md phd salary us

Author: Justin Nabity

MD/PhD Salary: How Much Do MD/PhDs Make in 2024?

Table of contents, key takeaways, how much do md/phds make in 2024, what bonuses do md/phds get, how can md/phds achieve financial wellbeing.

If you are an MD/PhD in the United States or plan to become one, you need to have the proper expectations about your salary.

The national average for MD/PhDs is around $112,400 per year.

The salary is fairly smaller than for MDs and specialists because MD/PhDs often work in research and non-profit settings, rather than practice medicine.

Accordingly, MD salary bonuses may not be eligible.

This article breaks down the average salary, points you to the cities with the highest average MD/PhD salary, and shows how to retain as much as you can from your income.

• The average income of MD/PhDs in the United States is around $119,000.
• MD/PhDs earn the most in Richmond, CA, with $141,686 per year on average.
• MD/PhDs tend to rely on grant funding for extra pay.

According to Glassdoor , MD/PhDs in the United States make between $89,000 and $166,000 annually (an average of $119,000).

The salary can vary depending on experience, location, work setting (clinical practice, hospital practice, university teaching, or research), and other factors.

Other sources have a similar estimate of that range. Here are a couple of them:

• ZipRecruiter (2024) : $113,102
• Salary.com (2024) : $105,099

Based on these three sources, the mean MD PhD yearly average is $112,400.

MD PhD Salary by State/City

The national average is below the $120,000 mark. However, we identified 10 cities that exceeded the national average, as well as the $130,000 mark.

Source: ZipRecruiter (2024)

Is There a Gender Pay Gap between MD/PhDs?

Reliable sources like Medscape and Glassdoor didn’t provide official information about the pay gap between male and female MD/PhDs.

However, according to Medscape’s 2024 Physician Compensation Report , male physicians earn around $400,000 a year, compared to only $309,000 for women. That’s around 22.75% less.

The same applies to PCPs, where male practitioners earn around $295,000 per year, compared to women who earn an average of $253,000 (approximately 14% less).

Female specialists earn an average of $333,000 annually, which is 23% less than male specialists who earn around $435,000.

So, while there is no official data regarding the pay gap between male and female MD PhDs, the data above strongly suggests that there is one.

Bonuses for MD/PhDs in the United States aren’t typical. Their compensation structure tends to be more base salary-driven than bonus-heavy.

There are two reasons for this:

Academic Focus

MD/PhDs often work in academic settings like universities and research institutions.

Although possible, such institutions typically don’t have the same profit-driven bonus structures that some for-profit companies do.

Grant Funding

Some MD/PhD programs rely on grant funding  for their salaries and research projects. As such, bonus structures would not be well-suited to those funding models.

However, there are some instances where MD/PhDs might receive bonuses. These include but aren’t limited to:

• Performance-based Bonuses: Some institutions might offer performance-based bonuses for exceptional achievements.
• Industry Roles:  MD/PhDs who move into industry positions, such as in pharmaceutical companies and biotech startups, might receive bonuses as they gain experience.

These bonuses follow the same structure as other MDs or PhDs in those fields, including sign-up, retention, performance, and annual bonuses.

MD/PhDs often make less money compared to MDs because of the general lack of bonuses, necessitating careful planning to achieve financial well-being.

Here are a few factors to consider:

Tax Planning

You must plan your taxes  correctly to keep away from legal issues that may hurt your income. If you have issues with planning your taxes, Physicians Thrive can help you .

Getting the Best Contracts

Negotiating the best contract is a skill that you can learn to get the best possible package . Find out how Physician’s Thrive can help you negotiate your contract .

Paying off Your Loans

Seven years in medical school to become a physician-scientist can quickly pile up your student loan. You must clear your debts early to start making money.

Since MD/PhDs usually work in non-profit organizations, Public Service Loan Forgiveness  can be a good aid.

Final Words

Without bonuses, managing your finances and living expenses as an MD/PhD can be trickier than for other medical specialties.

As such, you’ll need all the help you can get to retain your money.

That’s where Physicians Thrive can be handy. We’ll help you plan your taxes , negotiate your contracts , and help you through acquiring different insurances like life  and disability  insurance.

We offer many more services to help physicians thrive. If you require any sort of help in the medical field, don’t hesitate to reach out to us .

Comments (0)

Cancel reply.

Save my name, email, and website in this browser for the next time I comment.

About the Author

Build a Career You'll Love

Md phd salary in the united states.

How much does a Md Phd make in the United States? The salary range for a Md Phd job is from $86,595 to $118,612 per year in the United States. Click on the filter to check out Md Phd job salaries by hourly, weekly, biweekly, semimonthly, monthly, and yearly.

• Per semimonth
• Connecticut
• District of Columbia
• Massachusetts
• Mississippi
• North Carolina
• North Dakota
• New Hampshire
• Pennsylvania
• Rhode Island
• South Carolina
• South Dakota
• West Virginia
• San Francisco, CA
• Washington, DC
• Chicago, IL
• New York, NY

HOW SHOULD YOU USE THIS DATA?

Employees: Use this as a guide for salary expectations, but be aware that responsibilities can change across companies for the same job title, so there may be differences between this data, other free site and our subscription products bought by employers.

Employers: This data could be used as reference point in your market pricing, but not the only source, due to differences across jobs locations, and sizes of companies.Consider additional sources like our Employer reported data.

Our consulting team crafts efficient, data-driven solutions using the power of CompAnalyst ® , ensuring your challenges are met head-on.

The trusted data and intuitive software your organization needs to get pay right.

Let our management tool - JobArchitect™ streamline your job description process. Say goodbye to the hassle of crafting job descriptions.

What Should I Pay?

Highest Paying Cities for Md Phd in the United States

States with Higher Salaries for Md Phd

How much do similar professions get paid in the united states, how much should you be earning, what does a md phd do.

A major benefit of MD PhD programs is the fact that most programs partially cover or completely waive tuition for enrolled students, and many also provide a stipend that can be used to cover the costs of living expenses.

MD programs, on the other hand, will be completed in four years, half the time it will take MD PhD students.

The spectrum of graduate degree programs offered is an important element to consider when applying to specific MD-PhD Programs.

The MD/PhD Program trains physician scientists who are well prepared for both research and clinical practice, highly competitive and productive.

Regardless of where they eventually work, MD-PhD candidates are being prepared for careers in which they will spend most of their time doing research, in addition to caring for patients.

View Job Skills and Competency Data for more than 15,000 Job Titles, 18 Industries, and 26 Job Families.

Most Common Benefits for Md Phd

Related companies for md phd in the united states, frequently asked questions, do i receive fair pay as a md phd currently, what are the responsibilities of a md phd, how much do similar jobs to md phd make.

• Telemedicine MD
• MD Physician
• Md Pathology
• Md Anesthesiologist
• Md Dermatology
• MD Pediatrician
• Psychiatric MD
• Psychologist Phd

Where can I get a higher Md Phd salary in the United States?

What is the md phd's salary range in the united states, career insights.

Graduate Journey Resource Center

Discover valuable resources to assist you in your program search and decision-making process.

M.D.-Ph.D. and M.D. Degrees, Salaries and What They Really Cost

Whether you're obtaining a Ph.D. or an M.D. degree in medicine, it is no easy undertaking . Years of intensive study, research and internships yield a degree that not only allows you to put those two little letters in front of your name, but usually comes with an impressive starting salary as well. However, what is the difference between an M.D.-Ph.D. and an M.D.?

The difference between the degrees

Before you compare salaries, you should understand the difference between the degrees themselves. Someone who receives an M.D. is licensed to practice medicine and participate in patient care. Someone who receives an M.D.-Ph.D. works in research and development, such as biomedical research, immunology or biochemistry, etc., but can also practice clinical medicine. A nonmedical Ph.D. can be in just about any subject, including the sciences, and varies as widely in cost and salary as it does in subject matter. For the purposes of this cost and salary comparison, we'll stick to M.D.-Ph.D.'s and M.D.'s.

You also must make sure you compare apples to apples. Before taking salary into consideration, measure other factors, such as the cost of each degree and subsequent school debt , living expenses, and potential stipends and funding offered.

According to the AAMC, the average cost of four years of medical school is $228,006 (that's averaging together public vs. private schools and resident vs. nonresident). Of course, that's not taking into consideration the cost of living and other expenses, which will vary depending on where you go to school, for example, New York City, N.Y. vs. Bloomington, Ind.

