If you want to make money, start physician recruiting. The way it works is basically you have to cold call hospitals or do mailers to get contracts signed that you'll recruit physicians for the hospital or practice for a fee, but after a couple of months you can have plenty of hospitals and practices as clients and stop looking for clients, and just work with the ones that you currently have, since they're always looking for physicians for them or for a practice in town. You need a contract with the hospital or practice before you start sending them cv's, assuming of course that your candidate is interested in the position. The arrangement can be either a contingency or retained basis. On a contingency search, they pay the fee only if they hire a candidate whose cv you sent, and practices may sometimes be working with more than 1 recruiter on their contingency searches. On a retained search, they pay some money upfront and the rest when they hire a candidate whose cv you sent, so they only work with 1 recruiter. Most practices don't like to work with recruiters who work on a retained basis, since they don't want to get burned if you don't find them a physician. It's pretty easy to get clients and job orders, unless you're trying to get clients in NYC, LA, San Francisco, or Chicago where the market is saturated with physicians, so most of the time, they don't really need to pay a fee to find them a physician. If you do try and go after clients in these major cities, you better have a really good candidate for them, because they're usually picky on who they hire. The hard part is trying to find the right candidate for your client, especially in fields like cardiology, where there is a shortage. To get candidates, you can do mailers, advertise on medical websites and other publications, and get referrals from current candidates. Even though it's tough to get clients in the major cities, like the ones that I mentioned above, these cities and when you're near any city, pay less than rural areas. So if you have a candidate that is only concerned about the money, you have to get clients in rural areas, which is not hard to do. Rural areas pay more because they are desperate for help and have a shortage of physicians, and their insurance reimbursements are higher than the cities. So for the same procedure in a rural vs. a city area, the rural physician gets paid more on that procedure, since the insurance companies are not trying to negotiate their rates lower because there might be 1 or a few physicians that cover a huge area, instead of hundreds in the cities or suburbs. So in the city, if you don't want to lower your rates, the insurance companies will not put you in their network of providers, and you don't get the free advertising. For example, I have one client near D.C. looking for a cardiologist that is only willing to pay a salary of 200k, but then I have another client in rural Illinois, 3 hours south of Chicago, also looking for a cardiologist, but they are willing to pay a salary of 400k. Other times, you get candidates that don't care about the money, they just want to live near a city. As long as it's not one of the above major cities that I mentioned (although possible, but tough unless you have a really good candidate), you can get clients in the suburbs of those cities, small to medium size cities and their suburbs, and rural areas of the country, and pitch those candidates those job orders that you get. It can be quite lucrative for sure. Average fee for a cardiology placement is $28,000, and it's really not that hard to do 8-10 placements a year, so making mid-high 200's is definitely possible, and some people make alot more. And best of all, you can do it from home if you want and not have to deal with rush hour traffic.
Just to add, I have a friend that does cardiology recruiting and he has already made 100k this year, after only 5 months. I've made about 80k so far this year; not trying to brag, just being honest.
Also, you can always hire people to work from home at a 50/50 fee split (assuming you can find the suckers, and of course you can, since there are plenty of suckers around). You provide the training, the contract for hospitals, and the payroll administration (of course done by ADP). You can take 14,000 fee as your half for each placement they do. If they do 7 placements a year, you make about 100k for doing nothing. Now multiply 100k by each worker you have and the money really starts to pour in. You have 100 workers, all working on commission only, all from home, so you have no overhead. Now you're making $10 million a year, assuming 100k in fees times 100 workers, for doing absolutely nothing. Then as Tony Montana said..."after you get the money, you get the power; after you get the power, then you get the women. Making $10 million a year, you'll have all the hos slobbering your johnson each and every night. And after all, that's what the world is mostly about, women and money. Mmm Hmm, dazed101 gonna be getting himself some sex. I see it in his future.
here are some salary data http://www.aamc.org/data/housestaff/hss2005report.pdf around $30k to start first year after school $55k after 8 years of school aka , just above walmart manager wages.
you know, it really really comes down to HOW MUCH MONEY u exactly want to make.. what is rich to u.. if you're talking $500k/year, then I'd pretty indifferent between the two.. if $100k, $250k sounds great to u and some doctor in LA makes $800 then u may aswell.. but.. but.. if we talking 7/8figure 10% PnL cut of a 4billion hedge fund.. do the math urself.. and oh, yes, yes, it's real. trust me on that one.
btw, i cant give you a link to some salary survey. if public just knew how much some people made they'd go nuts.. give u an idea, check this post in london.. "Hedge Fund with nearly 6 billion dollars AUM lookin for a quant trader.. who can develop and trade successful strategies that are scaleable up to 100-200 million..strategies with a annual return ain excess of 15%, have high Sharpe Ratioâs and low draw downs. Candidates must also be able to demonstrate at least a years live trading. In return they offer all the infrastructure you need to run your strategy, a basic salary in line with market average, and a percentage cut of the PnL in excess if 14%! This size cut is absolutely not available at any of firm on the street. They are looking to start traders of with around 50 million and build it up. Therefore there is huge earning potential, but only for candidates with strategies that are proven money makers (no matter what asset class) and are scaleable.." and u know wot? most of these guys r like under 35. btw, anyone who fit the role above, let me know id give u the email to apply lol
batman, you make a very good point that hedge fund traders make a lot, but those people are geniuses with insane math degrees, I can't imagine myself learning and taking large amounts of math.
ye and some of them lose alot too.. eitherway, it's better to know ur options. don't get too bugged with money either. although some of these guys make alot of money, believe me they don't enjoy life much at all. they're like einsteins n newtons who r bugged with curiosity constantly trying to mke shit work and happen to make alot of money - money they don't know how to use. the most important thing in life is you enjoy yourself, happy with who you are, have great friends and love.. never lose perspective on life over money.. being a doc may be much more fullfilling after all.. all the people ull meet, help, and the lives you can save.. "The most valuable things in life are not measured in monetary terms. The really important things are not houses and lands, stocks and bonds, automobiles and real state, but friendships, trust, confidence, empathy, mercy, love and faith." -- Bertrand Russell V. Delong