Costs of the residency match for fourth-year medical students

A vital step in the career of a physician is applying and interviewing for a position in a residency program. Unfortunately, the costs associated with this process are often not anticipated by fourth-year medical students. The authors collected data on these costs from fourth-year medical students in Texas (N=274) during 2012-2013. Results suggested that the average cost of this process was significant (M=$4783). The costs varied greatly, depending on the medical specialty for which the fourth-year medical student applied, with a range exceeding $12,000. Most students (60%) paid for these costs with personal savings. The authors suggest that documentation of the average cost of applying and interviewing for residency would allow future fourth-year medical students to make more accurate financial plans, provide evidence for increased financial need during the final year of medical school, and initiate an evaluation of the current residency match process for cost-saving strategies to decrease the financial burden on students.