While physicians shoulder some of the highest school debt of any profession, they also enjoy some of the highest salaries, which is helpful when they are making mortgage-sized payments for their school loans. The national average for annual physicians' salaries in the U.S. is $209,044. However, not all costs to train a medical doctor fall on the medical student. The costs that a university and society expend on each medical student are fairly exorbitant as training excellent medical professionals is highly valued in this country.

While students pay for medical school, the university hospital foots the bill for the student's residency, which includes expenses such as hospital call rooms, administrative costs and salaries for the student and supervising faculty. For specialties that take longer to train for, the costs are in excess of $1,000,000. Where tax paying citizens come in is that most university hospitals receive federal funding, some of which is used to pay for students' residencies.

M.D.-Ph.D. costs

Falling into the category of medical scientists, M.D.-Ph.D. recipients are trained in both clinical medicine and research. This type of dual degree is ideal for conducting clinical trials, as both intensive research skills and patient care involvement are required. Because this is a dual degree, the time it takes to complete it is considerably longer than the four years for just medical school. An M.D.-Ph.D. typically takes seven to eight years to complete due to the student having to attend both medical and graduate schools.

The major difference between an M.D. and an M.D.-Ph.D. is the cost of tuition. While medical school tuition and costs will run well into six figures over four years, M.D.-Ph.D. students will find that their costs are largely reduced or even eliminated through waivers and stipends.₁ The National Institute of General Medical Sciences currently funds forty-nine M.D.-Ph.D. programs through the Medical Scientist Training Program. 2

Many universities also offer full funding to M.D.-Ph.D. candidates as they leverage the exorbitant cost of educating these students against the expected scientific breakthroughs and accomplishments they'll make in the medical field. The state of health care and the increasing need to study and treat numerous diseases affecting the population have contributed to a faster than average job growth rate for medical scientists. 3

Salary is a different story, as it's very dependent on what type of work the M.D.-Ph.D. pursues. Working in just the scientific research field will yield a median annual salary of $91,510, considerably less than the mid-six-figure salaries of practicing physicians; however, those who practice medicine as well as medical research will see their salaries increase accordingly.

The application process

Both degrees carry a high level of competitiveness, and the application process can be an intensive one. There are no test-optional choices here. MCATHs are a given requirement , so start preparing as soon as you've made the decision to apply to these programs.

Submitting a strong and effective statement of purpose , personal statement and letters of recommendation are critical to getting that coveted acceptance letter from your choice schools. It’s important to keep track of what you've submitted and when, as well as deadlines and communications with program recruiters or advisors.

Choosing your path

Entering the medical field, in any capacity, is a noble and stressfully intensive undertaking. However, the effect you'll have on patients' lives or future treatments and cures for diseases makes the investment of the student, university and government well worth it. Once you've decided which medical career path you want to take, your options will become clearer.

1 MD PhD vs MD: Which is best for you? | BeMo ® (bemoacademicconsulting.com)

2 Medical Scientist Training Program (nih.gov)

3 Medical Scientists: Occupational Outlook Handbook: U.S. Bureau of Labor Statistics (bls.gov)

Career Paths for MD-PhD Graduates

New section.

Information about the career path of a physician-scientist, including training, residency or fellowship, research residency programs, and time commitment.

According to a study by the National Association of MD-PhD Programs, about 75 percent of U.S. MD-PhD graduates are in academic medicine or pharmaceutical company positions that make use of their interests in both patient care and research.

A MD-PhD physician-scientist is typically a faculty member at an academic medical center who spends 70-80 percent of their time conducting research, though this can vary with specialty. Their research may be lab-based, translational, or clinical. The remaining time is often divided between clinical service, teaching, and administrative activities.

Thus, most MD-PhD graduates pursue a career where most of their time is spent on research. This research typically is conducted at academic medical centers, research institutions like NIH, or in the pharmaceutical/biotech industry. With career advancement, many MD-PhD graduates ascend to significant leadership roles in academic medical centers, or industry, government and private organizations, reflecting their broad experience in health care and research.

Training Path for the MD-PhD Graduate

The career of each MD-PhD graduate is uniquely based upon research and clinical interests, but follows the general path:

• MD-PhD training: 7-8 years (See  Education and Training  for more information).
• Specialty and subspecialty clinical and research training (residency/fellowship): 3-7 Years.

Residency and Fellowship Training

Most MD-PhD graduates pursue residency and fellowship training and find that their MD-PhD training makes them particularly attractive to residency programs at top academic institutions. In the past, MD-PhD graduates traditionally entered residency programs in medicine, pediatrics, or pathology. However, the clinical specialty choices of current graduates are more diverse, with many graduates pursuing residency training in neurology, psychiatry, radiology, radiation oncology, and even surgery and surgical specialties.

Research Residency Programs

It is important to note that there are a growing number of "research residency programs" that have been specially developed to foster the career development of physician-scientists.

After completing their specialty clinical training (e.g., in medicine or pediatrics), most physician-scientists pursue subspecialty clinical training (e.g., cardiology or hematology-oncology) and postdoctoral research that typically combines protected research time with intensive clinical training. A number of residency programs around the country offer highly structured programs in which research is fully integrated into the clinical training.

These programs differ in their overall structure, but all offer the following:

• Shortened residency (specialty) training; in general, the integrated programs allow trainees to shorten their residency by one year, depending on the field of specialty.
• Integrated research and clinical training; programs usually offer mentoring for trainees to choose a lab early in their training process, so they can embark on their research right away when they start full time in the lab.
• Guaranteed subspecialty fellowship position in the trainee's desired field; this is not offered at all institutions.
• Special financial support; a few combined programs also offer support both towards salary and research.

Time Commitment

The time commitment required to complete the dual degree and subsequent specialty training can be substantial. Thus, you should thoroughly explore whether combining biomedical research and clinical practice is the right path for you. Despite the time commitment, it is important to recognize that professional progress following MD-PhD training can be swift, and the years of training truly represent a time of great personal as well as professional growth.

The MD-PhD graduate is unique within medical education, representing about 3 percent of the entire graduating medical school class in the United States. In 2006, there were over 16,000 MD graduates; about 500 of these earned PhD degrees as well.

• @AAMCpremed

Helpful tools and information regarding medical MD-PhD programs.

Information about applying to MD-PhD programs, emphasizing the application process during COVID-19.

Information about MD-PhD programs, emphasizing the career and application process.

Learn about MD-PhD Programs from program leaders.

Upcoming short presentations will describe features of MD-PhD training, alumni careers, and detailed logistics of the application process.

Emily battled viral encephalitis for years during college, and now as a MD/PhD student, she reminds premeds that it's okay to ask for help.

Cesar couldn't apply to medical school when he first graduated from college due to his undocumented status. Now he's in a MD-PhD program and hopes to practice in the Southwest where there's a high need for Spanish-speaking physicians.

Doctor of Medicine (MD) Degree

Doctor of Medicine (MD) Jobs by Salary

Featured content, related degrees by salary.

Degrees in the same industry as Doctor of Medicine (MD), ranked by salary

Avg. Salary $153k

Avg. Salary $158k

Avg. Salary $160k

Avg. Salary $163k

Avg. Salary $119k — $178k

Avg. Salary $171k

Avg. Salary $76k — $248k

Avg. Salary $173k

Years of Experience

Gender breakdown for doctor of medicine (md), job satisfaction.

• (888) 381-9509
• [email protected]
• Book a Meeting
• student login
• Student Login
• Our Services
• Our Story How it started
• Our Team Meet Our Advisors & Tutors
• Our Services How we can help you
• Our Difference Learn why we stand out
• Success Stories & Testimonials Hear the stories
• For Parents Learn why you should trust us
• In the News Read Our Stories
• Frequently Asked Questions Find answers
• MCAT Tutoring One-on-One Personalized Help
• MCAT Go An Audio Learning Experience
• MCAT Practice Exams Boost Your Score
• MCAT Prep App Videos, Flashcards & Q-Bank
• MCAT CARS Mastery Top-Rated CARS Video Course
• Pre-Med Coach Early High School Roadmap Planning
• College Admissions 11th & 12th Grade Pre-Med Consulting
• Direct Med Advising BS/MD Application Support
• Interview Preparation BS/MD Candidates
• Pre-Med Coach Pre-Application Development
• Application Advising Med School Admissions Support
• Personal Statement Editing Refine Your Narrative
• AMCAS Editing Application Editing
• Secondary Editing Secondary Application Editing
• Interview Preparation Realistic Practice
• CASPer Preparation Simulation & Coaching
• Ontario Application Support OMSAS Application
• Residency Advising Complete Match Support
• Residency Interview Preparation
• ERAS Personal Statement Refine Your Story
• USMLE STEP 1 Pass Your First Step
• Shelf Exams Ace your rotations
• USMLE STEP 2 Shine on your boards
• USMLE STEP 3 Conquer your final hurdle
• COMLEX LEVEL 1 and 2 Score higher
• Institutional Partners Enhance your student offering
• Organizational Partners Provide value to your students
• For High School Students Plan Your Future
• For MCAT Preparation Boost Your Score
• For Med School Admissions Secure Your Acceptance
• For Board Exam Prep Sharpen Critical Knowledge
• For Residency Matching Secure Preferred Placement
• Extracurricular Activities Apply now!
• Guidebooks Learn at Your Own Pace

Everything You Need to Know About MD-PhD Programs

Posted in: Applying to Medical School

Table of Contents

MD-PhD programs are dual-degree programs for pre-medical students who want to both practice medicine and conduct extensive research.

