Obtaining a doctorate can open the door to a wide range of fulfilling and high-paying careers. While doctorate degree programs may take several years to complete, they can drastically boost your earning potential as you join a small pool of experts in your chosen field. According to the Bureau of Labor Statistics, workers with a Doctor of Philosophy (Ph.D.) earn an average weekly salary of $2,109, while those with a professional doctorate (M.D., J.D., etc.) earn $2,206. This increase is significantly more than the average income of workers with a bachelor’s degree ($1,493 per week).
Not all doctorate-level jobs pay the same, though. To help you get as much value as possible from your college education, we’ve reviewed the ten highest-paying occupations that typically require a doctorate for entry-level positions. We also consulted with Blanca Villagomez, a program coordinator and counselor at UC-Irvine, for other factors students should consider when selecting a doctorate program.
Calculating Return on Investment for a Doctoral Degree
Before enrolling in a doctoral degree program, it’s essential to understand the benefits and risks of earning such a degree.
According to the Bureau of Labor Statistics (BLS), individuals with a doctoral degree earn a median weekly salary of $2,109. While this is more than the median weekly earnings for individuals with a master’s or bachelor’s degree, students must understand the significant cost of earning a doctorate degree.
In most areas of study, before obtaining a doctoral degree, students must first earn a bachelor’s and a master’s degree. This means students may have already invested a considerable amount of money into their education, which can lower their post-doctorate return on investment (ROI)
In its 2023 analysis, “Does College Pay Off?” Â the Foundation for Research on Equal Opportunity (FREOPP) reports that 77% of doctoral degree programs lead to a positive ROI, while 23% lead to a negative ROI.
“Despite high costs and long durations, most medical and dental degrees deliver an ROI above $1 million,” says FREOPP’s analysis. “Law school is also a good bet, with a median ROI of $470,000. Longer doesn’t always mean better, though. PhDs and equivalent doctoral degrees have unreliable returns, even in STEM fields. These programs require a long time out of the labor force, and the academic jobs they place graduates often do not pay enough to compensate students for that extended commitment — especially if the program is not fully funded.”
Villagomez reminds students that investing in education isn’t just about money; the time and energy students commit are also important. “It’s not enough to simply attend classes,” she says. Students must also actively pursue opportunities to develop skills and knowledge outside of the classroom in order to stand out to employers in the competitive job market. It’s also crucial for students to recognize that building a successful career takes time and that financial gain is not always linear.”
The Highest-Paying Jobs You Can Get With a Doctorate Degree
Our ranking criteria
To find the highest-paying doctorate degrees, we used the latest occupational projections data from the Bureau of Labor Statistics. We chose degrees based on their median annual salaries and the types of jobs that can be obtained with them. We also found the top programs for these degrees in the United States to give you a better idea of how you can start your path to your new career.
1. Physician/Surgeon
Median Salary: $239,200+
What They Do: Physicians and surgeons diagnose and treat medical conditions. The day-to-day tasks of a physician typically include examining patients, ordering tests, prescribing medication, and designing treatment plans. Surgeons operate on patients to repair injuries and fight disease. Many physicians and surgeons specialize in a particular area of medicine, such as cardiology, neurology, emergency medicine, or family medicine.
How to Become One: To become a physician or surgeon, you must earn a Doctor of Medicine (M.D.) or Doctor of Osteopathic Medicine (D.O.). These programs require applicants to have a bachelor’s degree and take around four years to complete. After medical school, you’ll need to complete an additional three to seven years of training (depending on your specialty) through a residency at a hospital or clinic. All states require physicians and surgeons to be licensed. While not required to work in this field, board certification will further enhance your credibility and open up more job opportunities.
- Projected Job Growth, 2022-2032: 3%
- Highest-Paying States: Montana, North Dakota, Wyoming, South Carolina, Indiana
Top Academic Programs for Physicians and Surgeons:
| School | Tuition |
| University of North Dakota | Resident: $496 Non-Resident: $747 |
| Texas A&M University | In-State: $753 Out-of-State: $1,284 |
| Penn State College of Medicine | $57,724 (Per year) |
2. Dentist
Median Salary: $170,910
What They Do: Dentists provide medical services for teeth, gums, and other parts of the mouth. These services often include examining patients and diagnosing dental issues, removing tooth decay and filling cavities, performing root canals, and applying whitening agents. When necessary, dentists administer anesthetics and prescribe medication. Dentists also spend much of their time educating patients about dental hygiene.
How to Become One: After earning your bachelor’s degree, it will take another four years of school to earn a Doctor of Dental Surgery (DDS) or Doctor of Medicine in Dentistry (DMD). You will also need to be licensed to practice as a dentist. Licensure requirements vary by state. In addition to earning your doctorate, you may need to pass the National Board Dental Examination and a state clinical examination.
