Jonathan Preminger, Medical School Admissions Expert, Reviewing Doctor Salary Information
Reviewed by:
Jonathan Preminger
https://www.inspiraadvantage.com/our-team/jonathan-preminger
Former Admissions Committee Member, Hofstra-Northwell School of Medicine
Reviewed: 6/6/24
Considering a career in medicine? It’s no secret that becoming a doctor is a path to financial security. In 2024, the medical profession continues to offer robust earning potential, with the average physician salary significantly exceeding the national median. While the Bureau of Labor Statistics reports a median annual wage for physicians and surgeons around $239,200, certain medical specialties command significantly higher compensation. If you’re exploring medical career options and wondering, “What Doctors Make The Most Money?”, understanding the landscape of physician compensation by specialty is crucial.
This comprehensive guide breaks down the highest-paid doctor specialties in the United States for 2024, providing insights into the factors influencing physician salaries and helping aspiring doctors make informed decisions about their future careers.
Top 20 Highest-Paid Doctor Specialties in the US for 2024
Determining the highest-paid doctors requires analyzing comprehensive compensation data. Our ranking is based on the latest insights from the Physician Compensation Report, a reputable source for physician salary information. This report offers a detailed overview of average annual incomes across various medical specialties:
| Rank | Specialty | Average Annual Income |
|---|---|---|
| 1 | Neurosurgery | $763,908 |
| 2 | Thoracic Surgery | $720,634 |
| 3 | Orthopedic Surgery | $654,815 |
| 4 | Plastic Surgery | $619,812 |
| 5 | Oral & Maxillofacial Surgery | $603,623 |
| 6 | Radiation Oncology | $569,170 |
| 7 | Cardiology | $565,485 |
| 8 | Vascular Surgery | $556,070 |
| 9 | Radiology | $531,983 |
| 10 | Urology | $529,140 |
| 11 | Gastroenterology | $514,208 |
| 12 | Otolaryngology (ENT) | $502,543 |
| 13 | Anesthesiology | $494,522 |
| 14 | Dermatology | $493,659 |
| 15 | Oncology | $479,754 |
| 16 | Ophthalmology | $468,581 |
| 17 | General Surgery | $464,071 |
| 18 | Colon & Rectal Surgery | $455,282 |
| 19 | Pulmonology | $410,905 |
| 20 | Emergency Medicine | $398,990 |
Let’s delve deeper into the top-earning medical specialties and understand what makes them so financially rewarding.
1. Neurosurgery: The Pinnacle of Physician Compensation
Neurosurgery consistently tops the list of highest-paying doctor specialties. Neurosurgeons are specialists who operate on the nervous system, including the brain, spinal cord, and peripheral nerves. This demanding field requires an extensive seven-year residency after medical school, reflecting the complexity and critical nature of their work. The average annual salary for neurosurgeons is a remarkable $763,908, making it the most lucrative medical profession.
2. Thoracic Surgery: Expertise in Chest Cavity Operations
Thoracic surgeons are experts in performing surgical procedures within the chest cavity. This includes vital organs such as the heart, lungs, and esophagus. Often referred to as cardiothoracic surgeons, they are crucial in diagnosing and treating serious conditions like lung disease, heart failure, and congenital heart defects. The intricate nature of thoracic surgery and the high stakes involved contribute to an impressive average annual salary of $720,634.
3. Orthopedic Surgery: Specialists in Musculoskeletal Health
Orthopedic surgeons focus on the diagnosis and surgical treatment of disorders related to the musculoskeletal system. This encompasses bones, joints, ligaments, tendons, muscles, and nerves. The demand for orthopedic procedures, driven by sports injuries, aging populations, and conditions like arthritis, has propelled orthopedics to the top ranks of physician pay in recent years. Orthopedic surgeons in the US earn an average annual income of $654,815.
4. Plastic Surgery: Combining Art and Medicine for Reconstruction and Aesthetics
Plastic surgery involves both reconstructive and cosmetic procedures aimed at restoring, correcting, or enhancing the form and function of various body parts. Plastic surgery residencies are notably long, typically lasting six years, reflecting the broad scope of procedures and the meticulous skill required. Plastic surgeons are compensated for their expertise with an average annual income of $619,812.
5. Oral and Maxillofacial Surgery: Bridging Dentistry and Medicine
Oral and maxillofacial surgery is a unique specialty that bridges the gap between dentistry and medicine. These surgeons treat a wide range of conditions affecting the mouth, face, jaws, and neck, including injuries, diseases, and defects. Their specialized skills in both dental and surgical procedures lead to a high average annual salary of $603,623.
6. Radiation Oncology: Harnessing Radiation to Fight Cancer
Radiation oncologists are cancer specialists who utilize radiation therapy to treat malignancies. They play a critical role in cancer care, overseeing treatment plans, managing patient care, and ensuring patients understand the benefits and risks of radiation therapy. The specialized knowledge and crucial role of radiation oncologists in cancer treatment are reflected in their average annual earnings of $569,170.