In an MD-PhD program, the medical education of the MD program is combined with the in-depth research training of a PhD program. Students learn to practice medicine, diagnosing and treating patients all while gaining research experience to investigate medical conditions and diseases.

These programs are more intense than standard medical school. Students take additional coursework, typically in the biomedical sciences, graduate training, rotations in different laboratories, and intensive research.

The extra education gives students the tools to advance in the medical field after graduation. If you are interested in investigating diseases as you treat patients and developing innovative ways to provide care, an MD-PhD path may be for you!

What are MD-PhD programs?

MD-PhD programs are unique dual-degree programs designed for students who have an interest in both patient care and research. In these programs, students complete both a medical degree (MD) and a doctorate (PhD). This prepares graduates to function as physician-scientists, seamlessly bridging the gap between the laboratory and the clinical setting.

What is the difference between an MD and an MD-PhD? The difference between MD and MD-PhD graduates is that while both degrees are conferred to medical doctors, MD programs focus on clinical practice. MD-PhD programs, on the other hand, combine medical education with extensive biomedical research training. 

Is MD-PhD easier than MD? MD-PhD programs are not easier than MD programs. They require a longer time commitment, but in the end, provide graduates with a broader skill set to pursue careers that integrate medicine and scientific research.

How rare is an MD-PhD? Only about 3% of students that enroll in medical school are in MD-PhD programs. There are 122 MD-PhD programs in the U.S. and 13 in Canada listed on the AAMC MD-PhD Degree Programs by State directory .

Graduate programs aren’t confined to a specific area of study. Each school with this type of program has its own options for its PhD degree. PhD students commonly choose to specialize in topics such as:

• Cell biology
• Biochemistry
• Pharmacology
• Neuroscience
• Biomedical engineering

Upon completion of an MD-PhD program, graduates are awarded the dual degree for their proficiency in both clinical practice and research. 

MD-PhD Program Duration

A significant commitment of time is necessary to complete an MD-PhD program, but the career path is rewarding and well-compensated. 

How many years are MD-PhD programs ? Students can expect to spend 7-8 years total between graduate school and med school, but there is no strict timeline for completing an MD-PhD. Some students complete their programs in as little as six years, and others take as long as 10.

Students usually start with the first year to two years of medical school, followed by 3-5 years of research, then finish with another two years of medical training and clinicals. Current students entering into MD-PhD programs are older , on average, than when these programs first began, and many take longer to complete their studies.

How much does an MD-PhD program cost?

Most MD-PhD programs offer enrolled students tuition-free training and a stipend to cover living expenses.

The cost of an MD-PhD program varies widely depending on the institution, but the stipend and tuition-free training makes many of these programs significantly less burdensome financially compared to standalone MD or PhD programs.

Financial support is available through the Medical Scientist Training Program (MSTP) funded by the National Institutes of Health (NIH). Scholarships are offered that cover tuition and provide a stipend for living expenses, making these intensive dual degree programs more attainable.

Not all MD-PhD programs are funded by the MSTP, but some schools offer similar financial support to their MD-PhD students. For any school you plan to apply to, double-check their program website or call an admissions counselor to see if there are options for financial aid. 

MD-PhD Residencies

MD-PhD residencies provide a unique opportunity to bridge the gap between patient care and research. Graduates often enter residency programs to acquire hands-on training in a particular medical specialty. Some even opt for a fellowship in a subspecialty after that. This training phase can range from 3 -7 years, depending on the specialty.

Although they can enter any medical specialty, they frequently gravitate towards specialties with a strong research component. Here are a few common residencies that MD-PhDs typically enter:

• Internal Medicine: This field covers a broad range of diseases in adults and often involves solving complex medical problems. It’s a popular choice for MD-PhD graduates because of the diversity of patients and conditions, which provides many opportunities for research.
• Neurology: The complexity and the largely untapped understanding of the nervous system provide abundant research opportunities. Advances in neuroimaging, AI , and genetics also offer tools for physician-scientists to explore the nervous system in unprecedented ways.
• Psychiatry: Studying the pathophysiology of mental disorders, exploring new therapeutic interventions, and examining the genetic basis of psychiatric conditions are just a sample of the ways an MD-PhD can continue research in this specialty.
• Pathology: Pathologists often work behind the scenes in medicine, studying the causes and effects of diseases. This field is deeply rooted in medical research, which makes it a good fit for many MD-PhD graduates.
• Pediatrics : Pediatric physician-scientists research a wide array of topics, including childhood diseases, growth and development, pediatric therapies, and many other areas related to child health.

The choice of residency program should align with each graduate’s clinical interests, research interests, and career goals. There is great flexibility in the MD-PhD pathway, and physician-scientists span all specialties in medicine.

MD-PhD Career Path & Salary

Careers for MD-PhD’s often sit at the intersection of healthcare, academic medicine, and industry. Roles vary from practicing physicians, medical researchers, educators, and policy advisors to leaders in biotech and pharmaceutical companies.

After completing their residency, MD-PhDs typically divide their professional time between research and clinical practice. They often work in academic medical centers or research institutions where they can see patients and conduct research. Their research may be basic, translational, or clinical, depending on their interests and training.

MD-PhDs may also grow to take on teaching roles, educating the next generation of physicians and scientists. This path can bring them to leadership roles such as department chair, dean of a medical college, or even hospital CEO with their unique understanding of both medicine and research.

The salary for MD-PhDs does vary depending on the chosen career path. Earning potential is generally high due to the advanced and specialized nature of their training.

On average, physician-scientists in the US earn a median salary that is well above the national average for all occupations. According to Doximity’s 2023 Physician’s Compensation Report , the average salary for physicians in the Pharmaceutical/Industry employment setting is highest at $392,534.

Those working in academia or research may have different salary scales. These salaries are frequently dependent on research grants, but still typically fall within a comfortable range.

An MD-PhD opens up a wide range of career options, particularly in the intersecting areas of healthcare and research. Below are careers someone with an MD-PhD might pursue:

• Academic Physician: They divide their time between seeing patients, conducting research, and teaching students and residents. These professionals usually work at medical schools or teaching hospitals.
• Biomedical Researcher: MD-PhDs often find employment as researchers in the field of biomedical sciences. They can work in research institutions, pharmaceutical companies, or government organizations such as the NIH.
• Clinical Investigator: These are physicians who conduct research involving human subjects (clinical trials). They develop and implement studies to understand the effects of new drugs or therapeutic strategies.
• Pharmaceutical/Biotech Industry Professional : Many MD-PhDs work in the pharmaceutical or biotechnology industry. They may be involved in drug development, clinical trials, regulatory affairs, or medical affairs.
• Medical Director: In this role, an individual would oversee the medical aspect of a healthcare facility, biotech company, or department in a hospital. This position often requires both a medical and research background.
• Science Policy Analyst/Advisor: They can work in government or nonprofit organizations, helping to shape policies that affect scientific research and healthcare.
• Public Health Official: Some MD-PhDs choose to work in the public sector, addressing health issues at the population level. They may work for entities like the Centers for Disease Control and Prevention (CDC) or World Health Organization (WHO).
• Medical Science Liaison: This role often involves serving as a bridge between pharmaceutical companies and healthcare professionals, explaining new therapies and scientific findings to physicians, researchers, and other stakeholders.
• Medical Educator: MD-PhDs are uniquely qualified to educate future doctors and researchers, teaching in areas such as pharmacology, pathology, genetics, or any other medical specialty. They may design and implement courses, advise students, and contribute to the educational mission of their institution.

These are just a few of the potential career paths. A career choice often depends on an individual’s specific interests, such as which medical specialties they are drawn to, whether they prefer working with patients or in a laboratory, and how they want to contribute to advancing medical science.

Medical Science Training Programs

Some MD-PhD programs in the United States are funded by the National Institutes of Health (NIH) through the Medical Scientist Training Program (MSTP). This means that students receive full tuition remission, health insurance, and a living stipend throughout their training.

