In any career, including science, salaries, earning potential, and financial risk are important factors to consider. Unfortunately, these topics are often under-discussed and perceived as taboo. However, there is no shame in acknowledging their importance and taking them into account when making career decisions.
When considering a job offer, it is important to look beyond the gross salary and understand the exact contract conditions. This includes understanding what costs the employer covers and what you will need to cover yourself. For example, some employers may provide insurance, gym memberships, child care, or even gadgets such as a phone, laptop, or car. Other employers may require you to cover these costs yourself. Additionally, you should inquire about any additional earnings beyond the base salary, such as bonuses or holiday pay. All of these factors can greatly impact your take-home pay and should be taken into consideration before accepting a job offer.
Looking beyond the immediate job offer, it is also valuable to consider your lifelong earning potential and the trade-offs that come with career decisions. Your future finances often depend on previous salaries and work experience, so it is important to consider the long-term impact of your career choices. For example, many Ph.D. students who do not want to become professors may opt to do postdocs as a way to gain professional experience. While this may seem like an easy option, studies have shown that this can lead to a significant pay gap outside of academia. Therefore, it is important to consider the long-term impact of career decisions and weigh the potential benefits and drawbacks.
Of course, salary and finances should not always be the sole focus when making career decisions. The right balance varies from person to person, and different priorities can make you a successful scientist. However, it is important to aim for informed decisions that take into account all relevant factors, including financial considerations. By doing so, you can ensure that you are making choices that align with your goals and values, while also setting yourself up for financial success in the long run.