Actually, let me just write what I think you and most everyone else with this question on their mind would like to know.
Rad Onc is a residency you apply to right out of medical school, while Med Onc is a subspecialty of internal medicine, you apply for it after finishing an internal medicine residency.
Rad Onc is a very very competitive specialty to match into. Hem Onc is a moderately competitive subspecialty to apply for from internal medicine.
Both are pretty interesting, with Med Oncs specializing in chemotherapy and many or most times coordinating care for cancer patients, while Rad Oncs get referrals from Med Oncs or other docs to set up radiation treatments if they are needed.
Money wise, both can make a lot in private practice, with Rad Oncs making a little more on average in private practice but it is not unusual for Med Oncs in the right practice to make more than Rad Oncs. In academia, Rad Oncs probably make more than Med Oncs, but both Med and Rad Oncs academic salaries are maybe half to less than half of private practice salaries.
In general, Rad Onc is very very competitive for these reasons (my opinions):
1. It's very important work, plus there is the kick of treating cancer for those like the idea of that.
2. Rad Oncs only do a specific thing, and they are not as responsible for total care of the patient as the Med Oncs are... (translation: when the neutropenic patient gets a fever in the middle of the night, the Med Onc gets called, not the Rad Onc) so it has better hours and has to deal with less of an emotional burden from patients.
3. They make $$$$$$
4. The physics of it is pretty neat.
Finally, you will see and hear many things about Radiation Oncology becoming a dying specialty (I've heard this from several Med Oncs), and that I know little about. You will also hear chemo is being cut and Med Onc salaries are going into the the tank. I don't know as much about that either, although I do know in certain ways they have already been cut. I will say that I have been following this stuff for about 7 years, and have seen Med Onc salaries increase by about 50K/yr or more and have not noticed Rad Oncs going anywhere.
hope this helps.
