Medical Doctor Salary

You probably already know that physicians' salaries can be substantial, depending on what fields of medicine they practice in and where their offices are located.

It's important to consider these factors when deciding where to practice upon graduation from medical school and the end of the residency, since more then 80% of all graduating physicians do so with student loan debt for their education.

What You'll Earn as a Physician

There are also a lot of misconceptions about how much doctors get paid and which types of doctors get paid the most. For example, many people don’t realize that doctors who specialize in anesthesiology – the doctors who administer the anesthetic to surgery patients – earn on average more than the surgeons who actually do the procedure. According to The Medical Group Management Association’s Physician Compensation and Production Survey, anesthesiologists reported nearly $30,000/year more than surgeons did on their 2005 income taxes. This is due to a number of different factors, including bonuses and incentives to enter the field.

Physicians in general are among some of the highest paid people in the country, and even a general family practicing physician that did not include obstetrics or gynecology in their practice earns an average income of $150,000/year. This number can vary widely depending on a physician’s geographic location and reputation. Also, it's reported that self-employed practicing doctors make considerably more than salaried physician positions.

In all, it's difficult to pinpoint an exact figure for how much a physician can make during a year of successful practice. The numbers range from as low as $100,000/year to more than $500,000/year, depending on they type of practice they operate, their location, and the types of clients that they handle. It is, however, accurate to say that the more specialized your practice is, the more money you'll make within a year.

If, for example, you offer a highly-valued plastic surgery service located in Iowa, you won't make as much as it could if you were located in California, where youthfulness and beauty are extremely important commodities. Just remember that once you've chosen your practice and your specialty, the next most important thing is choosing a location that takes full advantage of what your education and training as a physician can offer in return – especially if you've taken out student loans to earn your degree. It won't do you any good to spend all of those years working toward your degree if you aren't able to repay your debt following graduation.

On the other hand, there are many doctors who go into practice seeking to help those who are less fortunate. These doctors often prefer to work in rural areas or with homeless relief efforts, serving people who aren't able to afford their own medical care. For these physicians, salary returns are not nearly as important as the emotional rewards and benefits they can get out of their practice of medicine.

One final note of caution – don't go into medicine for the potential salary returns. Medical doctors go through 12+ years of post-secondary education to get where they are, which is neither a small nor an easy commitment. In addition, practicing physicians may be expected to work 60-80 hours/week – depending on their specialty – so it's not a career field to enter lightly. However, if you're truly passionate about caring for the sick and injured in their time of need, this field may be the perfect fit for you.

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