How Much Do Physicians & Surgeons Make?
April 6, 2017
If you’re wondering how much physicians & surgeons make, you’ve come to the right place. This article takes an in-depth look at job growth and salaries of physicians & surgeons across the country over the next decade.
Physicians and surgeons are the bread-and-butter of the healthcare industry. They are considered primary care-givers and are tasked with taking a biological approach to diagnosing and treating illnesses and injuries.
Additionally, doctors must ensure detailed medical histories are maintained, prescribe medications, read and interpret any diagnostic tests that may be taken on an individual patient, counsel patients on their condition, diet, and/or hygiene, and ensure preventive measures are taken to ensure their patients long-term health.
If you’re considering a job in healthcare, now is a great time to consider becoming a physician or surgeon. As with many other careers in the healthcare field, the demand for these positions is expected to rise over the next decade with the influx of new patients largely due to the physician shortage and an aging population.
How Much Are Physicians & Surgeons Paid?
How much a physician or surgeon 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, pharmacists without any further specialization or outside income can expect to earn a median hourly wage of $56.96, or $120,950 per year.
Return on Investment
In order to become a physician or surgeon, students must pursue a either a bachelor’s or preprofessional degree which will generally take 4 years of your time. This must be followed by the completion of a 4-year medical degree program, a residency program, and the required state license. In total, future physicians and surgeons are looking at a minimum of 10 years of higher education, and the costs that come along with it.
The return on investment for physicians and surgeons 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.
Most students will deem it necessary to take out student loans to cover the costs of their education, averaging roughly $170,000 in debt once graduated.
Regardless of which path you choose, with a projected 150,000 new doctors being employed between 2016 and 2030, you can be confident that your job security will stay strong if you choose this path.
Best States for Physician & Surgeon Salaries
A major factor in determining what your salary may look like is the location in which you plan to work. However, this principle applies to nearly all occupations largely due to the varying cost-of-living rates across the country.
The Bureau of Labor Statistics collects salary and employment data for nearly all positions, nationwide. The following table ranks all 50 states from the highest to lowest paying for physicians & surgeons:
*Location quotients serve as a statistical representation of the concentration of a resource, like jobs, with a broader base area.