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The 10 Highest Paid Medical Professions

Becoming a doctor is no easy feat. With the many years of studying and the
associated expenses, it should be of great consolation that medical
professionals are some of the highest paid people in the world. Medical
professionals are constantly in high demand, with many various specialties
available to budding young healers.

So how much
do they actually earn?

Well, it varies.

If you’re currently studying medicine or considering the idea, it is worth finding
out now which avenue of medicine is in high demand and gets paid the most to best inform your decision.

We’ve compiled a list of the ten highest earning medical professions in Australia, taking into consideration other amounts earned in different fields and factors that affect pay like skills, experience and location.

01Neurosurgeon

Becoming a neurosurgeon is no mean feat - to become fully qualified, a neurosurgeon will usually have to complete anywhere between 10-12 years of study and residency, depending on their speciality.

Why do they need all this training? Because neurosurgeons specialise in diagnosing and surgically treating central and peripheral nervous system disorders.

This can include anything from infections of the brain or spine, strokes, degenerative spinal diseases, tumours, trauma and more.

  • The average salary for a neurosurgeon is $242,200 a year, with salaries ranging from $60,402 to $502,004.
  • With a bonus pay of up to $101,736, the total pay ranges from $70,957 to $594,428.
  • Based on the average salary, the experience of a neurosurgeon affects the amount they get, e.g. entry level – 0-5 years (down by 39%), experienced – 10-20 years (up by 2%) and late career – >20 years (up by 90%).

Average wages of other countries

  • England - £99,576
  • United States - USD$393,339
  • Canada - C$327,743

02Anesthesiologist

An anesthesiologist is a doctor who specialises in practising anesthesia. Before an operation they will be involved in perioperative care, are tasked with designing and developing an anesthetic plan, and finally will administer anesthetics to the patient.

Most anesthesiologists are looking at around 8 years of study before becoming fully qualified, and from there often specialise in field such as pediatric anesthesia, chronic pain or critical care medicine.

  • An anesthesiologist earns an average salary of $153,506 a year, with salaries ranging from $51,583 to $296,958.
  • With a bonus pay of $0 to $12,000 and profit sharing of up to $2,055, the total pay ranges from $51,965 to $300,000.
  • According to the average salary, an anesthesiologist’s experience affects the amount they receive, e.g. entry level – 0-5 years (down by 63%) and mid-career – 5-10 years (up by 2%).

Average wages of other countries

  • England - £84,162
  • United States - USD$275,742
  • Canada - C$195,697

03 Psychiatrist

Concerned with the diagnosis, prevention and treatment of emotional and mental disorders, psychiatrists are often faced with multi-faceted medical issues and complications. They may also treat people with substance abuse problems.

A psychiatrist has a plethora of tools at hand, including psychotherapy, medications, and electroconvulsive therapy (ECT) - and must be skilled in communicating with and understanding the needs of their patient.

  • The average salary for a psychiatrist is $132,796 a year, with salaries ranging from $68,510 to $246,581.
  • With a bonus pay of $0 to $54,000 and profit sharing of up to $35,500, the total pay ranges from $68,784 to $297,094.
  • The hourly rate is $20.27 to $542, with an average rate of $70, and overtime pay is up to $100.00.
  • Based on the average salary, the experience of a psychiatrist affects the amount they get, e.g. entry level – 0-5 years (down by 25%), experienced – 10-20 years (up by 18%), mid-career – 5-10 years (up by 19%) and late career – >20 years (up by 49%).
  • The average pay by experience level is as follows: entry level ($101,000), mid-career ($159,000), experienced ($158,000) and late career ($200,000).
  • The salary amount also differs in the major capital cities, with Melbourne at 0%.

Average wages of other countries

  • England - £53,280
  • United States - USD$183,611
  • New Zealand - NZ$217,500
  • Canada - C$182,934

04Physician / Doctor, Cardiologist

A physician is tasked with the responsibility of diagnosing, treating, promoting and restoring health. They may specialise in their practice and treat specific disorders and ailments, or they can provide holistic medical treatment and care to patients.

A cardiologist is a doctor who has specialised in the diagnosis and treatment of medical disorders regarding the heart and blood vessels. To become fully qualified, a cardiologist will usually require over 10 years of training.

