Everyone knows that doctors make more money than any other job, right? You might be surprised to learn that this is not actually true, and it actually is pretty far from the truth! And while money might not be the most important factor in everyone's life, I think it is very important to better understand the financial implications of choosing a career in medicine. This is not covered in medical school, and can be difficult to figure out even in residency.
The discrepancy between the perception that doctors make more money than any other career and the reality that doctors come in much closer to the middle of the pack is partly due to what Einstein called the 8th wonder of the world - compound interest. It also is due to the fact that in the later part of a career a doctor's salary usually plateaus, while other careers can have salaries which continue to rise.
Use the tool below and see for yourself!
These numbers were calculated from a wide range of public and private data. These are average salaries across a very heterogeneous group of careers, and so difference between what you see and what you have heard from friends and colleagues can be explained by specific contract details, location differences, and practice differences.
Sources include: MGMA 2020; AMGA 2019; Physician Compensation Report, Physicians Thrive 2020; Physician Compensation Report, Doximity, 2020; 2020 Review of Physician Recruiting Incentives, Merrit Hawkins, 2020; Physician Compensation, Modern Healthcare, 2020; Wallstreetoasis.com; Glassdoor.com; ManagementConsulted.com