Which Doctors Make The Most Money is a common question for those considering a career in medicine, and money-central.com is here to provide clarity. Understanding the financial landscape of different medical specialties can help you make informed decisions about your future. We will explore the highest-paying medical professions in the US, offering insights into factors that influence physician compensation, lucrative states for doctors, and more to guide your financial planning.
1. Highest-Paid Doctors in the US in 2024
Determining which doctors are paid the most requires careful analysis of various compensation reports. We’ve compiled our list using the Physician Compensation Report to give you a comprehensive overview.
| Specialty | Average Annual Income |
|---|---|
| Neurosurgery | $763,908 |
| Thoracic Surgery | $720,634 |
| Orthopedic Surgery | $654,815 |
| Plastic Surgery | $619,812 |
| Oral & Maxillofacial Surgery | $603,623 |
| Radiation Oncology | $569,170 |
| Cardiology | $565,485 |
| Vascular Surgery | $556,070 |
| Radiology | $531,983 |
| Urology | $529,140 |
| Gastroenterology | $514,208 |
| Otolaryngology (ENT) | $502,543 |
| Anesthesiology | $494,522 |
| Dermatology | $493,659 |
| Oncology | $479,754 |
| Ophthalmology | $468,581 |
| General Surgery | $464,071 |
| Colon & Rectal Surgery | $455,282 |
| Pulmonology | $410,905 |
| Emergency Medicine | $398,990 |
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2. Highest-Paid Doctor Specialties in the US
Which medical specialties offer the highest compensation? Let’s delve into the details of the best-paying medical specialties in the US.
2.1. Neurosurgery
Which doctor tops the list? A neurosurgeon. Neurosurgery involves surgery of the brain, spinal cord/column, and peripheral nerves. Aspiring neurosurgeons must complete at least a seven-year residency. The average annual compensation for neurosurgeons is $763,908, making them the highest-paid doctors. Neurosurgery’s high compensation reflects the complexity and critical nature of the procedures they perform. These surgeries often involve life-saving interventions, requiring extensive training and expertise. The demand for neurosurgeons remains high due to the aging population and the increasing prevalence of neurological disorders.
Brain surgery
2.2. Thoracic Surgery
Which surgeons specialize in chest organs? Thoracic surgeons. Thoracic surgeons perform surgery on organs located in the chest, including the heart, lungs, and esophagus. Cardiothoracic surgeons diagnose and treat many conditions, including lung disease, heart failure, and congenital heart defects. Thoracic surgeons make an average annual salary of $720,634. Thoracic surgery is a highly specialized field that requires extensive knowledge of the respiratory and cardiovascular systems. These surgeons perform complex procedures, such as heart transplants and lung resections, which contribute to their high earning potential. The increasing prevalence of lung cancer and heart disease further drives the demand for skilled thoracic surgeons.
2.3. Orthopedic Surgery
Which surgeons treat the skeletal system? Orthopedic surgeons. These types of surgeons treat a variety of conditions related to the skeletal system, muscles, tendons, and joints. Orthopedics has risen to the top in terms of physician pay in recent years. The average annual income of a US orthopedic surgeon is $654,815. According to research from New York University’s Stern School of Business, in July 2025, orthopedic surgeons are in high demand due to the aging population and the increasing incidence of sports-related injuries. They perform procedures such as joint replacements, fracture repairs, and arthroscopic surgeries, which contribute to their high earning potential.
2.4. Plastic Surgery
Which surgeons specialize in cosmetic and reconstructive procedures? Plastic surgeons. Plastic surgeons perform cosmetic and reconstructive surgeries on almost every body part. Plastic surgery residencies are one of the longest to complete, taking six years. The average annual compensation for a plastic surgeon is $619,812. The demand for plastic surgeons is driven by both cosmetic and reconstructive needs. Cosmetic procedures, such as facelifts and breast augmentations, are increasingly popular, while reconstructive surgeries are essential for patients recovering from trauma, burns, or cancer. The combination of these factors contributes to the high earning potential of plastic surgeons.