7. Cardiology: Experts in Heart and Vascular Health
Cardiology is dedicated to the diagnosis, treatment, and prevention of diseases affecting the cardiovascular system – the heart and blood vessels. Cardiologists deal with a wide spectrum of conditions, from heart attacks and arrhythmias to hypertension and heart failure. The high prevalence of heart disease and the critical nature of cardiac care contribute to cardiology being a high-earning specialty, with an average annual salary of $565,485. Subspecialization within cardiology can further enhance earning potential.
8. Vascular Surgery: Maintaining the Body’s Circulatory System
Vascular surgery is a specialized field focused on the surgical and minimally invasive treatment of diseases affecting the blood vessels (arteries and veins) outside the heart and brain. Vascular surgeons treat conditions like aneurysms, blood clots, and peripheral artery disease, ensuring proper blood flow throughout the body. Their expertise in maintaining vascular health results in an average annual salary of $556,070.
9. Radiology: The Diagnostic Powerhouse of Medicine
Radiologists are physician specialists who interpret medical images – X-rays, CT scans, MRIs, PET scans, and ultrasounds – to diagnose and monitor a vast array of medical conditions. They are the diagnostic eyes of medicine, providing crucial insights that guide treatment decisions across all specialties. Radiologists earn an average annual salary of $531,983, reflecting their essential role in healthcare.
10. Urology: Specialists in the Urinary and Male Reproductive Systems
Urology focuses on the diagnosis and treatment of conditions affecting the urinary tract in both men and women, as well as the male reproductive system. Urologists manage conditions ranging from kidney stones and urinary infections to prostate cancer and male infertility. The specialized nature of urological care leads to an average annual salary of $529,140.
11. Gastroenterology: Caring for the Digestive System
Gastroenterologists specialize in the diagnosis and treatment of diseases of the digestive system. This includes the esophagus, stomach, small intestine, large intestine (colon), rectum, liver, pancreas, gallbladder, and bile ducts. Gastrointestinal disorders are common, and gastroenterologists play a vital role in managing conditions like irritable bowel syndrome, Crohn’s disease, liver disease, and gastrointestinal cancers. Their expertise translates to an average annual salary of $514,208.
12. Otolaryngology (ENT): Head and Neck Specialists
Otolaryngologists, often referred to as ENT (Ear, Nose, and Throat) doctors, specialize in disorders of the head and neck. This includes a wide range of conditions affecting hearing, balance, smell, taste, voice, breathing, and swallowing. ENT specialists treat conditions from ear infections and sinusitis to hearing loss and head and neck cancers. Otolaryngologists earn an average annual salary of $502,543.
13. Anesthesiology: Ensuring Patient Comfort and Safety During Procedures
Anesthesiologists are critical care physicians who manage pain and patient safety before, during, and after surgical procedures and other medical interventions. Their expertise in anesthesia, pain management, and critical care medicine is essential for a wide range of medical settings. Anesthesiologists are compensated for their crucial role with an average annual salary of $494,522.
14. Dermatology: Experts in Skin, Hair, and Nail Health
Dermatologists specialize in the diagnosis and treatment of conditions affecting the skin, hair, and nails. This encompasses a broad spectrum of conditions, from acne and eczema to skin cancer and cosmetic concerns. With a growing focus on skin health and aesthetics, dermatology remains a well-compensated specialty, with an average annual salary of $493,659.
15. Oncology: Leading the Fight Against Cancer
Oncologists are medical specialists dedicated to the diagnosis, treatment, and management of cancer. They work with patients throughout their cancer journey, from diagnosis and treatment planning to overseeing therapies and providing supportive care. Oncologists play a vital and emotionally demanding role, reflected in an average annual salary of $479,754.
16. Ophthalmology: Preserving and Enhancing Vision
Ophthalmologists are medical and surgical eye specialists. They provide comprehensive eye care, including vision exams, medical treatment of eye diseases, and eye surgery. Ophthalmology addresses a wide range of vision-related issues, making it a consistently important and well-compensated medical specialty. Ophthalmologists earn an average annual salary of $468,581.
17. General Surgery: The Foundation of Surgical Care
General surgery forms the core of surgical disciplines. General surgeons possess a broad base of surgical knowledge and skills, addressing a wide range of conditions affecting various organ systems. While their scope is broad, general surgeons still command a strong average annual salary of $464,071, reflecting the fundamental importance of their expertise.
18. Colon & Rectal Surgery: Specializing in the Lower Digestive Tract
Colon and rectal surgeons, also known as colorectal surgeons, focus on the surgical treatment of diseases of the colon, rectum, and anus – the lower part of the digestive system. They manage conditions like colorectal cancer, inflammatory bowel disease, and hemorrhoids. Their specialized skills in this area lead to an average annual salary of $455,282.
