A medical resident’s salary expectations, during the first year of their post-graduation (PGY1), can be a blessing for many graduates, especially since this is the first time they’re earning a substantial income.
A medical resident’s salary can average around $63,400, but it’s not a reliable estimate since salaries can vary wildly based on several factors such as specialization, institution, residency year, and country. Typically, fields such as specialized surgery and Hematology have higher medical resident salaries compared to Psychiatry and Emergency Medicine. Likewise, a resident during their fourth year will be earning significantly more than when they started (almost a 10%-20% increase in the US). Also, a medical resident’s salary expectation can differ in the US and Canada, owing to the differences in the healthcare system.
In the US, regardless of the specialization, the medical resident’s salary expectation during the first year averages around 57,100 with gradual increases in consequent years (with an average of $64,500 during the fourth year and around 68,500 during the eight-year or fellowship). Because of this, it might seem that certain fields/specializations appear more “lucrative” than others; however, this is not the case because the duration of each program varies a lot. So the average medical resident salary for three years in internal medicine might average $61,500, whereas the five or six years for a Rheumatology residency and fellowship will average $69,500
Other factors can offset these values in either direction. Debt, commitments, benefits like health insurance, and other perks can take up a significant portion of a medical resident’s salary. On the flip side, a resident can supplement their income by moonlighting and taking on extra shifts.
Medical Residents in Canada have a slightly different situation where the most significant factors that affect their pay are seniority and the province. Certain provinces such as Nova Scotia have slightly higher salaries compared to Quebec, and on average, yearly increments can be as high as $5000. So if a Medical Resident’s Salary expectations are close to $60,000 during their first year (say, in Ontario), they can expect to earn around $86,000 during their sixth year.
Hopefully, this information helped you gain a better understanding of medical residents’ salary expectations. These are only a fraction of what a doctor – who’s completed their residency and fellowship – makes in a year, so don’t worry about the figures too much and focus on completing your residency and fellowship successfully.
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