Because of this financial support, admission to an MSTP is very competitive. Many schools have financial support available to MD-PhD students even if they are not part of the Medical Scientist Training Program to allow them to focus on their studies and research.

Be better prepared for your MCAT with a free practice exam.

4 Benefits of Becoming an MD-PhD

Earning dual degrees in medicine and research is an ambitious endeavor, but the impacts you can make on patient care and scientific research are significant and valuable to public health. An MD-PhD degree comes with some great benefits.

1. Interdisciplinary Perspective

The duality of the MD-PhD training allows graduates the ability to translate clinical observations into research questions, then taking research findings to enhance patient care. You will essentially be a bridge to the gap between the laboratory and the clinic.

2. Career Flexibility

Graduates can become practicing physicians, medical researchers, educators, and/or policy advisors. They may also take on leadership roles within academic institutions, hospitals, biotech companies, or pharmaceutical firms. 

The wide range of possible careers allows the flexibility to pursue a path that aligns with your passion.

3. Influential Impact 

The rigorous training in MD-PhD programs allows graduates to drive innovation in healthcare and medical science. This advanced education will have you asking critical questions and finding answers that can change the course of medical treatment and patient care. 

The potential to make significant contributions to the field of medicine is a rewarding and prestigious aspect of this career path.

4. Community and Mentorship

During their training, MD-PhD students join a tight-knit community of fellow dual-degree students, mentors, and faculty. This network can provide valuable support, guidance, and camaraderie during the demanding years of study. 

Post-graduation, this network continues to serve as a resource for collaboration, mentorship, and career advancement.

Are MD-PhD programs more competitive than MD programs?

In general, yes, MD-PhD programs are more competitive than MD programs. 

The statistics here can be a little confusing, though. 10% of applicants are accepted to an MD-PhD program, which is higher than the 3% that get accepted into MD programs. Acceptance rates are nearly the same as traditional medical programs, too.

But the quality of application for MD-PhD programs is inherently higher than traditional pre-meds. Your GPA and MCAT need to be higher, with well-developed extracurricular experiences and glowing letters of recommendation to have a chance at an MD-PhD program. 

Learn more about how we can help you boost your MCAT score.

Preparing to Apply to MD-PhD Programs

Applying for an MD-PhD program is done through AMCAS, just like MD programs. Preparation is key in the application process .

Being proactive, getting relevant experiences, understanding the requirements, and applying to multiple programs will significantly enhance your chances of success in securing a spot in an MD-PhD program. Applicants must be prepared to showcase themselves as doctor material and make a case for their desire to take part in research.

Here are a few tips for increasing your chances at acceptance.

Make sure you have the right extracurriculars under your belt.

Gaining relevant experiences beyond the classroom is crucial to showcase your commitment to a career in medical research. Admissions committees are looking for candidates with experience in research projects. 

It is absolutely necessary to have taken part in research to have a chance at getting into an MD-PhD program.

Check application requirements well in advance.

You’ll be required to meet all the AMCAS application requirements of MD programs. This includes the prerequisite coursework, your MCAT score and GPA, letters of evaluation, and personal statement . 

There are also two additional essays that are required on MD-PhD applications, which we’ll cover later.

We advise checking with each specific medical school on the requirements for their applications . Non-medical graduate programs may ask for your GRE scores. You want to make sure you’ve taken this test well in advance of the AMCAS open date. 

Our advisors can help you craft a personal statement for your MD-PhD that will stand out.

Apply to several programs.

Because of the limited number of programs and the competitive nature of MD-PhD programs, you should apply to multiple programs. Students who have gotten into these programs report applying to as many as 30 programs for the best chance to be accepted. 

Along with MD-PhD programs, we also recommend applying to some MD programs as well. On your AMCAS application, you can easily designate as an MD candidate or MD-PhD candidate.

Even if you don’t make it into the MD-PhD program of a medical school, you will still have the opportunity to be considered for their MD program.

MD-PhD Application Timeline

Get your medical school application in early — the same goes for MD-PhD applications. In fact, it’s even more important to have your primary application in as soon as possible to give yourself plenty of time to write your secondary essays. 

The MD-PhD application process follows the AMCAS application timeline :

• May: AMCAS application opens. You’ll receive your secondary application shortly after you submit your primary. 
• July-August: Submit your supplemental application within two weeks.
• October-March: Prepare for and attend all scheduled interviews.
• December-March: Application committees make final decisions. For schools with rolling admissions, this may happen shortly after an interview. Other institutions wait until after all interviews are complete to make decisions.
• March-April: Applicant decisions are made.
• June-August: Your MD-PhD begins.

Additional Essays in the MD-PhD Application

The MD-PhD application process includes two additional essays that showcase your commitment to a career as a physician-scientist. 

MD-PhD Essay

The MD-PhD Essay is your opportunity to express why you have chosen the dual-degree path and how it aligns with your career goals. Discuss your motivation for pursuing the ambitious MD-PhD degree. You should explain why both clinical practice and research are integral to your career vision and share personal experiences that ignite your interest in this path.

Describe your career goals and how integrating clinical practice and scientific research will allow you to achieve those goals. If you’re interested in a particular field, discuss how the blend of clinical and research training in the MD-PhD program will enhance your contributions to this field.

Significant Research Experience Essay

This essay is your chance to elaborate on your research experiences and demonstrate your scientific curiosity, perseverance, and ability to work independently. You’ll explain the objectives of the research project you have been involved in, your role in achieving these objectives, and the significance of the research.

You can also write about instances where you faced challenges and had to use your problem-solving skills, perseverance, and critical thinking to overcome them. Highlight your ability to learn from others, like your mentors, how you can collaborate, and contribute to a team-oriented goal.

If your work led to any significant findings, presentations, or publications, be sure to include this. Use this opportunity to communicate your passion for research and how these experiences have prepared you for a career that combines patient care and scientific investigation.

MD-PhD: The career path that moves medicine forward.

MD-PhD candidates have a commitment to both medical practice and research on this path. The journey is long and at times challenging, but for those driven by a passion for both clinical medicine and biomedical research, the reward lies in the unique ability to contribute to the advancement of healthcare as a physician-scientist.

Speak with a member of our enrollment team who can help you prepare your MD-PhD application.

Kachiu Lee, MD

Dr. Lee specializes in BS/MD admissions. She was accepted into seven combined bachelor-medical degree programs. She graduated Summa Cum Laude from Northwestern University and proceeded to Northwestern University’s Feinberg School of Medicine in Chicago, IL. After completing a dermatology residency at Brown University, Dr. Lee pursued a fellowship in Photomedicine, Lasers, and Cosmetics at Massachusetts General Hospital and was a Clinical Fellow at Harvard Medical School. Academically, she has over 100 peer-reviewed publications and lectures internationally.

See How We Can Help

Search for:, recent posts, medschoolcoach, [email protected], recent blog posts.

How to Choose Where to Apply to Medical School

Table of Contents Choosing a medical school doesn’t have to be difficult. There are a lot of options, but not[...]

May 13, 2024

Q&A with Dr. Alice Zheng, MedSchoolCoach Advisor

Dr. Alice Zheng is a entrepreneur, physician, public health activist and MBA! She received her MBA from Harvard University and MD[...]

August 10, 2016

Do International Electives Look Good to Medical Schools?

We get questions centered around international electives a lot. Whether it is a few weeks in India, Guatemala or Peru,[...]

May 7, 2016

The Pre-Med Journey: What it Takes to Get into Medical School

Thinking about applying to medical school? Discover what high school students need to know about obtaining a career in medicine.

Successfully Planning for the USMLE Step 1 and 2 CK

Get ready for the USMLE Step 1 and Step 2 with this free guide to study planning and resource utilization.

100 MCAT Study Tips

Taking the MCAT? These 100 tips and tricks will help you ace the MCAT.

Call us at (888) 381-9509

Call Us Now

Or, Schedule a Meeting Below

Was Becoming an MD/PhD a Good Financial Decision?

This month, I graduated from my MD/PhD combined-degree program. Earlier this year, I matched to a psychiatry research track residency in a high-cost-of-living area on the West Coast. I will start residency without any debt from medical school. On top of the free tuition, my school paid me a stipend to cover my living expenses for each of the seven years, including three years of PhD. That is about $600,000 in value.

But when I was applying to MD/PhD programs eight years ago, I was not as financially literate, and I was not married. I did not know about the FIRE movement . I didn't grasp how long the journey to becoming an independent physician-scientist would be (spoiler #1: 14 years on average). I cannot quantify the intangible benefits of my MD/PhD training, but as this is a financial column, I'll examine today whether pursuing an MD/PhD is a good financial decision.

