Measures of values typically appraise the construct globally, across life domains or relative to a broad life domain such as work. We conducted two studies to construct and initially validate an occupation- and context-specific values measure. Study 1, based on a sample of 192 medical students, describes the initial construction and item analysis of the physician values in practice scale (PVIPS), which produced a 15-factor model. Study 2 reports on a further analysis and refinement of the instrument with a national sample of 644 medical students. Results supported the basic psychometric properties of the PVIPS items. Exploratory factor analysis in Study 2 extracted six factors consistent with a theoretical model of values (Dawis, 1991) and accounting for 61% of the variance: Prestige, Service, Autonomy, Lifestyle, Management, and Scholarly Pursuits. The PVIPS shows promise as a values measure for medical students and physicians encountering career specialty and medical practice style decisions. Interested researchers may construct similar scales for other occupations to promote contextualized appraisals of values.