so you mean to tell me CRA s can lose thousands of dollars if they hey guys EC
RG here back with another video today we've got a viewer submitted question
where this viewer had emailed in to us at elite clinical group at gmail.com
might I add and they had a question about the amount of money
CRS can lose if they do not jump companies from year to year so I had a
few thoughts on this but their main question was about the amount of money
that can be lost if CRA s do not jump around from company to company so i'ma
go in first about some of the other reasons not just the money why CA raised
will jump from company to company but first off I want to say if you are
interested in a career in clinical research you can email us at elite
clinical group at gmail.com to have your resume reviewed we have been doing a
good number of those as well so email us there if you'd like your resume review
we do a good job you can see comments under some of our videos and you can
watch some of our videos on the resume review program if you're interested in
being a part of it so just had to put that in there but
back to the video so some of the reasons why CRA is may jump not dealing with
money is because of whenever you join a clinical research study there's a lot of
training that happens in the beginning that you have to do the sponsor requires
especially as a CRA but any position on the study before you can begin work on
that study so you got to read the protocol you've got to read the synopsis
you've got to read investigator brochure you've got to read all these different
documents before you can begin on a study pretty much all the documents and
you know a lot of that time reading all that stuff is just you know chilling
sitting at home you know you get a good two months of break where it's just easy
relaxing nine-to-five work maybe less where you don't really have to do
anything you don't have to travel that much you know you're just in the
beginning reading SOPs work instructions and reading the documents for the
studies that you're gonna be on so that's a big reason why CRA s will jump
from company to company because you get basically a free two months of work I
mean a free two months of salary where you don't really work that hard
another reason is you're working so hard at your previous company I mean they
really work these series really hard they want more visits more visits more
visits out of them and like I said you get a break when you leave companies and
you oftentimes will get that first two to three months of relaxation period so
that's a couple reasons why see arrays will leave not just for the money but
when the money comes into play that really sweetens the deal as to why a CRA
could want to leave so you know back in the heyday I would say maybe like end of
2016 2016 2015 see arrays were easily getting you know $10,000 $15,000 sign-on
bonus and these are Siri one CRA twos he's seen your series as well but you
know $10,000 sign-on bonus for CRA 1 or CRA - and then up to $15,000 even up to
$20,000 sign-on bonus for a senior CRA so you imagine that you do that a couple
times you know that's forty thousand fifty thousand dollars if you do that a
few times that's just straight cash money so we obviously go get some taxes
out of that but we're gonna talk about without taxes because I'm not gonna do
the calculation there but you know that's that's up to forty fifty thousand
dollars if we're talking about over a five to ten year period of you jumping
every one to two years so that's just the cash money not to mention the salary
increase now when you typically stay at a company
they're gonna increase your salary anywhere from two to five percent based
on your performance so if you're in good standing doing everything you need to do
they'll raise you five percent without if you don't negotiate so that's just
the standard five percent doesn't really do much for you unless
you get a promotion now if you get a promotion let's say CRA 1 - CRA -
they'll raise you a little bit of salary not just the standard you know 5% a year
they'll raise you a little bit past that hard to say how much each company's
different but I guarantee you it will not be as much as if you apply to
another company and they raise you for some reason in this industry and across
a lot of industries people coming in new to a company get paid a lot more than
the loyal people the loyal soldiers that you know stand firm and will you know
the loyal people at a company basically the people that don't jump around so you
know those people don't get paid as well as the new people coming into a company
and it's unfortunate that's how the game works but you've got to be able to play
the game so you've got that to think about then you've got the fact that
you're getting better and better at your job better and better at the systems at
the company so they're gonna throw more and more work on you typically and you
know that work is gonna come with stress and this is how CRA is eventually get
tired they get burnt out you get good at your job they're gonna throw more and
more stuff on you you know other series I'm gonna be leaving in the process
there's gonna be a lot of turnover so because you're so familiar with
everything you're gonna be there to shoulder the load and they're gonna lean
on you and those tough times when there's a lot of turnover and you're
gonna get even more burnt out so that's that's some of the other reasons besides
money why people end up leaving and you're gonna get burnt out you're gonna
get tired of it and who knows you may even want to stop being a CRA for a
while so if you quit being a CRA your salary is going to either stay the same
or go down a little bit less if you go down to an in-house CRA but I'm gonna
tell you where it's definitely gonna go down less is even though a CRA salary
let's say a series making a hundred thousand dollars in salary there are so
many perks and benefits that you know they're really making like $125,000 in
perks and benefits think about it they do not pay for their rent they do not
pay for their internet service so I've seen the
bills for this $70 a month for internet 50 to 70 or 50 to 80 dollars worth of
Internet they pay premium Internet for the CRA s so you've got a factor that in
then think about your being gone three to four times a week these positions are
70 to 80 percent travel and when you're on the road that is money you do not
have to spend so you're living your life for free there so your bills are gonna
go down because of that because you're not going to be there a lot of the time
you're eating the companies paying for your meals you're putting less wear and
tear on your car driving back and forth from the office you can Oberer back and
forth from the airport so your car is getting your miles or essentially
getting cut in half and the depreciation is getting cut in half on your car too
there are just so many perks of being a CRA and think about you work from home
also so you don't have to like go out to eat for lunch or anything like that you
