Interventional cardiologists in the United States earn an average of $590,000 per year, making them the highest paid physicians in the industry. This salary rate is up 5% for the 2017-2018 recruiting year, with the last recruited class coming in at an average of $563,000. In Canada, the average pay ranges from C$276,250 to C$354,375 per year, while the UK average is £94,000.
In Australia, the average interventional cardiologist makes about AU$255,948 per year. In New Zealand, the average rate is much less at only NZ$55,000 per year. These averages all vary based on factors such as geographical location within the country and level of experience in the field. Things like practice settings also affect overall salary, with self-employed doctors earning less.
Determinant Factors of Interventional Cardiologist Salary
Interventional cardiologists follow the patterns of most medical field employees in that their geographical locations often indicate how much or how little they will make in a year. Those who work in smaller communities will often make significantly less than those who work in large cities or for big hospital systems.
Beyond geography, level of experience will also determine the average pay for an interventional cardiologist. Like most fields, those newest to their positions will typically make less than those who have been in the field for a long time. Although new recruits in interventional cardiology are making more this year than last, they are likely still making less overall.
Finally, practice setting makes a difference in the rate of pay. Doctors who work for large hospitals or major medical groups are more likely to be paid better than doctors who own their own practices or work in private offices with smaller medical groups. Although there are other factors that determine salary, these three seem to be the most prominent in this field.
How Much Does an Interventional Cardiologist Make by State?
Interventional cardiologists in the south and Midwest tend to make higher salaries than those living in other areas of the country overall. However, the highest paying states for interventional cardiologists are New York, Texas, Florida, California, Connecticut, and Ohio. The average pay in those states is as follows:
How Much Does an Interventional Cardiologist Make Based on Experience?
In the United States, new interventional cardiologists can make as little as $342,000 per year, while those who have at least five to six years in the field tend to beat the average by making more than $550,000 per year.
In Canada, entry-level positions start around C$127,286 per year for interventional cardiologists, while those with more experience make closer to C$400,000 per year. In the UK, salaries can range from £42,775 for newer doctors to £142,300 for doctors with more experience. Australian doctors are similar, ranging from new physicians at AU$104,000 to established physicians at AU$255,948 per year.
New Zealand’s trends regarding average pay for entry-level interventional cardiologists were similar to the rest of the world. Those new to the field averaged only NZ$41,000, where the more established physicians in the field averaged about NZ$47000 per year. This is a much smaller range than most of the other countries we’ve discussed.
How Much Does an Interventional Cardiologist Make According to Practice Environment?
Although there is less data on interventional cardiologists specifically in terms of practice environment and pay, general cardiologists in the United States see a significant effect on their pay based on where they choose to practice. In fact, within the United States, cardiologists’ average pay ranged from $368,000 to $454,000 depending on their practice setting.
Those who worked in operating hospitals and as solo practitioners saw the lowest salaries on average, while those in healthcare organizations and in office-based practitioner groups saw the highest average pay. Self-employed cardiologists did make slightly more on average than those who worked for other organizations, but the amount was not significant overall.
Interventional cardiologists generally work a set weekly schedule with on-call night and weekend rotations for emergency situations. For non-salaried cardiologists, pay increases during on-call shifts, while salaried cardiologists are compensated up front with the knowledge that these shifts will be required throughout their careers.
The average hours an interventional cardiologist physically works per week will depend on how their on-call shifts fill up, but typically physicians in this area work between 40 and 50 hours per week. Because of their hours and their need to be on-call, interventional cardiologists report a high rate of burnout and a low rate of happiness both inside and outside of work.
In Canada, the focus is on creating more of a work-life balance for interventional cardiologists and all individuals within cardiology specialties. Because of this focus, work hours tend to be fewer for Canadian interventional cardiologists. Call shifts also tend to be more spread out, and some interventional cardiologists in Canada even work part-time.
In the United Kingdom, cardiologists of all types work irregular hours because of their on-call responsibilities. Flexibility with work hours is often a requirement of the job. Part-time cardiology jobs are more common in the UK, but most cardiologists still work between 40 and 50 hours a week with patients on top of keeping up with paperwork on patients.
Bonuses and Benefits
In the United States, benefits for interventional cardiologists vary widely depending on where you work. However, common benefits of the job include excellent health insurance, often including free or ultra-reduced cost care for the whole family, extra sick days, and free or reduced cost malpractice insurance and gym memberships.
In addition to these health benefits, cardiologists often benefit financially over their colleagues as well with excellent retirement plans and pensions. Often hospitals will also cover moving expenses to recruit doctors from out of state or out of the area.
Often continuing education is also a benefit that cardiologists will receive from their employers, especially in interventional cardiology because of the need to keep up with the latest medical treatments and interventions. Whether they wish to attend a conference or go back to school for a full semester, employers often pay for these expenses in their entirety or reimburse for them.
In Canada, doctors have traditionally been seen as contract workers where they are not necessarily provided any benefits by the government, but instead would come up with their own benefits based on their practices. Recently this status has become cause for debate with some Canadians feeling that doctors should be salaried and receive government benefits.
The proposed benefits for Canadian doctors include the government covering malpractice insurance, sick and vacation days, long-term disability, maternity and paternity leave, sabbaticals, and traditional medical and dental benefit plans. Only time will tell if these suggestions will be implemented.
The increasingly elderly population in the United States has only succeeded in creating more opportunity for interventional cardiologists. According to the Bureau of Labor and Statistics, employment for all physicians and surgeons is expected to grow by 14% before 2024, which would create roughly 99,000 new jobs.
Because interventional cardiology is an ever-changing field, the career prospects for new doctors continue to grow as technology develops and changes. In the United States, we are expecting continued growth throughout the course of the next ten years or so.
In Canada and the UK, the outlook is much the same as in the US. Populations in those countries are also getting older, and therefore the need for cardiologists and other physicians is still growing as well. Throughout the world, the potential for a career in interventional cardiology is not slowing down.
Interventional cardiology does require excess schooling above and beyond a typical cardiologist, which makes it a sub-specialty that is not as easy to get into, and therefore the number of physicians going into the field are typically fewer than those careers that do not require the additional year or two of schooling.
Interventional cardiologists are the most highly paid physicians in the United States, and some of the most highly paid throughout the world. Their specialty allows them to receive several benefits not always available to other doctors with different specialties, but their job does require odd working hours and added stress that not everyone could handle.
Career growth in this area looks good as the world’s population grows older and finds a greater need for cardio interventions. The rate at which cardiologists report burnout is one of the highest in the medical profession, and their rate of happiness in their careers is on the lower end of the spectrum of medical professionals, likely as a result of extremely trying work hours.
Overall, interventional cardiology is a solid field for those seeking financial stability. The rates of pay in the United States are much higher than those in other countries, especially those where most doctors work for national healthcare systems.
Canadian interventional cardiologists are the second highest paid of the countries we looked at, likely because of their status as independent contractors versus getting government salaries. Interventional cardiologists in New Zealand make the least of all of the countries we have looked into, but are still well paid in comparison to other physicians within their country.