Question about Academic Doc's Salaries?

What you heard was true, academic faculty can actually make less then half of what people in private practice make. A GI doc told us that she started at 80,000 at my school, but she could have gone out into private practice and started at 350,000. I don't know what general internist make in universities, but I would imagine it would be anywhere from 70,000-80,000 if there is a large teaching or research responsibility with their job. Generally, assistant profs start at 80,000. In general, teaching and doing research are both highly unprofitable activities for physicians to be doing.

If you love what you are doing, pay will be less of an issue. Granted, there will always be student loans to pay off, but remember that even at 80,000 you will be in the top 10% income bracket in this country. And of course, if you are deadset on academics, I would recommend that you pursue an MD/PhD program so that student debt becomes a non-issue.

 

A few years ago, one of my professors told me that MD/PhD faculty at Harvard Med starting at the Assistant Professor level make $54,000 a year. (I wasn't asking about any specific specialty or discipline, but I presume he was referring to basic science faculty.) I would guess that the number he gave me (54k) is probably an underestimate today with inflation and just because he probably picked a low example just to floor me. It is probably a bit low because it's at Harvard. (Pitt faculty, for example, probably make more. It's the premium you pay for the privilege of being able to teach at a Harvard or Yale.) So 70-80k like the previous poster noted sounds like a reasonable guestimate.

The point is to say that without a doubt, private practice physicians generate much, much, much more bank than academic physicians. For aspiring academics, NIH or AHRQ training funding is a God-send and permits you to make at least some of your career decisions without the burden of student debt.

-a.

 

I think these figures are pretty accurate. As someone who's been thinking about academics, I've done a bit of homework. Anyhow, most academicians in these parts get extra $$ by being consultants, starting up biotech firms, etc.

At my institution, each faculty member gets a "base salary" which depends on department and rank (asst. vs assoc. vs full prof). Word on the street is that base salaries start at just over $100-110K and increase to $150+ for junior faculty based on department. In addition, faculty members get bonuses based on clinical revenues, teaching responsibilities, and so forth. The base salary goes up *considerably* with promotion.

Bottom line: junior faculty could easily make more $$ in private practice. Senior faculty/department heads can become quite wealthy in a hurry.

doepug

 

you can get good data from the medical group management association. Here is the link for the press release for their latest compensation report

http://www.mgma.com/press/acafaculty.cfm

I'm sure your medical library may have a copy of an old version.

 

Sure the academic physician makes less, but senior academic physicians with administrative duties (e.g., department chairs, chiefs, full professor, or endowed professors) easily make more than private docs. Plus the hospital pays for the malpractice insurance fees, which is a big chunk of money that private docs must pay. Bottom line is that you will make enough money to be happy. If everything else fails, then marry a neurosurgeon.

 

Check this link for salaries of academic physician. Not too bad huh? And as you get higher in the academic ranking, the more profitable you will be.

 

Oops

http://www.cavalierdaily.com/reference_pages/faculty_salaries/search.asp

 

I think that the 60-80 range cited here is pretty innacurate. I have not seen it in my experience. These universities would just not be able to keep top people. I can speak to radiology. It varies widely from institution to institution. I probably make about 75-85% of what I would in private practice depending on where I would practice. But academics has certain advantages. The MGMA is a pretty good place to start.

here is a good link: http://www.mgma.com/press/acafaculty.cfm

 

Here's something to chew on, though:

I have not met any academic docs that have not done quite a bit of private practice or do academics AND private practice concurrently. Maybe my experiences differ (at the Univ. of AZ and at AZCOM) from others, but you can always do private practice first, pay off/down those loans, then go into academia.

I plan on teaching AND doing private practice.

kristin

 

If you want real, hard data, the AAMC puts out a Academic Faculty Salary Survey every year--there's probably a copy in your library.

They break salaries down by department, region, 25-75 percentile, median, mean, min/max, and by standing (assoc prof all the way to chairman).

The book is probably the most realistic data out there on salaries for academic physicians.

 

That is a good resource too. Our salaries here are actually tied to the MGMA and AAMC percentiles.

 

is the AAMC survey data available online?

 

The AAMC survey isn't available online, but if you have a specific request, I'll post it here for you...Here's a sample that might interest you...

Medical School Faculty for Midwestern Region
General Surgery

Assistant Professor
N = 123
25th = 165,000
Median = 197,000
Mean = 213,400
75% = 265,000

Associate Professor

N = 84
25th = 199,000
Median = 241,000
Mean = 248,300
75% = 309,000

Professor

N = 104
25th = 223,000
Median = 293,000
Mean = 289,300
75% = 329,000

Chair
N = 18
25% = 356,000
Median = 457,000
Mean = 467,300
75% = 549,000