Beginning your financial journey can seem awfully overwhelming, like a giant jigsaw puzzle with pieces scattered throughout the room.

White Coat Investor

Pre-Residency Expenses

  • ERAS Applications
  • NRMP Match Fees 
  • Program required American Heart Association Certifications (ACLS, BLS, PALS, NRMP) 
    • Depending on program required certifications, expenses ranges from $50 to $400
    • UK GME does not reimburse certification for incoming residents. However, if a certification renewal is required while enrolled in your program, UK GME will reimburse the cost of your certification renewal. 
  • Interview Expenses (Possible Travel)
    • This could be one of your larger expenses while preparing for residency. This expense amount will vary based on source of interview (virtual or on-site), and travel expenses. 
  • Relocation Expenses
    • If matched institution is not local, you will have relocation expenses. These expenses will include your travel and relocating your personal belongings. 
  • Housing

    • You need have housing in place prior to starting your residency. 
    • If renting, most property managers require a deposit and first months rent before moving in to establishment.  


During Residency Expenses

  • KBML (Kentucky Board of Medical License) 
    • 12 months of post-graduate training required to receive medical license
    • Licensure fees vary based on licensure type 
    • UK GME reimburse KBML fees for residents/fellows
  • FCVS (Federation Credentials Verification Service)   
  • USMLE (United States Medical License Exam) 
    • The examination fees for United States Medical Licensing Examination®
      • Step 1 and Step 2 Clinical Knowledge (CK) will be $1,000 for each exam registration.
  • The USMLE Step 1 International Test Delivery Surcharge will be $195.
  • The USMLE Step 2 CK International Test Deliver Surcharge will be $220.
  • USMLE Step 3
    • The FSMB (Federation State Medical Boards) registration fee for a scheduling permit in 2024 is $925. The fee is non-refundable, non-transferable, covering the 3-month eligibility period. 
  • Fellowship ERAS Applications 
  • Fellowship NRMP Match Fees       
  • Program specific medical board certification exam application and fees 
  • American Board of Physician Specialties 



Budget Calculator 

Use this budget calculator to gauge your expense, set financial goals and keep your finances on track. 

Budget Calculator Tool


Budgeting Course 

Enrich offers quick course (15 mins.) that provides a basic overview of why/how creating a budget is crucial. 

Creating a Budget Course


What is Your Money Personality?

Take this quiz to determine your personality type when it comes to spending money. We all have strengths and weaknesses when it comes to our relationship with money. 

Your Money Personality Quiz 

Personal Loans

Why a Doctor's Loan Could be Right for you 

The above article from American Medical Association states the benefits of taking out a Doctor's Loan 


Thinking About Buying a Home?

Depending on your situation and long term goals buying property might be beneficial. 

  • This article from American Medical Association compares buying vs renting a home. 
  • This calculator from Bankrate if buying or renting is best for you at this time. 


Managing money is something we all must do. Some people are better prepared or more experienced than others; however, improving your skills and learning new tips are part of an ongoing financial journey.


Join the AAMC Financial Wellness Program

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Tax Assistance

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