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Do doctors make a lot more money than engineers?

by aeroplant
Tags: doctors, engineers, money
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aeroplant
#1
Dec17-09, 06:09 PM
P: 7
Hey there,

do doctors (MDs) make a lot more money than engineers in the US? If yes, why?
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D H
#2
Dec17-09, 06:59 PM
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Quote Quote by aeroplant View Post
do doctors (MDs) make a lot more money than engineers in the US?
http://www.payscale.com/research/US/...Degrees/Salary
http://www.payscale.com/research/US/...neering/Salary


If yes, why?
The flip answer: Because they're paid more.

Less flip, society values people who save lives/keep us healthy more than it values people who make design computers, automobiles better, design bridges, launch rockets, etc.
turbo
#3
Dec17-09, 07:06 PM
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Also, doctors invest a LOT more of their lives in their profession, on average. They do a lot of intensive schooling, intern and burn themselves (and their families) out, and establish residencies that require them to put in evenings and weekends in order to maintain preferred status with a hospital in their region. There is quite a bit of commitment there. I have friends who are doctors, including eye-surgeons who essentially have to be available on-call for emergencies. If the hospital calls and says "we've got a couple of car-crash victims that might have experienced retinal detachments", they don't have the luxury of saying "call somebody else".

Brian_C
#4
Dec17-09, 09:38 PM
P: 261
Do doctors make a lot more money than engineers?

I'm sure there are quite a few engineers in the private sector who make a lot of money. Some of them can become millionaires.

Keep in mind that the medical profession is heavily subsidized by the federal government. Something like 17% of the U.S. GDP goes into health care.
xxChrisxx
#5
Dec17-09, 09:45 PM
P: 2,048
Quote Quote by D H View Post
The flip answer: Because they're paid more.

Less flip, society values people who save lives/keep us healthy more than it values people who make design computers, automobiles better, design bridges, launch rockets, etc.

Engineering is MUCH more fun though.
:P
kote
#6
Dec18-09, 09:14 AM
P: 871
Also, many of the higher paid engineers move into management and are no longer called engineers. That's why salary averages can be deceiving. Moving to management is certainly not required of engineers though.
aeroplant
#7
Dec21-09, 10:35 AM
P: 7
Is it common that engineers are part of a company's board of directors or in management positions in the states? In Germany it is, mostly in engineering companies though.
Ben Espen
#8
Dec21-09, 11:03 PM
P: 192
Technical companies do often have engineers in positions in management or on the board of directors in the United States. Corporations in other businesses do not have many engineers, so you expect fewer in leadership positions.

I work in the medical device industry, so I work with leading physicians. Physicians in the US often make much more than their counterparts in Europe or Asia. Those counterparts still make more than I do. If you can be that guy, you should be. However, the level of commitment and skill required is more than most people can handle. If you knew what these physicians did, you would not complain. However, I do something they cannot do, so they depend on me to make the devices that make their job easier. If you look at average engineers versus average physicians, they still make more money, but the dollars per hour and the career salary per lifetime student loans may not be so favorable. Look to your skills and your personality before you make your choice.
xnchao01
#9
Dec22-09, 10:32 AM
P: 1
Starting salaries for doctors who are general practitioners may seem like a lot, especially in certain parts of the US, but there are some factors that automatically reduce these salaries. First off, most doctors donít get educated on scholarships alone, and many will need to pay a significant amount of money off in student loans. According to the New England Journal of Medicine, average cost of medical school plus living expenses is approximately $225,000 USD if you attend a private school and $140,000 USD if you attend a public one. While some expenses may be met through grants and scholarships, many people leave medical school owing in excess of $100,000 USD, and this amount can increase if additional years of residency or training are required.
Nspyred
#10
Dec22-09, 10:48 AM
P: 37
I always thought that med schools are expensive b/c they know the earning potential of doctors. Call me a cynic, but I think they get paid so much b/c people will pay the doctor's price to save their life, and b/c of the constant threat of being sued-- something that is relatively easy in the US. I don't think the public perception of engineers (I know, who have saved more lives in total than doctors have) is quite the same.
jtbell
#11
Dec22-09, 11:28 AM
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Don't forget that doctors in the U.S. also have high expenses, e.g. for malpractice insurance. That's one reason why new M.D.'s gravitate towards high-paying specialties instead of general family practice, to the point where many parts of the U.S. have a shortage of general practicioners who handle basic medical care and screening and preventive medicine.
arunma
#12
Dec22-09, 11:34 AM
P: 906
Quote Quote by Nspyred View Post
I always thought that med schools are expensive b/c they know the earning potential of doctors. Call me a cynic, but I think they get paid so much b/c people will pay the doctor's price to save their life, and b/c of the constant threat of being sued-- something that is relatively easy in the US. I don't think the public perception of engineers (I know, who have saved more lives in total than doctors have) is quite the same.
I'm pretty sure that the high cost of medical education isn't a function of expected future earnings. I'm told that it actually costs medical schools money to educate doctors, even after they receive the income from tuition. This is in contrast to law schools, which turn a profit from keeping their schools open.

As for your other assessments, yeah, you're probably right. And let's face it, we can all agree that saving lives is more important than building technology.
kote
#13
Dec22-09, 10:13 PM
P: 871
Quote Quote by arunma View Post
I'm pretty sure that the high cost of medical education isn't a function of expected future earnings. I'm told that it actually costs medical schools money to educate doctors, even after they receive the income from tuition. This is in contrast to law schools, which turn a profit from keeping their schools open.

As for your other assessments, yeah, you're probably right. And let's face it, we can all agree that saving lives is more important than building technology.
Don't forget who designs the medical equipment (hint: researchers and engineers). We also need a productive economy to pay for the medical industry, and that takes all sorts of people.
hamster143
#14
Dec23-09, 04:26 PM
P: 986
Quote Quote by jtbell View Post
Don't forget that doctors in the U.S. also have high expenses, e.g. for malpractice insurance. That's one reason why new M.D.'s gravitate towards high-paying specialties instead of general family practice, to the point where many parts of the U.S. have a shortage of general practicioners who handle basic medical care and screening and preventive medicine.
Only a few specialties (namely, surgeons and ob-gyn's) have high malpractice insurance costs. For most, the cost of malpractice insurance is something like $5,000/year.

The correct answer to the original question: because there's an artificial shortage of doctors in this country.
whs
#15
Dec23-09, 10:38 PM
P: 85
Quote Quote by arunma View Post
I'm pretty sure that the high cost of medical education isn't a function of expected future earnings. I'm told that it actually costs medical schools money to educate doctors, even after they receive the income from tuition. This is in contrast to law schools, which turn a profit from keeping their schools open.

As for your other assessments, yeah, you're probably right. And let's face it, we can all agree that saving lives is more important than building technology.
Really? So where does that money come from? They just happen to charge the students less than what it costs to educate them?
D H
#16
Dec23-09, 11:19 PM
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Quote Quote by whs View Post
Really? So where does that money come from? They just happen to charge the students less than what it costs to educate them?
It probaly comes from the same place the monies needed to give students am undergraduate degree: Alumni donations, corporate donations, government subsidies. (Typical undergrad tuition, whether private or public, rarely cover the costs.)
martharon
#17
Dec23-09, 11:33 PM
P: 8
Present situation doctors earn more than the engineers because just think practical does disease has the recessions or does medicine have recession so doctors have the flow of patients always no matter the economy.
dE_logics
#18
Dec25-09, 10:02 AM
P: 735
Problem is when it comes to saving lives or curing themselves, people don't want to compromise...they want the best they can afford; as a result you get lots of money in the medical field.


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