance of social life, the last thing you want to worry about is finding a suitable place to live.

Deciding on whether to rent vs. own is a decision that can add unneeded stress during your first year of residency, especially if you’re unfamiliar with the city you’re moving to. My advice to first-year residents is always to rent first. Here are some tips to keep in mind when looking for a place to live:

• Look for proximity to the hospital
• Consider the neighborhood
• Determine how much you can afford to pay in rent each month
• Check for lease flexibility in terms of lease length

Check out this clip about why residents should rent from Episode 264 of Docs Outside the Box podcast.

What is one tip you would give to those transitioning into residency? 

DS: I would remind them that their first task as a resident is to learn their craft. So focus on learning medicine and don’t stress if you don’t understand all of personal finance before starting as an attending. If there is an easy month, pick up a personal finance book and give it a read. Just knowing the basics will give you a huge head start. 

LD: You’ll work harder in the next 3 to 7 years than you ever have and ever will. Remember, it gets better, but now is the time to focus on becoming a better doctor. 

ND: Learn to ask for help when it’s needed. It’s expected that you will not know everything when starting residency. As a medical student, you may have been used to working independently, but as a resident, you’ll be part of a healthcare team including attendings, nurses, and other healthcare professionals. 

Don’t hesitate to reach out for help or advice when needed, especially when it involves assistance with a difficult patient case. Asking for help is a sign of strength and maturity, not weakness. Ultimately, being open to feedback and guidance will help you provide the best possible care and help you grow as a physician.

Read more about the transition to residency

We spoke to Disha, Nii, and Leif about other topics surrounding the transition to residency. Check out:

• Tips For Budgeting, Benefits & Expenses During Residency From Physicians

Find more residency-specific guides on our Resources page, or check out one of these:

• Why Monthly Budgeting Is Critical For Doctors-In-Training
• What Happens Between Match Day and Residency? We’ve Got Your To-Do List
• 10 Tips for New Residents

Match Day has arrived. You are likely feeling a mix of nervousness and excitement as you prepare to learn where you will spend the next few years, but when you open the envelope, you are disappointed.

This isn’t unusual, and you are definitely not alone. Some of your peers are likely experiencing similar disappointment whether from not matching into their first choice program or not getting their ideal specialty—and some may have not matched at all.

Matching Into Your First Choice

Many Match participants don’t match into their first choice program, and some don’t match into their first choice specialty. The NRMP 2022 Main Residency Match Results and Data details how common different matching scenarios are:

Not your first choice program. In 2022, only 48.5% of MD seniors and 47.7% of DO seniors matched to their first choice program. 

Not the right specialty. 4,924 MD seniors and 2,644 DO seniors didn’t match into their first (or only) choice specialty. Out of the 39,205 positions that were filled, almost 20% were filled by applicants who did not rank the specialty first.

Didn’t match in the main Match. 6.7% of MD seniors and 8.2% of DO seniors were unmatched in 2022. If you find yourself unmatched on the first day of Match Week, it’s time to SOAP. 

Didn’t match in SOAP. If at the end of SOAP and Match Week you are still unmatched, this can feel like a setback, but there are many ways this can help you serve patients better in the future. We share tips for the year ahead here.

Overcoming Match Day Disappointment

For those who matched somewhere other than their first choice program or specialty, we know, especially in the early moments of learning this, you are likely incredibly disappointed. But we want to provide some encouragement and tips for overcoming what may seem like a setback.

Let yourself be disappointed. Since interviewing and ranking, you’ve likely been dreaming of your first-choice program and first-choice specialty. Finding out that dream won’t be a reality in the way you thought is a tough pill to swallow, so it’s okay to be sad! 

Take time to process your feelings. If you feel comfortable, we encourage you to share how you’re feeling with your close friends and family. They will listen to your frustrations and disappointment and help encourage you in what is next. Let yourself grieve a little, then prepare for the great things that are ahead.

You’re not alone. As stated before, over half of all applicants didn’t match into their first choice program and almost 20% of matched applicants didn’t match into their first choice specialty, so you aren’t alone. Many of your classmates and peers are experiencing the same unexpected disappointment.

It is GOOD that you matched! If you matched into your backup specialty, it is important to remember that you have a job and will be entering training to become a practicing physician. In 2022, 6.7% of MD seniors were unmatched and 8.2% were left unmatched. We encourage you to balance your disappointment with excitement that you are able to continue your training. 

