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Medical Residents often face considerable financial and professional challenges during training. Student loan burdens and lower training salaries combine to create hardships for many struggling Medical Residents. To alleviate some of this financial strife while also adding an element of clinical variety, many Residents are picking up a side hustle. These part-time jobs can provide considerable added benefits making them a very attractive employment option.
Earn Extra Income This is the most common reason Physicians add a second income source to their repertoire. According to Glassdoor.com, the average Physician can make around $80/hour working a side job. This rate does not represent specialty Physicians who can expect to earn even more per hour for their work.
Increase Skillsets and Experience Side jobs can provide early-career Physicians with much needed additional experience and expanded skillsets. Increased exposure to a variety of clinical settings and procedures can also fortify a Resident's CV making them a top-notch candidate when starting the job hunt.
Added Job Security Having a second job can provide additional job security when things seem uncertain. Organizations that employ moonlighters are frequently in need of extra clinical help and it is not uncommon for them to extend offers of full-time employment to top Physicians they have worked with.
Employment Test Drive Physicians who are thinking of trying a new clinical setting or practice model may want to try a side hustle. It can provide an opportunity to take a new employer or clinical setting on a test drive without giving a full-time commitment.
Variety Side hustles can provide Physicians access to new colleagues, practice settings, procedures, and options that may not be currently available to them. Whether it be working in a multidisciplinary clinic or rural solo practice, a side hustle can boost professional satisfaction by increasing practice variety.
Leverage for Negotiating Compensation/Benefits When the time comes for negotiating a compensation package, having a side hustle can be most beneficial. An in-demand Resident Physician that has additional opportunities and job experiences can use this to help negotiate more favorable terms with a prospective employer. These Residents will also have experience with organizational hiring processes when they finish training, giving them an advantage over their less-experienced colleagues when job hunting.