How Much Do Doctors Make?
November 3, 2016
If you’re wondering how much doctors make, you’ve come to the right place. This article takes an in-depth look at job growth and salaries of physicians and surgeons across the country over the next decade.
If you’re considering a job in healthcare, now is a great time to pursue a career as a physician or surgeon. With the current physician shortage, the demand for these high-level positions is projected to remain high for the foreseeable future, meaning rising salaries and benefits for skilled professionals. Also, by going the distance and becoming a physician, you can specialize in any of a myriad of areas that may interest you.
How Much Do Doctors Make?
How much a physician can make via salary can vary dramatically depending on several factors, including location, age, experience, education, skill-level, type of position and several others.
As represented in the graph below, physicians and surgeons can expect to earn a median hourly wage of $90.49 , or $188,223 per year, but these numbers vary dramatically depending upon the specialization chosen.
If you’re looking to earn more, however, you can directly influence this figure to increase your income further by specializing in a particular area, doing consulting work, travelling, or by running your own practice.
Return on Investment for Doctors
In order to become a doctor, students must pursue a either a bachelor’s degree, generally taking 4 years of your time. This must be followed by the completion of a 4-year medical degree program and residency of varying length. You must then acquire the required state license. In total, physicians and surgeons are looking at a minimum of 8 years of high education, at least 2 years of residency, and the costs that come along with it.
The return on investment for doctors will ultimately vary based on the individual, their circumstances, the school of choice, the location in which they work, whether they choose to work in corporate or private practices, and other factors. Higher level positions generally require that students go further into debt in order to complete their education, so being sure about what you want before pursuing a career as a medical doctor is paramount.
Regardless of which path you choose, with a projected 180,000 new doctors and surgeons being employed between 2016 and 2030, you can be confident that you’ll have a position waiting on you if you choose to pursue this career path.
Best States for Doctors Salaries
|State||Employment||Emp. / 1000||Location Quotient||Hourly||Annual|
|Idaho||No data||No data||No data||$99.95||$207,890|