Identify the good. Whether in a program or specialty you didn’t plan for, there is good in the situation. What opportunities or experiences will this program give to you that another might not have? If you are moving to a new city, what are you excited to explore there? If in your backup specialty, how will you be able to serve patients in ways you didn’t expect?

Have an open mind. No matter where you ended up, we encourage you to go into the program with an open mind. No one is guaranteed to love their residency program, regardless of where they placed it on their Rank Order List. After time in the program, you may find yourself loving the program or specialty. 

Resist finality. Match Day feels final, but trust us, it’s not. If you discover that you truly don’t like the program or specialty, you may be able to switch. This decision may come with challenges or extend your training, but it is important to know that you do have options if needed. Before making the decision to switch, you should know there can be caveats for this situation in your employment contracts, so be sure to read it carefully. 

Looking Ahead

Match Day and residency is just the next step in your career. Though not matching as expected can be difficult, we know there are great things ahead for you!

These tips can help you navigate the road ahead. For more Match Day and residency resources, visit our Match Day page or check out one of the following:

• How to Cover Expenses During Medical Residency
• What Happens Between Match Day and Residency? We’ve Got Your To-Do List
• How Much Do You Make in Medical Residency?

On Monday, March 13 at 10 a.m. ET, medical students across the country (and around the world) will find out if they have matched into a residency program. Some will learn that they matched and on Friday, will learn which program they will attend. 

Others will learn that they didn’t match. If you are in the second group, this can be a setback, but it is not the end of your journey towards becoming a physician. Here’s what to know about what is next.

Entering SOAP 

If you find out you didn’t match at the beginning of Match Week, you are likely disappointed, but there is still an opportunity to be matched with a program by the end of the week. You will be provided with a list of unfilled positions and the Supplemental Offer and Acceptance Program will begin.

After receiving the list of unfilled positions, you will begin applying to programs. These programs will then rank the applicants, and you will be able to accept or reject any offers you may receive. This sequence of events will happen three more times to fill any remaining spots before the process comes to a close on Thursday night.

Officially Unmatched

If after completing SOAP you are still unmatched, it is time to take a deep breath. This week has likely been a whirlwind of emotion and activity as you have applied to other programs and received feedback. Now, it is important to take a moment to rest.

Surround yourself with friends and family who will encourage you. Know you are not alone. 

Looking Ahead

When you are ready, it is time to refocus and prepare for the next stage of your journey towards becoming a physician. There are still so many opportunities ahead of you, and this is not the end of pursuing this dream. Though you will not be entering residency this year, there are many opportunities that can strengthen your application for next year and prepare you to better serve your future patients once in residency and practice.

Tips For Your Gap Year

The American Medical Association shares tips from Margarita Loeza, MD, a family physician and chief medical information officer in Los Angeles, who has worked with unmatched applicants. Here is her advice:

• Stay in touch – Unmatched applicants may feel embarrassed about not matching and withdraw from those who may be able to help, but staying in contact with faculty at your medical school is likely beneficial. They may be able to share research and other opportunities to strengthen your application.
• Work in a clinical setting – Programs will want to know you kept your clinical skills current, so working in a clinical setting, even as a scribe or electronic health record trainer, can be extremely beneficial.
• Take the USMLE Step 3 exam – Taking Step 3 during this time will offer two main benefits – you will have an easier time passing while the material is still fresh, and it will make you a more competitive applicant during the next Match season.

Other tips to consider: 

• Get feedback on your application and interview skills – We recommend meeting with your mentor or a faculty member of your chosen specialty to determine why you didn’t match. What part of your application or interview was lacking? You have a whole year to make improvements, and getting an outside perspective will help know where to start.
• Gain additional skills or credentials – Improve your application by getting involved with activities or volunteer opportunities that make you a more interesting applicant and more well-rounded doctor. Consider getting an MBA or MPH. There are many ways to boost your skills.

Reapplying For The Match

As you look toward next year’s Match process, it’s important to manage your expectations. Maybe in your first Match season, you applied and ranked only to a very competitive specialty. Picking a backup specialty will give you a greater chance of matching. This graph shows the percentage of applicants who ranked only one specialty and were left unmatched.

Also, it is advisable to make sure you are applying and ranking as many slots as is reasonable. According to the American Academy of Family Practitioners, unmatched students’ lists were typically shorter than matched students’ lists. Applying to more programs and ranking the ones you interviewed with may also give you a better chance of matching.

Being more open minded about the programs or specialties you apply for can offer you a greater chance of matching the second time around. 

What’s Next?

