Please confirm that you would like to log out of Medscape.
If you log out, you will be required to enter your username and password the next time you visit.
Log outCancel
Jon McKenna | August 5, 2022
| Contributor Information
Swipe to advance
1 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Last year brought welcome relief to oncologists, whose incomes generally rose as practices reopened after COVID-19 restrictions lifted and patients ventured out.
Over 13,000 physicians in more than 29 specialties told us about their compensation and about how they build wealth, with insights into how they save and invest, how they budget and control their expenses, and how well they live within their means.
2 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Oncologists' average income rose about 2% over the $403,000 in our 2021 report. This ranks in the top third of all specialties when it comes to physicians' income.
For employed physicians, income figures include salary, bonus, and profit-sharing contributions. For self-employed physicians, they include earnings after taxes and deductible business expenses before income tax. Only full-time salaries were included in our results.
"Compensation for most physicians is trending back up as demand for physicians accelerates," says James Taylor, chief operating officer of AMN Healthcare's Leadership Solutions Division.
3 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
One fifth of oncologists report a family net worth of more than $5 million, similar to our 2021 report (16%). This year a slightly higher share has a net worth of less than $500,000 (16% last year).
The net worth of many physicians exceeds the average US family net worth of about $749,000, and their wealth is growing at a faster rate, according to the latest Federal Reserve data.
4 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
A net worth exceeding $5 million represents substantial family wealth. From one year to the next, the specialties topping the list of those reporting such wealth have shifted. In this year's report, oncologists rank in the top third of all physicians in terms of building that much wealth.
A rising stock market certainly helped. The S&P index rose nearly 27% in 2021 compared with 16.3% one year earlier.
5 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
On the other side of the wealth coin, a slightly higher percentage of oncologists than in last year's report (16%) has a net worth under $500,000. Oncologists ranked in the middle third of all specialties in that statistic.
6 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
A similar percentage of male oncologists reported a net worth exceeding $5 million as compared with last year's report (22%), while the share of their female counterparts increased slightly (2%). As for those with a net worth under $500,000, the share stayed about the same for men and increased for women (both 17% last year).
Male doctors, on average, earn more than their female counterparts, and that has an impact on wealth development. So does the relatively low percentage of female doctors in higher-earning specialties. Spread those income differences out over a 40-year career, and female physicians deal with an earnings divide of nearly 25%, one study shows.
7 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
The ranks of oncologists who say they live within or below their means are around the same as in last year's report (94%). Overall, 94% of physicians told Medscape that they meet that standard for careful spending.
What does it mean to live within your means? Joel Greenwald, MD, CFP, a wealth management advisor for physicians, has told Medscape that just paying your credit card bill each month and contributing enough to a 401(k) account to get an employer match do not meet his standard. You also need to save at least 20% toward retirement, pay down student loans, contribute to your kids' college savings, and set aside rainy-day cash, he says.
8 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Create a household budget and follow it rigorously? Cut back on restaurant meals? Sure, but physicians offer other tactics as well.
9 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Around the same shares of oncologists are making payments on a mortgage or car loan as in last year's report (56% and 32%, respectively). The percentage of oncologists still paying off their own college or medical school loans is similar to last year's (17%). The share who are carrying monthly credit card balances is unchanged from a year ago (19%).
10 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
About 7 in 10 oncologists felt comfortable spending as usual, down slightly from last year's report (77%). A somewhat greater share of oncologists cut expenses by deferring or refinancing loans than in our last report (11%). Otherwise, they tried several common belt-tightening measures with similar frequency as in the previous report.
11 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
A similar share of oncologists say they avoided major financial losses compared with last year's report (75%). In particular, the same share of oncologists report monetary losses due to issues at their medical practice as last year (8%). In a good year for the US stock market, they shouldered losses from stock or other investments at about the same rate as in last year's report (10%).
12 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
13 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
A similar share of oncologists is still paying off school loans compared with last year's report (17%). Oncologists rank in the middle third of all specialists in that statistic; in this case, lower is better.
Freeing yourself from medical school debt remains very, very costly. Physicians in this country, on average, pay $365,000-$440,000 over time. Of that, $165,000-$240,000 is interest.
