10 Top Benefits of Becoming a Doctor and How Much it Costs

It’s no secret that deciding to become a doctor is a monumental decision. From the amount of time you dedicate to schooling, to the costs associated with licensing, tuition, residencies, and everyday living expenses, your journey to becoming a doctor has a plethora of costs built-in along the way. Luckily, the job also comes with plenty of benefits. We’re going to analyze the costs and discuss the benefits of becoming a doctor to better help you understand what it takes.

Doctors work hard to practice medicine. Their internal North Star guides them to help others and provide direct value to the world around them. Their focus on bettering the lives of others is just one of the many ways being a physician is fulfilling. However, they don't need to simply rely on their altruism to fuel them — this discipline is one of the highest-paying jobs in the country. That's for good reason, as mentioned earlier, the costs associated with being a doctor are steep.

One of the primary reasons doctors are paid so well is because their services are highly essential. They also typically work long, busy days and treat a range of people with various needs, so the pay is commensurate to their work. According to the Medscape physician compensation report 2022, primary care physicians, on average, make $260,000 annually. The report gathered information from 20,000 doctors and showed that specialized physicians made even more as the difficulty of their area increased. (Which is why surgeons — historically one of the highest-paid specialties in the medical field — can easily clear $500,000.)

There will always be a need for physicians. Even as we are beginning to see a transition to more digital options, doctors remain an invaluable source of specialized information and skills. (You can't outsource their know-how to a robot.) Dire shortfalls in physician numbers in the coming years spell disaster — but also an opportunity for those already established in this field, as well as those looking to enter. According to recent data published by the Association of American Medical Colleges (AAMC), the United States could see the numbers of physicians fall by as much as 37,800 to 124,000 by 2034. What's more, if you factor in an aging population enjoying the benefits of longer life and requiring more care, it's no surprise that physicians are more in-demand than ever.

To be able to attract the best doctors in the field, hospitals, medical centers, and other employers need to separate themselves from the pack. They do this by offering key benefits, such as life insurance, disability, paid time off, and a generous 401k match. But those benefits alone don't always cut it for a subset of the population that has chosen one of the most difficult fields available. To that end, many employers also offer unique physician-specific benefits, such as covering continuing medical education expenses, licensing, or even the high cost of medical malpractice insurance.

The expertise a physician gains through their education sets them apart from the populace at large. Armed with this knowledge, some physicians can make non-clinical money in the fields of consulting, medical writing, and mentoring. Others find work as paid speakers, start blogs and podcasts, or interact with followers via social media. Leveraging their unique perspective, they also go on to write books and invest in the stock market.

Doctors are insatiably curious people — some would say it's a job requirement, which accounts for their aptitude for acing biology and other scientific disciplines. Being able to diagnose, treat, and accurately inform their patients drives them. When it comes to job satisfaction, knowing you are doing the right thing and providing a necessary service to the world is immensely satisfying.

As hard as it is to become a physician, it takes someone who is passionate about what they do. Being able to do a job that you’re passionate about transforms your work into something you love. For every doctor that has seen a patient gradually succumb to an insidious disease, there is another one utilizing groundbreaking innovative medicine to bring a patient back from the brink — and on pace to lead a healthy life. It takes a special person to derive their own worth from healing others.

It takes a minimum of 10 years to become a doctor, and in that time, there are plenty of disciplines to study. The health field covers a vast array of specialties, which branch out and come together in interesting ways. Luckily for doctors, there's always the option of working toward an additional certification and a new career path.

Being able to give back to their community in a meaningful way provides people with a powerful emotional benefit. Likewise, it’s been shown that people who can connect with the community around them lead happier lives. This is especially true for physicians. Doctors are usually seen as leaders and typically recognized as esteemed members of their community. With their advanced education, they're able to volunteer in ways the average person can't, such as a standing medic at community sporting events, helping in free clinics (as long as their malpractice insurance safely covers them), or taking time out of their busy schedules to mentor a medical student.

