Neurologist Salary
Right after medical school which takes additional four years after a pre-medicine undergraduate degree, medical doctors have to undergo another four years of specialized training to finally become a licensed neurologist. This long path towards the highly specialized profession is rewarded by significantly high neurologist salary rates.
According to the Bureau of Labor Statistics in the United States, neurologists earn a median annual income of $200,000 as published in salary.com. This estimate was calculated based on thousands of survey data collected from human resource departments all over the country originating from different institution sizes, industries, and geographical locations.
Overall descriptive statistics of neurologist salary
Although the median income is $200,000, annual income reports suggest a mean salary of $170,000. This difference between the median and mean annual salaries indicates that successful neurologists earn significantly more than ordinary practitioners. The lower 10% of practicing neurologists earn below $160,000 while the upper 10% earn at least $180,000. On the other hand, the lower 25% earns below $180,000 while the upper 25% earns above $245,000. These values give an interquartile range of $65,000, which roughly describes the deviation among the salaries of over 19,000 neurologists in the country.
According to payscale.com, lowest recorded annual neurologist salary is $70,644 while the highest salary is $252,299. This data, however, is reported based only from 446 individuals. Combined with bonuses, commissions and profit sharing incomes, the lowest and highest annual salaries are increased to $77,247 and $288,316, respectively. Of all salary add-ins, income earned from commissions has the greatest deviation since this classification varies from industry to industry. Lowest commission earned is rated at $852 while highest commission can be as much as $3,052,094. For self-employed private practitioners, profit sharing incomes are also significant with highest earnings rated at $201,664. Bonuses have the least deviation with maximum earnings at $56,340 only. This type of additional compensation is received by neurologists working for private companies.
By the hour
To zoom in down the details, neurologist salary per hour is considered. Median hourly salary rate is $84 with the lower 10% earning below $70 per hour and those in the upper 10% earn at least $100 per hour. This variation in rates is largely dependent on the geographical location where the neurologist is practicing. Living costs can easily offset this hourly income.
Neurologist salary by experience
Like any other professions, neurologist salary is dependent on the experiences earned by the practitioner. During the first year of practice, these medical professionals earn at least $68,000 and may go as high as $197,000. With experiences gained through the years, this base pay is raised to at least $97,000 to as much as $191,000. This raise is usually earned between the second and fourth year of service. With five to nine years of specialized medical experience, base pay is raised to at least $118,000 with some earning as much as $206,000. As more years are added to experience, salary continues to increase and those who are in service between 10 and 20 years report an annual salary of $134,000 to $224,000. After more than 20 years of continuous service, neurologists earn at least $151,000 to as much as $228,000.
Earnings according to geographical locations
Costs of living vary from state to state contributing to the different rates offered to neurologists. Among the states in the country, Minnesota provides the best compensation package with a base salary of $218,180. The state of Indiana comes next with $212,200 annual salary for these medical professionals. The states of Georgia, New Hampshire, and Nevada complete the top five list with annual rates at $209,380, $206,680, and $205,410, respectively.
Neurologist salary by industry
Neurologists offer their services to various industries that require their expertise. Research companies are among the biggest industries that hire these medical professionals at very attractive packages. Neurologists working in research centers earn as much as $292,000 at an average of $220,000 per year. Experts working in a research center are paid more since they are tasked in developing highly sophisticated treatments for diseases related to the nervous system, which require state-of-the-art tools that only well-trained neurologists can operate.
Nonprofit organizations, on the other hand, are the second highest-paying industries that hire expert services from neurologists. These organizations require the services of these medical professionals for relief efforts and other philanthropic activities. Annual salary from this type of organization is rated at $225,000 at an average of $185,000. These rates are higher than those who are working in private firms since nonprofit organizations are often backed by philanthropists who pour a large portion of their assets to promote a certain cause.
Finally, private practitioners and those who are working in firms earn at most $210,000 annually with an average annual income of $173,000. These practitioners are the most common group of neurologists who are typically found in clinics and medical office buildings. Majority of neurologists fall under this industry of private practice or medical firms. Federal and state governments also employ their services; however, rates offered in this category are classified and have yet to be disclosed just like in the military.
While those who are working in private firms or are in private practice earn less than those who are working in research companies, private practitioners derive a great portion of their income from commissions which can extend beyond a million dollars per year. Considered as self-employed, neurologist salary falling under this category may be relatively lower but earnings are mostly derived from company shares.
Future demand of the profession
Between 2006 and 2016, demand for this medical profession will grow by 14% because of the graying population currently taking place in the country. These elderly individuals mostly need the services of these physicians. With increasing demand, neurologist salary is also seen to increase in the coming years.
High neurologist salary makes the profession very attractive for many medical practitioners wishing to take specializations. These rates vary according to experience, the kind of industry in which the neurologist assigns himself to, and the geographical location where he is tasked to work.