(Spoiler #2: I would do it again even if I knew the answer to the question before I applied.)

Why Do Medical Schools Pay MD/PhD Students?

According to the AAMC , out of the 22,000 students per year who matriculate at allopathic US medical schools, about 700 are in the MD/PhD program, which is 3% of all students. The number dwindles closer to 600 by the time of graduation. Most programs pay for tuition (~$60,000) and living expenses ($30,000-$40,000) for both the MD and PhD portions of training—I cannot imagine any circumstance in which one would pay for their own MD/PhD training —because many alumni have to sacrifice income in order to spend the majority of their time doing research in academia.

MD/PhD students are also more likely than their medical school counterparts to choose specialties that have lower-than-average compensations. For example, the national MD/PhD program outcomes study showed that 14% of MD/PhD alumni choose pathology (vs. 1% of MDs) and only 7.4% choose surgery (vs. 12% of MDs). Self-selection is a huge factor, but I think many of my MD/PhD colleagues might have entered more competitive and lucrative specialties if they could have received robust research training during residency.

The same study also reported a troubling trend. The mean time to a degree and mean time to a first full-time job (after graduating from MD/PhD training) have been increasing over the years to 8.25 and 5.88 years, respectively. For psychiatry, the mean time to a first full-time job was 5.6 years, and for surgery, it was 7.1. This data does not include those who graduated after 2014 for the mean time to degree and those who graduated after 2004 for the mean time to a first full-time job. Compared to their classmates who could become an attending psychiatrist after eight years of undergraduate and graduate training, someone who starts their MD/PhD training today could be in training for 14 years before they start working full-time as a psychiatrist.

The psychological effect of seeing your original classmates become attending physicians while you're just graduating from medical school cannot be overlooked. MD/PhDs would be in Years 7 and 8 of “living like a graduate student” with six more years of “ living like a resident ” remaining. MD/PhDs have to master delayed gratification as much as our PhD dissertation.

Given the above, the question I should have asked is: how far does the money go? In the chart below, I make assumptions that are as favorable for MD/PhDs as possible. Our MD/PhD alumnus maximizes their Roth IRA contribution beginning M1. Our MD-only alumnus would have a student loan burden of $527,000 at the end of their residency training. After these (somewhat unreasonable) assumptions, our MD/PhD alumnus would have about $89,000 more than their MD-only counterpart 14 years after they matriculated together.

However, even if the MD/PhD alumnus starts a full-time job after 14 years of training, the $89,000 gap will close down fast. I have not had a chance to ask any physician-scientist about the details of their compensation, and I could not find any data on the average income of MD/PhD alumni. But a quick scan of online forums suggests that one would have to be a superstar to earn anywhere between $200,000-$300,000 after they complete their training. Hopefully, I am wrong, and one can make more, or I might be naive to consider that such compensation is possible at the beginning of one’s academic career. Since the MD-only alumnus would pay off their loans and start maximizing their retirement savings after year 16, they would be ahead of the MD/PhD alumnus in terms of net worth in just a few more years.

More information here:

How to Stay Focused When Everyone Else Is Getting Rich

What Are the Alternatives to MD/PhD?

If a physician wants research to be their primary endeavor, one may not have a better alternative than a combined MD/PhD training. MD graduates can do research for their elective rotations—or earn a PhD during residency—and then join research fellowships. But their path would not be any shorter, and they would still have student loans (notwithstanding loan repayment or forgiveness programs). According to the NIH’s Physician-Scientist Workforce Working Group Report in 2014, the mean age at which a physician receives their first independent NIH grant is 43.8 for MDs and 44.3 for MD/PhDs. The mean age for MDs has been historically higher, but for whatever reason, the mean age plummeted in 2012 (the last year for which data was available).

While neither path is faster, MD/PhDs are more persistent and successful when they apply for an individual NIH research project grant (RPG). The report found that the first-time award rate of RPG applicants is about the same for MDs and MD/PhDs, but this data likely suffers from survivorship bias. The key metric is “persistence quality,” defined as reapplying for an RPG in subsequent years after their initial application was not funded. MD/PhDs were 8% more “persistent” than their MD counterparts. The difference in persistence was likely due to a combination of differences in commitment and preparation for prior training. Among T32 postdoctoral trainees (yes, many MD/PhDs have to do research fellowships after residency), a higher percentage of MD/PhDs apply for an RPG in the first place, and the award rate was 13%-14% higher for MD/PhDs.

Splurge on This, Not on That

‘Opportunity Cost Is a Huge Filter in Life'

I was not surprised on the interview trail—and this column validates my experience—when physician-scientists grilled me on my desire to do research in my career. Right now, I do not think that I will find my career fulfilling without research. I enjoy the process of generating and answering research questions. When I identify something that does not work well, I am going to be frustrated if I lack the skills and resources to improve it.

Money is not the reason to do an MD/PhD; it is why many of us no longer do research. The temptation to decrease my research effort will increase as my family grows and our tastes change. When faculty and former MD/PhDs explained why they (or someone else) left research, the primary reason was the opportunity cost of sacrificing clinical time, not the likelihood of receiving a grant. In five years, I could be writing a column about why I am not continuing my research career. Charlie Munger is right about how opportunity cost is a filter: when two suitors (i.e., clinic and research) are eager to have us and one seems way better, I may not find time for the other.

This column has allowed me to reflect on how my goalposts have moved. When I was working before medical school, I was planning to apply to graduate schools until my mentors persuaded me to pursue an MD/PhD. Now that I am at the end of medical school, I am comparing my lifetime income and net worth trajectory against those of my MD colleagues, not my PhD colleagues. (Don’t get me started on comparing myself to my college classmates and software engineers!)

I do not believe that I can stop the goalposts from moving. I can only adapt and make sacrifices for what I can control. I realized that I could improve my odds of becoming a physician-scientist by decreasing the financial effect of my career choices. This is one of the reasons why the program where I matched was high on my rank list (I will share those reasons in a future column). My wife and I will be moving to the state where she grew up and her parents still live. We are thankful for everyone who has made this seven-year journey possible and excited for the new opportunities that will be coming our way.

If you were an MD/PhD student, are you happy with how it turned out? What were your pros and cons? If you went the MD route instead of doing research, did that turn out to be the right decision? Comment below!

28 comments

Appreciate the article. Would NOT do an MD , PhD again. Strictly clinical now. Absent the financial advice or insight early in my career, can’t say I’m in a better financial position than my contemporary MD counterparts. Doubling down on a post doctoral research fellowship, probably was the most financially problematic decision, not to mention the strain it put on my family with time commitments to research. Don’t regret the journey taken, it helped clarify what’s most important in my life. Charlie Munger is a wise man, the financial incentives of clinical practice probably outweigh those of research unless you can see a way to starting a successful business or collecting on royalties from anything you patent in your research.

Thank you for sharing your journey. I’m hoping that I will have more clarity after doing a research track residency and having kid(s). On the interview trail, it seemed like many MD/PhD research tracks decide whether to continue research in their final year of residency or the first 1-2 years after residency.

Can you comment on the value (to “the public” etc.) of MD/PhD doing research rather than PhDs in similar fields doing so? How would Psychiatry medical care now and in the future be different if all Psychiatry research was done by PhDs consulting MDs at times/ following MDs’ patients with the MD’s cooperation? Would any MDs be willing to take the time that would demand of them as so many now do med stud and resident education?

While MD/PhDs may be less likely to become pioneers in methodology such as bioinformatics (Francis Collins being the counter-example), PhDs will rarely appreciate the complexity and diversity of clinical presentation and complications from treatments (except perhaps clinical psychologists). True “bench-to-bedside” is becoming rarer, but MD/PhDs clinical experiences as a resident can be enough to launch full-time research careers because research questions grounded in reality tend to be more “high-yield.”

If no MDs were primarily doing research in psychiatry, we would repeat what happened in the 2010s (granted it was under the leadership of Dr. Tom Insel who was a clinician-scientist) and go nowhere. As for med ed, it would depend on how they spend their clinical time. Less likely to directly supervise if they are doing outpatient.

I finished the MSTP in 7 years; followed by residency and fellowship over another 7 years. Although I started an academic career at least 3 years later than my original medical school classmates, I had a clean slate, with no debts. I had the opportunity to pursue clinical or research tracts, and followed my drive to specialize in interventional cardiology. In terms of financial considerations, a peak salary of 400k, while lower than many in private practice, afforded as high a lifestyle as I could want, while building equity. Combining accumulated funds with a government pension (from a decade in the VA), I could retire at 62, with FEGLI health insurance coverage.