19. Pulmonology: Caring for the Respiratory System
Pulmonologists are specialists in the diagnosis and treatment of diseases of the respiratory system, including the lungs. They manage conditions like asthma, COPD, pneumonia, lung cancer, and sleep disorders. Respiratory health is increasingly important, and pulmonologists are compensated for their expertise with an average annual salary of $410,905.
20. Emergency Medicine: Frontline Care in Critical Situations
Emergency medicine physicians are on the front lines of healthcare, providing immediate care to patients with acute illnesses and injuries in emergency departments. They must be prepared to handle a wide range of medical emergencies, requiring rapid assessment and decision-making skills. Emergency medicine physicians earn an average annual salary of $398,990.
Factors Influencing Doctor Compensation
While medical specialty is a primary determinant of physician salary, several other factors can influence how much a doctor earns.
- Specialty Demand and Reimbursement: Surgical and procedural specialties, particularly those focused on adult care, often command higher reimbursement rates from insurance providers, contributing to higher salaries. The demand for specialists in certain areas also plays a role.
- Geographic Location: Physician salaries can vary significantly by geographic location. States and cities with higher costs of living or greater demand for physicians may offer higher compensation. Interestingly, some of the highest-paying states are not necessarily the most expensive coastal cities.
- Years of Experience and Seniority: Like most professions, physician salaries typically increase with experience. More senior doctors with established practices and reputations often earn more.
- Practice Setting and Employer: Physician income can also be affected by the practice setting (e.g., private practice, hospital-employed, academic institution) and the benefits package offered by the employer.
For aspiring medical students navigating the complex path to becoming a physician, resources like Inspira Advantage’s medical school admissions guidance can provide valuable support in making informed decisions about their future careers.
State and City-Level Variations in Physician Salaries
Physician compensation not only varies by specialty but also geographically. Interestingly, some of the top-paying states for doctors might surprise you.
Top-Paying States for Physicians
According to Medscape’s Physician Compensation Report, these states lead the nation in average annual physician salaries:
| Rank | State | Average Annual Physician Salary |
|---|---|---|
| 1 | Wisconsin | $397,000 |
| 2 | Indiana | $372,000 |
| 3 | Georgia | $363,000 |
| 4 | Connecticut | $362,000 |
| 5 | Missouri | $361,000 |
| 6 | New Jersey | $360,000 |
| 7 | South Carolina | $360,000 |
| 8 | Florida | $359,000 |
| 9 | California | $358,000 |
| 10 | Michigan | $356,000 |
Top-Paying Cities for Physicians
Doximity data reveals these cities as offering the highest average physician salaries:
| Rank | City | Average Annual Physician Salary |
|---|---|---|
| 1 | Charlotte, NC | $430,890 |
| 2 | St. Louis, MO | $426,370 |
| 3 | Oklahoma City, OK | $425,096 |
| 4 | San Jose, CA | $418,600 |
| 5 | Minneapolis, MN | $411,677 |
| 6 | Sacramento, CA | $411,257 |
| 7 | Phoenix, AZ | $409,185 |
| 8 | Indianapolis, IN | $408,199 |
| 9 | Salt Lake City, UT | $408,044 |
| 10 | Atlanta, GA | $407,863 |
Considering geographic location alongside specialty choice can be a strategic approach for maximizing earning potential as a physician.
Frequently Asked Questions About Doctor Salaries
Here are answers to common questions regarding physician compensation:
1. What is the Earning Potential of the Highest-Paid Doctors?
The top-tier of highest-paid doctors, particularly those in neurosurgery, thoracic surgery, and orthopedic surgery, can earn upwards of $600,000 or more annually.
2. Which Doctor Specialty is the Absolute Highest Paid in the US?
Neurosurgery typically holds the title of the highest-paid medical specialty, with neurosurgeons reporting average annual earnings exceeding $780,000.
3. Is There a Salary Difference Between MDs and DOs?
Generally, MD (Doctor of Medicine) and DO (Doctor of Osteopathic Medicine) physicians have comparable earning potential. However, some data suggests MDs may be slightly more likely to pursue specialized, higher-paying fields, potentially leading to a subtle difference in average salaries over time.
4. Why Do Primary Care Physicians Often Earn Less?
The reasons for lower compensation in primary care are complex. Factors may include shorter residency durations compared to specialized surgical fields and differences in reimbursement models for primary care services versus specialized procedures.
5. Among Surgeons, Which Specialties Offer the Highest Salaries?
Neurosurgeons consistently rank as the highest-paid surgeons, followed by thoracic surgeons and orthopedic surgeons.
Final Considerations: Beyond the Salary
While understanding “what doctors make the most money” is a relevant factor in career planning, it’s essential to remember that choosing a medical specialty should be driven by more than just earning potential.
Your personal interests, passions, strengths, work-life balance preferences, and desired geographic location are equally, if not more, important considerations. Job satisfaction and professional fulfillment are paramount in the demanding field of medicine. Ultimately, the “best” medical specialty is the one that aligns with your individual values and aspirations, allowing you to make a meaningful impact while building a rewarding career.
