Pharmagal

Shades, The difference between a Neurologist and a Citibank VP is that the former has far more job security than the latter.

I have friends who were VPs in various Wallstreet firms; most of whom have gone through multiple layoffs and job changes. I would bet that your Neuro attending will have a steady income with substantial job security compared to her hubby over the course of their careers.

jasonInNy

A VP at Citi would make something on the magnitude of 500k-1million. The VP isnt as impressive as it sounds; 1 VP for every citigroup branch.

Anyways, that Interesting how a Neurologist only makes 75k. Is this after tax and after Malpractice?

shades_children

$75k is the salary paid by the hospital. Like other academic hospitals, the hospital pays for malpractice insurance on behalf of the physicians it employs. Physicians, like other hospital employees, still must pay income tax on their salaries.

In my book, a VP at Citigroup is pretty darn impressive. (In fact, any job where you can expect to pull down 6 figures impresses me, but I'm easily impressed.) Sure, Citigroup's got a bunch of divisions, but compared to the number of working people in New York City, it's not like VP positions are easy to find or get.

jasonInNy

VP position does take a lot of hard work and persistence of long hours and mistreatment. It takes around 5 years of being an associate before being promoted to VP assuming you do not burn out.

Anyways, 75k seems extremely meager for a specialist. It is to my understanding that Neurologists average at least 200k a year. I sincerely hope the person is working at least reasonable hours or part time.

mmmcdowe

Academia has its perks, but tip top salaries does not tend to be one of them. I agree though, that does seem to be pretty low.

bluedevilmike

Nah, for a starting neurologist in academia in NY, that sounds plausible. Academic salaries in some fields are half to a third of private practice.

Pharmagal

In response to post#17-

VP positions in Financial powerhouses are not as rare as you seem to believe. Every one of my Finance oriented friends and relatives is a VP. Almost all of these "VPs" only have a Bachelor's degree in finance from local state funded Colleges and are no more than 27-28 years old! The reality is that the titles in certain areas tend to be hyped up because the company needs their 'clients' to believe that the Title truly means something and that they are being taken good care of by someone higher up on the ladder. The fact is that anyone in a financial powerhouse with a BBA and 5 yrs of service can have a VP title. I would never have believed this myself if I didn't have relatives that landed with VP titles in Citigroup and the like before hitting 30s! (honestly, it's no wonder they have royally screwed up our 401ks and the economy!) By the way, none of my VP friends/relatives makes $500,000 per year... I would say a total of $175-200,000 is more realistic including their bonus.

I see these hyped up titles in Pharma industry's Regulatory departments too. Anyone who communicates with FDA's project managers is invariably a Director in Pharma! This again is because they want incur the client's faith by giving these communicators a much higher title.

jasonInNy

^^^ I agree except for the Bachelor's.

Most Tip top banks like Goldman, Merill, and Morgan require their VP's and above to have a MBA.

Pharmagal

Sorry to disagree Jason. In my extended family, we have multiple young men with Bachelor's degrees and VP titles in top financial institutions including Goldman, Citigroup, and Bloomberg. My post is based on multiple examples I have seen in my own extended family....

jasonInNy

I refused to believe a VP at goldman makes 200k

The average Goldman employee (not the janitors) make 1 million in the past one or two years as defined by (total money paid)/ (total number of workers). As VP's are not considered worker bees, they will get a large slice of the end year bonus pie.

200k at:
Citi: possible but unlikely
Aig: " "
Goldman, Merril/ BOA: not till hell freezes over.

When the second year Associate start making more than a VP...... the change of incentives would screw over public much worse than what happened with stock options.

Your family members must be the VP of like.... Computer Design or something.

bluedevilmike

Citation, please.

jasonInNy

(dollars paid in salary) divided by (number of employees) is my definition of "average."

Goldman compensation: $1 million per employee in sight | Reuters

here is just some of the numbers for salaries:
Salaries in Investment Banking

It says here that a Goldman MD got paid 2.6Million last year at the height of the credit crisis.
http://www.careers-in-finance.com/ib...y_examples.htm

As the VP is like second in command of a branch, id suspect the VP earns somewhere around 1 mil

jasonInNy

anyways, i'd like to direct this thread back to medical specialties.

Princess'Dad

Lets see, my wife is a Senior VP banking and makes 3-4 times what I do; however, she has never had a lady come up and hug her in WalMart for saving her son. (I literally opened him up with my pocket knife in the neonatal icu 10 years ago.

If you want to make money, don't go into medicine. If you want the joy of saving a life, do so.

jasonInNy

Money isnt as important to me as hours, freedom to practice without much buearucratization, and flexibility.

Given a choice of 500k at 75 hrs a week or 250k at 40 hours a week, id pick the latter.