  • A physician / doctor, cardiologist earns an average salary of $120,000 a year, with salaries ranging from $60,000 to $400,000.
  • With a bonus pay of up to $10,000, the total pay ranges from $60,241 to $362,763.
  • According to the average salary, a physician / doctor, cardiologist’s experience affects the amount they receive, e.g. entry level – 0-5 years (down by 19%) and experienced – 10-20 years (up by 96%).

Average wages of other countries

  • England - £58,554
  • United States - USD$243,197
  • Canada - C$203,472

05Obstetrician / Gynecologist (OB/GYN)

Obstetrics is the study of the field of pregnancy, childbirth and the postpartum period.
All recently qualified obstetricians are also gynaecologists, which is concerned with the
female reproductive system.

Postgraduate training combines these two studies, so practitioners are able to provide
more well rounded care to patients. To become a fully qualified OB/GYN can take
anywhere between 11-14 years.

  • The average salary for an obstetrician / gynecologist (OB/GYN) is $109,113 a year, with salaries ranging from $50,013 to $391,486. This can include a bonus pay of up to $10.

Average wages of other countries

  • England - £76,999
  • United States - USD$202,687
  • Canada - C$198,317

06Pediatrician

A pediatrician specialises in the diagnosis and treatment of physical, mental and behavioural disorders in children. People will predominantly send their children to a pediatrician in the early stages of their child's life (from birth to 5 years), but in some cases will visit them until early adulthood.

A pediatrician can diagnose and treat anything from minor conditions to serious health complaints. They are also qualified to administer vaccinations.

  • A pediatrician earns an average salary of $100,478 a year, with salaries ranging from $51,521 to $171,140.
  • With a bonus pay of $0 to $29,799, the total pay ranges from $51,555 to $171,140.
  • According to the average salary, a pediatrician’s experience doesn’t affect the amount they receive at entry level – 0-5 years (0%) but does at mid-career – 5-10 years (down by 1%).

Average wages of other countries

  • England - £72,208
  • United States - USD$140,465
  • Canada - C$131,999

07Dentist

Good oral health is essential for complete health in your body, and your teeth are no exception. For dental check ups and care, you need to visit a dentist. Dentists can do everything from performing standard cleanings, inspections and ongoing care of your teeth, to diagnosing various forms of gum disease, tooth decay, oral cancer, and even diseases with oral manifestations such as AIDS and diabetes. They may also replace lost or dead teeth and restore teeth with poor apearance.

  • The average salary for a dentist is $97,222 a year, with salaries ranging from $58,773 to $197,259.
  • With a bonus pay of $0 to $19,458 and profit sharing of up to $47,250, the total pay ranges from $59,232 to $201,355.
  • The hourly rate is $28.38 to $103.65, with an average rate of $49, hourly tips are up to $5.83, and overtime pay is $0 to $173.62.
  • Based on the average salary, the experience of a dentist affects the amount they get, e.g. entry level – 0-5 years (down by 6%), mid-career – 5-10 years (up by 6%), late career – >20 years (up by 8%) and experienced – 10-20 years (up by 23%).
  • The average pay by experience level is as follows: entry level ($93,000), mid-career ($104,000), experienced ($121,000) and late career ($106,000). Overall, the pay steadily increases for more experienced workers, and decreases noticeably for dentists who have more than 20 years’ experience.
  • The pay in the major capital cities also differ from each other, e.g. Melbourne (down by 1%) and Sydney (0%).

Average wages of other countries

  • England - £51,196
  • United States - USD$123,942
  • New Zealand - NZ$78,310
  • Canada - C$102,134

08Optometrist

Specialising in eye health, optometrists are tasked with examining the eyes, detecting and treating problems with a patient's vision, and recognising signs of disease - conditions such as high blood pressure and diabetes can even occasionally be identified through an eye exam!

In Australia an optometrist will usually undergo three years of study, after which they will have to complete residency and often specialise in certain fields.

  • An optometrist earns an average salary of $86,306 a year, with salaries ranging from $61,989 to $115,912.
  • With a bonus pay of up to $15,319 and commission of up to $2,200, the total pay ranges from $62,362 to $125,441.
  • The hourly rate is $29.72 to $82.69, with an average rate of $54, and overtime pay is up to $45.78.
  • According to the average salary, an optometrist’s experience affects the amount they receive, e.g. entry level – 0-5 years (down by 9%), mid-career – 5-10 years (up by 10%), experienced – 10-20 years (up by 17%) and late career – >20 years (up by 26%).
  • The average pay by experience level is as follows: entry level ($81,000), mid-career ($99,000), experienced ($105,000) and late career ($114,000).
  • The salary amount also differs in the capital cities, e.g. Melbourne (down by 8%), Brisbane (down by 3%), Sydney (0%) and Perth (up by 5%).