- Projected Job Growth, 2022-2032: 4%
- Highest-Paying States: Vermont, Maryland, Arizona, Delaware, Texas
Top Academic Programs for Dentists:
| School | Tuition |
| Indiana University Indianapolis | $14,818 (Per semester) |
| University of Maryland School of Dentistry | In-State: $638 Out-of-State: $1,102 |
| UIC College of Dentistry | $1060 |
3. Physicist
Median Salary: $155,680
What They Do: Physicists study the concepts of space, time, energy, and matter. Their responsibilities may include developing theories, conducting experiments, and designing new scientific equipment and software. They often write academic papers and attend conferences to share their findings. Some physicists are focused on theory, while others work on practical applications of physics in industries such as energy and medicine.
How to Become One: You’ll need to earn a Ph.D. in physics to become qualified for this role. Applicants must have a bachelor’s degree to get into one of these Ph.D. programs, which typically take three to five years to complete. Many physicians start their careers through a postdoctoral fellowship. These temporary positions allow you to work under the supervision of a senior scientist and continue refining your research skills after earning your Ph.D.
- Projected Job Growth, 2022-2032: 5%
- Highest-Paying States: Arizona, New Mexico, Georgia, New Jersey, California
Top Academic Programs for Physicists:
| School | Tuition |
| University of Washington | Resident: $919 Non-Resident: $1,588 |
| University of North Dakota | Resident: $498 Non-Resident: $747 |
| Florida International University | In-State: $455 Out-of-State: $1,002 |
4. Judge
Median Salary: $148,910
What They Do: In jury trials, judges oversee the proceedings to ensure the representatives for both the plaintiff and defendant are following the proper legal procedures. If the defendant is found guilty, they determine the sentencing. Judges may decide cases in other matters, such as civil lawsuits.
How to Become One: A Juris Doctor (J.D.) degree is typically needed for this career path. You likely need extensive experience as a practicing attorney as well. Some judges are elected to their positions, while public officials appoint others.Â
- Projected Job Growth, 2022-2032: 2%
- Highest-Paying States: Hawaii, Massachusetts, New York, Connecticut, Nebraska
Top Academic Programs for Judges:
| School | Tuition |
| University of New Orleans | $962 |
| Arizona State University | Resident: $897 Non-Resident: $1,472 |
| Washington State University | Resident: $662 Non-Resident: $1,421 |
5. Lawyer
Median Salary: $145,760
What They Do: Lawyers provide advice on legal issues and represent their clients in court. Their work may involve researching and interpreting laws, presenting evidence, performing oral arguments during trials, and preparing documents such as contracts, lawsuits, and wills. Lawyers often specialize in a particular area of the law, such as criminal defense, intellectual property, or environmental issues.
How to Become One: This career path will require you to earn a (J.D.) degree, which takes about seven years of attending college full-time. You will likely need to graduate from a T14 law school to access the most lucrative opportunities in this field. You will also need to pass the bar exam to practice as a lawyer in your state.
- Projected Job Growth, 2022-2032: 8%
- Highest-Paying States: District of Columbia, California, Delaware, New York, Connecticut
Top Academic Programs for Lawyers:
| School | Tuition |
| University of Washington School of Law | Resident: $1,751 Non-Resident: $3,106 |
| American University | $2,386 |
| Vanderbilt University | $73,148 (per year) |
6. Podiatrist
Median Salary: $141,650
What They Do: Podiatrists diagnose and treat medical issues with feet and ankles, including calluses, ingrown toenails, heel spurs, bone fractures, arthritis, and diabetes complications. They examine patients, review X-rays and other medical tests, prescribe medication, and perform surgeries. Podiatrists may work in a hospital or urgent care facility, operate their own private practice, specialize in sports medicine, or focus on academic pursuits such as conducting research and attending conferences.
How to Become One: You must earn a Doctor of Podiatric Medicine (DPM) to work in this field. Most DPM programs require applicants to have a bachelor’s degree, which takes about four years to complete. After earning your DPM, you’ll need to complete a residency program in a hospital or clinic, which will take another few years. You must also become licensed to practice in your state.
- Projected Job Growth, 2022-2032: 1%
- Highest-Paying States: Maryland, Minnesota, New Hampshire, Hawaii, North Carolina
Top Academic Programs for Podiatrists:
| School | Tuition |
| Temple University | In-State: $46,652 (Per year) Out-of-State:Â $48,746 (Per year) |
| Des Moines University | $46,644 (Per year) |
| The New York College of Podiatric Medicine | $17,455 (Per semester) |
7. Pharmacist
Median Salary: $136,030
What They Do: This occupation involves dispensing medications and educating patients about proper drug usage and storage, potential interactions, and side effects. They also spend much of their time dealing with paperwork, including tasks such as managing patient records, keeping track of inventory, and corresponding with insurance companies. In compounding pharmacies, they also mix ingredients to create custom medications.