As you make plans for the next year and prepare for another Match season, we encourage you to be optimistic. Though this is likely not what you were hoping for, this extra year may give you a new perspective or greater understanding of different areas of patient care that may benefit you in the long run. 

Find more Match Day resources on our Match Day page!

You’re starting to complete some residency interviews. Congrats!

You’ve prepared for these interviews for months. From submitting your applications to each residency program to thoughtfully perfecting your answers to common questions, lots of time, effort and stress went into that moment (even to getting your zoom background perfected for the interview ha!). 

Now that you have completed your interview, you want to look ahead to your next interviews and prepare for ranking. Here are some tips for what to do next.

How should I approach my next interview?

Once you have one or two under your belt, you will have a better understanding of what to expect in your next interviews. Reflect on your experience and use that to prepare. Here are questions you may want to consider:

• Did you feel adequately prepared for the questions that were asked? What common questions do you need to practice again and what new ones do you need to rehearse?
• Since interviews are virtual again this year, did your interview set up work? Adjust your space if needed to ensure a quiet area with adequate light and everything you need.
• Did your nerves affect your interview? If so, how can you prepare more or adjust your environment to calm your nerves? 
• While in your interview, did you identify any new questions to ask each program? If so, jot them down on your cheat sheet for future interviews.

How should I communicate with a residency program after the interview?

Communicating with a residency program post-interview can be a gray area, but being aware of a program’s communication practices can make it a little simpler. 

Should I send a thank you note to a residency program after an interview?

After an interview, you are likely grateful for the opportunity and want to communicate that to the interviewers, but you should know what the program asks for.

If a program explicitly says they don’t respond or asks that interviewees not contact the program, respect that. If a program doesn’t say whether they do or not, you can send one if you want, but it is not necessary. 

“It almost never makes a difference [in the decision on an applicant] and I certainly don’t write it down if someone doesn’t send a thank-you note,” said Hilary Fairbrother, MD, vice chair of education in the emergency medicine department at the University of Texas at Houston says in an AMA article. 

Even though some may say it won’t positively affect the program’s perception of you, we don’t think it is necessarily going to hurt you either. If you are going to follow up, be sure to do it within a couple days of your interview. Sending a thank you weeks later could be less beneficial as the program may have interviewed dozens of applicants since your interview.

Should I send a handwritten or digital thank you note?

In the past, residency candidates were encouraged to send handwritten thank yous, but now, emails are often preferred. 

I didn’t receive a response from my residency interview thank you note. Should I be worried?

If you send a thank you note but don’t hear back, don’t worry! Some programs have a rule to not respond, but don’t communicate that to interviewees. 

Should I tell a residency program I am ranking them first?

You leave an interview, and everything was fantastic! You love the program and want to share that with your top choice! There are mixed perspectives on if this strategy is helpful for matching with your desired program. 

Many believe this can be beneficial to your ranking if done tactfully. But this is only recommended if you are sure your ranking order will not change.

Veterinarians have a unique financial lifecycle. With significant debt from veterinary school and the potential for low pay in residency, there are many factors that affect the financial health of veterinarians and veterinarians-in-training.

Understanding what is ahead and finding solutions for any challenges will allow you to navigate the road ahead with confidence. We share what you need to know about managing expenses in residency, student loan debt, job outlook and salary below.

Navigating financial challenges in residency

Though residency isn’t required for veterinarians, many veterinary school graduates elect to participate in a residency as a way to further their education and become board certified in a specific area. 

Veterinarians who do not pursue residency will immediately be rewarded with a sizable salary after years of making ends meet in school. Those who opt to continue their education will be stuck with a lower salary for several years but will likely have a higher paycheck post-residency because of their additional training.

Completing a residency will likely be financially beneficial in the long run, but you may face financial difficulties because of the low paychecks and high debt load.

So, how do you manage these financial challenges during this time? Here are some tips.

A budget is your greatest tool

Creating a budget can give you greater control over your money and keeps you focused on your financial goals. Though it can take time to set up, creating a budget that can guide you throughout your training will reduce your stress over time.

Use a budgeting app like Mint, You Need a Budget, or Tiller Money to simplify the process. These tools will import your information and help you identify and categorize your income and expenses. Balance your budget to determine if you need to reduce spending in a certain area. Finally, automate your bills and savings to give you one less thing to worry about.