Average wages of other countries

  • England - £35,466
  • United States - USD$97,667
  • New Zealand - NZ$90,000
  • Canada - C$86,196

09Physiotherapist

Experts in movement and function, physiotherapists diagnose and treat a wide range of disorders which may limit a person's ability to operate.

Diseases, disabilities and trauma can damage or limit the body in a number of ways, and physiotherapists use muscle therapy, joint manipulation, massage, acupuncture, hydrotherapy and breathing exercises to help treat anything from blocked airways to severe muscular trauma. In Australia a physiotherapist will usually undergo 4 years of study.

Average wages of other countries

  • England - £25,916
  • United States - USD$60,798
  • New Zealand - NZ$55,505
  • Canada - C$35.00 p/h
  • The average salary for a physiotherapist is $62,614 a year, with salaries ranging from $47,668 to $85,515.
  • With a bonus pay of $0 to $8,604, profit sharing of up to $1,200 and commission of $970 to $28,782, the total pay ranges from $49,381 to $92,327.
  • The hourly rate is $25.59 to $48.20, with an average rate of $34, and overtime pay is $0 to $78.91.
  • Based on the average salary, the experience of a physiotherapist affects the amount they get, e.g. entry level – 0-5 years (down by 7%), mid-career – 5-10 years (up by 11%), experienced – 10-20 years (up by 21%) and late career – >20 years (up by 26%).
  • The average pay by experience level is as follows: entry level ($62,000), mid-career ($74,000), experienced ($81,000) and late career ($84,000).
  • The skills that affect the salary of a physiotherapist are pilates (down by 10%), physical therapy (up by 1%), rehabilitation (up by 4%), elder care (up by 9%), physiotherapy (up by 10%) and musculoskeletal (up by 19%). These are also popular skills, and people who are skilled in physiotherapy and musculoskeletal receive higher pay, at $74,000 and $79,000 respectively. The average salaries for the other skills are $67,000 for physical therapy, $69,000 for rehabilitation and $73,000 for elder care.
  • Popular employer salaries for a physiotherapist are Back in Motion ($56,000 to $78,000), Healthstrong ($64,000 to $76,000) and Healthscope Limited ($47,000 to $73,000).
  • The pay in the capital cities also differs, e.g. Perth (down by 4%), Melbourne (down by 4%), Adelaide (down by 3%), Brisbane (up by 2%) and Sydney (up by 3%).

10Podiatrist

A podiatrist diagnoses and treats medical and surgical problems concerning the feet and lower limbs.

Bone and joint disorders such as arthritis, postural problems relating to feet placement, calluses, ingrown toenails and foot injuries can all be treated by a podiatrist.

Becoming a qualified podiatrist takes four years of study in Australia, after which they may specialise if they wish.

  • A podiatrist earns an average salary of $61,717 a year, with salaries ranging from $48,931 to $90,433.
  • With a bonus pay of up to $11,960, profit sharing of up to $30,000 and commission of $2,013 to $38,142, the total pay ranges from $49,441 to $94,819.
  • The hourly rate is $23.71 to $45.88, with an average rate of $32, and overtime pay is $0 to $99.33.
  • According to the average salary, a podiatrist’s experience moderately affects the amount they receive, e.g. entry level – 0-5 years (down by 7%), mid-career – 5-10 years (up by 12%), experienced – 10-20 years (up by 33%) and late career – >20 years (up by 49%).
  • The average pay by experience level is as follows: entry level ($61,000), mid-career ($73,000), experienced ($87,000) and late career ($97,000).
  • The two skills that affect the salary of a podiatrist are 1) podiatry (down by 7%) and 2) biomechanics (up by 8%).

Average wages of other countries

  • England - £25,916
  • United States - USD$60,798
  • New Zealand - NZ$55,505
  • Canada - C$35.00 p/h

Medical Professions by Salary


Hopefully, this will help
you choose what medical
profession to practice.

After all the hard work and studying you’ve done, finding a financially rewarding
career path is just as important as offering high-quality medical services to people.

And once you have completed your medical training, MEDIQ Financial can you help
you plan and manage your finances properly.

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