Is Becoming a Doctor a Financial Mistake?

9/27/2013

It takes passion, skill and determination to become a doctor, especially in these times. A new survey from personal finance website NerdWallet reveals most doctors are dissatisfied with their jobs and less than half would choose to go into the field of medicine now.

According to the survey, most doctors go into the profession thinking they will spend most of their time healing sick patients. But today many are overwhelmed with paperwork and could be saddled with more if the Affordable Care Act ever kicks in.

The cost of becoming a doctor has soared and it takes from 11 up to 14 years to pay back the student debt accumulated. Sure the salaries are still decent but if doctors are paying back loans, it’s at least 10 years before they start earning a full-time salary.

The survey also revealed that the least satisfied doctors go into internal medicine, coincidentally, these doctors are the lowest paid earning $170,000 to $185,000. The highest paid physicians are reportedly orthopedic doctors who earn on average $405,000 a year. The most satisfied are neurologists who happen to earn around $216,000 per year.

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