How to cover expenses

Even with a well-thought-out budget, you may not be able to cover the many expenses that arise during training. If you are struggling to pay rent, cover moving expenses or afford general spending, options to help you manage these expenses include:

• Credit cards – Credit cards are one of the quickest and easiest ways to obtain extra funds, but they can quickly lead to even greater financial stress due to high interest rates if you are not able to pay off the balance each month.
• Friends & family – Borrowing money from friends and family allows you to avoid the exorbitant interest rates of credit cards, but many do not have the luxury of this option. Also for some, it can create a potentially awkward situation or dynamic.
• Moonlighting – Working a second job can give you extra money without becoming indebted to a person or organization, but you can easily become spread too thin, potentially hurting your training and health. But there are trainees who are able to balance this, and it provides a nice cushion.
• Personal loans – Personal loans are another option for covering expenses, but they can be difficult to obtain due to high debt and limited credit history. 

How personal loans can help veterinary residents

Traditional banks can make obtaining a personal loan difficult, but there are solutions specifically made for veterinarians. Panacea Financial’s PRN Personal Loan works to reduce these common roadblocks to financing. With no cosigner, low, fixed interest rates and no credit score requirements, we can help you make your way through residency and avoid high-interest credit cards to get by. 

Student Debt

What is the average veterinary student debt? 

According to the American Veterinary Medical Association, vet school students graduate with an average of $183,302 in debt, based on 2019 graduates. This is lower than the average medical and dental school debt — $201,490 and $292,169 respectively.

What percentage of veterinary students graduate with debt?

According to the AVMA, 83 percent of veterinarians take on student debt in pursuit of their education.

Managing veterinary student loan debt

The burden of veterinary student loan debt can persist for many years, if not a decade or more, after graduation. In “Should I refinance my student loans?,” we breakdown what you need to know about your options for managing your loans, but we will share the highlights here. 

Public Service Loan Forgiveness

Public Service Loan Forgiveness offers significant financial benefits to those employed full time by non-profit and government entities for 10 years. This option is great for those already working or planning to work in these sectors, but individuals may be held back by being unable to obtain a job with a qualified employer in their field or desired location. Additionally, some may be able to overcome their debt quicker by working a higher-paying job.

Income-Driven Repayment

Income-driven repayment plans allow borrowers to repay their debt based on income level. They can offer some debt forgiveness at the end of the repayment period. Changes are coming to this program, so review how this may affect you here.

Student loan refinancing

If neither of the above seem like good options, refinancing your student loans could help you get on track to reducing — and eventually eliminating — your debt balance. It is important to note, both PSLF and IDR only deal with federal loans, but refinancing can be used for both federal and private loans. 

Refinancing may be a good option when you want a lower interest rate, to change the repayment terms, or to reduce your number of monthly payments. Find our full guide to student loan refinancing here.

Job Outlook

Is the veterinary profession growing or shrinking?

According to the Bureau of Labor Statistics, the veterinary profession is expected to grow by 19 percent from 2021 to 2031. This is almost four times more than the expectation for all other professions and over double that of healthcare diagnosing or treating practitioners. The agency predicts about 4,800 job openings each year.

This growth will be driven by increased pet spending, an aging pet population and expanding treatment options.

What states employ the most and least veterinarians?

The states with the most employed veterinarians are California with 7,600, Texas with 5,400, and Florida with 4,790. The states with the least employed veterinarians are Wyoming with 200, Alaska with 220, and Rhode Island with 250.

Salary

What is the average veterinarian salary?

According to the Bureau of Labor Statistics, the average veterinarian salary in 2021 was $100,370 annually. When broken down, this equates to $48.26 per hour. The lowest 10 percent earned less than $60,760, and the highest 10 percent earned more than $165,600. 

Veterinarians in social advocacy organizations earn an annual average of $99,340, those in government organizations earn $96,120, and those in educational services earn $93,770.

What are the highest and lowest paying states for veterinarians?

The highest paying state/district is the District of Columbia with a mean salary of $137,170. Next is Connecticut with an average salary of $134,050 and Rhode Island at $129,880. 

The lowest paying state/territory is Puerto Rico, with a mean wage of $68,340. Followed by Montana at $82,070 and Missouri at $83,830.

Match Day 2023 is quickly approaching, and though many anticipate the big day, there is plenty of work to be done to set yourself up for success when the moment comes for you to be matched. 

After applications are submitted, the next step is to prepare for your interviews. Interview invitations can be sent out as early as mid-September, with interviews beginning in mid-October and extending through February.

If you’re not sure of the best way to prepare, we are here to share our tips and tricks for a successful interview season. As someone who has both interviewed residents and interviewed for residency myself, I wanted to present some basic information for you.