As mentioned above, doctors are respected members of their community, which elevates their self-esteem and makes them feel valued. Historically speaking, physicians are the cornerstone of healthy, functioning societies, and are one of the oldest professions on Earth. In fact, of the most respected groups in the U.S., when it comes down to it, doctors, like military service members, are far and away more revered than musicians, athletes, or Hollywood celebrities — even if most of us only know Dr. Oz by name. Of course, it's the doctors who don't let this social status go to their head that are some of the most interesting, well-adjusted people you can ever meet.

When it comes to location flexibility, doctors seemingly have their pick, especially in metro areas. Outside of the country's largest cities, Statista reports that the top five states based on the total number of active physicians working there are California, New York, Texas, Florida, and Pennsylvania, with a combined total of more than 115,000 doctors. However, as COVID pushes more companies to consider remote work, and more people move to less-densely populated areas, the demand for doctors will increase, allowing for mobility to both urban and rural areas across the 50 states.

The financial costs of becoming a doctor are steep. They begin with applying for undergraduate programs and don’t end for years.

• The annual cost for undergraduate degrees. According to Statista, the average cost of attendance for a public, in-state institution, was $22,690 for the 2021–2022 school year. This total amount includes tuition, fees, and room and board.

• Graduate program costs. To get into a graduate program, you must apply. The Student Doctor Network estimates that it costs over $4,000 to just attempt to enter a doctorate program. Once accepted, the AAMC reports the median cost of tuition and fees for in-state programs was $38,947 for the 2021–2022 school year.

• Cost of living and loans. According to the AAMC, the 2019 school year saw 50% of graduates with loan amounts exceeding $200,000. That includes pre-med coursework but doesn’t include money needed for costs of living. The AAMC estimated that 13% of students had a median credit card debt of $5,000 and residency/relocation loans averaging $10,000.

Another thing to consider when talking about student loans is accrued interest. The federal interest rate for undergraduates in 2021, according to Nerd Wallet, was 3.73%. That is set to change in July. Interest rates will increase to 4.99% for this cohort, while federal loan rates for graduate students will increase to 6.54% — up from 5.28%. Interest rates make getting out of debt difficult, even when you find yourself earning a high salary after graduation.

And then there's Malpractice insurance, which has actually decreased over recent years. One doctor shared his personal statement for the year, showing it to be around $5,000. The amount you pay in malpractice insurance depends on the type of medicine you practice, with OBGYN’s paying the most, averaging $30,000–$35,000 annually.

Long hours, an intense course load, and the pressures associated with being a doctor can weigh heavily on any person. Add in the stress these things can have on your individual relationships, and you begin to see why physicians are regularly battling burnout. Around 50% of all doctors, according to the American Medical Association, suffer from symptoms of burnout, like cynicism, disinterest, and mental fatigue. Mental stresses of the career stem from:

• Intense course loads. From undergraduate to med-school, the classes taken by physicians are harder than others. Additionally, doctors are regularly required to attend seminars to stay current on new sciences and procedures.

• Lack of social life. To get the grades needed for acceptance into medical schools, many students find it hard to maintain a social life outside of their studies.

• Bureaucratic expectations. In the article, “The Cost of Being a Doctor,” the authors state that some physicians find themselves spending at least 20% of their time dealing with bureaucratic activities, which takes away from the time they could be treating patients.

• Relationship stress. Surprisingly, divorce rates for physicians were actually decreasing before COVID-19. That being said, the pressure of long hours and balancing work with life can negatively affect relationships for physicians.

• Work-related stress. The people who become doctors thrive when they help others. It is inevitable, however, to have patients that don’t get better. While some areas of medicine are more prone to work-related stresses, all areas deal with it to some extent.

To become a doctor takes vast amounts of time, energy, and money. The rigorous process of becoming a doctor eliminates many who attempt it. But for those who have the passion and drive, it can be one of the most rewarding careers. Understanding precisely what goes into getting your degree will help you better choose if it’s the right path for you. It’s a high-cost, high-reward career, driven by passionate and caring people. Ready to jump into the medical field as a doctor? Find the perfect role for you on Joblist.