Hanmari Posted October 14, 2017 Report Share Posted October 14, 2017 Hey everyone, just wondering roughly how much money I should be expecting to keep liquid throughout residency for various fixed, one-time costs, not including recurring costs throughout residency such as tuition, CPSO fees, CMPA fees, etc.. 1) The LMCC2 puts a glorious $3k hole in the budget 2) The Royal College Exam: Looks like it costs $4235 according to the RC site for the OSCE + written; am I looking at the right one here? 3) Licensing fees for independent practice: No idea how much this would cost/what it entails 4) First year CPSO registration as staff seems like it's $1625 right now. Are there any other hidden lump sum costs? A friend of a friend of mine who just turned staff said they spent $15k in the R5 -> staff transition alone but I am unsure what costs are factoring into that as that seems to overshoot the fees above by quite a bit, so I'm wondering what other things there are that I'm not thinking of. Of course fees will likely increase over the years but I am trying to get a ballpark figure. Thanks in advance! Link to comment Share on other sites More sharing options...
ellorie Posted October 14, 2017 Report Share Posted October 14, 2017 Some of the transition to staff is going to be things like - travelling for interviews if you need to apply broadly for academic positions, and also initial outlays like renting office space, overhead, supplies. Bear in mind also that at least in Ontario if you're billing fee for service there's a lag between when you start seeing patients and when you get paid, so you're going to have to be able to cover living expenses during that gap as well. Link to comment Share on other sites More sharing options...
rmorelan Posted October 15, 2017 Report Share Posted October 15, 2017 3 hours ago, ellorie said: Some of the transition to staff is going to be things like - travelling for interviews if you need to apply broadly for academic positions, and also initial outlays like renting office space, overhead, supplies. Bear in mind also that at least in Ontario if you're billing fee for service there's a lag between when you start seeing patients and when you get paid, so you're going to have to be able to cover living expenses during that gap as well. yeah the entire fellowship interview process may need to be put into there as well. That just like CARMS can be a lot of money - even more if you are considering the US (says the person staring at their visa bill ) but yeah 15K with the exam included doesn't sound unreasonable for some. That lag ellorie mentioned is a killer as well - 3mos of working or so with nothing coming in except bills for things is not fun for many. Link to comment Share on other sites More sharing options...
ellorie Posted October 15, 2017 Report Share Posted October 15, 2017 I'll put in another plug for saving your call stipends It's basically unexpected income since it varies every month, so don't include it in your budget and just set it aside. I saved all of mine in PGY1 and it covered the LMCC2 entirely. Kept putting it away and I now have a nice little slush fund for licensing and exam fees. Link to comment Share on other sites More sharing options...
rmorelan Posted October 15, 2017 Report Share Posted October 15, 2017 3 minutes ago, ellorie said: I'll put in another plug for saving your call stipends It's basically unexpected income since it varies every month, so don't include it in your budget and just set it aside. I saved all of mine in PGY1 and it covered the LMCC2 entirely. Kept putting it away and I now have a nice little slush fund for licensing and exam fees. I like it I did the same all the way through - covered LMCC2, the college exam, and my fellowship interviews. 67 dollars after tax isn't much - but do enough call shifts and it adds up ha. Link to comment Share on other sites More sharing options...
Snowmen Posted October 15, 2017 Report Share Posted October 15, 2017 11 hours ago, rmorelan said: I like it I did the same all the way through - covered LMCC2, the college exam, and my fellowship interviews. 67 dollars after tax isn't much - but do enough call shifts and it adds up ha. You guys are paid on a per call shift basis? Quebec simply gives you a fixed amount per 4 week period regardless of how many actual call shifts you did and another stipend every 4 weeks for teaching. Adds up to about 5 000$ a year. Is that comparable with Ontario? Link to comment Share on other sites More sharing options...
rmorelan Posted October 15, 2017 Report Share Posted October 15, 2017 57 minutes ago, Snowmen said: You guys are paid on a per call shift basis? Quebec simply gives you a fixed amount per 4 week period regardless of how many actual call shifts you did and another stipend every 4 weeks for teaching. Adds up to about 5 000$ a year. Is that comparable with Ontario? yeah it is per shift. when I was going full call it was about the same as that - 45 call shifts a year at 116 a shift. I suppose I did a bit more than that actually when you add in the non overnight ones. Anyway it is close. Link to comment Share on other sites More sharing options...
liszt Posted October 15, 2017 Report Share Posted October 15, 2017 External electives and conference costs can also add up. Link to comment Share on other sites More sharing options...
ploughboy Posted October 15, 2017 Report Share Posted October 15, 2017 Some specialties offer a "review course" designed to help you prepare for the exam. Around $1000-$1500 for the course, plus travel and accommodation. I went to the courses before both of my RC exams. I can't say that they really helped me, though it was nice to see all of the other trainees from across the country in my specialty, some of whom I hadn't seen since we'd gone through CaRMS together. The biggest value, for me, was knowing that I'd gone to it. You don't want to be That Guy who doesn't go to the review course and then flunks his Royal College. Link to comment Share on other sites More sharing options...
ploughboy Posted October 15, 2017 Report Share Posted October 15, 2017 Speaking of travel and accommodation - you will need plane ticket to Ottawa and hotel room for the RC OSCE. Depending on how out-of-shape you get during residency, you might need to budget for a new suit as well. Not that it happened to me, or anything... Link to comment Share on other sites More sharing options...
rmorelan Posted October 15, 2017 Report Share Posted October 15, 2017 1 hour ago, ploughboy said: Speaking of travel and accommodation - you will need plane ticket to Ottawa and hotel room for the RC OSCE. Depending on how out-of-shape you get during residency, you might need to budget for a new suit as well. Not that it happened to me, or anything... ha, the entire suit thing is weird. I get to wear a suit while doing a stressful 4-5 hour exam. Unnecessary showmanship. at least since I am from Ottawa I don't have any of that annoying travel stuff to do. Overall there are reasons many residents don't actually seem to save much or anything in residency. Some of it is just spending because you can, and some of it is stuff like this - there really are a lot of costs kicking around. Link to comment Share on other sites More sharing options...