For pre-meds considering M.D.-Ph.D. programs, they should pursue this track for a passion and commitment to research and an academic career, not for maximizing financial achievement. However, the advantages of starting a career free of debt, and the level of opportunities afforded by the combined degrees, should more than outweigh the costs of the few years’ delay they incur.

Thank you for sharing your journey. I 100% agree about choosing MD/PhD based on passion and commitment. Financial incentives should not be a factor at all. I was always puzzled by my classmates who thought I would be financially ahead of them. It’s what motivated me in part to try crunching the numbers for the column.

“I could retire at 62, with FEGLI health insurance coverage“

Are you still at the VA? I thought you had to work at VA for more then 10 years to get the health insurance coverage?

I finished my PhD in Biochemistry on full scholarship in 1980, then enrolled in 2 year Med School program at U of Miami Med. School. This PhD to MD program no longer exists. After Internship in Internal Med and 3 yr.Residency in Ophthalmology, I was hired at a major academic research institution for a paltry salary and advised that Research Grants would be necessary to augment my salary. I was surprised to discover that I was no longer eligible to apply for a “NIH young investigator award “, and would have to apply for RO1, which was highly competitive and therefore unlikely to be funded. Although I was successful in getting a few private grants, the amounts were barely enough to cover the cost of the research and not the salary. Ultimately, I left the University after a few years and remained in a successful private practice for 30 years. I am recently retired. I have to admit that the PhD education in Biochemistry was a fantastic background for medical school and clinical practice. It is hard for me to say whether I would do it again because I do not think I would have been of as much value to my patients, students and colleagues, however the institutions that funded my education might feel otherwise, with respect to the cost they incurred to educate me.

Thank you for sharing your journey. I think experiences like yours are one of the reasons that my program focused less on having us become experts in a siloed field (eg, biochem, cell bio, etc.) and encouraged us more to learn how to study a disease. After all, so many MD/PhDs choose a specialty that is unrelated to their PhD.

Given the difference in rates at which clinical work and research are paid, ot would be rare to find adding the PhD was a positive financial move. Same as for rarely will pursuing research lead to a higher income than purely clinical work.

People get PhDs and do research because they want to, not because it is the highest paying career path.

Same as for why people enter general peds, rather than neurosurgery. Neurosurgery pays better but many people would rather be pediatricians.

Thank you for your comment. I 100% agree. Just as the OG WCI says…longetivity over peak income. After all, many clinician-scientists choose to work beyond age 70 because they love what they do.

I did my PhD as a way to get into med school after a less than stellar first year as an undergraduate, which pulled my GPA down. I had already worked in a lab as a summer student and enjoyed the research I had started, however it was a means to an end, as my goal was always to be a doctor. Despite the opportunity costs of 4 years for my PhD and one year of post-doctoral fellowship, prior to med school, and then 3 years of subspecialty training after residency (Oncology), I retired 2.5 years ago at age 58. I also married the lab tech I worked with! Other than a bit of delayed gratification, I have no regrets at all !

Thank you for sharing your journey. Congrats also on your financial independence! My wife isn’t in research or healthcare, but we got married during my PhD years, so I will also never say that I regret doing my PhD.

Dude Francis congrats on the MD PhD man! Although maybe not the best financial decision, do you find value in that those researcher years may not have been as hard-core as redidency training and there was time to spend with family and friends?

Thank you for your always kind comment! The PhD years were a nice breather, and my wife and I (as well as my parents) appreciate the experiences that we’ve had because of my schedule’s flexibility. The trade-offs are: (1) living like a resident for a longer period especially if I do a research fellowship and (2) becoming financially independent later. I hope that we’ve made the trade-offs worthwhile, and I think having kid(s) and my parents aging will help me appreciate the PhD years even more later.

Besides the obvious late start on financial productivity – If you think MDs are bad with money, PhDs are worse. There is a culture of not caring about money in academic science, and that can help you take your eye off the ball. As a clinician scientist you spend you extra more on your research, not on projects that generate personal wealth. For so many reasons it is not a good financial move. Only do it if you want to be a clinican-scientist. Living like a resident is an easier path to being debt free than MD/PhD.

I was always puzzled by my classmates who thought I would be financially ahead of them. It’s what motivated me in part to try crunching the numbers for the column. I think many trainees are daunted by debt because it’s hard to grasp how much one could save and spend on attending salary.

Like the author, I came to the MD-PhD program as an alternative to a straight PhD. I think one of the main societal benefits of the program is drawing talented people into medicine who would otherwise have been basic scientists. I don’t know the latest statistics, but only a small portion of MD-PhD graduates go on to be federally-funded investigators. Not only is the financial pull of clinical medicine strong, but it is also inherently difficult for clinician-scientists to compete with PhDs who do research full-time. The other issue with MD-PhD programs is sequencing. After devoting 3-5 years on the PhD, most trainees take a long (4+ years) break from research for residency. During that time, they lose much of their competitive edge in research as science moves on in the meantime. They may have a bit more experience then their MD-only counterparts in a T32, but at that point it’s a small factor compared to the mentor you happen to get and how much (if at all) your research project takes off as you make the transition to junior investigator.

If medicine is the plan from the get-go, I think people are better off going to a reasonably-priced med school and looking at doing a year at NIH or some kind of masters in clinical research. Most MD-PhDs do basic science, but I would argue the real edge would be getting training in clinical research so you don’t end up competing in basic science with those full-time PhDs.

Sorry for my late reply, but perhaps more timely given I’m now in my second year of residency.

Research track residency programs (like the one I’m in now) allow for some continuity, but many MD/PhDs end up pursuing a specialty that is not related to their PhD or changing their research area based on the available mentors at their new institution. Regardless, I think MD-PhDs do have an edge over their MD counterparts during residency because they are more likely to match into the research track programs and receive internal grants to fund their projects.

I do agree with your point about competing with full-time PHDs. I am leaning towards clinical research, but we’ll see.

It’s my understanding that MD/PhDs are also in demand for medical school faculties. So it might be a good route to go if you want to teach as an academic faculty member.

As far as I know, the demand for MD-PhDs is for their research, not for clinical teaching. Any edge (see my reply immediately above) would be nullified by productivity.

No one, at least that I know of at the time (i.e. before explosion of VC and biotech) pursued an MD/PhD for $, but for personal goals as did I. I didn’t have perspective on the MSTP track until a chance encounter during a 11pm elevator ride from one lab to another during my research time. I ran into an esteemed MSTP alum, now a junior faculty member, who was way smarter, insightful, and accolade/award-winning than me. I asked him why he was there so late. He shared that between his 1/3 time in supervising his lab & research, 1/3 time as an attending, 1/3 time grant writing, and 1/3 time teaching, it was his routine, and he was NOT joking about his time allocations. I later noted that there had been no mention of his new wife or personal time. That led to some thoughtful discussions with my new spouse and some difficult decisions about career track. I ultimately chose to combine my interests in a pharma career and skipped the ivory tower rat race. While there are many similarities btwn academia and pharma, pharma provided greater career flexibility and personal time while still allowing me to make practical real-world contributions to health care in shorter time horizons.

My husband and I are coming upon a similar revelation, 3 kids in and facing the reality of tenure track junior faculty expectations. Would you be willing to chat more about your transition to industry?

From what I’ve been told, transitioning from industry to academia is easier than the other way around. If I were not interested in clinical practice at all, I have always thought I should pursue working in the industry initially.

Another take as a md/phd currently on the job market after completing residency/fellowship. The calculation was monetary, but not in the typical way as shown above – not having crushing levels of medical school debt and the gap of the PhD years allowed me to pursue some side hustles and venture-type investing, which made a difference (also, renting out the property I lived in as a md/phd produced another income stream – bought post 2008 crash, so values were atypically low). Thus, I’m starting out attending-hood with no debt (besides mortgage) and net worth close to 1M. This isn’t typical though and results may vary. But the lesson: not everything is Excel sheets and financial models; embrace spontaneity and luck.

Did you make the calculation about the side hustles before you applied to MD/PhD programs? I would imagine you were more likely to buy the property because you knew you would be there for at least 7-8 years.

Totally agree about spontaneity. I would not have had the opportunity to learn about personal finance and write for WCI if I did not have the PhD portion in medical school.

My husband and I are both md phds new attendings. He is 100 percent clinical (likes to dabble in clinical research) and I am working on a k and 50 percent protected. I do not regret my phd because it let me get my current job and set me up for a research career. I do find it hard though when my job conflicts with my job. Financially, I probably am doing worse as I did my mdphd in high cola but I feel my life is much more rewarding.

