Today’s post picks up a comment spotted in the WSJ in March this year
when is the best time to have a child if you’re considering a career in academia/law/medicine– professions with prominent career milestones (tenure, partner, etc)? Grad school (lots of time, but little money)? Before tenure/partner (more money, less time, but tenure clock is ticking)? After tenure/making partner (biological clock is ticking…)? Is your answer the same for men and women?
I am glad you are planning ahead for this. Yours truly found out about the advantages of different professions in this regard when she was already well into her career as a political economist and pregnant.
Economists have researched your question from the gender wage gap perspective. The gender wage gap is the gap (well, shortfall) of women’s wages with respect to men’s after controlling for all measurable factors that typically influence the wage. The gap is the difference in the net wage of a man and a woman that work in the same sector, have the same education and work experience and other measurable skills…A part of this wage gap is likely due to baby breaks. And the residual we cannot explain…is possibly discrimination.
Anyway, back to the topic. Claudia Goldin researched what different professions did to women’s wages and wellbeing, and it turns out that among educated women, the doctors had it best. Yep. The earnings penalty for taking maternity leave was found to be smallest for physicians and other medical professionals, smaller than for those with a JD or PhD. And the largest penalty hit women with an MBA. Ouch. And food for thought.
A few other things you may or not, want to know: male earnings rise with number of kids, female earnings diminish, but only because of hours worked. Full-time earning women also see their salaries rise with the number of kids. By the way, MDs also have the highest number of kids, on average, from the professional groups above. No wonder.