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Salary, Wages, Pay: Physicians & Surgeons
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Earnings of physicians and surgeons are among the highest of any occupation. According to the Medical Group Management Association’s Physician Compensation and Production Survey, median total compensation for physicians in 2004 varied by specialty, as shown in table 2. Total compensation for physicians reflects the amount reported as direct compensation for tax purposes, plus all voluntary salary reductions. Salary, bonus and/or incentive payments, research stipends, honoraria, and distribution of profits were included in total compensation.
Table 2. Median total compensation of physicians by specialty, 2004
Less than two years in specialty
Over one year in specialty
Anesthesiology
$259,948
$321,686
Surgery: General
228,839
282,504
Obstetrics/Gynecology: General
203,270
247,348
Psychiatry: General
173,922
180,000
Internal medicine: General
141,912
166,420
Pediatrics: General
132,953
161,331
Family practice (without obstetrics)
137,119
156,010
SOURCE: Medical Group Management Association, Physician Compensation and Production Report, 2005.
Self-employed physicians—those who own or are part owners of their medical practice—generally have higher median incomes than salaried physicians. Earnings vary according to number of years in practice, geographic region, hours worked, and skill, personality, and professional reputation. Self-employed physicians and surgeons must provide for their own health insurance and retirement.
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