One thought I’ve had is that having another high income partner might increase the chance that an MD/PhD pursue research because they would have less financial burden to be the primary breadwinner. Regardless of their partner’s income, I have heard from a few junior investigators that it still stings to compare their income (and lifestyle) to their residency and med school classmates.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Is an MD/PhD Program Right for You?

MD-PhD programs may be right for you if you are interested in a career path that melds both clinical practice and in-depth scientific research. MD-PhD graduates aren’t simply doctors; they are “physician-scientists” or “medical scientists.”

MD-PhD programs offer a dual-degree track that combines the clinical training of a standard MD degree with the added coursework of a PhD. The PhD training is particularly rigorous and includes classes usually in the realm of biomedical sciences, as well as advanced research training, lab rotations, and intensive investigative work.

The payoff for choosing an MD-PhD program is that these clinical medicine graduates are equipped to treat patients while also participating in the discovery and development of innovative healthcare solutions. 

Here are a few reasons you might want to pursue an MD/PhD career:

• You want to participate in cutting-edge medical research.
• You want career options beyond clinical medical practice.
• You want to help train future generations of medical doctors.
• You want more collaborative research opportunities with colleagues.
• You want funding opportunities only available to MD/PhD students.

The Difference Between MD & MD/PhD

The difference between MD and MD-PhD is that graduates with an MD-PhD receive PhD training and hold a PhD degree in addition to their MD degree.

The cost of an MD-PhD program varies widely depending on the institution. Still, the stipend and tuition-free training make many of these programs significantly less financially burdensome compared to standalone MD or PhD programs.

MD/PhD students will complete graduate school and medical school qualified to hold positions in academic medicine and biomedical research (in addition to being qualified to practice clinical medicine. 

What Is an MD?

A medical doctor has earned a standard medical degree or MD and is skilled to practice clinical medicine. Medical students must complete 4 years of medical school to earn their degree, followed by 3-7 years of residency and fellowship training to practice medicine.

What Is a PhD?

PhD stands for Doctor of Philosophy in reference to their critical knowledge and research experience in a particular field of study. A PhD is the highest possible academic degree.

Earning a PhD is often considered harder than earning an MD due to the scientific research required to stimulate original thought and develop quality hypotheses.

How Competitive Are MD/PhD Programs?

Physician-scientist programs are slightly more selective and competitive than the average medical program.

Between 2018 and 2023, a little more than one-third of students who applied to an MD/PhD program (37.7%) were accepted. The acceptance rate for medical school applicants in general was 41.2% for the 2022-23 application cycle.

The test scores of these programs also indicate how much more competitive these programs are. The average MCAT score of MD/PhD matriculants in the 2022-23 cycle was 516.2, and their mean GPA was 3.82. In comparison, medical school matriculants overall had an average MCAT score of 511.9 and average GPA of 3.75 during the same cycle.

How Long Are MD/PhD Programs?

The MD-PhD dual degree takes approximately 7-8 years of coursework to complete, followed by an additional 3-7 years of residency to be eligible to practice medicine. 

Generally, MD coursework is emphasized in years 1-2, followed by research training in years 3-5, and ending with medical training and clinicals in years 6-8. 

Requirements for MD/PhD Applicants

If you are considering applying to an MD/PhD program , know that having strong essays and letters is more important than incrementally higher MCAT test scores and GPAs. Numbers get your foot in the door; storytelling gets you a seat at the table. 

In general, the requirements for MD/PhD applicants include:

• MCAT score in the 90th percentile: Specific MCAT requirements for MD/PhD programs vary by school. However, in general, most students have the best chance at success with an MCAT score in the 90th percentile or higher. In the 2022-23 application cycle, MD/PhD applicants had an average MCAT score of 511.3, while matriculants averaged 516.2.
• GPA of 3.7 or higher: Like MCAT scores, the GPA requirements for MD/PhD programs differ by program. But your chances are highest with an average GPA of at least 3.7. In the 2022-23 application cycle, MD/PhD applicants averaged a science GPA of 3.61 and overall GPA of 3.68, while matriculants averaged a 3.78 science GPA and 3.82 overall.
• Compelling personal statement: Your personal statement essay should explain why you want to become a physician and is required for both MD & MD/PhD applications . All prospective doctors must write a personal statement that stands out, and this is doubly true for MD/PhD applicants.
• 2 additional essays: You’ll write one essay conveying your personal interest in pursuing an MD/PhD dual degree specifically, and one essay covering your substantive experiences in the field of research . These may include multiple summer projects, senior thesis research, or 1+ years of post-undergrad research programs and activities.
• 2-3 letters from research mentors who can praise your scientific potential.
• 1-2 letters from clinical mentors who know your aptitude for patient care.
• 1 letter from the premed committee.
• 1 letter from a mentor who can discuss your leadership skills and personal traits in an extracurricular setting.

Questions to Ask Yourself When Considering an MD/PhD Program

By answering these questions, you can choose the graduate program that is the best fit for you over the next 8 years.

• What skills do you want to develop? Choose a program that has ample opportunities to explore your field of interest and in which you can identify potential mentors for rotations and thesis projects.
• What is your preferred MD/PhD program size? Choose a smaller program of MD-PhD students if you prefer hands-on guidance with individualized attention and a larger program if you prefer a larger community with more networking opportunities. 
• Where do you want to live for 8 years of medical school ? Choose a location that fits your needs for cost of living, housing, transportation, extracurriculars, as well as opportunities for fun and making friends. 
• Does the program offer financial aid? Choose a program that meets your financial needs in the form of stipends and tuition waivers. It’s important to note that if you drop out of an MD-PhD program, some schools require you to pay back the investment that the school made in you. 
• Will you fit into the school’s culture? Choose a program after you’ve visited the campus, talked with the current students and faculty, and asked about opportunities in your field of interest as well as other’s experiences at the school and living in the city.
• Does the MD/PhD Program align with your timeline? Choose a program with coursework that allows you to graduate in your preferred timeline, which could be sooner or longer than eight years.

Possible Career Paths for MD/PhD Graduates

A career choice often depends on an individual’s specific interests, such as which medical specialties they are drawn to, whether they prefer working with patients or in a laboratory, and how they want to contribute to advancing medical science.

The salary range for MD/PhD graduates varies significantly by position and type of work. Policy analysts’ starting salary is around $57,000 per year, while attending physicians who do research can make upwards of $500,000.

Below are careers someone with an MD-PhD might pursue:

Attending Physician with Research Responsibilities

An MD/PhD holder in this position would have a traditional medical role seeing and treating patients, but they might also have dedicated time for research. This role allows one to continue practicing medicine while contributing to academic or clinical research. 

Individuals in this role often split their time among patient care, research activities, and instructional duties. Typically, they are found in educational hospitals or medical schools.

Physicians’ salaries can vary significantly based on specialty and experience, but generally, they are well-compensated. An attending physician in a specialized field can expect to earn upwards of $200,000 to $500,000 or more, especially if they have dual responsibilities that include research.

Translational Medicine Specialist

These specialists work at the intersection of basic research and patient care, focusing on turning research insights into practical medical applications. 

This role may exist within academia, industry, or clinical settings and is tailored for those who understand both the clinical and research aspects of medicine.

The salary for this role can also vary based on industry, location, and level of experience but would likely fall in the range of $150,000 to $250,000 or more.

Biomedical Researcher

Those with MD-PhD qualifications commonly secure jobs as researchers within biomedical science. Employment settings can range from academic institutions and drug companies to governmental agencies like the NIH.

Salaries for biomedical researchers typically fall somewhere between $85,000 and $104,000 per year.

Clinical Research Director

These are medical doctors responsible for overseeing clinical trials and research projects, usually within a hospital, academic institution, or pharmaceutical/biotech company. This role leverages both the clinical insights from an MD and the research methodology of a PhD.

Salaries can vary widely depending on the setting (academia, private industry, etc.) and geographic location. In general, a Clinical Research Director could expect to earn a six-figure salary, often ranging from around $150,000 to $250,000 or more per year.

Pharmaceutical/Biotech Industry Professional

A significant number of MD-PhDs join the pharmaceutical or biotech sectors. Responsibilities might include roles in the development of new medications, overseeing clinical trials, regulatory compliance, or managing medical affairs.

The average salary for this position will likely differ quite a bit depending on the exact role and company, but the average is generally between $125,000 and $133,00 per year.

Medical Director

In this capacity, a person is in charge of the medical elements of a healthcare facility or a specific department within a hospital. The role usually calls for expertise in both medical practice and research.

