Residency Salaries in the US: What You Can Expect

Entering medical residency comes with a variety of experiences, including rigorous training, long hours, and, unfortunately, sometimes less-than-desirable pay. Many residents find themselves in a similar situation to what was described earlier, where the initial salary isn't enough to sustain the lifestyle, leading to moonlighting opportunities. Let's explore the current landscape of residency salaries in the United States.

Historical and Current Resident Salaries

Back in the day, the starting pay for medical residents was $15,500, which increased by $1,000 per year. While this might seem meager compared to other careers, the perks of training come with supervision and limited autonomy. As noted, many residents were supplementing their income by moonlighting in local emergency rooms, earning around $40 per hour. Sometimes, down-income residents could end up making more from their part-time jobs than their full-time positions.

Fast forward to today, with the data from Medscape’s Residents Salary and Debt Report 2020, the average annual salary for a medical resident in the United States has risen to $63,400, a significant increase from $61,200 in the previous year. This trend showcases the value placed on medical training in the current healthcare market.

Specialty Differences and Regional Variations

Salaries can vary widely based on specialization and location. For instance, the first year of residency in a general surgery program might pay around $55,000, with an average increase of $2,000 to $2,500. However, these figures can fluctuate based on regional costs of living and the desirability of the location. For example, a program in a major city might pay more than a similar position in a rural area.

According to Medscape's 2020 report, certain specialties come with higher salaries. On average, allergy immunologists, hematologists, and rheumatologists earn $69,500, while family medicine residents earn a bit less at $58,500 per year. As expected, the more specialized the training, the higher the salary tends to be, with sixth- through eighth-year trainees averaging $68,500, compared to $57,100 in the first year of residency.

Benefits and Responsibilities of Being a Resident

Being a medical resident is not just about earning a salary. It also entails a significant level of responsibility and training under supervision. Most residents are early in their careers and excel at practicing under guidance. Being selected for a residency position is a competitive process, with only a small number of medical students securing these coveted spots.

For many, the long hours and months of training are worth it, as the end goal is to become a competent and licensed physician. Additionally, the network and experience gained through residency can prove invaluable in one's future career. Medical residents often form long-standing relationships with both colleagues and patients, contributing to a rewarding journey.

Conclusion

Residency pay certainly varies, and while the salary may be considered low compared to other professions, the value of the training and the potential future earnings in medical practice provide a compelling reason for many to enter this field. Whether you're a first-year resident or a specialized trainee, the financial benefits of long-term success in the field are substantial.