14 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Physicians frequently choose stocks, business investments, or real estate ventures that don't work out. A somewhat higher percentage of oncologists reports a stock or company investment that turned sour than in last year's report (28%), while the rate at which they cite no investing mistake is about the same (30%). A slightly smaller share of oncologists this year say they stay out of investments as compared with our previous report (20%).
15 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
While improvement in the post-COVID US economy made it easier for doctors to save, oncologists are increasing or reducing their tax-advantaged savings activity at around the same rates as in last year's report. About 8% of oncologists do not regularly put money into tax-advantaged savings accounts, compared with 9% of all physicians.
Many financial experts will recommend contributing 10%-20% of your salary, depending on your age, to retirement savings.
16 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Compared with last year's report, similar shares of oncologists are increasing or reducing their taxable savings activity. About 21% of oncologists do not regularly put money into after-tax savings accounts, compared with 25% of physicians overall.
If interest rates continue to climb, more physicians could steer money into after-tax savings accounts like Roth IRAs.
17 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
A similar share of oncologists is carrying $100,000 or less in mortgage debt compared with last year's report (16%). A somewhat greater percentage has home loans over $500,000 (21%). Last year, 37% of oncologists said they had paid off their mortgages or didn't have one, the same as this year's response; for physicians overall, that statistic is 29%.
Amid a sizzling housing market, the size of the average home loan recently reached about $448,000, according to the Mortgage Bankers Association.
18 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
The ranks of oncologists who paid mortgages or other bills late during the pandemic are similar to those in last year's report (3% and 6%, respectively). (Participants could choose both "Yes" responses.) The vast majority of oncologists kept up with bills amid COVID, as they did last year.
They should feel fortunate. One 2021 industry survey reported that 46% of Americans missed one or more rent or mortgage payments because of COVID.
19 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
The average size of a US house has been falling, to 2261 square feet. By comparison, 44% of oncologists (the same as in last year's report) live in a home of 3000 square feet or less.
20 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Why do physicians in a particular specialty tend to have bigger houses? It's hard to say, and various factors could come into play. But 5000 square feet definitely qualifies as a spacious family home.
Oncologists rank in the top third for the percentage who live in homes that large. Last year, they also were in the top third for having big houses.
21 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
A similar percentage of oncologists makes do with one or two credit cards compared with last year's report (15%). At the other end of the spectrum, 43% of oncologists have five or more cards, compared with 54% last year. The average American has about four cards, credit bureau Experian reports.
Experts say that though you should be careful with cards and diligently pay them off, having five or more credit or loan accounts can help boost your credit rating.
22 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
About two thirds of oncologists differ in opinion, at least sporadically, with their significant other about spending (rarely, sometimes, often, or always). Physicians overall report a similar result. A Northwestern Mutual study found that across the country, around 1 in 4 couples argue about money at least once a month.
23 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Do restaurant servers like having oncologists at their tables? Perhaps so, because 63% of oncologists say that they typically tip at least the recommended 20% for decent service. They are similarly generous as the average physician (64%) in that regard.
24 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
25 of 26
Scroll
Medscape Oncologist Wealth & Debt Report 2022
Jon McKenna | August 5, 2022 | Contributor Information
Medscape Physician Wealth & Debt Report 2022: How Did a Tough Year Add Up?
Physicians report their successes and failures in building wealth, controlling spending, managing debt and expenses, investing smartly, and maintaining a comfortable lifestyle.Medscape Features Slideshows, June 2022
Commenting is limited to medical professionals. To comment please Log-in.
Comments on Medscape are moderated and should be professional in tone and on topic. You must declare any conflicts of interest related to your comments and responses. Please see our Commenting Guide for further information. We reserve the right to remove posts at our sole discretion.
Comments on Medscape are moderated and should be professional in tone and on topic. You must declare any conflicts of interest related to your comments and responses. Please see our Commenting Guide for further information. We reserve the right to remove posts at our sole discretion.
Close
Contributor Information
Jon McKenna
Senior Editor
Medscape Reports
Close
References
Close
Image Zoom
Close
Feedback
Please do not use this form to submit personal or patient medical information or to report adverse drug events. You are encouraged to report adverse drug event information to the FDA.
Comments