Which *specialties* are the BEST paying?

[willbailey]

just want to toss in my 2 cents...it's prolly not a good idea to use medicine strictly for the money...people's LIVES are at stake, so you'd better really give a damn.

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[me454555]

Medicine is the only job in america that combines high income w/high stability. I bankers, lawyers, hedge fund manager have high income but their job security is crap. 1 bad year for a hedgefund or banker and forget about it. Lawyers? Thanx to the # of law schools out there its just real tough to get a job. We all know I bankers, hedge fund managers, and lawyers making >200k/year but they are the exception and not the rule. Look up the data on most any website and the highest paid/year are usually doctors and dentists. Granted, hedge fund managers are prolly the best paid as a group but that job is much tougher to get/maintain than getting into medical school, securing an ibanking job or whatever else you wanna compare it to.

Moral of the story: We are very lucky for the opportunity we have. We will all be well compensated for what we do

 

[beetlerum]

I oversimplified things. You are correct, my comments were only "case reports" based on myself and friends. But in my and my friends experience, it was easier to get a job at Goldman, CSFB, Deutsche Bank etc than to get into an elite medical school. We can agree that applicants accepted to any of these institutions are exceptional. I was mainly disagreeing with the other poster's statement that it's easier to get into medical school than an elite banking or consulting firm. If that comparison is to be made, it can only involve the most selective medical schools. Obviously it would be easier to get into any medical school than to be hired by Goldman etc. Just as it would be easier to join Schmo Investments, Inc. than get into HMS.

Yeah, but again, as others pointed out, the skill set is different. You can't assume that because someone got into a top med school, they'be more likely to get a job with a top bank. Maybe a little more likely. Especially if it's a top Ivy where they are concerned mostly with personality.

Also, I banking and consulting shouldn't be lumped together. Getting a job with McKinsey is hard coming from anywhere, even Harvard. True, a lot of Harvard people make it but Harvard College has a lot of amazing kids, and again, it's mostly a different skill set. Well, actually, the McK skill set is almost a supraset of the HMS skill set. Maybe slightly lower on the academics.

And of course this is just to start. Getting to 7 figures is freakin difficult in banking. A lot of top competition.

 

[Jocomama]

Thank you: A very well spoken thread!

Yeah, but again, as others pointed out, the skill set is different. You can't assume that because someone got into a top med school, they'be more likely to get a job with a top bank. Maybe a little more likely. Especially if it's a top Ivy where they are concerned mostly with personality.

Also, I banking and consulting shouldn't be lumped together. Getting a job with McKinsey is hard coming from anywhere, even Harvard. True, a lot of Harvard people make it but Harvard College has a lot of amazing kids, and again, it's mostly a different skill set. Well, actually, the McK skill set is almost a supraset of the HMS skill set. Maybe slightly lower on the academics.

And of course this is just to start. Getting to 7 figures is freakin difficult in banking. A lot of top competition.

 

[Gabujabu]

Yeah, that's probably more like it. I initially said good only because I've heard many reports of new college grads/MBAs getting many more job offers this year. Of course, that certainly does not mean the economy is good.

The economy is "good"....?????...i think its "recovering" is more like it......

 

[8744]

I confess that I have only the vaguest notion what an investment banker does. In fact, when I travel, I am mystified at what exactly all of those people are doing with their laptops and cordless headsets (except for that kid I saw surfing porn, of course).

No real point. Just that I agree wholeheartedly with the poster who pointed out that a different skill set is required in the business world. I am a decent Doctor. I would blow as a banker. I would hate to push numbers around and go to meetings for a living.

On another note, you get a lot more respect as a physician than you would as a businessman. When I walk into the patient's room, invariably the family stand up and become quiet, listening respectfully to what I have to say. At the bank or the accounting firm you're just "Bob in accounts receivable."

This is because the skill-set required of a physician involves being an authority figure on life or death issues.

You may call me superficial and claim that you don't care about such things but prestige and respect are pretty important.

 

[deleted4401]

I wish I was Bob in Accounts Receivable. That guy is cool as ****.

-SDP

 

[medician]

There is something slightly unethical about objectively comparing medical salaries with those of other professions. Why? Because, supposing someone were to get into medical school and beyond with motivations of financial security and wealth - what does one tell their patients when they're working 80+ hrs/week PGY-1 dreaming of dollars bills to get through the night, slightly disappointed that they didn't make thier choice of a rich specialty?