2.5. Oral and Maxillofacial Surgery
Which surgeons work on the face, neck, and jaws? Oral and maxillofacial surgeons. While this is actually a dental specialty, oral and maxillofacial surgeons treat diseases, defects, and injuries in the face, neck, head, jaws, and surrounding area. These surgeons can expect to make an average annual salary of $603,623. Oral and maxillofacial surgeons require extensive training in both dentistry and surgery. They perform procedures such as jaw reconstructions, facial trauma repairs, and dental implant placements. The combination of these skills and the complexity of the procedures they perform contributes to their high earning potential.
2.6. Radiation Oncology
Which doctors specialize in treating cancer with radiation? Radiation oncologists. Radiation oncologists specialize in treating cancers using radiation therapy. They oversee the patient’s care and ensure they understand the benefits and drawbacks of radiation therapy. Radiation oncologists make $569,170 annually, on average. Radiation oncology plays a crucial role in cancer treatment, and radiation oncologists are responsible for designing and implementing radiation therapy plans. They work closely with other cancer specialists to provide comprehensive care for their patients. The complexity and critical nature of their work contribute to their high earning potential.
2.7. Cardiology
Which doctors focus on the cardiovascular system? Cardiologists. Cardiology focuses on the diagnosis, treatment, and prevention of diseases in the cardiovascular system. Cardiology is generally a high-earning specialty, which can increase depending on your area of expertise. A cardiologist’s average annual salary is $565,485. Cardiologists are in high demand due to the prevalence of heart disease. They perform procedures such as angioplasties, stent placements, and pacemaker implantations. The combination of these factors and the critical nature of their work contributes to their high earning potential.
2.8. Vascular Surgery
Which surgeons specialize in blood vessel procedures? Vascular surgeons. Vascular surgery is an umbrella term for a range of open surgeries and minimally invasive procedures involving your blood vessels. Vascular surgery treats conditions such as blood clots, deep vein thrombosis, and aneurysms. Vascular surgeons can expect an average salary of $556,070 yearly. Vascular surgeons require extensive training in both open surgical techniques and minimally invasive procedures. They treat a wide range of vascular conditions, from aneurysms to peripheral artery disease. The complexity of these procedures and the critical nature of their work contribute to their high earning potential.
2.9. Radiology
Which doctors interpret medical images? Radiologists. Radiologists are doctors who interpret medical images, such as X-rays, CT, MRI, and PET scans, to diagnose and treat illnesses. Radiologists can expect to earn an annual average salary of $531,983. Radiology is a critical component of modern medicine, and radiologists play a vital role in diagnosing and treating a wide range of medical conditions. They require extensive knowledge of anatomy, physiology, and pathology. The increasing use of medical imaging and the demand for accurate interpretations contribute to their high earning potential.
2.10. Urology
Which doctors focus on the urinary and male reproductive systems? Urologists. Urology focuses on the study, prevention, diagnosis, and treatment of diseases in both the urinary system and the male reproductive system. As of 2024, the average salary for urologists is $529,140 annually. Urologists treat a wide range of conditions, from kidney stones to prostate cancer. They perform procedures such as cystoscopies, prostatectomies, and kidney stone removals. The combination of these factors and the specialized nature of their work contribute to their high earning potential.
2.11. Gastroenterology
Which doctors treat digestive system illnesses? Gastroenterologists. Gastroenterologists treat and diagnose illnesses affecting the digestive system, including ailments impacting the stomach, esophagus, rectum, colon, small intestine, pancreas, bile ducts, gallbladder, and liver. On average, gastroenterologists make $514,208 annually. Gastroenterologists are in high demand due to the prevalence of digestive disorders. They perform procedures such as colonoscopies, endoscopies, and liver biopsies. The increasing incidence of conditions such as irritable bowel syndrome (IBS) and liver disease further drives the demand for skilled gastroenterologists.
2.12. Otolaryngology (ENT)
Which doctors specialize in head and neck disorders? Otolaryngologists. Otolaryngologists specialize in head and neck disorders (commonly those affecting the ears, nose, and throat). Otolaryngologists make an average annual salary of $502,543. Otolaryngologists treat a wide range of conditions, from hearing loss to sinus infections to head and neck cancers. They perform procedures such as tonsillectomies, sinus surgeries, and cochlear implantations. The breadth of their practice and the specialized nature of their work contribute to their high earning potential.