What to expect in residency interviews

The switch to virtual residency program interviews happened at the beginning of the COVID-19 pandemic, and the Association of American Medical Colleges has provided guidance to continue this format through the upcoming residency cycle. 

Interview processes vary from program to program, but the four most common interview structures are as follows:

• Virtual interview days allow you to meet multiple faculty members and residents over the course over several hours.
• Pre-recorded interviews require you to record yourself responding to provided questions.
• Asynchronous video interviews are discussions with representatives from a single program over many different days and times.
• Second-look interviews allow programs and interviewees to have a follow-up discussion before the end of interview season.

Research the program and faculty ahead of time

Before heading into your interviews, you should be knowledgeable about the program you will be speaking with. You may also benefit from reviewing faculty members’ interests or the current residents in the program to find commonalities that will make your interactions more personable. The more aligned you are with the program , the happier you may be there as recent research suggests.

Beyond benefitting your approach to the discussion, doing this research will especially help you when it is your turn to ask questions. Your knowledge will allow you to avoid asking basic questions that are readily accessible on their website. Higher quality questions will make a good impression on the interviewers and give you a clearer sense of the program culture and feel.

Prepare for common questions

Residency interview questions vary by program, but we recommend you practice some of the common questions you are likely to encounter. Requests like “Tell me about yourself,” can be deceptively difficult. Without a clear plan for questions like these, you may find yourself rambling instead of providing a well-thought-out, concise answer.

Other common questions include: 

• What made you want to become a doctor?
• Why did you choose this specialty?
• Why did you apply for our program?
• What challenges have you overcome during your education?

IMG Prep has a list of 50 of the most common residency interview questions to help you prepare. 

Practice your answers

Beyond preparing for common questions, we recommend rehearsing your answers aloud. Actually voicing your answers will help you determine what parts of your answers are valuable and how to make them sound natural.

You may want to videotape yourself to see how your answers flow. You can then edit areas that are too wordy, and remove any filler words like “um” or “like.”

Receiving feedback should also help in your preparation. Your school may offer mock interview services, or faculty members or peers may be willing to listen to your responses. These individuals can help you improve any weaknesses within your answers or delivery. 

Ask questions about the program

The residency interview is a two way street! It is normal for the interviewer to ask “do you have any questions about our program.” Genuine questions not only are helpful to you but also show a more authentic interest in the program.

Some examples of questions you could ask during the interview are:

• Are there any retirement benefits or matching contributions by the academic system?
• Are there any potential relocation stipends available?
• Where do most residents live? What is the cost of living like for the residents?
• What is the typical clinical volume seen? 
• What is the typical call schedule?

These are only a few of the questions you may want to consider to find out how the “fit” of the program is going to be with your priorities. This “fit” can sometimes be hard to measure but may lead to better satisfaction with the program and could protect from burnout. 

Think through the logistics

Because interviews will be virtual again this year, you won’t have to worry about travel arrangements, but you likely need to put some thought into the logistics of your interviews. During residency interview season, be sure to have adequate time off that is dedicated to your interviews. 

Additionally, you should carefully prepare your environment. Your interview space should have adequate light, a clean background and a stationary chair to ensure you aren’t moving too much while on camera. If your home doesn’t have speedy internet, we recommend finding a private meeting room in a library to prevent any delays or glitchiness. You could also take advantage of the virtual format by creating cheat sheets of your program-specific questions.

Post-interview practices

Between balancing clinical rotations and residency preparations, your interviews may run together by the time you need to rank your programs. After each interview, reflect on your impressions of the program and jot down notes that will allow you remember your initial thoughts when it comes time to rank. I even recorded voice memos in my phone directly after the interview and if I had a hard time figuring out the rank order, I would listen to the recordings to see what my initial impression was of the program.

Should I send a follow up or thank you note? 

If you are considering following up with the program you interviewed with, you should check if post-interview communication is acceptable. Many programs neither encourage nor discourage follow-up notes, but some specifically ask that you do not follow up. 

If the program you are applying for accepts thank you notes, you can send a short email thanking those who met with you for their time. You could do this the same day as the interview. But please, before you send, triple-check you have spelled each individual’s name correctly.

Time to interview

You have prepared and are ready to take on your first interview. Calm your nerves and remember that this moment is just a step on your journey to accomplishing your goal of becoming a doctor. Be confident in your knowledge and preparation. We believe in you!

Find more Match Day resources on our Match Day page!