By: Smiljanic Stasha
Last modified: Mar 23, 2023
Doctors are paid well! The average doctor's salary is amongst the highest-paying salaries on the market in the US.
But how much does it actually amount to, in actual figures? More importantly, what is the actual cost of reaching that goal? And is it all worth it?
Check out the following facts and stats about doctors’ salaries across the US and see it for all that it is cracked up to be!
1. The average salary of a medical doctor in the US is estimated at $209.044
The latest estimates on doctors’ salaries for the year 2020 show that they average around $209,044, with a few discrepancies, up to $162,000 at a time.
Source: ZipRecruiter
With this in mind, it is important to point out that the data is taken on a national level, which explains the wide gap between the various medical doctor salary thresholds. After all, cities and states, each with their own living standards, are bound to affect this aspect as well. Hence, a more realistic range of the doctors’ pay in the US would be along the lines of $45,500 (low-end), up to $359,000 (high-end).
Source: ZipRecruiter
3. Last year, ZipRecruiter estimated that $209,044 was the average salary for medical doctors.
According to doctor salary statistics, there has been a minor reduction in the doctor’s overall paycheck. However, the results for 2021 are yet to be defined — a steady growth is expected for this year as much as it was recorded over the past decade.
Source: The Street
The percentage is based on the comparison of the average salary from 2018, estimated at around $299,000, and the overall annual doctors’ paycheck of 2019 — $313,000.
Source: Medscape
About a dozen professions in the healthcare industry are in the highest-ranking positions, considering the average annual pay statistics in the US.
Source: US Bureau of Labor Statistics
Job Position | 2019 | 2018 |
Anesthesiologist | $267,020 | $265,990 |
Surgeon | $267,020 | $265,090 |
Oral and Maxillofacial Surgeon | $242,370 | $242,740 |
Obstetrician/Gynecologist | $238,320 | $235,240 |
Orthodontist | $225,760 | $229,380 |
Psychiatrist | $220,380 | $216,090 |
Physician | $203,880 | $214,700 |
Family and General Practice Physician | $211,780 | $208,560 |
Internist, General | $196,490 | $198,370 |
Prosthodontist | $191,400 | $1196,050 |
CEO | $200,140 | $196,960 |
Pediatrician, General | $183,240 | $180,010 |
Dentist | $175,840 | $187,540 |
Nurse Anesthetist | $174,790 | $169,450 |
Pilot and Flight Engineer | $169,560 | $161,280 |
Petroleum Engineer | $156,370 | $154,780 |
Information Systems Manager | $152,860 | $149,730 |
Podiatrist | $148,220 | $148,470 |
Architecture and Engineer Manager | $148,970 | $143,530 |
Marketing Manager | $147,240 | $145,620 |
Financial Manager | $146,830 | $146,290 |
Attorney | $144,230 | $141,890 |
Sales Manager | $140,320 | $140,600 |
Natural Sciences Manager | $139,680 | $133,670 |
Compensation and Benefits Manager | $132,860 | $130,010 |
Source: Investopedia
As a point of reference, the average American income in 2019 was $68,703, meaning that the average anesthesiologist yearly makes almost four times the salary of an average American.
This figure is estimated to cover the expenses for a whole year of in-state studies at a medical school, including books, tuition, and other expenses. For out-of-state students at these schools, expenses average around $58,668 a year.
Source: American Medical Student Association
8. Private med schools are costly — Tufts University currently holds the record at $61,436 in annual expenses for tuition and school fees alone.
Honorable mentions include Columbia University, Dartmouth, Northwestern University, and Case Western Reserve University, making them the top five most expensive schools for medical studies in the USA.
Source: American Medical Student Association
The Bureau of Labor Statistics calculated that, per annum, would-be doctors are losing as much as $57,304. Overall, $229,216 for the first four years of their medical school studies. Now, this is only the beginning. The estimates for “lost opportunity earnings”, paired with book costs, tuition fees, living and other expenses, rake up a total amount of $800,000; meaning the cost of medical school is one heck of an investment, for sure!
