It is in everyone’s thought that those we see with stethoscope hanging over their necks and adorned in lab coats must be receiving hefty pay check, how true is that? No wonder many students dream of becoming doctors thanks to the stories they hear of generous remuneration. But in reality, does being a doctor pay averagely better than most of the other professions? Many labor statistics point to the truth that those in the heath line of work earn averagely higher than most of other professionals. Doctors in particular take more bucks home but there are those who earn peak salaries.
Well, now that you know doctors earn relatively higher-some better than others-what is the best paying job for a doctor?
Average Annual Salary: $370,952. Our skin is our canvas, so people’s desire to keep their skin looking as healthy as possible is understandable. This might also explain why dermatologists are amongst the best paid medical professionals in the country.
With average annual salary of $396,000, we have two medical specialties competing for our number 6th spot: Hematology and Oncology. While neither of the specialties is particularly demanding on the body, working as a hematologist or oncologist is certainly not for the faint-hearted. Both specialties deal with cancers and death, which does take its toll at one point.
5 Plastic Surgeons
Over a period of 5 years, plastic surgeons have been highly sought doctors and that has made their fortunes better. From a 10th position of the highest paid doctors’ list, now the profession is 5th with a surgeon taking home $354,000 in a year. They also engage in activities outside their direct line of duties raking in an annual average of $26,000.
In 2014, a doctor in anesthesiology took home a salary package of 358,000 in a year. They are not most of the times engaged in side hustles and thus do not receive the extra compensation package enjoyed by most of the doctors in this list. Their area of specialization is not flooded and they would continue getting top pay in the foreseeable future.
In 2013, this lot was in the 4th position in the chart of highly paid doctors but made an improvement in 2014 to rise a step higher to make it to top 3. In 2014, their annual average compensation stood at $370,000. They also attracted extra earnings of $14,000 for their engagement in duties outside their chores. The field is still open for more doctors and the payment is bound to keep going up in the years to come.
Cardiology is one of the most lucrative specialties for doctors. In 2014, a cardiologist earned an annual compensation of $376,000 for their daily medical practice. On the side income, they received $19,000 from activities not directly linked to their routine clinical duties. They also receive incentives for having to work in difficult environment thus adding more to their pockets.
In the latest Medscape survey, a doctor in orthopaedics earned $421,000 in a year. This is close to 3 times of what some of the other doctors earn. This amount is only inclusive of earnings from medical practice not counting side engagements. On average such extra engagements bring in $29,000 each year. Such side hustles are not so common with other physicians and they have to rely on direct salary.
You may not be interested in the medicine world because of the money it pays. Some do it for passion or for the prestige that comes with it. But the monetary reward cannot be easily dismissed. It is a motivating factor and you would wish to know which doctor’s line of specialization will give you financial freedom. As you make your choice of specialization, keep this list in mind.