This question is quite relative in nature. In the sense that the amount of money or salary that a good transcriptionist can make, differs from transcription subfield category.
What prospective transcriptionists should understand is that as they are starting off in this field, the money that they make will be low and quite possibly discouraging. However, as the individual specializes and gains experience, the pay or the hourly pay is increased.
To answer how much can a transcriptionist make, let’s first look at the subfields of transcription.
Now a prospective transcriptionist can choose to work from home as a general transcriptionist, working on low budget projects and for small companies who allow their workers to work at home.
These transcriptionists are hired by companies that are looking for fresh talent to, quite frankly, pile up transcription jobs onto. But do not be disheartened, this is where you start.
Other than getting hired by these companies, since general transcriptionists can work on any type of transcription, these beginners tend to utilize their time to get familiar with online outsourcing websites such as www.odesk.com and www.elance.com where there is an abundance of general transcription work waiting to be done.
A serious transcriptionist will take these opportunities to hone his/her transcription skills and while at it, earn some money.
That said, a general transcriptionist working from home or even out on the field, can earn a good $8 to $10 USD per hour, a rate that gradually increases as you get better at your job. It is recommended, however, to either work for a low paying company for practice and spend more hours building your transcription skills as there is a more chance of higher wages later.
Now, let us get to the more professional world of transcriptions.
As you may already know, there are numerous companies out there who hire well trained and certified transcriptionists to send out onto the field to do their job.
Again, that does not mean that if you are not a certified transcriptionist or do not have much training, you will not get hired, a lot of companies hire beginners to train and specialize.
Many transcriptionists learn tips and tricks of the trade while on the job. These specialized companies pay considerably more than you would be able to earn online, another plus side being a steady workflow.
Online, you will never know when the work stops coming or the jobs are already taken since there are many people on the internet looking for transcription jobs.
If you have learned and mastered the skills and techniques of transcription, you will obviously be promoted and get to a higher standard and eventually a larger pay.
If you stick to a transcription company and work there to hone your skills, you will likely be sent out as a medical transcriptionist or legal transcriptionist to work on field. This is when you know you’re a qualified transcriptionist and your work gets recognized.
The average pay of a medical transcriptionist ranges from around $29,000 USD to $33,000 USD annually.
All in all, we believe that a transcriptionists pay depends on the experience and expertise.
Practice and perform, and eventually, skill is rewarded.