Source: Best Medical Degrees
10. Gender compensation gap was persistent in 2020 among physicians: Male doctors earn 25% more than female doctors, which is a wider gender pay gap than last year’s 18%.
But the gender compensation gap decreased among specialists in 2020.
Data regarding male and female doctors’ salaries for 2019 show that the former earn $258,000 per annum, while the latter rake in only $207,000. This difference was somewhat smaller in 2018, when the same figure amounted to just 18%. Nevertheless, this tendency goes back a few generations at least, with male physician median pay (annual) being 16% higher than that of their female counterparts in 2017, and another 17% higher back in 2016.
This payment gap persisted even in 2020. Male primary care physicians earned approximately 25% more than their female colleagues. When it comes to specialists - we witnessed a compensation gap decrease. Male specialists earned 33% more than their female counterparts in 2019 - in 2020, they already earned only 31% more.
Source: Medscape
The cost of medical studies has been rising exponentially over the past decade. So has the number of med students resorting to prostitution in order to pay off their expenses. For those students who would stop at nothing to fulfill their dreams of having the average salary of a doctor, we have some bad news! In the US, this isn’t a legal possibility since it is only authorized in the Nevada brothels. In fact, a San Diego Californian, Natalie Dylan, made headlines in 2009 for selling her virginity in exchange for her master’s degree fees.
However, UK meds students are using the opportunity, with up to 10% of them knowing a student in this line of work.
Source: Live Science and ABC News
Orthopedics — $483,000
Since last year, orthopedic physicians have surpassed plastic surgeons in terms of salary, taking first place as the highest-paid specialty in medicine. In 2018, their average annual compensation was around $497,000.
Plastic Surgery — $471,000
Plastic surgeons have fallen to the second position, and so has their average yearly salary from last year’s first-ranking $501,000 to this year’s $471,000.
Otolaryngology — $461,000
The average physician salary has changed quite a bit over the years; otolaryngology included. Physicians practicing this specialty have seen a major increase in pay, unlike the previous two; jumping all the way from 8th to 3rd place — from $383,000 to $461,000.
Cardiology — $430,000
From third to fourth highest-paying specialty, cardiology doctors’ annual salary fell from $432,000 to $430,000 this year. Cardiologists are one of the most sought after physican specialty, as heart disease is the number one cause of death for both men and women.
Dermatology — $419,000
The average physician salary by specialty — in this case, for dermatology — has increased over the course of a year, from $392,000 up to $419,000.
Public Health and Preventive Medicine — $209,000
This specialty has been keeping its lowest-paying position since last year, despite the increase in average annual salary from $199,000 to $209,000.
Pediatrics — $225,000
Salaries for pediatrics are more or less in the same position as the previous year; they haven’t changed their rank even though the pediatrics’ annual compensation has increased by about $13,000 since 2018.
Family Medicine — $231,000
Despite the increase in the average family medicine salary, this category has managed to become the third-lowest paid specialty in the United States; with an increase of only $12,000 — from $219,000 to $231,000.
Diabetes and Endocrinology — $236,000
These physicians have seen a positive trend throughout the year with an annual income of $212,000 in 2018, going up to $236,000 in 2019.
Infectious Diseases — $239,000
Physicians specializing in infectious diseases have been experiencing a less progressive trend than the rest, with an increase of only $9,000 since 2018. Hence, going from the 6th position, they are now the 5th lowest-paid medical specialty in 2019.
Source: Medscape
New York — $149,167
The hourly wage for New York doctors is estimated to be at $71.74, making this is the first-ranking state in terms of the average annual doctors’ salary; between a median low of $87,562 and a high of $261,593.
Massachusetts — $148,212
The hourly rate here is just slightly lower — $71.22. However, this is just per average — realistically speaking, the salary can be as high as $172,773 for a doctor’s job in Massachusetts.