NLengr Posted October 16, 2017 Report Share Posted October 16, 2017 16 hours ago, ploughboy said: Speaking of travel and accommodation - you will need plane ticket to Ottawa and hotel room for the RC OSCE. Depending on how out-of-shape you get during residency, you might need to budget for a new suit as well. Not that it happened to me, or anything... If your lucky you can get the pants let out of the suit you bought at the start of 4th year right before you started the constant studying for the exam. Again, not based in personal experience....... For review courses, my program covered all the costs of registration. But that's probably not universal for all programs. Link to comment Share on other sites More sharing options...
NLengr Posted October 16, 2017 Report Share Posted October 16, 2017 14 hours ago, rmorelan said: Overall there are reasons many residents don't actually seem to save much or anything in residency. Some of it is just spending because you can, and some of it is stuff like this - there really are a lot of costs kicking around. Kids. Kids chewed through my earnings as a resident. Link to comment Share on other sites More sharing options...
rmorelan Posted October 16, 2017 Report Share Posted October 16, 2017 42 minutes ago, NLengr said: Kids. Kids chewed through my earnings as a resident. Kids chew through everything Link to comment Share on other sites More sharing options...
rmorelan Posted October 16, 2017 Report Share Posted October 16, 2017 3 hours ago, NLengr said: If your lucky you can get the pants let out of the suit you bought at the start of 4th year right before you started the constant studying for the exam. Again, not based in personal experience....... For review courses, my program covered all the costs of registration. But that's probably not universal for all programs. My school let us go to the home grown review course for free 2x, and paid for one more. Generous of course - although no program wants anyone to fail. It just isn't good for anyone. Link to comment Share on other sites More sharing options...
Med0123 Posted October 20, 2017 Report Share Posted October 20, 2017 On 14/10/2017 at 9:49 PM, rmorelan said: yeah the entire fellowship interview process may need to be put into there as well. That just like CARMS can be a lot of money - even more if you are considering the US (says the person staring at their visa bill ) but yeah 15K with the exam included doesn't sound unreasonable for some. That lag ellorie mentioned is a killer as well - 3mos of working or so with nothing coming in except bills for things is not fun for many. @rmorelan, I may end up doing 1 year of fellowship in the states. I got my USMLEs. How much approximately I can expect end up paying to get the H1b, all things included (lawyer, administrative stuff...)? Link to comment Share on other sites More sharing options...
shikimate Posted October 21, 2017 Report Share Posted October 21, 2017 On 15/10/2017 at 2:55 PM, ploughboy said: Speaking of travel and accommodation - you will need plane ticket to Ottawa and hotel room for the RC OSCE. Depending on how out-of-shape you get during residency, you might need to budget for a new suit as well. Not that it happened to me, or anything... You need a suit for RC exam? I was thinking of taking the Greyhound in scrubs with loose change and a Harvey's coupon in my pocket. GH is good deal, only cost me 35 bucks to bus to Chicago for Step 2 CS, although the ride was 10 hrs lol. Link to comment Share on other sites More sharing options...
rmorelan Posted October 21, 2017 Report Share Posted October 21, 2017 12 minutes ago, shikimate said: You need a suit for RC exam? I was thinking of taking the Greyhound in scrubs with loose change and a Harvey's coupon in my pocket. GH is good deal, only cost me 35 bucks to bus to Chicago for Step 2 CS, although the ride was 10 hrs lol. ha, yeah for some stupid reason - all so very formal. There basically is a dress code. I would love it if someone showed up in scrubs though - to make a point Link to comment Share on other sites More sharing options...
rmorelan Posted October 21, 2017 Report Share Posted October 21, 2017 20 hours ago, Med0123 said: @rmorelan, I may end up doing 1 year of fellowship in the states. I got my USMLEs. How much approximately I can expect end up paying to get the H1b, all things included (lawyer, administrative stuff...)? I will have to let you know (Or someone else can help ) - I am applying for all of that right now having just got some of the paperwork settled. Link to comment Share on other sites More sharing options...
Med0123 Posted October 23, 2017 Report Share Posted October 23, 2017 On 21/10/2017 at 9:48 AM, shikimate said: You need a suit for RC exam? I was thinking of taking the Greyhound in scrubs with loose change and a Harvey's coupon in my pocket. GH is good deal, only cost me 35 bucks to bus to Chicago for Step 2 CS, although the ride was 10 hrs lol. yes, you definitely need a suit lol Link to comment Share on other sites More sharing options...
shikimate Posted October 23, 2017 Report Share Posted October 23, 2017 16 hours ago, Med0123 said: yes, you definitely need a suit lol lol this RC dress is completely crap gonna go to my exam looking drab Hop on GH and get on the go Answer the Q's and go with the flow Get my FRCPC and make a deal Celebrate with a coupon for Harvey's meal Link to comment Share on other sites More sharing options...
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