How to Become One: After graduating high school, aspiring pharmacists typically take six years to earn their Doctor of Pharmacy (Pharm.D.) degree. You’ll also need to intern in a hospital or retail pharmacy. All states require pharmacists to be licensed — the exact requirements for licensure vary by state, but you’ll at least need to pass the North American Pharmacist Licensure Exam (NAPLEX) and a test on pharmacy law.
- Projected Job Growth, 2022-2032: 3%
- Highest-Paying States: California, Alaska, Oregon, Washington, Minnesota
Top Academic Programs for Pharmacists:
| School | Tuition |
| University of Maryland School of Pharmacy | Resident: $695 Non-Resident: $838 |
| UIC College of Pharmacy | $2,139 |
| Nova Southeastern University | $32,975 (Per year) |
8. Optometrist
Median Salary: $131,860
What They Do: Optometrists diagnose and treat vision problems. Their primary responsibilities are performing vision tests, prescribing eyeglasses and contact lenses, and performing minor eye surgeries. It’s important to note that there is a difference between optometrists and ophthalmologists — ophthalmologists often work in a similar role, but they have more medical training and can perform more complex surgeries than optometrists.
How to Become One: Doctor of Optometry (O.D.) degree programs require applicants to have a bachelor’s degree and take around four years to complete. In addition to coursework, these programs include a clinical training that allows you to practice treating patients. You’ll also need to pass a series of National Board of Examiners in Optometry (NBEO) tests and become licensed in your state to practice optometry.Â
- Projected Job Growth, 2022-2032: 9%
- Highest-Paying States: North Carolina, Maryland, Kentucky, New Hampshire, Vermont
Top Academic Programs for Optometrists:
| School | Tuition |
| University of Houston | Resident: $704 Non-Resident: $1,214 |
| Indiana University | Resident: $1,566 Non-Resident: $2,123 |
| University of the Incarnate Word | $2,205 |
9. Astronomer
Median Salary: $127,930
What They Do: Astronomers study celestial bodies such as planets, stars, and black holes. Their work may involve observing distant solar systems and galaxies and developing and testing theories that help explain astronomical phenomena. Astronomers typically work in offices for organizations like universities and federal agencies, occasionally visiting observatories that house ground-based telescopes as needed. Some astronomers work at observatories full-time.
How to Become One: The best degree for this career is a Ph.D. in astronomy or astrophysics. You’ll likely need to complete a postdoctoral research project before you can find work as a full-time professional in this field, which will provide you with two to three years of additional training.
- Projected Job Growth, 2022-2032: 5%
- Highest-Paying States: Massachusetts, Maryland, California, Virginia, Arizona
Top Academic Programs for Astronomers:
| School | Tuition |
| Boston University | $2,083 |
| Northwestern University | $14,021 (Per semester) |
| University of Nevada, Las Vegas | Resident: $344 Non-Resident: $722 |
10. Law Professor
Median Salary: $127,360
What They Do: Law teachers at the postsecondary level, also known as law professors, develop curricula and provide instruction on topics such as the Constitution, contracts, civil law, criminal law, and legal writing. In addition to teaching, law professors also research legal issues and publish papers to share their findings.
How to Become One: Law professor positions typically require a J.D. or a Ph.D. in law, legal studies, or a similar major. While earning your degree, you should consider working as a graduate teaching assistant to gain some hands-on experience for your future career — this will help you stand out from other candidates when looking for your first job in this field.
- Projected Job Growth, 2022-2032: 3%
- Highest-Paying States: South Carolina, Michigan, Massachusetts, Illinois, Iowa
Top Academic Programs for Law Professors:
| School | Tuition |
| Liberty University | $595 – $650 |
| Indiana University Bloomington | $1,522 |
| University of Pennsylvania | $43,174 (Per year) |
Other Factors to Consider When Choosing a Doctorate Program
Employment outlook
When selecting a doctoral program, students should consider what the employment outlook is like for their area of interest. Even if a field offers high salaries, if employment is projected to experience limited growth or decline in the future, it may not be a good option, as opportunities will become more limited.
“I recommend that students thoroughly research the job market they’re interested in and pay attention to the projected salaries and available career advancement opportunities for their intended major,” Villagomez says. A key resource for this is the BLS’s Occupational Outlook Handbook, which offers employment projections for hundreds of jobs and career fields.