DC — $144218
More or less, the same range is present in the third-ranked state in terms of MD salary averages across the US. Up to $170,305 is the usual discrepancy found in various statistics, even though, on average, the salary ranges between $85,688 in the 25th percentile to $255,993 in the 75th percentile.
Maryland — $139,888
Though only fourth in line, according to ZipRecruiter, Maryland is still rather high above the national average when a doctor's salary is concerned, with an estimated $136,336.
Hawaii — $137,882
Hawaii is evidently all about the quality of living; for doctors, it’s no different. Healthcare professionals do earn widely different wages depending on their jobs (from as low as $19,270 to $264,707), but the average doctor’s salary still evens out at a fairly beneficial average.
North Carolina — $106,336
If you have ever wondered “how much doctors make” at the least-paid positions, North Carolina is the place with all the answers. Doctors here seem to have it the toughest, with the lowest nationwide average. Peak wages reach up to $203,240, while the lowest ones are set at only $14,795.
Florida — $114,514
Even on average, the US's second-lowest ranking state in doctors’ salaries still shows a vast discrepancy. Paychecks can range anywhere from $67,203 to $200,771.
Mississippi — $116,471
The US doctor average salary statistics rank this state 48th when previewing them from the highest to the lowest-paid positions across the states. Here, the salary of a medical professional can vary as drastically as $135,700.
Missouri — $117,420
The average pay for doctors in Missouri may be a “solid” $117,420, but depending on a lot of factors, it could alternate between a low ($16,371) doctor salary and a high ($224,886).
Michigan — $118,100
Well below the national average, the state of Michigan does, however, indicate some improvements to the overall situation with doctors’ salaries. The average high is slightly better than the previous ones, reaching up to $225,589, but the overall range is still significantly low — up to $137,428.
Source: ZipRecruiter
Milwaukee — $395,363
Milwaukee has been keeping its place on the list of top 10 doctors’ cities in the US for two years in a row. What is more, unlike others, it has also managed to retain its upward rise.
New Orleans — $384,651
Life is good for doctors in New Orleans, but it seems like it is still slightly better for men than it is for women, with the gender wage game going as high as $131,394.
Riverside, CA — $371,295
Speaking about gender gaps, the alarmingly large void between the different male and female doctor salary statistics only raises awareness; Riverside has been working all the harder in order to actually repair the situation — lowering the gap by 14%.
Minneapolis — $369,889
Like most other cities on this list, Minneapolis has found itself there for the first time.
Charlotte, NC — $368,205
Charlotte is proof that an objective, yet qualitative and insightful ranking, can account for more than just the growth rate of compensation when different average physician salary ranges are concerned. In fact, the city has had only a 2% growth rate throughout the entire year!
Dallas — $263,472
The second city to find its place back on the same list for the highest doctors’ compensation after 2017 is Dallas, despite its low rate of growth.
Atlanta — $362,267
For Atlanta, the growth rate of 8% has been looking rather good, and this is more than evident on the list.
Los Angeles — $356,390
LA is the third and final city to fight its way from last year’s average doctor salary statistics to this year’s ranking. For doctors there, growth may not be their strong suit, but gender equality is certainly overcoming the issue, with the city ranking top 8 with the highest female physicians’ salaries.
Cincinnati — $354,129
The city has been experiencing a steady rate of growth since 2017’s last report, earning its place among the top 10 contemporary rankings.
Hartford, CT — $352,129
Hartford takes the last place on the list of top 10 cities for doctors looking to get the most compensation possible. Nevertheless, this seems to work for male doctors much better than for female ones; the gender gap between their wages has increased since the last census (−9%).
Source: Doximity
According to the latest estimates, in 2019, the salary for surgeons in the US was significantly higher than that of doctors. This is a median calculation, while the more realistic surgeon wage ranges between $328,483 and $461,007.