eat your lunch at home you just have a few groceries and you know I love I know
a lot of people also who there are other backend perks that they do like they go
grocery shopping because their company allows them to go grocery shopping and
then they bring that food home with them so they have free groceries for when
they're not on the road as well because these per diems can be pretty high so
there are a lot of perks you make money and reversed in a lot of ways by not
having to do things from not being a CRA so basically all that to say you know
staying at one place to be a CRA can be a bad idea because of you know
shouldering the load you're not getting paid what you're worth and you're losing
out on so many bonuses over the course of many many years of not moving around
and then here's the last thing I want to talk about is the performance I guess
but bonuses that a lot of companies have a lot of companies will have performance
incentives they'll pay you a little bit of extra money if you do more visits and
that's because come the company CEOs make money when CRA is travel and
monitor that's what makes the money for the CRO when a CRA is monitoring that's
what makes the money so if if you haven't noticed a lot of times companies
just leave the CRA S alone when they're not weather monitoring
think about how many passes CRA s get because they're on the road they don't
have to respond to emails quickly they don't have to be on instant messenger
you know a lot of things get passed they barely have to upload documents to the
TMF that's why the TMF is always out of whack at the end of a study so you know
all that to say when you're when you're a CRA at one place you could get burnt
out more quickly because of these incentives if you're trying to do it
every visit all these visit extra visits yeah you might be making a little bit
more money but you're gonna get burnt out even more quickly so it's it's
sometimes best just to like kind of go at the pace and maybe you lose out on
that money on the front end but you're gonna make it in a big way on the
backend when you do jump but hey jumping is not for everybody but one of the best
things about being a CRA is the ability to work anywhere in the country you can
work anywhere in the country and be a CRA and you know once you get to that
level it's not really about you know working because you're a remote employee
it's not really about being close to an office or a hub because you can work
from anywhere so just wanted to answer this question about how much money so I
guess to put all in the summary the amount of money you'd be missing out on
not being able to jump is the big bonuses so we'll say fifty to sixty
thousand dollars or more but that minimum that's going to be it you know
over a 10-year period about fifty to sixty thousand in bonuses and then not
to mention the big jumps you're gonna get you know how'd you go from a CRA one
all the way up to it either C or a three or a senior C or a / leave CRA there's
gonna be big jumps you're gonna get so eventually you'll get to the max about
$130,000 you probably get there around year five or six you'll get there faster
if you jump also when you are an employee and at the same place you have
to deal with all the corporate bureaucracy especially if it's a larger
CRO you gotta deal with the corporate bureaucracy they can only promote so
many people a year they only have so much money to pay out in
emotions you deal with all of that crap you have to deal with maybe your manager
didn't put your promotion in on time so you've got to wait an extra few months
there's so much crap that goes into you know the corporate America bureaucracy
and people getting promotions and all that stuff you know it's happened to me
before it's happened to a lot of people I know before the managers have a lot to
do with it so if you have an incompetent manager they could mess up your money
for a month or so so that's why it's best when you're CRA just to jump around
you know every year or two years you don't have to deal with any of that crap
companies tend to roll out the red carpet for new people anyway and treat
you them and treat you well but so you're you're definitely losing out on a
lot by not jumping but there are some perks to staying as well maybe we'll
talk about that in a different video because this video is getting kind of
long but so I would say $50,000 just in bonuses then the salary increases over
the years you know happening at a much faster rate jumping around I will
probably say another fifty thousand dollars in lost rent and lost revenue
you know over the course of ten years so maybe about a hundred thousand dollars
in cash you missing around not jumping around but depending on what you were
able to do with that cash over the course of the time let's say you
invested in real estate where you invest it in the stock market you know that
could be significantly more than $100,000 significantly more than a
hundred thousand dollars especially if you couple that with the money you're
already making as a CRA it can be a lot of money that you're missing out on by
not jumping like a lot a lot of money so like I said earlier it's not for
everybody but it can be of great benefit to those that do want to partake in it
and especially because the job market isn't gonna be like this forever the
clinical research job market will not be hot series will not always be in high
demand they are one of the higher cost items in clinical research
so sponsors want to figure out a way to mitigate that cost and they're looking
for every way possible so keep that in mind also you want to you know strike
while the iron's hot and utilize this great job market to the best of your
ability while it's hot because it will not always be there we know that and who
knows how it's gonna react in a recession if the United States has a
recession in the next few years so you definitely want to make the most of it
while you can so I think that's about it for this so you're definitely missing
out on a huge amount of money by not jumping around even if you're not a CRA
that's for all other positions as well but it's just this person is a CRA so
they asked about it but other positions as well can miss out on a lot of money
by not moving around for me my saying is do not stay and I'm on the clinical side
as well do not stay at your company until you've reached the max salary for
longer than two years two years as my max at one place because the longer you
stay the more you're limiting your salary and that money can pay huge
dividends before you invested elsewhere so anyway guys I'm surprised this video
went so long email us that elite clinical group at gmail.com for any
questions you may have you got more CRA questions answer them you comment down
below as always you want to be a part of the resume review program elite clinical
group at gmail.com you want need one-on-one coaching on how to get in a
clinical research we got you email us at elite clinical group at gmail.com and
put your questions comments down below take care guys
you