This position is likely to be one of the most lucrative of the MD/PhD field, with an average salary from $319,000 to $329,000 per year.

Science Policy Analyst/Advisor

Individuals in this role often find themselves in governmental or nonprofit settings, where they influence policy decisions related to scientific research and healthcare.

The typical salary for a science policy analyst starts at around $57,000 per year. Advisors have a slightly higher upper salary range and may make as much as $75,000.

Public Health Official

Some MD-PhDs opt for roles in the public sector where they focus on health concerns at a societal level. They may be employed by organizations such as the CDC or WHO.

In many cases, public health officials can expect to make a yearly salary of between $101,000 and $111,000.

Medical Science Liaison

This role typically serves as an intermediary between pharmaceutical enterprises and medical professionals. These liaisons disseminate information about new treatments and scientific advancements to doctors, researchers, and other medical stakeholders.

This role also typically commands a six-figure salary, usually ranging from approximately $100,000 to $200,000, depending on experience, location, and the hiring organization.

Medical Educator

Professors teach medical students, residents, and fellows in an academic setting while also conducting research. These doctors often have clinical responsibilities as well. An MD/PhD is especially well-suited for this role due to the dual focus on clinical care and research.

They may teach various medical subjects like pharmacology or genetics and actively participate in the educational goals of their institutions.

In academia, salaries can vary widely based on rank (Assistant Professor, Associate Professor, Full Professor), institution, and geographic location. Salaries may range from $100,000 to well over $200,000 for senior roles or those at prestigious institutions.

Best MD/PhD Programs in the US

There are 122 different American Universities that offer MD/PhD degree programs, according to the AAMC list of MD-PhD Programs by State . A further 13 Canadian programs also use the AMCAS application system.

Some MD-PhD programs in the United States are funded by the National Institutes of Health (NIH) through the Medical Scientist Training Program (MSTP). This means that students receive full tuition remission, health insurance, and a living stipend throughout their training.

Medical schools with fully funded MD-PhD programs :

• Dartmouth University, Geisel School of Medicine
• Duke University School of Medicine
• Harvard/M.I.T MD-PhD Program, Harvard Medical School
• John Hopkins University School of Medicine
• Mayo Clinic College of Medicine & Science
• University of Florida College of Medicine
• University of Pennsylvania, Perelman School of Medicine
• University of Southern California (USC), Keck School of Medicine
• Yale University School of Medicine

Medical schools with the most MD-PhD spots historically: 

• Raymond and Ruth Perelman School of Medicine at the University of Pennsylvania
• University of Illinois College of Medicine
• Weill Cornell Medical College
• Washington University in St. Louis School of Medicine
• Johns Hopkins University School of Medicine
• Albert Einstein College of Medicine of Yeshiva University
• University of California, Los Angeles David Geffen School of Medicine
• University of Michigan Medical School
• Columbia University College of Physicians and Surgeons 
• University of Pittsburgh School of Medicine
• Harvard Medical School
• Case Western Reserve University School of Medicine
• Northwestern University The Feinberg School of Medicine
• Icahn School of Medicine at Mount Sinai
• University of California, San Francisco, School of Medicine
• Vanderbilt University School of Medicine
• Ohio State University College of Medicine
• University of Wisconsin School of Medicine and Public Health
• New York University School of Medicine
• Stanford University School of Medicine
• Yale School of Medicine

Medical schools with MD/PhD programs that accept international students:

• Emory University School of Medicine
• Northwestern Feinberg School of Medicine
• University of Pennsylvania Perelman School of Medicine
• University of Southern California Keck School of Medicine/California Institute of Technology
• University of Texas Southwestern Medical School
• Washington University School of Medicine in St. Louis

The MD/PhD Application Process

The application process for MD-PhD programs is similar to that of typical MD programs. The two major differences are that you’ll designate yourself as an MD/PhD candidate on the AMCAS application, and you’ll submit 2 additional essays on that primary.

The Application Timeline

• AMCAS (submit by end of May): You’ll fill out a primary application through AMCAS in the spring of the first year of your application cycle (e.g., to matriculate in fall 2026, you’ll submit AMCAS in spring 2025). AMCAS opens at the end of May each year. Aim to submit the primary application no later than the end of June, as early applications are more likely to be reviewed and accepted.
• Secondaries (submit by end of August): You’ll respond to secondary applications in the summer after your primary application is reviewed by each school you submitted it to. Each program sends secondary applications to students who generally meet their minimum requirements.
• Interviews (October-March): You’ll then attend interviews as invited between October and March. Some schools won’t contact you at all to reject your application; others will offer conflicting invites. You must prioritize your options and prepare for the opportunities that do come. 
• Final decisions (December-March): Final decisions are made by schools between December and March. Schools with a rolling admissions cycle (most of them) accept students after completing interviews and determining a student is a fit. A smaller number of programs wait to send acceptances until after all interviews are complete.
• Choose your program (March-April): Students choose where to matriculate between March and April.
• Programs start (June-August): Programs begin between June and August, depending on the school.

How to Prepare for an MD/PhD interview

You should prepare for your MD/PhD interview by practicing mock interviews to rid yourself of the jitters and fine-tune your responses in various scenarios. In addition to developing your personal narrative, you must be able to explain your research training at multiple levels.  

If you’re interested in participating in a mock interview with a physician who has served on an admissions committee, consider a mock interview with MedSchoolCoach .

What to Do if You Get Waitlisted

Finding out that you’ve been waitlisted for the MD/PhD program of your dreams is never a good feeling. However, you are not helpless in the wait. It’s a good idea to remain in contact with program leaders and administrators by sending a Letter of Intent or a Letter of Interest.

Listen: An MD/PHD’s Journey to Medicine [PODCAST]  

What is a Letter of Intent vs. a Letter of Interest? 

A Letter of Intent is a formal statement that you would commit to matriculating into a program if you are accepted. A Letter of Interest conveys that you are strongly interested in the program, but it does not indicate any commitment or explicitly state that a program is your first choice.

Both letters should summarize why you believe the program and school are a great fit for your interests and how you will be able to uniquely contribute to the school, in under one page.

Finding Out You’ve Been Accepted!

The day you receive that phone call or email — the one from the MD-PhD program director contacting you to say you have officially been offered acceptance into their program — provides a feeling of joy worth being patient for!

Our Physician Advisors can support you through the application process for your best shot at getting into the school of your choice.

What specialties can MD/PhD graduates earn their PhD in?  

PhD students commonly choose to specialize in topics such as:

• Cell Biology
• Biochemistry
• Pharmacology
• Neuroscience
• Biomedical Engineering

What is the salary range for an MD/PhD graduate? 

MD/PhD graduates can expect an average annual salary of about $100K, depending on the type of work and place of employment.

What is the difference between a PhD and a Postdoctorate? 

A Postdoctoral Fellowship is a temporary period of mentorship and research training for graduates with doctoral degrees, offered by the National Institutes of Health, to acquire skills needed for a chosen career. A PhD thesis must be successfully defended, whereas a postdoc is a non-defendable temporary employment assignment from an organization such as a university.

Can an MD/PhD be a doctor? 

Graduates who earn an MD/PhD are fully qualified doctors and may practice medicine in a clinical setting upon completing their residency training.

Can an MD/PhD graduate be a surgeon? 

While an MD/PhD graduate CAN be a surgeon if they choose surgery specialties in their residency programs, a surgical resident is not required to obtain a PhD in addition to their MD.

Schedule a free 15-minute consultation with MedSchoolCoach to learn how we can help boost your chances of success getting into medical school .

Related posts:

• How to Write About COVID-19 in Your Medical School Personal Statement
• Use MSAR To Choose Which Medical Schools You’ll Apply To
• 5 Reasons to Consider a Pre-Med Traveling doctor program(+ Tips for Traveling!)
• What Counts as Clinical Experience for Medical School?

Renee Marinelli MD

Related articles.

Navigating the Pre-Clinical Years in Medical School

The Biggest Mistake You Can Make as a Premed

Holiday Gift Guide for Pre-Meds and Medical Students 2021

Don’t Become a Doctor

• 2023 FACTS: Applicants and Matriculants Data

2023 FACTS: Enrollment, Graduates, and MD-PhD Data

• 2024 FACTS: Electronic Residency Application Service (ERAS) Data
• FACTS Glossary

By Institution

By Gender and Race/Ethnicity

MD-PhD and Other Dual Degrees

Summary Data

Additional Resources

Graduation Rates and Attrition Rates of U.S. Medical Students (PDF) This AAMC Data Snapshot provides information on the graduation and attrition rates of U.S. Medical Students.

• Medical Education