Although the BLS reports that the unemployment rate for individuals with doctorate degrees is 1.6%, below the national average of 3%, jobs that require a doctorate degree tend to be more specialized, meaning there may be fewer overall opportunities for those roles.
Location
Potential doctoral students should also consider where there are opportunities for individuals with their degree and what the earning potential is for those locations.
Although salaries tend to be higher in urban areas, these locations also typically have a higher cost of living. Students must weigh potential earnings against what it will cost to live in a particular city or region when selecting their doctoral degree program.
Another consideration is whether you want a job that allows you to work remotely, giving you the freedom to live in a more affordable area or move from place to place. This can also impact your choice of doctoral degree, as some jobs are more conducive to remote work than others.
Employability
Many professions, such as physicians, lawyers, and dentists require a doctoral or professional degree. However, there are other career paths for which a master’s or MBA degree may be sufficient. Before enrolling in a doctoral degree program, students should research common education requirements for the types of jobs they’re interested in pursuing, to determine if this level of education is necessary.
“I strongly recommend that students begin by meeting with a college or career counselor to develop an action plan that aligns with their career and educational goals,” Villagomez says. “Working with trained professionals can help alleviate some of the stress and uncertainty that comes with this process.”
Students can also use the BLS’s Occupational Outlook Handbook and job postings on sites like Indeed or ZipRecruiter to learn more about educational requirements for jobs that interest them. Another option is to utilize professional networks to learn more about how others with similar interests and goals worked their way up the professional ladder and if a doctoral degree is a necessary step.
Work-life balance
Students who plan on entering a doctoral degree program often have some professional and life experience, so it’s important to consider other needs and priorities, including work-life balance.
Certain high-paying doctoral degree fields such as physician and lawyer consist of long or irregular hours or stressful working conditions. Students should consider what impact these types of jobs will have on other areas of life, including relationships, health, and hobbies when determining if it’s the correct path.
Establishing what your priorities are in terms of working hours and location, stress levels, flexibility, and room for personal growth and accomplishments can help you determine if a high-paying job is really the right fit for you.
Personal interests and aptitudes
Doctoral programs and the jobs they lead to require a significant commitment of time and energy. programStudents who select a program based solely on salary potential may find themselves in a field for which they’re not well-suited, in terms of interests, personal values and beliefs, skills and natural aptitudes.
“When students are selecting a major, I encourage them to consider what type of work they find fulfilling and aligns with their values,” Villagomez says. Students can use career guides and aptitude tests to help them gain an understanding of what careers might align with their abilities. They can also explore careers related to academic or extracurricular interests and hobbies.
Professional fulfillment can come in many different forms beyond a high salary, and students should consider what is most important to them before deciding which doctoral degree and career path they want to pursue.
Frequently Asked Questions
What is a doctorate degree?
A doctorate is the most advanced degree you can earn in most fields. It serves as proof of your expertise in a specific subject area, as it requires significant time, research, and analysis to obtain.
As mentioned above, there are two types of doctorate degrees: Doctor of Philosophy (Ph.D.) and professional doctorates such as Doctor of Medicine (M.D.) and Juris Doctor (J.D.). A Ph.D. is a research-focused degree; to obtain one, students spend much of their time studying and conducting their own research. Professional doctorates focus on practical applications of skills in real-world scenarios.
Who should pursue a doctorate?
There are generally two main reasons to consider pursuing a doctorate: your ideal job requires it, or you are very passionate about a specific subject.
Remember that a doctorate may take up to seven years to complete, and many high-paying careers only require a bachelor’s or master’s degree. While obtaining a doctorate can be very rewarding, it’s important to consider the significant amount of time, money, and effort you must commit to completing your program.
What doctorate pays the most?
With an average salary of over $239,200, physicians and surgeons make more than any other profession — entering this field will require you to earn a Doctor of Medicine (M.D.) or Doctor of Osteopathic Medicine (D.O.) degree. Several different medical occupations that require a doctorate for entry-level positions, such as dentist, podiatrist, pharmacist, and optometrist, also have exceptionally high salaries.
How much does a doctorate cost?
The total cost to get a doctorate degree varies significantly depending on your university, residency status, chosen discipline, financial aid eligibility, and more. For example, earning an M.D. at an Ivy League school can cost nearly $80,000 per year in tuition and fees alone, while completing a Ph.D. program at a public college may cost less than $20,000 per year. When planning your program path, consult your university’s financial aid office to learn how to get help paying for your doctorate.
Interested in a degree instead?
Learn more about online degrees, their start dates, transferring credits, availability of financial aid, and more by contacting the universities below.