earnings

Physicians and Surgeons

Table 1. Total compensation of physicians by specialty, 2002
Anesthesiology
$306,964
Surgery, general
255,438
Obstetrics/gynecology
233,061
Psychiatry
163,144
Internal medicine
155,530
Pediatrics/adolescent medicine
152,690
Family practice (without obstetrics)
150,267


Footnotes:
(1) SOURCE: Medical Group Management Association, Physician Compensation and Production Report, 2003.

Significant Points


Many physicians and surgeons work long, irregular hours; almost one-third of physicians worked 60 or more hours a week in 2002.
New physicians are much less likely to enter solo practice and more likely to work as salaried employees of group medical practices, clinics, hospitals, or health networks.
Formal education and training requirements are among the most demanding of any occupation, but earnings are among the highest.


PODIATRISTS

Median annual earnings of salaried podiatrists were $94,870 in 2002. The middle 50 percent earned between $62,500 and $139,230 a year. According to a survey by the American Podiatric Medical Association, median net income for all podiatrists was $134,415 in 2001. Additionally, a survey by Podiatric Magazine reported median net income of $114,200 in 2003. Podiatrists in partnerships tended to earn higher net incomes than those in solo practice. Self-employed podiatrists must provide for their own health insurance and retirement.

Significant Points


Demand for podiatric care is expected to increase; however, only a limited number of job openings for podiatrists is expected because the occupation is small and most podiatrists remain in it until they retire.
Podiatrists need a State license that requires the completion of at least 90 hours of undergraduate study, the completion of a 4-year program at a college of podiatric medicine, and in most States, a postdoctoral residency program of at least 1 year.
Many podiatrists are solo practitioners, although more are entering partnerships with other podiatrists or other health practitioners; establishing a new practice will be most difficult in the areas surrounding colleges of podiatric medicine.
Podiatrists enjoy very high earnings.

DENTISTS

Median annual earnings of salaried dentists were $123,210 in 2002. Earnings vary according to number of years in practice, location, hours worked, and specialty.

Significant Points


Most dentists are solo practitioners.
Dentists usually complete at least 8 years of education beyond high school.
Employment is projected to grow more slowly than average, and most job openings will result from the need to replace the large number of dentists expected to retire.
Job prospects should be good.