No, I dont blame the original poster for being curious about this topic - but to compare medicine with investment banking is something odd altogether.

And besides, theres more to life then selling yourself for dollar bills.

 

[8744]

'

...what does one tell their patients when they're working 80+ hrs/week PGY-1 dreaming of dollars bills to get through the night, slightly disappointed that they didn't make thier choice of a rich specialty?

You don't have to tell your patients jack. Most of them think you're a rich doctor pulling in six figures even if you are an intern.

 

[turbomech7]

I don't think the word "tell" was used in the sense of the intern explaining himself to the patient, but rather justification for substandard care (which is likely when all one thinks about is the money waiting for him/her at the end of training).

 

[8744]

I don't think the word "tell" was used in the sense of the intern explaining himself to the patient, but rather justification for substandard care (which is likely when all one thinks about is the money waiting for him/her at the end of training).

Whoa. Just an observation: Every resident thinks about his future salary and working conditions. Only pre-meds talk in idealistic terms but this rarely lasts beyond the first couple of years.

Being concerned about salary does not lead to substandard care as professionals have an incentive to both work and maintain a good reputation.

 

[cdql]

Whoa. Just an observation: Every resident thinks about his future salary and working conditions. Only pre-meds talk in idealistic terms but this rarely lasts beyond the first couple of years.

Being concerned about salary does not lead to substandard care as professionals have an incentive to both work and maintain a good reputation.

So I'm going to have to print this out, laminate it, and then attach it to my forehead

 

[gluon999]

So I'm going to have to print this out, laminate it, and then attach it to my forehead

Didn't you get the memo? I am going to go ahead and get you another copy.

 

[Long Dong]

I caught a few local family med docs in their "backroom":

Look at the happy expression of those lil guys, family med for the win.

here is the FM program director at Duke:

FEEL THE POWER!

This gets my vote as the funniest post of the year. It actually made me snort a noodle up my nose while I was reading it.

 

[ASDIC]

its extremely difficult to get an investment banking job...atleast one with a good position...at our undergrad, over 300 ppl applied for an investment banker position, and only 1 was accepted.

Also investment banking is a difficult job, people are in charge of billions of dollars of cashflows, so there is tremendous responsibility and stress with dealing with that much money. In addition, I kno some guys in this field who work 80 hrs a week, including weekends and midnights to standby to provide emergency funding to companies. These guys get compensated well given the difficulty of getting the job and working the job itself...most of them start off with 100 K.

 

[RxnMan]

At the bank or the accounting firm you're just "Bob in accounts receivable."

Or how about Herbert Cornfeld in Accounts Receivables?

You may call me superficial and claim that you don't care about such things but prestige and respect are pretty important.

As much as I think I will enjoy being a doc, I would not expose myself to that much risk (i.e., take on that much debt,) if I didn't think there'd be a substantial $$$ payoff in the future. And being an authority and having people listen to you when you are deadly serious about helping them is important.

 

[OSUdoc08]

I apologize that this post is similar to my original post, but I am really curious about the statistics for *specialties*.
1. Which specialties are the BEST paying by *hour*?
2. Which specialties are the BEST paying by *year*?
3. Which specialties has the least hours/emergency/night calls?
4. Is there any website that list these kind of statistics?

Thanks!!!

Best Paying: Spinal Surgery

No Call: Emergency Medicine

 

[phillyfornia]

my guess is that one of the best paying jobs by the hour is EM ($120-$150/hr)

 

[Techmonkey]

Well imho if you break it down math-wise, we all have job-based income and income obtained from investment.

At some point income from one's investments starts to supercede job-based income.

Although the original poster asked for the best PAYING specialty, it's possible that what he really wanted to know was which specialty would put him in the most financially advantageous position. That depends largely on how well you use your time. If you felt that having more time to invest would make you a greater total income then choose a specialty with less hours.

The best way to be rich is to be financially savvy/disciplined. I derive great emotional satisfaction from efficacious treatment but intellectually I find investment/business to be more interesting. Hence I'm inclined towards a specialty that allows me the hours to spend reading business/investment.

 

[medgator]

my guess is that one of the best paying jobs by the hour is EM ($120-$150/hr)

Procedure-based fields probably pay way more per hour than that. Derm, optho, and plastics can make a lot in very little time. Derm, especially--- most of the stuff is out-of-pocket.

