Physician Salary Overview
According to the Bureau of Labor Statistics, the median annual wage for physicians in 2020 was $208,000. This figure varies by specialty. For example, pediatricians earned a median income of $175,000 per year, while orthopedic surgeons earned $482,000. In addition to specialty, a doctor’s salary also depends on factors like experience level and location. Recent data shows the average physician salary increased 3.8% from 2020 to 2021, despite increased burnout among doctors during the COVID-19 pandemic.
Salary Satisfaction and State Differences
However, 45% of pediatricians reported feeling fairly compensated, compared to 54% of plastic surgeons, the highest paid specialty. Doctors’ salaries also differ by state and tend to increase significantly between ages 40-69 versus those under 40.
Take Home Pay and Career Reward
After residency, salaries depend on specialization pursued. Considering taxes, doctors’ take home pay varies based on state income tax. While the road to becoming a doctor is long, most find the career financially rewarding over time.