So, let's look at several examples:
- A primary care physician who's making $120k/year leaves clinical medicine and begins to work in a a medical education company. How much could he/she make?
- A medical school graduate chooses not to pursue residency. He/she chooses to work in a consumer health company. How much could he/she make?
- An MD/MBA grad completes residency (earning around $50k/year as a senior resident) and finds a corporate consulting job. How much will he/she make?
- An oncologist who has been practicing medicine for 10 years leaves the practice of medicine to work in pharma. How much could he/she make?
The reality is that many entry-level jobs will not pay above $150k/year unless you're a medical specialist. If you lack corporate experience, then you're in a different category compared to physicians who have extensive corporate work experience. Some sources will tell you that entry-level job salaries for an "average" physician ranges roughly between $90-130k/year. How do you make an argument that you deserve $130k/yr if a company offers you $90k/yr? Several key factors impact this salary range. They include:
- Geography. Living costs will greatly influence your salary.
- Budgets. Some companies have much more negotiating "flexibility" around budgets. Others have very rigid budgets.
- Risk. Some managers have a "high risk/high reward" mentality and they may be willing to take a big risk by paying a high salary to acquire the best talent.
- Gender. Even today, men tend to earn higher salaries compared to women. It's not fair, but it's what frequently happens.
- Type of industry. Salaries for a "medical director" in industry #1 could vary tremendously compared to industry #2. Some companies simply have deeper pockets and bigger budgets.
- Your negotiation skills.