 

[3dtp]

Procedure-based fields probably pay way more per hour than that. Derm, optho, and plastics can make a lot in very little time. Derm, especially--- most of the stuff is out-of-pocket.

Out of pocket? I thought derm was trim a little off the top and take some off the sides.

 

[hapahaole123]

Would add pain.
There were pain people making money hand over fist in the recent past and maybe even now though I don't know how much longer the pain thing will last.
Bariatric surgeons seem to be making much dinero too.
Rads seems to do ok for now too.

Don't think dermies make that much money per se, it's more a lifestyle field. Know dermies who just make double of low end primary care.

Also if you're just into lifestyle and money consider ortho. Orthodontics that is. Can easily make 500k with no emergencies and a regular work week. Can even do dental films.

 

[medgator]

Would add pain.
There were pain people making money hand over fist in the recent past and maybe even now though I don't know how much longer the pain thing will last.
Bariatric surgeons seem to be making much dinero too.
Rads seems to do ok for now too.

Don't think dermies make that much money per se, it's more a lifestyle field. Know dermies who just make double of low end primary care.

Also if you're just into lifestyle and money consider ortho. Orthodontics that is. Can easily make 500k with no emergencies and a regular work week. Can even do dental films.

The thing is, per hour, the derms are probably doing pretty well.... would guess that the rough work week for them is around 50 hours? So that means they're probably pulling in double money for the same hours, compared to primary care.

 

[deleted87716]

The thing is, per hour, the derms are probably doing pretty well.... would guess that the rough work week for them is around 50 hours? So that means they're probably pulling in double money for the same hours, compared to primary care.

The mean hours spent in practice per week in family medicine is 50.7. The mean time spent engaged in patient care or related activities is 40.2 hours per week.

Source: http://www.aafp.org/online/en/home/aboutus/specialty/facts/14.html

 

[medgator]

The mean hours spent in practice per week in family medicine is 50.7. The mean time spent engaged in patient care or related activities is 40.2 hours per week.

Source: http://www.aafp.org/online/en/home/aboutus/specialty/facts/14.html

I wonder how that compares to derm or optho....

 

[Techmonkey]

I wonder how that compares to derm or optho....

I'm curious as to why Moh's Derms are paid so well actually. What differentiates it from any other procedure-driven speciality?

 

[medgator]

I'm curious as to why Moh's Derms are paid so well actually. What differentiates it from any other procedure-driven speciality?

lots more out-of-pocket procedures that medicare cant get its hands on?

 

[DarksideAllstar]

I'm curious as to why Moh's Derms are paid so well actually. What differentiates it from any other procedure-driven speciality?

Probably related to the multiple billing components of the procedure (ie. Excising the lesion, technical fee for processing the specimen, fee for quick read of slides, etc), but I could be wrong.

http://www.mohssurgery.org/New/healthCare/healthCareIndex.html

 

[novacek88]

It's harder to get an analyst position at Goldman Sachs/Lehman/Bear Stearns then it is to get into medical school. It is harder to get a private equity postion at KKR/Dearborn Madison/GTCR then it is to get into medical school. It is harder to get an entry level consulting job at McKinsey/Bain/BCG then it is to get into medical school.

Don't kid yourself. I know these are "mere facts", but frankly speaking, if you get into medical school and go into: rads, gas, derm, rad onc, path, cards, gi, optho, ENT, urology, you will be better off then 90% of the population financially, and probably happier than most people in general. All you people who say "go get a job on wall street" probably haven't tried it.

A McKinsey job interview (I've been on 2 out of the 3 interviews) is more grueling than any medical school or residency interview you can imagine. You can't fake it, and you can't get by on legacy or affirmative action or good test scores or being a nice guy or whatever. Their standards are so high.

I matched in a competitive specialty (rad-onc) at a good medical center (Pitt), and it was much easier than getting a job at a top management consulting firm or an analyst position at an I-Bank. Trust me - I thought I had a year off coming up so I applied to these jobs, no luck whatsoever.

Unfortunately or fortunately depending on perspective, being a physician is still a heck of a way to do better than most people, financially, in the US. I can't guarantee you will like your job, but you will make more than my mom and dad combined ... in your first year out of residency.

