Salary
Average Salary: $237,803
Expected Lifetime Earnings: $9,927,800
Being an oncologist pays very well. After all, you work a lot of hours, consult with other doctors, do research, and provide on-call service to a local hospital or two if needed. So what kind of moolah are we talking here?
It depends somewhat on where you live, but most oncologists start their careers making in the lower $200,000 per year range (source). After fourteen years of being a college student, living off ramen noodles and frozen pizza, $200,000 sounds pretty nice, right?
Hold on there, sparky—we're just getting started. There isn't a huge spike in salary for the first few years of your oncology career, but that salary will grow steadily. And, once you start mentoring oncology students, or produce meaningful research and hit the lecture circuit, your earnings will skyrocket. Many oncologists earn $400,000 per year or more after working for fifteen years (source).
Oh, but we need to back up just a bit and talk about the benefits of the job, as well. Putting in long hours means you need time off to hang out, reconnect with your family and friends, recharge your batteries, and do some fun things to help you deal with the stress that is naturally a part of the job.
Even at the start of your career, you'll be earning several weeks off per year. That doesn't count the time you'll be at training seminars or lectures to learn about the latest advancements in treating cancer.
Residents are encouraged to find a hobby or creative outlet to have fun and give their brains a break. With a salary that's about five times greater than the U.S. average, one problem you won't have is affording to have some fun.