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Analysis | The average doctor in the U.S. makes $350,000 a year. Why?
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this post was submitted on 14 Aug 2023
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The more interesting question to ask is why do doctors essentially everywhere else in the world not apparently deserve it?
Do the UK and France simply hate their doctors more? Are they not as good? Presumably not, and so what are the economic factors that led to this state of affairs?
The UK and French medical fields are very different financial entities than in the US.
Doctors in the US have a significantly different career path than those in other countries. They usually take two extra years to graduate, and their residency is more grueling. The latter requires working 100+ hour weeks for 4+ years at minimum wage.
All this means that they often won't have a job paying above minimum wage until they are in their 30s - and that's when they need to start paying back loans.
Most doctors are high achievers who could probably have found a $100K+ job out of college, but they chose medicine instead. High salaries are the light at the end of a long tunnel, and without them many Americans doctors would decide that medicine isn't worth the sacrifice. In fact, specialties like pediatrics and family practice that "only" pay $150-200K are already struggling to attract new doctors.