What are the 20 highest-paying jobs in America? Doctors, doctors, more doctors.
Question: What are the top 20 highest-paying jobs in America?
Answer: Doctor.
According to the Bureau of Labor Statistics, there are some 16 kinds of doctors.
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Pediatric surgeons are paid an average of $449,320 per year as of 2023, based on government statistics. Cardiologists earn an average of $423,250. Orthopedic surgeons receive an average annual salary of $378,250.
Only four of the 20 top-paying careers aren't medical doctors. These professions are dentists and other oral health specialists, including orthodontists, dental surgeons, and dental specialists.
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As of 2023, according to the Associated Press.
American doctors receive unusually high salaries, prompting a group of economists to spend years studying the reasons behind it.
Here’s what they found.
A lot of schooling, many hours
As any aspiring doctor understands, becoming a medical professional requires a substantial amount of study: undergraduate studies, medical school, and several years of post-graduate residency training.
Doctors work long hours. A standard week at the office can last anywhere from 40 hours to 60 hours or more, depending on the specific branch of medicine.
A University of Chicago economist participating in the research.
Doctors in the medical field typically earn more in specializations that demand more extensive training and longer work hours. For instance, each additional year of training results in an extra $143,000 in annual income.
An old federal report shows, and they do not earn doctor-level pay.
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The chair of economics at The New School for Social Research in New York was not involved in Gottlieb's study.
Doctors like money
Gottlieb and his co-authors faced criticism from doctors for claiming it, but their study discovered that physicians actively seek out higher-paying positions.
The latest study is due for release in the Quarterly Journal of Economics. The top 1% of doctors took home more than $1.7 million each year.
Study results show that top medical school graduates commonly pursue the highest-paying specialty fields in medicine. Additionally, doctors tend to favor procedures that result in greater income.
Here are some eye-poppingly high salaries for doctors in their peak earning years, from ages 40 to 55, according to Gottlieb and his colleagues:
- Neurosurgery: $920,500
- Orthopedic surgery: $788,600
- Dermatology: $655,200
- Cardiac surgery: $607,300
- Ophthalmology: $597,000
“People are naturally drawn to fields with higher paying jobs,” Gottlieb said, much like any job seeker in any industry. “It’s a common human tendency.”
A medical professor at Stanford University joined Gottlieb in the study. She mentions that med school graduates are often very talented students with numerous career options.
“They are mostly the top students in the country who could go after other well-paying opportunities,” she said.
Higher salaries allow them to pay off their debts and compensate for lost income over the years.
There aren’t enough doctors
Compared to most other developed countries, the number of organ transplant surgeries per 1,000 potential patients was 2.7 as of 2021, which is lower than France at 3.4 and Germany at 4.5.
A major reason, the researchers claim, is that the medical industry and the federal government limit the number of available spots in American medical schools and hospital residencies.
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a senior fellow at a right-leaning organization based in the United States called the American Enterprise Institute, who was not involved in Gottlieb's research.
"That's what economists refer to as a barrier to entry," he said, and it drives up doctors' salaries.
The American Medical Association is treating doctors like a labor union by restricting their supply, Biggs said. "The goal is to maintain high pay rates."
The government sets prices
It is widely agreed that doctors earn high salaries largely because the cost of medical care is very expensive, and the federal government ultimately determines those costs.
be a part of the total value produced by the nation.
“The government and existing healthcare policy have determined that a significant portion of the country's resources will be allocated towards healthcare,” Gottlieb said.
Patrons – patients – typically have limited influence over the cost of their healthcare.
You're not going to compare prices when looking for a surgeon.
The setup, experts claim, makes the healthcare sector almost one of a kind among American industries.
In some respects, the healthcare industry is similar to a defense contractor," said Ghilarducci. "Their major client," the federal government, "has substantial financial resources.
What are the 20 most lucrative professions in the US? Physicians, physicians, even more physicians.
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