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Earnings of physicians and surgeons are among the highest of any occupation. The Medical Group Management Association’s Physician Compensation and Production Survey, reports that median total compensation for physicians in 2005 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 incentive payments, research stipends, honoraria, and distribution of profits were included in total compensation.
| Specialty | 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 |
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Footnotes: |
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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, skill, personality, and professional reputation. Self-employed physicians and surgeons must provide for their own health insurance and retirement.
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2008-09 Edition, Physicians and Surgeons, on the Internet at http://www.bls.gov/oco/ocos074.htm (visited March 25, 2009). Used by permission.
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