If you have ever had surgery, then you likely have anesthesiologists to thank for keeping you comfortable, pain-free, and safe. But becoming an anesthesiologist is a long road and one that requires a significant financial investment before you ever start earning an anesthesiologist salary.
Financial literacy plays a major role in helping you make smart financial decisions and plan for your future. Education, specialty choices, and certifications are all career milestones that will factor into your future anesthesiologist salary.
Key Takeaways
- Becoming an anesthesiologist is a very involved career path that takes a lot of hard work and time.
- Planning ahead for the costs of each stage of the educational and training process can help you avoid many of the financial stressors that can impact potential earning power.
- Choosing to do subspecialty training and board certification are both critical career milestones that can have a long-term and meaningful impact on an anesthesiologist’s earning potential.
- Certification maintenance and continuing education requirements are other important aspects of an anesthesiologist’s life that can have a direct impact on an anesthesiologist’s financial stability.
- Working with a trusted and knowledgeable financial advisor is how physicians make informed and financially aligned career decisions as they pursue their long-term professional and financial goals.
Table of Contents
Laying the Groundwork for Salary Expectations
While your high school self might not have been thinking about your future salary as an anesthesiologist, you probably were unconsciously laying the foundation for a career as an anesthesiologist. Spending time in high school and college focused on sciences like biology and chemistry will set you up for the rest of your academic and professional journey as an anesthesiologist.
In addition, having a strong academic record, lab experience, volunteer experience, and leadership roles will help you build a competitive medical school application to help set you up for your future career success and future salary as an anesthesiologist.
Medical School: The 4 Years that Determine Anesthesiologist Salary Expectations
Medical school is 4 more years of formal academic training in the field of medicine. Medical school tuition can run you over $100,000, which is likely to result in significant student loan debt. Years 1 and 2 of medical school are focused on classroom learning and building a solid foundation of the core scientific principles and ethical guidelines to practice medicine.
Anatomy, pharmacology, physiology, and other scientific courses will provide a knowledge base to develop the clinical decision-making skills necessary to work with real patients in a hospital or clinical setting. Years 3 and 4 are traditionally dedicated to clinical rotations in various medical specialties.
For anesthesiology residents, clinical rotations are an opportunity to get real-life experience in patient care as well as a better understanding of the anesthesiology specialty and what the time-sensitive and meticulous nature of the work entails.
Residency: Training that Impacts Anesthesiologist Salary
After 4 years of medical school, you will begin 4 years of anesthesiology residency training. Residency training is a mix of practical real-world work experience and classroom and lecture learning to continue building on the knowledge and skills learned in medical school. Residents get experience working in various surgical settings, including how to manage anesthesia and airway management skills.In addition, residents build expertise in critical care and work with pain management protocols.
During the residency period, physicians also start to consider subspecialty areas of anesthesiology that might interest them. Subspecialty areas can also impact future anesthesiologist salary and work-life balance. Pediatric anesthesiology, cardiothoracic anesthesiology, and pain medicine are some of the more popular subspecialties, but there are others.
Subspecialties have their own clinical and compensation nuances. This period in a physician’s career is also the best time to find a good mentor to help guide them through these decisions.
Fellowship: Specialized Training that Can Lead to a Higher Anesthesiologist Salary
A fellowship is the optional part of training for physicians after residency. Fellowship programs are 1 or 2 years of highly specialized training in a subspecialty of anesthesiology. This additional training can give a physician an edge and can help them earn more money in a very high-demand medical specialty. Interventional pain management, neuroanesthesia, and critical care are some of the most popular anesthesiology fellowships. The training required for a fellowship can require relocation expenses, a year with reduced or no salary, and a delayed entry into the workforce.
Board Certification: Required for Anesthesiologist Salary
To become board-certified, anesthesiologists have to pass an exam from the American Board of Anesthesiology. Board certification is often a requirement to help anesthesiologists start building their careers. The process of getting board-certified will require an investment of time and money to prepare for the exam and pay for testing materials.
The board certification process itself is a rigorous and time-consuming and expensive process. However, it is a vital process to help protect an anesthesiologist’s salary. Certification is one of the last credentialing processes a physician must go through, and typically, employers will not hire a physician without this certification. It is also necessary to help protect the safety of patient care, and will also be a significant factor in the salary an anesthesiologist will receive from an employer or medical practice.
Life-long Education: The Key to Protecting Anesthesiologist Salary
Continuing medical education (CME) requirements are also tied to physician certification. Physicians must take part in and complete CME courses to maintain their certification and also stay up to date on the latest medical equipment, procedures, and medical best practices. In addition, physicians will likely be required to complete a certain number of CME credits each year to keep their license and stay current on the latest in their specialty. Continuing education and training are also vital to ensure patient care safety, which directly impacts a physician’s salary as an anesthesiologist.
Secure Your Financial Future
Making smart financial decisions early and often can set you up for success throughout your career. This includes starting early with financial planning, learning the ins and outs of contract and job offer negotiations, and developing a financial plan to prepare you for your future. Physicians Thrive can help you every step of the way.
Contact us today to learn how to secure your financial future now.
