MDs are among the highest-paid professionals in the U.S.
Medical doctors, sometimes referred to as MDs or physicians, are among the most highly educated and highly compensated professionals in the United States, according to the U.S. Department of Labor's Bureau of Labor Statistics. MDs must typically complete four years of undergraduate work followed by four years of medical school and then complete residency programs of three to eight years depending upon their specialties. Income levels among MDs can vary widely based on their fields of special practice, geographic locations and levels of experience.
Wages
Medical doctors typically fall into two primary categories: general practitioners, sometimes referred to as family doctors, and specialists. MDs who specialize in a particular field of medicine require more extensive training and education than those who enter general practice. Specialists are typically more highly compensated than general practitioners. General practitioners earned a median annual income of $186,044 as of May 2008, compared to a specialist's median annual income of $339,738.
Salary by Location
The geographic location where a medical doctor practices can significantly affect her income. General practice MDs who worked in the states of Arkansas and Wisconsin earned a mean annual income of more than $200,000 per year while the mean annual income of those who worked in Hawaii, Missouri and Alaska was less than $155,000 per year as of May 2009, according to the BLS. MDs who worked in large cities tended to earn more than those who practiced in small towns or rural communities.
Salary by Specialty
Specialist MDs tend to earn more than general practitioner MDs, but there is a wide range of incomes among specialists as well. The Physician Compensation Survey conducted by the American Medical Group Association reports orthopedic surgeons who specialize in spinal surgery were among the most highly compensated of all MDs with a median income of $688,503. Gynecology oncologists earned a median income of $413,500 while dermatologists earned $375,176. Cardiologists earned a median income of more than $400,000 per year while the median income for anesthesiologists was $370,500.
Salary by Experience
As with most career fields, experience plays a significant role in determining an MD's income. MDs in their first year can expect to earn a median annual income of $116,326 as of March 2011, according to PayScale.com. Doctors with more than five years in practice earned a median annual income of $155,861. MDs with more than 20 years on the job averaged more than $174,000 per year.
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