Navigating the financial landscape of medical residency can be daunting. As you embark on your journey to becoming a fully licensed physician, understanding your compensation as a resident doctor is crucial. This guide provides an in-depth look at resident salaries, addressing key factors like location, specialty, and experience level. Whether you’re just starting medical school or preparing for residency interviews, this comprehensive overview will equip you with the knowledge you need about resident doctor salaries.
Understanding the Average Resident Doctor Salary
The average resident doctor salary in the United States is approximately $64,000 per year, according to a 2021 Medscape report. This figure represents a modest increase of about 3% annually since 2015, reflecting a gradual rise in resident compensation.
While $64,000 is the average, it’s important to contextualize this within the broader physician compensation spectrum. Licensed primary care physicians (PCPs) in 2020 earned an average of $243,000, while specialists averaged $346,000 annually. This means a resident doctor’s salary is roughly 26% of a PCP’s earnings and only 18% of a specialist’s income.
Despite the significant income difference compared to fully licensed physicians, resident salaries are structured to increase with experience. Compensation is primarily determined by your Post-Graduate Year (PGY) level, meaning your year of training.
Resident Salary Progression: Year by Year
As you progress through your residency, your salary will incrementally increase, reflecting your growing expertise and responsibilities. For each subsequent year of training, resident doctors typically receive a salary raise ranging from $2,000 to $5,000.
Here’s a breakdown of average resident doctor salaries based on PGY level:
| Resident Job Level | Average Salary |
|---|---|
| PGY1 Residents | $63,009 |
| PGY2 Residents | $66,092 |
| PGY3 Residents | $69,136 |
| PGY4 Residents | $71,979 |
| PGY5 Residents | $74,786 |
| PGY6 Residents | $77,276 |
This structured salary progression offers residents a predictable income growth trajectory throughout their training.
Location, Location, Location: How Geography Impacts Resident Doctor Salary
While cost of living might seem like a primary driver of salary variations, resident doctor compensation is more closely tied to supply and demand dynamics within the physician job market. Interestingly, states with the highest average physician salaries aren’t necessarily the most expensive places to live.
Here are the top ten highest-paying states for physicians, which can indirectly influence resident salaries in those regions:
| States | Average Annual Salary (for Physicians) |
|---|---|
| Kentucky | $346k |
| Tennessee | $338k |
| Florida | $333k |
| Alabama | $332k |
| Utah | $328k |
| Ohio | $326k |
| Oklahoma | $326k |
| Indiana | $326k |
| North Carolina | $325k |
| Georgia | $323k |
Resident doctors in underserved areas might find slightly higher compensation due to increased demand, while those in major metropolitan areas with a high concentration of physicians might experience slightly lower salaries relative to the national average.
Specialty Matters: Resident Doctor Salary by Medical Field
The chosen medical specialty also plays a role in determining resident doctor salary. While the differences might not be drastic during residency, certain specialties tend to offer slightly higher compensation even at the resident level.
Here’s a comparison of specialties with the highest and lowest average annual resident salaries:
| Highest Earning Resident Specialties | Average Annual Salary Expectation | Lowest Earning Resident Specialties | Average Annual Salary Expectation |
|---|---|---|---|
| Medical Genetics | $67,500 | Family Medicine | $57,400 |
| Allergy and Immunology | $66,500 | Emergency Medicine | $57,800 |
| HIV/Infectious Diseases | $66,500 | Internal Medicine | $58,600 |
| Surgery | $65,700 | Ophthalmology | $59,000 |
| Plastic Surgery/Aesthetic Medicine | $65,600 | Public Health and Preventative Medicine | $60,000 |
It’s important to note that these salary differences are relatively minor and should not be the primary factor in specialty selection. However, understanding these nuances can be helpful for financial planning.
Gender Pay Gap in Resident Doctor Salaries
While significant gender pay gaps exist in the broader physician landscape, the disparity is considerably smaller among resident doctors. While female physicians overall earn approximately 25% less than male physicians, this gap narrows to about 1% during residency.
Female medical residents earn an average of $63,000 per year, compared to $63,700 for male residents. Although a gap persists, it is significantly less pronounced at this stage of a medical career.
Post-Residency Salary Expectations: Looking Ahead
Resident doctor salaries are just the beginning of your earning potential as a physician. Post-residency, your income will significantly increase, and the chosen specialty will become a much more prominent factor in determining your compensation.
Top Five Highest-Paying Specialties Post-Residency:
While specific numbers can fluctuate, specialties like neurosurgery and cardiovascular surgery consistently rank among the highest-paying fields in medicine, often exceeding $600,000 annually.
Specialties with Lower Post-Residency Salaries:
Fields like urgent care, geriatrics, and pediatrics typically have lower average post-residency salaries, generally ranging from $185,000 to $250,000 per year.
Surgeons, in general, tend to be among the highest-paid physicians, followed by specialties like pulmonology, hematology, anesthesiology, and urology, with salaries often ranging from $305,000 to $460,000 per year.
Benefits Beyond the Paycheck: What Else Residents Receive
While resident doctor salaries might be modest compared to licensed physicians, residency programs typically offer a comprehensive benefits package in addition to your annual income. These benefits often include:
- Paid Time Off (PTO): Allowing for vacation, sick leave, and personal days.
- Health Insurance: Covering medical expenses and promoting well-being.
- Comprehensive Benefits Package: Including life insurance and retirement plan contribution eligibility.
- Conference Travel Allowances: Supporting professional development and networking.
- Stipends: To help offset additional expenses.
- Group Disability Insurance: Providing income protection (though individual policies are generally recommended).
These benefits add significant value to the overall compensation package for resident doctors.
Negotiating Your Resident Doctor Salary: Is It Possible?
Unlike experienced physicians who often have leverage to negotiate their employment contracts, resident doctors typically have limited bargaining power when it comes to salary. Residency salaries are generally standardized and non-negotiable.
However, residency is an opportune time to learn about the importance of contract review, particularly for your future career as a fully licensed physician. Understanding contract terms and benefits is crucial for long-term financial well-being.
Financial Planning During Residency: Setting Yourself Up for Success
Residency, despite its demanding nature and relatively lower salary, is the ideal time to lay the groundwork for future financial security. Key financial planning strategies for resident doctors include:
- Contract Review Education: Familiarizing yourself with contract terms and the benefits of professional review for future employment.
- Disability Insurance: Securing an individual disability insurance policy early in your career to protect your future income. Consider riders like the Student Loan Repayment Rider and the Future Increase Option (FIO) to enhance coverage.
- Retirement Planning: Starting early with retirement savings, even with modest contributions, can significantly benefit long-term wealth accumulation. Explore options like 401(k) and 457(b) plans.
- Investment Exploration: Begin learning about investment options like stocks and real estate to diversify your financial portfolio.
Work With Physicians Thrive for Financial Guidance
While focusing on your resident doctor salary is understandable, remember that residency is a temporary phase in your career. Concentrate on gaining invaluable experience and knowledge during this training period. By proactively planning your finances and seeking expert guidance, you can build a solid financial foundation for your future as a successful physician.
For personalized advice on disability insurance, retirement planning, and contract review, contact Physicians Thrive today. Subscribe to our email newsletter for ongoing insights into physician finances, insurance, and career management.
