Which country offers the best medical training, salaries, and lifestyle? Now, let’s crunch some numbers.
United Kingdom, the land of Royal Colleges, museums, and an island with more history to match that history, there are ancient salaries too. United States is still the land of opportunity. In Australia, salaries are also standardized but can vary slightly by state.
Two of the most important issues for any international medical graduate to leave their beloved country are the quest for better medical training and salaries to be able to provide for their families. In my experience, the training can only be enjoyed – yes, enjoyed – if it’s well-paying, able to afford exams, courses, and good downtime in the form of quality holidays and simple luxuries. There’s nothing at all wrong with that. Now, in this blog, I will be comparing salaries of medical interns and residents and specialists in the United Kingdom, United States, and Australia. Now, for the sake of simplicity, I’ll keep that all in US dollars for uniformity. Additionally, I will also factor in the local cost of living in each of the major capital cities to draw a conclusion about which country offers the best financial prospects for medical trainees and specialists. And yes, to keep it simple, I’m only considering here the salaries that are average and the hospital PID. I’m not going to factor in any additional locum work or private income of specialists. Plus, there are all single-person income and expenses. So, without further ado, let’s jump right into it. For ease, I will divide this blog into chapters: salary of interns and residents, local cost of living in capital cities, salaries of specialists and physicians and surgeons, and finally, I will conclude by analyzing which countries offer the best salary and living conditions and training.
United Kingdom
The United Kingdom, the land of Royal Colleges, the museums, and this island has more history to match that history, there are ancient salaries too. In the UK, the National Health Service is primarily the employer for all medical trainees, and the salaries are somewhat standardized across England, Scotland, and Wales, and perhaps even Northern Ireland. Interns, that is, foundation year 1, are about $37,000 to $43,200 per year. Residents, that is, foundation year 2 plus, are $43,800 to $51,500 per year. A specialty training, ST1 to ST8, $51,800 to $75,400 per year – that is the variation.
United States
The United States, just still the land of opportunity. In the US, because the health system seems to be an interplay between private health systems and the insurers, and the salaries can vary significantly depending on the hospital and its location, but generally, the ranges are as follows: interns, that is, PG year Y1, $55,000 to $70,000 per year. Residents, PG year 2 to PG year 5, $60,000 to $80,000 per year, with increments each year. And fellowship training years, that is, post-residency, $70,000 to about $100,000 per year – not bad.
Australia
Australia, the land of sun, surf, and mining. In Australia, salaries are also standardized but can vary slightly by state, which sometimes act as individual countries. Interns, that is, PG Y1, $46,900 to $57,500 per year. Residents, that is, PG year 2 to PG year 5, $50,200 to $67,000 per year. Registrars who are in specialist training, the salaries can range from $57,000 all the way up to $86,600 per year.
To determine which country offers the best financial prospect, we must consider the local cost of living. I’ll look at the major cities in each country for comparative analysis. This includes most average doctors’ things like rent, utilities, groceries, transportation, and additional costs, and yes, some miscellaneous costs of courses and exams as well.
Variation based on personal spending habits
United Kingdom, London: total monthly expenses could be in the range of about $3,000 to about $3,910, nearly about $4,000 US. United States, New York City: total monthly expenses could range from $3,500 to up to over $45,000. Australia, Sydney: total monthly expenses could be $2,200 to about $3,000, which is the most economical of the three so far.
Disposable income analysis
To make a fair comparison, I’ll analyze the disposable income, which is salary minus expenses, for the first four years of junior doctors as these are the prime years where the majority of migrant doctors would leave their country and come settle in the US, UK, and Australia.
United Kingdom
Annual salary for interns and F2s and early STs are ranging between $37,800 to $43,500. Annual expenses are very closely drawn between $36,418 to $46,912, so the disposable income is not much, $1,320 to about $3,120. Hence, all UK doctors were screaming out loud and had the class action that led to about 11 to 12% pay rise in England and Scotland.
United States
The annual salary for junior doctors could be ranging between $55,000 to up to $70,000. Now, annual expenses by comparison could range between $44,400 up to $66,400. Disposable income: $4,560 to up to $30,000.
Australia
The annual salary for interns could be in the range of about $46,900 to about $57,000. Annual expenses could range between $23,500 to $32,000, so leaving the disposable income to a handsome sum of $23,400 to $25,000, not bad for a single person as an earner.
Conclusion
Considering the salaries and cost of living, Australia appears to offer the best financial prospect for medical interns and residents, despite having slightly lower salary ranges compared to that of the US. The significantly lower or relatively lower cost of living allows for a higher disposable income. The UK, on the other hand, appears to have the least favorable income in terms of disposable income for medical trainees, even if you adjust or factor in the 12% pay rise which is happening in this current financial year.
Salaries of medical specialists and surgeons
Now, the salaries of specialist with Physicians and Specialists, surgeons can vary significantly based on the country, the type of specialty, and other factors, but let’s compare the medical specialist and surgeons in Australia, United Kingdom, and United States.
Australia
In Australia, the salaries of medical specialist and surgeons are generally high, reflecting the advanced level of training and responsibilities. Medical Specialists could range in between $134,000 to $268,000 per year. Surgeons could range between $167,000 to $334,000 per year.
United Kingdom
In the United Kingdom, the salaries of medical specialist and surgeons are standardized within the NHS, with additional private practice opportunities potentially increasing the earnings. Medical specialists in the United Kingdom can earn between $104,000 to up to $140,000 per year, and the surgeons in a similar ballpark figure of $107,000 to $144,000 per year.
United States
The United States offers the highest potential of earning for both medical and surgical specialties because of the largely private health system. These salaries can go upward of a $1 million. The wide range reflects the variability across different states between private and public health care sectors. Now, the medical specialists normally earn between $230,000 to up to $400,000 per year, and the surgeons draw close to about $250,000 to about $500,000 per year, a very conservative estimate I would say.
Conclusion
Which is the best healthcare system from an earning point of view? Well, through the training years, Australia offers the best blend of salaries and work-life balance, generating a healthy disposable income, so more savings, which is a good thing as always. But in the long run, doctors who would want to prioritize higher earnings and incomes, the US stands out on top.
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However, I might have oversimplified the concept of earning potential for doctors in these three major or key destinations for migrant doctors. Realistically, you will find doctors earning well over a million dollars here in Australia too, and in the UK as well, and you may also find doctors at much lower salaries in the US. I believe one decision to choose the final destination must never be purely or entirely influenced by money. I would agree, money is also a very important factor, but surely there are much more important issues like physical and mental health and well-being to keep you functioning at the top of your game. Look after yourself and each other. Goodbye.
“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” – Malcolm Xr
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