-S

Thank You! I can't tell you how many ignorant physicians tell people to simply go become an investment banker as if it's easy. I too have experience in this area and it's far easier to earn a large income in medicine than trying your luck on Wall-Street. It reminds me of people who are not in medicine telling newly minted medical students to simply go into dermatology.

 

[novacek88]

It's been shown that when you compare people with similar grades, test scores, etc.: those that go into medical school will make less than those that go into business.

This is simply not true. Even when you account for similar grades and test scores, it was shown that physicians earn nearly 60K more than a person who earned his or her MBA and went onto executive positions. People forget that the majority of companies that exist in this country are small and have employees of less than 500. Thus most executives and CEO's do not earn those astronomical salaries that you read about in Money magazine. Most executives earn less than 200K. It's nearly impossible to become an executive with a Fortune 500 company. It takes some people nearly 20 years of working to attain that level in a company and that too, they needed a lot of luck to get there. By luck, I mean they were fortunate to work for bosses who were promoted and those bosses brought their subordinates along with them. Or these people were lucky to work in a field or division that suddenly became hot and their expertise was suddenly in demand so they were promoted.

Second, I know TONS of people in my undergrad who went into I-banking in NYC that didn't work anywhere near as hard as the pre-meds did, and certainly didn't have anywhere near the grades.

I bet you don't know TONS of people. As someone who was a headhunter and recruited for Lazard Frere, I can tell you that to be competitive you needed a GPA of at least a 3.80 overall from an Ivy League school or a non-Ivy with a great reputation like Stanford, U Chicago, Northwestern, Williams, Amherst and Duke. If you were an outside applicant from an average school, then you needed amazing connections, work experience or a 3.90 GPA and a Rhodes, Fullbright or Marshall Scholarship. This was just to get an interview. We would forgive GPAs from students who were engineering majors. I can also tell you many pre-medical students apply to I-banking positions all the time. It's quite common in fact which is funny because many physicians think its an anomaly. Contrary to what people may believe, there are no set skills or pre-requisite courses one needs to take to become an investment banker. We trained people extensively so we were looking for candidates who were able to think analytically while retaining the ability to interact well with clients. We do favor students with math and science backgrounds so economics, engineering, pre-med and finance majors have an edge but we did occassionaly hire liberal arts majors too. I can tell you that most of these pre-medical students were not granted interviews because many of them were not as competitive as students who majored in other fields.

At that time, analysts were offerred a base salary of 60K with the potential to earn 90-110 with their bonus at the end of the year. Typically, a person would work as an analyst for 2-3 years and then apply for their MBA. After receiving their MBA, we would hire these former analysts as associates and start them out at 120-150K depending on the bank and the division. With their bonus, they could earn 200-300K as an associate. After 3-8 years as an associate, you could be promoted to the VP level. VP's are the ones who earn a lot of money with base salaries in the 300-500K range and with bonus, could earn 1 million + easy. The catch is 95% of investment bankers never go beyond the associate level and many analysts and associates are routinely layed off so they never even get a chance to earn famous Wall Street money that pre-meds envision. In reality, the majority of analysts were layed off after 1-2 years so they never had a chance to come back and be hired as associates. Most of these layed off people end up doing okay. Many of them will join consulting companies in various divisions of finance or some will go to law school hoping to get hired by a big firm and then hoping to succeed in the law firm hierarcy. But regardless, none of them will have the earning potential and job security that are afforded to physicians. Yes, the bankers that became VP or better yet managing partner are doing quite well but it's nearly a crapshoot to attain that level.

 

[novacek88]

But now you're comparing getting into ANY medical school with getting a position at a top banking company...Its like saying its sooo easy to "Podunk Bank Job" and very difficult to get into Harvard Med school.

But there is no such thing as a Podunk I-banking job. You can't work for Mom and Pops I-Banking in Jackson Mississippi and earn 100k starting instead of 120K in New York. All I-banking jobs are in demand and very competitive. Candidates go on muliple interviews with the hope they will land at least A job. It's true that the very top firms like Goldman Sachs have more stringent requirements than the other banks but it's not by much. It in no way compares to the discrepancy between Harvard Medical School and State M.D. school for example.

But in my and my friends experience, it was easier to get a job at Goldman, CSFB, Deutsche Bank etc than to get into an elite medical school.