2.13. Anesthesiology
Which doctors manage pain during and after surgeries? Anesthesiologists. Anesthesiologists care for patients before, during, and after surgeries. They are doctors who are experts in pain management and critical care medicine. The average annual salary of an anesthesiologist is $494,522. Anesthesiologists play a critical role in ensuring patient safety and comfort during surgical procedures. They require extensive knowledge of pharmacology, physiology, and critical care medicine. The increasing complexity of surgical procedures and the demand for skilled pain management contribute to their high earning potential.
2.14. Dermatology
Which doctors specialize in skin, hair, and nail conditions? Dermatologists. Dermatologists specialize in conditions impacting the skin, hair, and nails. The four main types of dermatologists are general/medical, aesthetic, surgical, and inpatient dermatologists. The average annual salary of a dermatologist is $493,659. Dermatologists treat a wide range of conditions, from acne to skin cancer. They perform procedures such as biopsies, excisions, and laser treatments. The increasing demand for cosmetic dermatology services and the prevalence of skin conditions contribute to their high earning potential.
2.15. Oncology
Which doctors focus on cancer diagnosis and treatment? Oncologists. Oncologists focus on the diagnosis, treatment, and management of cancer. They discuss options and treatment plans with patients, oversee their treatment, and provide post-op care. Oncologists can expect to make an average annual salary of $479,754. Oncologists play a critical role in the fight against cancer. They require extensive knowledge of cancer biology, chemotherapy, radiation therapy, and immunotherapy. The increasing incidence of cancer and the demand for skilled oncologists contribute to their high earning potential.
2.16. Ophthalmology
Which doctors specialize in vision and eye care? Ophthalmologists. Ophthalmologists specialize in vision and eye care; they are eye doctors with extensive surgical/medical training. Ophthalmologists can expect to earn $468,581 on average annually. Ophthalmologists treat a wide range of eye conditions, from cataracts to glaucoma to macular degeneration. They perform procedures such as cataract surgeries, LASIK, and retinal repairs. The aging population and the increasing prevalence of eye diseases contribute to their high earning potential.
2.17. General Surgery
Which surgeons have a broad range of surgical knowledge? General surgeons. General surgery is a discipline of surgery having a central core of knowledge embracing anatomy, physiology, metabolism, immunology, nutrition, pathology, wound healing, shock and resuscitation, intensive care, and neoplasia. General surgeons can expect to earn an average annual salary of $464,071. General surgeons perform a wide range of surgical procedures, from appendectomies to hernia repairs to gallbladder removals. They require a broad knowledge of surgical techniques and medical conditions. The demand for general surgeons remains high in both urban and rural areas.
2.18. Colon & Rectal Surgery
Which surgeons treat the lower gastrointestinal tract? Colorectal surgeons. Colorectal surgeons (formerly known as proctologists) treat conditions impacting the lower gastrointestinal tract (the large intestine). These surgeons can expect to make an average annual salary of $455,282. Colorectal surgeons treat a wide range of conditions, from hemorrhoids to colon cancer to inflammatory bowel disease. They perform procedures such as colonoscopies, colectomies, and rectal resections. The increasing incidence of colorectal cancer and other digestive disorders contributes to their specialized nature of their work.
2.19. Pulmonology
Which doctors diagnose and treat respiratory system diseases? Pulmonologists. A pulmonologist diagnoses and treats respiratory system diseases, including emphysema, COPD, and lung cancer. Pulmonologists can expect to earn an average annual salary of $410,905. Pulmonologists treat a wide range of respiratory conditions, from asthma to pneumonia to lung cancer. They perform procedures such as bronchoscopies, pulmonary function tests, and chest tube insertions. The increasing prevalence of respiratory diseases, such as COPD and asthma, contributes to the high demand for pulmonologists.
