Earlier studies have shown large variations in physician pay across specialties. Most of these studies measured annual income. However, hours worked per week and number of weeks worked per year vary by specialty and must also be accounted for to get a fuller sense of between-specialty differences in compensation. This study measures differentials in wages (remuneration per hour) across 4 broad specialty categories and 41 narrower specialties. Data were drawn from a large nationally representative sample of physicians. Within the broad categories, wages for surgery, internal medicine and pediatric subspecialties, and other specialties were 48%, 36%, and 45% higher, respectively, than for primary care specialties. Within the 41 specialties, wages were lowest for internal medicine/pediatrics (combined), internal medicine, family medicine, and other pediatric subspecialties. In light of low and declining medical student interest in primary care, these findings suggest the need for payment reform aimed at reducing wage disparities between primary care physicians and all others.