Physicians are crucial resources for medical service provision, and aggravated physician shortages enhance the need to understand employer preferences and thus perceived employer attractiveness. Our study analyzes how differences in individual motivational factors explain intentional employer choice in the hospital industry. This study focuses on medical students who are faced with their first employer selection. Using a large-scale survey of medical students (n = 563) in Germany, we analyze these choices using multinomial logit models. The analysis shows that heterogeneity exists in students’ preferences for hospital ownership type and an employer’s highlighted benefits. The likelihood of making certain choices is significantly related to both other-related motivational factors, such as altruism and commitment to public interest, and self-oriented motivational factors, such as financial security and work–life balance. The results are discussed, and management implications for nonprofit and other hospitals are derived.