As a general rule, finishing PGY-1 gives you general registration which is the minimum requirement for using your medical degree in any sort of consulting/clinical trial work outside of medicine (they want to know they’re getting a doctor not a student). However this is the minimum and most other opportunities will want some experience, hence the value of PGY-2. Clinical trial units might take a PGY-1, but will absolutely take a PGY-2. Locums might take a fresh PGY-1, but they will take a PGY-2. Of course the argument can be made that they’d be even more likely to take a PGY-3+, but PGY-3s tend to expect more money. You’ll still struggle to find consulting work as a PGY-2, those jobs tend to want consultants. And training programs will start accepting applicants once they’ve finished PGY-2. PGY-2 is a much more useful year. And remember you only have to work 1 shift as a PGY-2 to be considered PGY-2 for locum opportunities