Younger physicians earned about 15 percent less than physicians overall, a report published Sept. 23 by Medscape found.
The "Young Physician Compensation Report" compiled data of nearly 2,000 respondents who were under 40 from the company's survey of more than 13,000 physicians overall from Oct. 5, 2021, through Jan. 19, 2022.
Here is an inside look into how younger physicians in the industry are faring.
Psychiatrists make up 6 percent of physicians under 40 years of age.
The survey found that the average annual salary was $260,000 for young primary care physicians and $368,000 for specialists. However, the overall average pay for younger physicians was 15 percent less than the average pay for physicians overall. Out of all young physicians, 54 feel fairly compensated.
Medscape's "Physician Compensation Report," published April 15, found that salaries of psychiatrists overall increased by 4 percent from 2020 to 2021.
Among young psychiatrists, 68 percent would still choose to pursue medicine if given the opportunity to go back and change their initial decision, and 91 percent would still choose to practice psychiatry.