But the author was talking about getting into medical school in general versus going to a top medical school. Yes, it's probably more difficult getting into Harvard or Yale med versus Deutsche Bank but it's a lot harder getting a job at Deutsche Bank versus getting into your state medical school. Regardless there is no Meharry of I-Banks aka "Schmos" investments. All I-Banks are elite so it is in fact much easier getting into any medical school versus being hired by any I-bank. When a job can pay someone 100K out of college, trust me, everyone guns for it so even "Schmo's" invesments will offer similar competition to even the most elite banks.

Many of the guys I knew were worth $5-10 million by the time they were 30, which in medicine would be very novel (for wealth gains simply from medicine itself).

But for every one of your 30 year old millionairre hedgefund managers, there are hundreds of startup hedgefunds that no longer exist (nor the hundreds of jobs associated with them). I personally knew several statistical analysts that started out at these funds and were layed off. You were just in a fortunate position to know of people that exist like that. If you want to provide that example, I also knew people that became multimillionaires by quite literally getting lucky in the oil and gas industry in states like Arkansas and Oklahoma. Yes, the potential to earn crazy money does not exist in medicine like it does in business but the odds of becoming wealthy in business is considerably smaller than a physician becoming modesly wealthy. It's not uncommon for many physicians to be worth 2-3 million by their mid to late 40's which most business people would kill for. And these are not just surgeons. We are talking about Primacy care physicians who successfully started and run their own practice. And remember the pediatricians earning 80K in California are choosing to settle for that income when they could just as easily move to small town USA and earn 3 times that salary and have a lower cost of living. So it's not like they are limited to 80K so let's keep things in perspective.

 

[erichaj]

Why not talk about money? some of you say it's not good to talk about it. As if just because you talk about it, it is the only reason for someone to go to medical school.

People have the right to know about finances.

"Investment banking"? who says every investment banker makes lots of money? Thats like saying that every college footbal player makes it to the pros. Wall street is hard work.

 

[novacek88]

Back to the original question: If I had to rank the top 10 following fields in terms of what a physician earns in private practice after working for several years, here is my rankings. This is based on my extensive experience with physicians in general through family, friends and associates.

1. Plastic Surgery
2. Neurosurgery (includes Ortho Spine)
3. Cardiology (both interventional and non-interventional)
4. Maternal-Fetal OBGYN specialists
5. Opthalmology
6. Orthopedic Surgeons
7. Pain Medicine
8. Radonc
9. GI tied with Urology
10. Radiology

Dermatology is more of a lifestyle oriented field. And Derm has the potential to earn much more but most dermatologists become used to their lifestyle and thus elect not to work more.

 

[ChiliPalmer]

Why not talk about money? some of you say it's not good to talk about it. As if just because you talk about it, it is the only reason for someone to go to medical school.

People have the right to know about finances.

"Investment banking"? who says every investment banker makes lots of money? Thats like saying that every college footbal player makes it to the pros. Wall street is hard work.

To some extent, I agree with this. You need to know what you can expect to make when you are working. To be indifferent to this information is foolish. It's like the social worker who, with tens of thousands of dollars in undergraduate debt, assumes more debt to get a graduate degree in social work, only to make $40,000 as a social worker. It's your own damn fault if you don't put the time in to make sure your investment of time and money will have adequate tangible benefits.

 

[meddog1]

I didn't lie, b/c i didn't have a spot yet. Plus, they make you no promises about how long they will keep you and you make no promises about how long you stay. If a client wants to hire you away, you'll leave your consulting company without batting an eye.

it makes sense that people with similar grades/test scores will get higher paying jobs outside of medicine, for obvious market-related reasons. Not surprising in the least. but, in this economy, the people getting the top jobs (GS, lehman, GTCR, mckinsey, bcg, etc.) are far more qualified then those getting into, say, Michigan State College of Human Medicine. I got into Tulane and MSU med school with a 3.0. I got neg'd on all my undergrad interviews at top companies. After med school, the top companies interviewed me b/c of my MD. They were interested in a new skill test, and weren't discouraged by my dismal undergrad GPA.

If you get a 3.5 in undergrad and a 30 on your MCAT, you will more than likely get into MD school somewhere. And then you can get a residency in a lifestyle field, if you want. With a 3.5, McK, etc. will not interview you. Promise, I've met with enough of their staff to know who they select out of undergrad. They are stellar candidates.

