Most clinical researchers start their careers with a clear sense of purpose—whether it’s a passion for their field, a love of learning, or the desire to educate others. But over time, many lose sight of this “why” and become complacent or burnt out. This often happens when there’s a disconnect between their career and the lifestyle they want.
Financial planning can help bridge this gap. By stepping back and looking at your career through a financial lens, you can see how far you’ve come—and how much further you can go. Strategizing could help you evaluate the whole picture. It guides you to think about not just the numbers, but also work-life balance, personal fulfillment, and long-term growth.
“Financial planning helps you reconnect with your purpose while showing you the bigger picture of career growth,” says Bambrah Walker. “It’s not just about the paycheck; it’s about finding a place where you can grow, both personally and professionally.”
And that’s the key. It’s not just about the financial aspects—it’s about making sure you’re in the right environment to succeed.
More Than Just Numbers
Career advancement isn’t only measured by a higher salary or better benefits; it’s about aligning your career with your passions and your goals. To make a well-rounded decision, both the measurable and immeasurable aspects need to be evaluated.
At first glance, a university offering a higher annual & summer salary, and more funding might seem like the obvious choice. But career decisions are rarely that simple. What if the new city has a higher cost of living? What if the move impacts your family’s happiness or your ability to pursue your current research projects? These are the questions that often don’t show up in a spreadsheet.
Let’s Visualize Measuring Career Advancement
Let’s turn these concepts using a hypothetical, digestible example. Dr. Emily Carter, a well-established clinical researcher, has spent the last 10 years at Indiana University. Recently, however, she’s been feeling burnt out and increasingly unhappy in her current role. Despite her love for research, she feels disconnected from her original passion, weighed down by administrative duties, and long hours.
Just when she was contemplating her future, Emily received an exciting offer from a renowned research institution in Washington State. The new role promises a higher salary and more funding opportunities, making it seem like a clear path to reigniting her career.
However, Emily is solely focused on the numbers and hasn’t fully considered the intangible factors involved in this major career decision. At first glance, the offer from Washington State looks appealing, with a higher salary of $125,000 compared to her current $100,000. However, when considering the cost-of-living adjustment, the picture becomes less clear.
While Washington State offers more funding opportunities and higher summer pay, the cost of living is significantly higher. After accounting for the COLA, she would need an adjusted income of $129,870 in Washington, which is only slightly below the income she would need to maintain her current lifestyle in Indiana ($131,148).
Emily’s focus on salary alone is clouding her judgment. She isn’t considering the other intangible factors that could impact her decision, such as:
• The culture and environment of the new institution
• Opportunities for work-life balance and mental well-being
• How the move could affect her family and personal life
• The potential for professional growth and mentorship at the new institution
While the numbers might seem close, a deeper evaluation of the qualitative aspects could reveal that staying in her current role—or negotiating changes in her current position—may provide more long-term satisfaction.
Quality Of Life vs. Quantity of Assets
While financial planning is crucial, it’s just as important to think about how a new role aligns with both personal and professional goals. After considering the numbers, researchers should also weigh the harder-to-quantify aspects of a move, like emotional well-being and career implications.
Questions like:
• Are you and your family happy with where you live now?
• Do you feel supported and empowered at your current university?
• Are you able to teach and research topics you’re passionate about?
These factors can often get overlooked. While an advisory team can’t make the decision for you, we can guide you through the thought process. If you’re unsure about moving, it might be worth talking to your department head about what could make you happier in your current role. This could involve addressing things that are making you dissatisfied, such as:
• Do you need a higher salary?
• Do you feel underfunded?
• Are you unable to pursue the research you’re passionate about?
• Is your career progressing slower than expected?
• Do you feel unsupported?
Dr. Carter’s situation highlights a challenge many clinical researchers face – focusing too much on salary while overlooking the broader aspects of a career move. Financial planning goes beyond managing personal finances—it helps you evaluate both the tangible and intangible factors in a job offer.
Working with a financial advisor enables you to see the full picture, including work-life balance, emotional well-being, and long-term growth. It helps ensure that your career decisions align with your personal goals, not just the numbers.
In the end, financial planning isn’t just about increasing wealth—it’s about making informed, well-rounded career choices that support both your professional and personal life.
Note: The individuals and their situations presented was a hypothetical example provided for educational purposes only and is not intended as financial, legal, or tax advice. It’s always recommended that you speak with your financial, legal, or tax professional regarding your specific situation.
