After a year of growth, the average medical oncology salary stagnated in 2023, with annual earnings of $464,000. Despite this plateau in pay, most oncologists report feeling fairly paid and are happy with their pay, according to Medscape’s 2024 Oncologist Compensation Report. The annual report provides insights into medical oncologists’ compensation, what they find rewarding and challenging about their jobs, and how many take on supplemental work to increase their overall pay.
Medical oncology remains one of the highest-paid specialties
Oncologists reported a small 1% salary gain between 2022 and 2023, a change from the massive 13% year-over-year increase reported last year.
When compared against other specialists, medical oncologists ranked ninth in 2023, down a spot from last year’s salary report. However, they still earned a higher salary than the average physician salary ($363,000) and the average specialist salary ($394,000).
Most oncologists don’t choose their specialty for the pay
While medical oncology salaries are relatively high these days, future compensation doesn’t seem to be a driving factor for physicians who chose the specialty, with three in four (75%) stating pay was either a minor factor or no factor at all in their decision-making. A much smaller number of oncologists (16%) stated pay was a leading factor in their choice of specialty, while one in 10 (9%) said it was the main factor.
How much potential pay matters in choosing oncology
This number is slightly smaller than the 83% of physicians overall who stated that future pay had only a minor or no factor in their choice of specialty.
Oncologists are overall happy with their pay
When it comes to their actual practice and compensation, oncologists are split over whether physicians in the U.S. are paid fairly — about half (49%) believe that physicians, in general, are underpaid, while 45% believe that physicians are paid just about right. A small percentage (6%) said they thought physicians were overpaid. When it comes to their specialty, however, 60% of oncologists report that they feel fairly paid given their work demands.
When compared to respondents from 28 other specialties, oncologists were ranked fourth in how happy they are with their pay — only public health physicians, dermatologists, and psychiatrists reported feeling happier with their compensation.
Happiness with pay: Oncologists vs. other specialties
Many oncologists take on extra work, including locums
Despite feeling relatively satisfied with their pay, nearly four in 10 oncologists (38%) report taking on extra work to boost their income. Nearly one-quarter (23%) take on other medical-related work, while 6% do medical moonlighting to generate more income. A further 5% add more hours to their primary job, while 4% perform supplemental work that isn’t medically related.
Are oncologists taking extra work to boost their income?
Locum tenens: A different way to practice medical oncology
What motivates medical oncologists
As is expected of physicians who work with a common and complicated disease, one quarter (26%) of medical oncologists find most of the value in their work in the gratitude they get from their patients and their relationships with them.
Another 26% cite finding answers and diagnoses is what makes them the happiest, while 18% reported that making the world a better place by helping others is their favorite thing about the work.
Top three most rewarding parts of an oncologists’ job
That’s true for Dr. Mancusi-Ungaro, an oncologist who came out of retirement to continue his work. “I thought I was effective in helping folks with cancer, and when I retired, I decided that I’d like to continue with it,” he says about his decision to return to his work through locum tenens assignments.
If you are interested in increasing your medical oncology salary, call us at 954.343.3050 or click below to see all of our locum tenens oncology job opportunities.
