How many years does it take a medic to earn 100K+? ( What field?)

I'll be grateful if you can state the career path in details as well as your profile. I personally don't believe medics can ball so hard and please don't tell me anything BS about going into finance and earn millions I don't want that. I just want to see the possibilities in medicine.

*100k+ pounds per year

(edited 7 years ago)

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Reply 1

Etomidate

Salary progression through the medical career is information that is readily available via a simple google search.

Reply 2

rehmanator

Original post by Rep King

my mums 50 and is a consultant and only now earns that much, but she gets 40-50% taxed so some doctors what they do is stick with their lower wage which would have less tax thus overall more money made.

Reply 3

mrhedgehog

I doubt that is even possible here but doctors in US probably could earn that much.

Reply 4

SummerStrawberry

After 19 years as a consultant, those on the 2003 pay scale earn £102,465 p/a.

So that's five/six years of medical school, two foundation years, and then between seven and nine years extra training to become a consultant, plus the 19 years as a consultant, making a total of between 33 and 35 years after starting medical school to reach that point. If you started medical school immediately after you finished school, you would be in your 50s before earning that much.

Edit: For GPs, the situation is a little different, as most of them are self-employed and contract themselves out to surgeries. However, salaried GPs earn between £55,965 p/a and £84,453 p/a.

(edited 7 years ago)

Reply 5

TurboCretin

Original post by rehmanator

That's not how income tax works. You're not taxed at 40% on everything you earn, you're taxed at 40% on whatever part of your earnings is over 32k. You don't suddenly take home less money once your salary exceeds the threshold.*

Reply 6

Freddyt58

It would take you years of working to reach over 100K as a doctor in the NHS. You would have to go through medical school, residency, GP training or Consultant experience, and then work in your field for a decade. You could go through the private route and work in a clinic. There are plenty of Consultants and GP's in the clinic I go to (Harley Street) who are on that salary, but they only recruit the best doctors from reputable families.
You could always go to psych route but that also takes years
Even with these you are paying a massive amount of tax and what reads as 100K a year actually turns out to be more like 65K
Honestly the best thing to do is get your medical school training, a couple of years with the NHS and then get a job in Dubai (if male) or Australia/New Zealand where tax is lower and easily avoidable.

Reply 7

2710

Original post by rehmanator

Uh no. Overall higher paid people pay more as a percentage, but they still earn more. There is never a point where the more you earn the less you are making overall.

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Reply 8

Duncan2012

If that's someone's only motivation to go into medicine they'd be a terrible doctor (if they even got as far as med school).

Reply 9

Pride

Original post by Duncan2012

If that's someone's only motivation to go into medicine they'd be a terrible doctor (if they even got as far as med school).

oh I don't know, I think it probably depends on how much you love money!

We have this debate in medical school - do you have to care about patients to be a "good doctor?" "Do you have to love patients more than money?"

I don't think the answer is so obviously yes to both these questions.

Reply 10

rehmanator

Original post by 2710

Uh no. Overall higher paid people pay more as a percentage, but they still earn more. There is never a point where the more you earn the less you are making overall.

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uh yes my unvle is a senior registrar who makes more than my mum because hes in a lower tax bracket

Reply 11

Duncan2012

Original post by Pride

Oh I agree money would be a big motivator, but the idea of setting out on a 20+ year career solely to hit 100k is ludicrous.

Someone could always choose a branch of medicine that doesn't involve patients...

Reply 12

2710

Original post by rehmanator

uh yes my unvle is a senior registrar who makes more than my mum because hes in a lower tax bracket

Well then I think you need to have a talk with mummy and uncle bob as you clearly do not know how the tax system works.
There must be some kind of external factor at play for this to happen.

Either provide details or there is no point debating

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Reply 13

TurboCretin

Original post by rehmanator

uh yes my unvle is a senior registrar who makes more than my mum because hes in a lower tax bracket

I think you need to clarify with your parents whether this is actually the case, and why. It's not down to the general rules of the tax system - the Government has no interest in incentivising people to pay less tax.*

Original post by rehmanator

uh yes my unvle is a senior registrar who makes more than my mum because hes in a lower tax bracket

Lol have a little look on how income tax works. I'm sure you'll be able to find a few tax calculators as well. Put different amounts in and see what the take home pay is.

Reply 16

JayAhm

Original post by Duncan2012

If that's someone's only motivation to go into medicine they'd be a terrible doctor (if they even got as far as med school).

Absolutely.

But there's nothing wrong with thinking about money and looking at how to maximise earning potential doing something you enjoy.

If anyone is doing medicine purely for the money, then forget being a terrible doctor, they're just downright foolish. Talk about making things hard for yourself for not huge amounts of money!

Reply 17

WhoDaresWins

So you only want to do Medicine for the money?

Reply 18

JayAhm

Original post by WhoDaresWins

So you only want to do Medicine for the money?

I don't think the OP said that. Just wants to discuss the earning potential of a career in medicine.

Reply 19

Beska

Original post by Freddyt58

There are plenty of Consultants and GP's in the clinic I go to (Harley Street) who are on that salary, but they only recruit the best doctors from reputable families.