Medtech engineering can be a six-figure job, especially if you’re managing people. But is the compensation really that great?
Engineering managers in the medical equipment and supplies business earn an average $133,000 a year; it’s more than $147,000 in the instruments engineering business, which includes electromedical, according to U.S. Bureau of Labor Statistics data from last year.
Medtech engineers with managerial duties command salaries that outstrip an average lawyer's pay.
The number backs up the $140,000 annual salary registered in the 2013 salary survey conducted by Qmed’s sister publication MD+DI.
An annual salary of $140,000 is nearly three times the average salary of more than $51,000 in the U.S. In many parts of the country, $140,000 a year is enough for a nice house, good cars, and even saving some money for the kids’ college education.
Even if a medtech engineer isn’t in management, the pay can be good. In the medical equipment industry, the average salary is nearly $86,940 for engineers, $93,270 for electrical engineers, $84,250 for materials engineers, $81,180 for mechanical engineers, and $85,960 for sales engineers, according to BLS. Even the engineering technicians are pulling in salaries around the $51,000 national average.
But could have it been more lucrative to focus your love of medicine, math, and science on other fields?
Here’s what some other fields make:
Entry-Level Hedge Fund Manager
A hedge fund manager that is new to the job gets paid an average of $335,000, according to CNBC. That may sound like a lot, but portfolio managers at big hedge funds make considerably more: $2.2 million, according to the 2014 Glocap Hedge Fund Compensation report.
For the entire industry of funds, trusts and other financial vehicles, the average annual salary is $74,430; it’s $51,520 in the medical equipment and supplies manufacturing business, according to BLS.
Anesthesiologist
Anesthesiologists have an average salary $235,070, according to BLS.
Surgeon
Perhaps you should have studied to put the parts into people, versus making them. Surgeons on average make $233,150 a year; it’s $216,810 for hospital surgeons, according to BLS.
Hospital surgeons seem to have a pay situation similar to college football coaches. Their average pay is much higher than top hospital executives ($146,280) and even hospital CEOs ($204,120).
Obstetricians and Gynecologists
OB/GYNs are among the top paid clinicians although their salaries fall a bit below that of surgeons and anesthesiologis. According to BLS data, they make an average salary of $212,570.
Psychiatrist
Prescribing psychotherapy drugs is a pretty well-paying area. Psychiatrists on average make $182,660 a year, according to BLS. The average annual salary is much less for psychologists: $74,310.
Orthodontist
The orthodontist installing junior’s braces is also making a great average salary—$196,270, according to BLS.
Attorney
Legal pay varies widely, ranging on the low end to roughly $50,000 to $160,000 and up for big firms. Law partners can command salaries in the millions. The average salary for an attorney clocks in at $131,990, according to the BLS.
Petroleum Engineers
A petroleum engineer, with a salary of $149,180, earns more money than the average medical device engineer, based on BLS figures.
