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Posted on March 25th, 2010

Earning Out of Medical School

Students in medical school invest a significant amount of time, effort, and money into training and may wonder if their goal is worth the effort. Each student will have to make that decision for himself or herself. While salary alone is not the sole determiner of job value (other factors being personal satisfaction and help given to others), it can significantly impact the decision of students considering or in the midst of medical school. Generally speaking, the average physician's salary is $160,000 per year. However, beginning physicians average a more modest $120,000 for general practice. This figure still remains significantly higher than that of most college graduates, and those who have specialized can begin their careers earning over $200,000 annually. In some places, radiologists can earn more than $350,000 right away.

Annual earnings continue to grow throughout one's tenure in the medical field. After 20 years of practice, the average physician's salary raises to $180,000, with specialists earning higher wages. Salaries for students straight out of medical school vary depending upon the specialty area of practice as well as the region of the country where the graduate takes up practice. Pediatric and family care physicians earn the lowest starting salaries, averaging $134-144,000. Those who want to go to the top can enter neurological surgery, starting at an average $450,000. Surgeons, in general, earn the highest wages of new physicians. Salary also varies depending upon the area of the country in which the student practices. For most specialty areas, the East Coast and the Northwest pay the highest salaries. Pediatricians tend to earn more in the Midwest states. Salary does not vary much by type of employer. Self-employed physicians tend to earn more, but the additional cost of insurance and other benefits may outweigh the increased earnings.

Physicians working as part of a team generally earn more than other physicians. Some of the lowest-paying employers include fellowships and school districts. On many students' minds remains the topic of school debt, or possibly just compensation. They wonder how long they must work before they have covered the cost of their schooling and truly begin to make a profit. An average four years of medical school cost between $60,000 and $70,000. However, adding together the undergraduate Bachelor of Science degree, medical school degree, and residency, medical students average a debt of $140,000 immediately out of school. The pursuit of a medical degree is an investment, one certainly with substantial costs but with as certainly substantial returns.

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