2.20. Emergency Medicine
Which doctors treat acute health problems in emergency departments? Emergency medicine doctors. Emergency medicine doctors treat patients experiencing acute health problems. They work in emergency departments. Emergency medicine physicians expect to earn an average annual salary of $398,990. Emergency medicine physicians are on the front lines of medical care, treating patients with a wide range of acute illnesses and injuries. They require extensive knowledge of emergency medical procedures and critical care medicine. The demanding nature of their work and the need for quick decision-making contribute to their value in the medical field.
Want to explore these specialties further? Visit money-central.com for detailed career guides and financial advice.
3. MD Compensation Factors to Consider
Which factors influence a doctor’s salary? When determining which doctors are the highest-paid, there are several factors to consider.
Firstly, the most significant pay gap is between medical specialties. According to Doximity & Curative’s recent report, the top-paying positions in medicine are typically in surgical and procedural specialties treating adult patients.
However, the increase in pay doesn’t stop at the medical specialty. Job location can also impact how much a doctor takes home in a year, as can seniority. Furthermore, Inspira Advantage provides medical school admissions guidance to help aspiring medical students get into top medical schools in the US. Furthermore, the individual benefits of the employer can also take a doctor’s salary up a notch.
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4. Most Lucrative Doctors’ Salaries By State
Which states offer the best compensation for doctors? When it comes to the best-paying states and cities for doctors in the US, you may be surprised to find out that Wisconsin, Indiana, and Georgia are at the top of the list.
Of course, a physician’s specialty can also have a significant impact on which state may be the highest paying for their specific role. That said, below is a table of the highest-paying states for physicians in the US.
| Rank | State | Annual Mean Physician Wage |
|---|---|---|
| 1 | North Dakota | $351,270 |
| 2 | Wyoming | $339,540 |
| 3 | South Carolina | $326,530 |
| 4 | Indiana | $323,030 |
| 5 | Colorado | $323,020 |
| 6 | Connecticut | $323,020 |
| 7 | New Hampshire | $315,630 |
| 8 | Nebraska | $309,310 |
| 9 | Louisiana | $306,030 |
| 10 | Hawaii | $304,140 |
5. Highest Paying Cities for Physicians
Which cities offer the highest compensation for physicians? Here are the highest-paying cities and states for physicians, according to Doximity:
| Rank | City | Average Compensation |
|---|---|---|
| 1 | San Jose, CA | $474,977 |
| 2 | Los Angeles, CA | $448,121 |
| 3 | St. Louis, MO | $442,576 |
| 4 | Sacramento, CA | $440,004 |
| 5 | Minneapolis, MN | $438,756 |
| 6 | San Francisco, CA | $437,628 |
| 7 | Phoenix, AZ | $436,837 |
| 8 | San Diego, CA | $430,187 |
| 9 | Charlotte, NC | $429,566 |
| 10 | Las Vegas, NV | $426,727 |
6. Understanding Physician Compensation Trends
Which trends are shaping physician compensation? According to a recent report by New York University’s Stern School of Business in July 2024, physician compensation is influenced by several factors, including:
- Specialty Demand: Specialties with higher demand, such as neurosurgery and orthopedic surgery, tend to command higher salaries.
- Geographic Location: Urban areas and states with higher costs of living often offer higher compensation to attract and retain physicians.
- Years of Experience: Physicians with more years of experience typically earn more due to their expertise and established patient base.
- Practice Setting: Physicians in private practice may have different compensation structures compared to those employed by hospitals or large healthcare systems.
- Market Dynamics: Local market conditions, such as the number of physicians in a particular specialty, can impact compensation levels.
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7. Negotiating Your Physician Salary
Which strategies can help you negotiate a better salary? Negotiating your salary as a physician is a crucial step in ensuring you receive fair compensation for your skills and expertise. Here are some tips to help you negotiate effectively:
- Research: Before entering negotiations, research the average salary for your specialty and experience level in your geographic location.
- Know Your Worth: Assess your skills, experience, and the value you bring to the organization.
- Highlight Your Achievements: Showcase your accomplishments, publications, and contributions to your field.
- Be Confident: Approach the negotiation with confidence and assertiveness.
- Be Willing to Walk Away: Know your bottom line and be prepared to walk away if the offer doesn’t meet your needs.