It's harder than you think. I'm not going on anecdotes about friends. I'm going by personal experience. I didn't have to prep for a med school/residency interview. I just acted like myself. For strategy interview, I had to meet with current staff and practice cases, read about cases on my own, learn about different industries, and hold it together in front of a higher-up.

-S

Maybe, but a 3.5 earned in an undergrad business curriculum is a joke compared to a 3.5 earned doing a hardcore science curriculum.

 

[erichaj]

To some extent, I agree with this. You need to know what you can expect to make when you are working. To be indifferent to this information is foolish. It's like the social worker who, with tens of thousands of dollars in undergraduate debt, assumes more debt to get a graduate degree in social work, only to make $40,000 as a social worker. It's your own damn fault if you don't put the time in to make sure your investment of time and money will have adequate tangible benefits.

That's what I'm talking about.

 

[ckyuen]

Quote:
Originally Posted by Techmonkey
I'm curious as to why Moh's Derms are paid so well actually. What differentiates it from any other procedure-driven speciality?



Probably related to the multiple billing components of the procedure (ie. Excising the lesion, technical fee for processing the specimen, fee for quick read of slides, etc), but I could be wrong.

http://www.mohssurgery.org/New/heal...hCareIndex.html

UCSF bound you are 100% correct. If they have an asc they rake it in also b/c they get a facility fee which is higher than the procedure fee. so something like 900 or a 1000 facility fee 400-700 bucks to cut of lesion or so. another 800 or so if you have to do skin graft, i don't know how much to read and process slide, but numbers add up very quick and these are medicare range reimbursements. It's not cash pay as someone alluded to earlier. when have you seen an insurer deny resection of malignant neoplasm, you don't even need a prior auth for that one.

 

[ckyuen]

Oh by the way per general surgery is the way to go, look at related post 600k for a job in nevada.

 

[Winged Scapula]

Oh by the way per general surgery is the way to go, look at related post 600k for a job in nevada.

Well, its hardly a great deal (can't believe I turned it down!)...but here's the link for those interested...

http://forums.studentdoctor.net/showthread.php?t=309227

 

[EUA]

Maybe, but a 3.5 earned in an undergrad business curriculum is a joke compared to a 3.5 earned doing a hardcore science curriculum.

Really? Did you do both?

 

[stunna8]

Really? Did you do both?

Actually I did both and meddog is right. It really is a joke how much easier it is to make good grades as a business major. Most of the business classes I took were completely online requiring maybe 1 hour of studying per week.

 

[dron000]

You're a wise man.

It's harder to get an analyst position at Goldman Sachs/Lehman/Bear Stearns then it is to get into medical school. It is harder to get a private equity postion at KKR/Dearborn Madison/GTCR then it is to get into medical school. It is harder to get an entry level consulting job at McKinsey/Bain/BCG then it is to get into medical school.

Don't kid yourself. I know these are "mere facts", but frankly speaking, if you get into medical school and go into: rads, gas, derm, rad onc, path, cards, gi, optho, ENT, urology, you will be better off then 90% of the population financially, and probably happier than most people in general. All you people who say "go get a job on wall street" probably haven't tried it.

A McKinsey job interview (I've been on 2 out of the 3 interviews) is more grueling than any medical school or residency interview you can imagine. You can't fake it, and you can't get by on legacy or affirmative action or good test scores or being a nice guy or whatever. Their standards are so high.

I matched in a competitive specialty (rad-onc) at a good medical center (Pitt), and it was much easier than getting a job at a top management consulting firm or an analyst position at an I-Bank. Trust me - I thought I had a year off coming up so I applied to these jobs, no luck whatsoever.

Unfortunately or fortunately depending on perspective, being a physician is still a heck of a way to do better than most people, financially, in the US. I can't guarantee you will like your job, but you will make more than my mom and dad combined ... in your first year out of residency.

-S

 

[dron000]

Are you comparing a doctor to a bank teller?? I see your point about medicine, but I think real bankers are respected,too.

I confess that I have only the vaguest notion what an investment banker does. In fact, when I travel, I am mystified at what exactly all of those people are doing with their laptops and cordless headsets (except for that kid I saw surfing porn, of course).

