|
When
you choose your allied health graduate program, you want to
make sure you get a great education and solid professional
training. But let’s face it, you also want to make sure
you get the most bang for your buck. With graduate school
costs on the rise, your investment has to pay off in the long
run. Each grad program offers different pros and cons, including
varying tuition prices, teaching assistantships, financial
aid packages, faculty, rankings and more. So how do you decide
on both which program is best for you, and how it will affect
your starting salary upon graduation?
There
are many factors that impact one’s initial earnings.
As you consider these points, always keep in mind the big
picture. Remember that your starting salary is only the beginning
and not necessarily an indication of your future earnings
in the field.
Geographic
Location
Where
do you see yourself living and working during your professional
career? Many people choose to look for jobs in the same region
as where they attend graduate school. This often provides
a leg up for job opportunities, since local recruiters tend
to visit schools in their immediate area. Also, most programs
require students to complete fieldwork and internships, and
this will help you to build professional contacts that may
lead to future job offers. These experiences are some of the
best ways to make contacts that will lead to employment. If
you are unsure about where you want to settle, consider schools
that are more nationally known, rather than regional schools
that only have employment contacts and alumni within that
state or city.
Supply
and Demand
It’s
a basic law of economics: when supply goes down, demand goes
up. Let’s say there is a region of the country that
is short on physical therapists, where clients have to wait
several weeks or even months to get an appointment. You can
virtually guarantee that physical therapists will command
higher salaries in that area as employers try to lure them
to the location. Similarly, what do you think will happen
in a city that is glutted with dieticians? Employers won’t
recruit dieticians or offer higher starting salaries since
they already have as many or more than needed to satisfy the
population. Logically, starting salaries tend to be higher
in regions that are short on specific allied health professionals
to meet the needs of their residents.
Cost
of Living
Not
all starting salaries are created equal. The reality is that
$40,000 in Boise, Idaho goes a lot further than it does in
San Francisco. Numbers that seem low can be relative when
you factor in the costs required for basic survival. Before
getting discouraged, research the cost of living in each region.
Determine what your average expenses will be including rent,
utilities, food, transportation and entertainment. Utilize
salary calculators to see what your offer translates to nationwide.
Try the links at Home
Fair and Best
Places.
Experience/Personal
Qualities
Just
like all starting salaries are not created equal, neither
are all new graduates. Allied health professionals enter graduate
school with a variety of experiences and backgrounds. Some
have worked for several years before applying; others come
right from their undergraduate studies, and still others transition
from one field to another with lengthy professional careers
behind them. Grades, internships, volunteer work and the general
impression made on the interviewer add up to a candidate’s
overall value. As employers review resumes, interview candidates,
proffer offers and put together new hire packages, they take
the total composite of each candidate into consideration.
There is usually a salary range set for each position, but
often this range can vary by as much as $10,000 - $20,000.
Whether you will be on the high or low end of that spectrum
will depend in a large part on your prior experience and what
unique personal qualities you bring to the table.
Reputation
of Program
Rankings
are not always an accurate way to determine which school is
best for you, but they can give you insight into how programs
may be viewed by employers.
Characteristics
are rated such as faculty-to-student ratio and career placement.
In some fields and some cities, rankings matter more than
others. As you consider various graduate school programs,
speak to professionals in your field to gain their perspective.
Sometimes foregoing a big name school for one that will offer
more personalized attention and a greater financial aid package
can be beneficial. Ask yourself if you would rather graduate
with a potentially higher salary, but greater debt. However,
in other situations, a more competitive program may offer
you access to more opportunities, such as networking with
successful and well-connected alumni. Click
here for more information.
Industry/Work
Setting
Think
about your professional goals. In what type of setting do
you wish to work? Salaries will vary whether a hospital, private
practice, clinic, public health agency or university employs
you. Speak to professionals and professors to determine the
typical ranges for each employment setting. Look at job listings
to see if they list salary information. Professional associations
are also an excellent way to determine starting salaries for
each field. Useful salary links for allied health include
the
AMA, www.salary.com
and www.healthcarejobstore.com.
The
Big Picture
Be
sure to consider the whole picture as you make your graduate
school decisions. There is no one overriding factor when it
comes to predicting starting salary. Rather, a combination
of aspects will determine which is the best choice for your
future, as well as your wallet. Each graduate school offers
different benefits that will make your experience worthwhile
both personally and professionally. Just the same, each job
has advantages that go beyond simply the numbers on your paycheck,
including health insurance, vacation time, continuing education
reimbursement and more. If you view each position as a stepping-stone
on the ladder of your future, you can see your starting salary
in the context of your career.
|