- Consider Non-Salary Benefits: Evaluate the entire compensation package, including benefits such as health insurance, retirement plans, and paid time off.
Get the upper hand! money-central.com offers resources and tools to help you negotiate your physician salary effectively.
8. Managing Your Finances as a High-Earning Physician
Which strategies can help you manage your wealth effectively? As a high-earning physician, managing your finances effectively is essential for building long-term wealth and financial security. Here are some strategies to consider:
- Create a Budget: Develop a budget to track your income and expenses, and identify areas where you can save money.
- Pay Off Debt: Prioritize paying off high-interest debt, such as credit cards and student loans.
- Invest Wisely: Invest in a diversified portfolio of stocks, bonds, and other assets to grow your wealth over time.
- Plan for Retirement: Start saving for retirement early and take advantage of tax-advantaged retirement accounts.
- Protect Your Assets: Protect your assets with appropriate insurance coverage, such as malpractice insurance and disability insurance.
- Seek Professional Advice: Consult with a financial advisor to develop a personalized financial plan.
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9. Balancing Work and Life as a High-Earning Physician
Which strategies can help you achieve work-life balance? As a high-earning physician, it’s essential to find a balance between your demanding career and your personal life. Here are some strategies to help you achieve work-life balance:
- Set Boundaries: Establish clear boundaries between your work and personal life, and stick to them.
- Prioritize Self-Care: Make time for activities that you enjoy and that help you recharge.
- Delegate Tasks: Delegate tasks to others, both at work and at home, to free up your time.
- Take Time Off: Take regular vacations and breaks to avoid burnout.
- Practice Mindfulness: Practice mindfulness and meditation to reduce stress and improve your well-being.
- Seek Support: Seek support from friends, family, or a therapist if you’re struggling to manage stress and maintain work-life balance.
Achieve harmony! money-central.com offers resources and advice to help you balance your career and personal life.
10. FAQs
Which are the most frequently asked questions about physician salaries? Here are our answers to some of the most frequently asked questions about the highest-paid medical specialties in the USA.
10.1. How Much Do the Highest-Paid Doctors Make?
The highest-paid physicians in the US are in surgical and procedural specialties such as neurosurgery, thoracic, and orthopedic surgery. These physicians earn an average annual salary of $600,000 or higher.
10.2. What Are the Highest-Paid Doctors in the US?
The highest-paid doctors are neurosurgeons, who report earning above $760,000 per year on average.
10.3. How Do MD Vs. DO Salaries Compare?
Generally, MDs and DOs are paid the same; however, multiple sources state MDs are more likely to specialize, thus earning higher salaries.
10.4. Why Do Physicians in Primary Care Get Paid Less?
This is a challenging question to answer, but it may be due to primary care residencies being one of the shorter, less specialized residencies.
10.5. What Are the Highest-Paid Surgeons?
Neurosurgeons are the highest-paid surgeons.
10.6. What is the impact of location on physician salaries?
Geographic location significantly impacts physician salaries, with urban areas and states with higher costs of living often offering higher compensation.
10.7. How does experience affect physician compensation?
Physicians with more years of experience typically earn more due to their expertise and established patient base.
10.8. What are the key factors to consider when choosing a medical specialty?
Key factors to consider when choosing a medical specialty include your interests, skills, work-life balance preferences, and earning potential.
10.9. How can I improve my financial literacy as a physician?
You can improve your financial literacy by creating a budget, paying off debt, investing wisely, planning for retirement, and seeking professional financial advice.
10.10. What resources are available for physicians seeking financial guidance?
Resources available for physicians seeking financial guidance include financial advisors, financial planning tools, and educational resources on personal finance. You can find many of these resources at money-central.com.
11. Final Thoughts
Which specialty is right for you? By this point, we’ve learned that the highest-paid doctors in the US specialize in surgery on adults. However, it’s important when you’re choosing a medical specialty to not only consider the highest pay.
Consider primarily your comfort, passion, areas of interest, and the location you want to live in. Job satisfaction should always be a priority over salary, especially in the medical field. Good luck with your search!
