title: The financial value of fellowship training in otolaryngology.
abstract: OBJECTIVE
  To evaluate the financial impact of pursuing a fellowship in otolaryngology.
  
  
  METHODS
  Retrospective financial analysis using American Academy of Otolaryngology-Head and Neck Surgery survey data.
  
  
  METHODS
  The American Academy of Otolaryngology-Head and Neck Surgery report, entitled Socioeconomic Study among Members April 2011, gives a financial profile of respondents who reported their primary area of specialization as either general otolaryngology or a specific area of subspecialization. Weighted averages were calculated from the reported data. The weighted averages were used to calculate a net present value (NPV) over a 30-year contiguous career.
  
  
  RESULTS
  The NPV for general otolaryngology was $4.73 million. The NPV for the following subspecialties in relation to general otolaryngology were (in hundred thousands) as follows: otolaryngologic allergy (-$1153), sleep medicine (-$677), otology/neurotology (-$339), laryngology (-$288), head and neck (-$191), pediatric otolaryngology (-$176), facial plastic surgery (-$139), skull base surgery ($122), rhinology ($285), and allergy and immunology ($350). Ninety-four percent of general otolaryngology respondents were in private practice. Most subspecialists worked in an academic setting.
  
  
  CONCLUSIONS
  Fellowship training in otolaryngology will affect career earnings of prospective fellows. The overall financial impact of fellowship training, calculating in the delay in receiving a full clinical salary, should be factored into the decision to pursue fellowship training.
authors.affiliation: Department of Otolaryngology, Eastern Virginia Medical School, Norfolk, Virginia 23507, USA.
authors.forename: Benjamin P
authors.initials: BP
authors.lastname: Hull
authors.forename: David H
authors.initials: DH
authors.lastname: Darrow
authors.forename: Craig S
authors.initials: CS
authors.lastname: Derkay
mesh_terms: D000046:Academic Medical Centers / Q000191:economics; D000328:Adult; D002321:Career Choice; D003361:Cost Allocation / Q000191:economics; D003362:Cost-Benefit Analysis; D005257:Fellowships and Scholarships / Q000191:economics*; D005260:Female; D006801:Humans; D008297:Male; D009042:Motivation; D010036:Otolaryngology / Q000191:economics / Q000193:education*; D011216:Practice Management, Medical / Q000191:economics*; D012189:Retrospective Studies; D012577:Schools, Medical / Q000191:economics; D014481:United States
keywords: fellowship; financial value; motivation; otolaryngology; return on investment