No real point. Just that I agree wholeheartedly with the poster who pointed out that a different skill set is required in the business world. I am a decent Doctor. I would blow as a banker. I would hate to push numbers around and go to meetings for a living.

On another note, you get a lot more respect as a physician than you would as a businessman. When I walk into the patient's room, invariably the family stand up and become quiet, listening respectfully to what I have to say. At the bank or the accounting firm you're just "Bob in accounts receivable."

This is because the skill-set required of a physician involves being an authority figure on life or death issues.

You may call me superficial and claim that you don't care about such things but prestige and respect are pretty important.

 

[dron000]

And what specialty would that be?

Well imho if you break it down math-wise, we all have job-based income and income obtained from investment.

At some point income from one's investments starts to supercede job-based income.

Although the original poster asked for the best PAYING specialty, it's possible that what he really wanted to know was which specialty would put him in the most financially advantageous position. That depends largely on how well you use your time. If you felt that having more time to invest would make you a greater total income then choose a specialty with less hours.

The best way to be rich is to be financially savvy/disciplined. I derive great emotional satisfaction from efficacious treatment but intellectually I find investment/business to be more interesting. Hence I'm inclined towards a specialty that allows me the hours to spend reading business/investment.

 

[deleted4401]

Who says you need a "hard-core" science curriculum to go to medical school? I did economics. About half of incoming med-students major in science, the rest are liberal arts. And at Northwestern, the econ classes were only slightly less challenging than the science courses. Some of them were harder.

Who says McKinsey/Goldman are looking for business majors? If you look at who they hire or speak to even one of their recruiters, you would know that they frown upon business majors, especially those that get a BBA. They are looking for thinkers. A philosophy major, an engineering major, an econ major, an English major are all equal in the eyes of these employers. What separates them is their critical thinking skills, their interview skills, their presentation skills, and their sincere interest in consulting and finance.

I feel like those who think it is easy to make money outside of medicine have not tried it, or have made it in jobs that are not high in prestige or intellectual challenge. Yes, one can slowly buy enough Taco Bell franchises to become quite rich or get MCSE certification and progressively move up the techno-corporate ladder and make money, but very few will make the $300k/year that someone can get from practicing anesthesia after graduating from a foreign medical school (not a knock on either), without the risk of layoffs or 'management re-structuring".

Seriously, for kicks, fill out the McKinsey app, it takes about a half an hour. >100,000 people apply and about 25,000 interview around the world. They'll fly you out and put you up. Nice meals and recruiting events before the interview, if you are in a city with an office. About half of those interviewed are invited back for round 2. Half of those are given an offer ... ~5000-6000. However, that does not mean there is a 5% chance for everyone. Those same 5000 are the ones getting hired by Bain and BCG and BAH.

Sorry to harp on this, but I really feel people are forgetting how lucky we are. It's a lot harder in the 'real world'.

-S

 

[meddog1]

Really? Did you do both?

Nope. But a lot of my buddies in undergrad were business majors and I looked through their texts, etc. Didn't look intimidating by any means. Suposedly "Micro Economics" is their killer course. Some complex formulas with it, but appeared very doable.

 

[owen_osh]

Back to the original question: If I had to rank the top 10 following fields in terms of what a physician earns in private practice after working for several years, here is my rankings. This is based on my extensive experience with physicians in general through family, friends and associates.

1. Plastic Surgery
2. Neurosurgery (includes Ortho Spine)
3. Cardiology (both interventional and non-interventional)
4. Maternal-Fetal OBGYN specialists
5. Opthalmology
6. Orthopedic Surgeons
7. Pain Medicine
8. Radonc
9. GI tied with Urology
10. Radiology

Dermatology is more of a lifestyle oriented field. And Derm has the potential to earn much more but most dermatologists become used to their lifestyle and thus elect not to work more.

This suprised me. I've never heard people say that MFM's make that much.

 

[HTD]

GI tied with Urology

How are these two tied?

 

[Shah_Patel_PT]

How are these two tied?

ureterocolic fistula? lol

 

[cdql]

Are you comparing a doctor to a bank teller?? I see your point about medicine, but I think real bankers are respected,too.

ehhhhhh

This may just be my pessimistic nature but I don't think either job carries too much respect.

Doctors: Pill-dispensing *****s moving from one malpractice suit to another

Bankers: Either they're making money for you or they're the ones flying off the Empire State Building with no helmet on