Source: Salary.com
The average salary for male surgeons is estimated to be around $377,000, while women surgeons earn only $315,000; keep in mind that 75% of all surgeons are actually men.
Source: Medscape
General surgeons make slightly less than the top medical specialties but are still well above the average wage range of oncologists, critical care and pulmonary medicine doctors, pathologists, and more.
Source: Medscape
Following the top-paid surgeons in Nebraska, with an estimated average general surgeon salary sitting at around $287,890, the states with the highest-paid surgeons include Maine, New Jersey, Maryland, and Kansas.
Source: Smart Asset
Both locations offer enough job opportunities for this profession while still retaining a low cost of living and a high quality of living. They are followed by the second-ranked city of Columbus, OH, and Wichita, KS, as well as fifth-ranked Bowling Green, KY.
Source: ValuePenguin
Bear in mind that this is only the median estimate; realistically, wages can vary more drastically, from $50,800 per annum to $106,530.
Source: U.S. Bureau of Labor Statistics
RNs in the US are paid $81,000 annually, on average, compared to the Licensed Practical Nurses’ average salary of $46,000.
Source: Medscape
Inpatient care hospitals and insurance settings are the two fields of work where RNs get the highest wages — $84,000; whereas nurse wages for hospital-based outpatient clinics are $82,000 and in academic settings — $81,000.
Source: Medscape
Those working in inpatient care hospitals receive an average nurse salary ranging just below the highest mark — $47,000, followed by nurse wages in the home health practice setting — $46,000. Fourth and fifth-ranking LPN salaries are those paid in outpatient settings or clinics ($46,000) and public health settings ($44,000).
Source: Medscape
This is well beyond the average salary of a nurse that is practicing as an RN or LPN. The highest-paid category of APNs is a Certified Nurse Anesthetist (CRNA) — $167,950; followed by Certified Nurse Midwife — $103,770; and Clinical Nurse Specialist (CNS) — $107,460.
Source: All Nursing Schools
Self-employed physicians, also known as locum tenens, earn approximately 20% more compared to their employed counterparts. The average salary of a locum tenens is approximately $357,000 compared to the $297,000 average of full-time employed doctors.
Around 50,000 locum tenens are included in the various medical projects.
Incentives can be paid in two different ways: through bonuses, where specialists keep part of the net profits or through RVU. RVU is used to track the productivity of the physician using medical records.
Incentives are tied to productivity levels, so they need to work extra hours.
The rest are neutral about their income. Going into specifics pathologists (32.7%) and anesthesiologists (20.6%) are the most likely to regret their career choice.
Given a choice now, only 54% of doctors will choose this career again, and 42% the same specialty as they did when starting on their career path.
The pandemic has changed things drastically, yet doctor salaries continued to grow. PCPs (primary care physicians) according to reports earned an average salary of between $243,000 and $237,000 in 2019, while specialists earned an average of $346,000, compared to the average $341,000 in 2019.
The highest-paid specialists are surgeons: first on the list are neurosurgeons at $746,544, followed by thoracic surgeons with $668,350 and orthopedic surgeons with $605,330 per year.
The lowest-paid specialists were family doctors, pediatricians, and public healthcare with an average salary of $232,000.
This career is a synonym for prestige and altruism. Yet, choosing this career path shouldn’t be an impulsive decision since it requires focus, hard work, and devotion plus constant improvement for decades to come. The financial aspect can also be challenging. In order to get the best education, you need to find prestigious schools that usually have high fees.
According to Rich Habits Study - 56% of self-made millionaires are doctors, followed by lawyers, financial advisors, and engineers. The highest-paid medicine specialists are surgeons and scientists.
Policy Advice is a website devoted to helping everyday people make, save, and grow money. While our team is comprised of personal finance pros with various areas of expertise, nothing can replace professional financial, tax, or legal advice.
Policy Advice is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.Policy Advice is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com
Stay In Touch
About Website
© Copyright 2022 PolicyAdvice.net. All rights reserved.