100% of 4 Pros
You'll be paying to go to medical school.However, after medical school, there is three years of residency training during which you will be paid about $50,000 to $60,000 per year. After Medical School, Physicians often join a group. They work as employees for a set number of years then buy into the practice and become a Partners. There is a increase in salary that occurs between being an associate and becoming a partner. After that, there is no increase in salary. Wages for physicians are set by Medicare and insurance companies.
As a resident you will make 50- 65 thousand dollars a year. Upon completion of training, annual increase in salary can be highly variable. It depends on whether you work in private practice or in academia. It also depends on your patient population. If you are in private practice and get paid by how many patients you see, then years of experience and developing a reputation in the community will allow for a pay increase. In academia, payment may be based on years working for the institution, research, etc.