Resident Salary
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No, not that resident...
https://thedo.osteopathic.org/2023/11/what-residents-are-getting-paid-in-2023/
The average medical resident is earning $67,400 annually, according to Medscape’s 2023 Resident Salary and Debt Report (login required), an increase of 5% from the $64,200 they earned in 2022. Although the pandemic resulted in a couple years of stagnant growth for resident pay, this trend appears to have changed this year, with residents generally receiving higher pay.
Medscape’s report also explored average resident salaries based on length of training and found that those who trained the longest earned 21% more than those at the beginning of their training in 2023, an increase from 2022’s 17%.
The report also dissected various additional incentives that some residents receive, including health insurance, meal allowances, travel allowances, commuter assistance and paid time off (PTO). Ahmed Mukhtar Ahmed, MD, a first-year resident at Brigham and Women’s Hospital in Boston, has found his meal allowances to be the most beneficial added perk for his lifestyle.
“It saves time on meal prep,” he told Medscape. “During busy blocks, this is simply invaluable.”
Looking at what I earned as a trainee, that is pretty close to how I was doing - $12,600 in 1976.
But...we got no meal credit. 1st year trainee got 2 weeks of per year. We worked the day after call, until the work was done - if lucky, 4 PM, and we took call every third night.
More than 80% of residents reported working in hospitals for more than 40 hours per week, with 26% noting that they work more than 70 hours per week in hospitals.
I was fortunate in that I graduated with zero debt. Of course, tuition was lower, much lower, in 1976, even accounting for inflation.
Around half of respondents carry medical school debt of over $200,000.
That's about 2 ½ years tuition. In 1976, 2 ½ years tuition would be about ...$7000 - about $38K in today's dollars.
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More numbers from the survey:
Looking at the perks, mine included malpractice coverage, health coverage (including dental).
Our salary rose $600 per year above the 1st year salary. But, there were adjustments for the 1st year base. So, in my 2nd year, the 1st year salary was $13,200, so I got $600 on top of that.
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Thanks, @George-K, interesting to see the survey and statistics.
If you you're a young person about to graduate with a Bachelor's degree today, and you see these statistics now, would you still choose to study medicine and choose the same specialty?
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Those numbers were enough to encourage Lucas to focus on the CAA route over medical school and anesthesiology. There were other factors too, but one of the biggest was the 6 year difference in time. 2 extra years of schooling and 4 years residency. Plus, the medical school regime is so tight that he wouldn’t be able to work while in school, whereas the CAA curriculum should still allow him time to work.
Oh, and his part time serving job looks like it pays more than residency.
As an update, George, he is meeting someone from Case Western over break and will be visiting Emory this summer.
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Thanks, @George-K, interesting to see the survey and statistics.
If you you're a young person about to graduate with a Bachelor's degree today, and you see these statistics now, would you still choose to study medicine and choose the same specialty?
@Axtremus said in Resident Salary:
If you you're a young person about to graduate with a Bachelor's degree today, and you see these statistics now, would you still choose to study medicine and choose the same specialty?
Yes, with one caveat. The debt bomb.
Medical school tuition (as well as other college tuitions, of course) have far outpaced inflation.
I've mentioned that my 1st year tuition was $1875 (plus books and housing). Inflation-adusted that's $14,000 today. Anyone could have afforded medical school then, at least if you could afford college. Tuition at Northwestern (my school) is now $77,684 - not including books housing.
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They should be paying for the honor of getting taught an art
Ungrateful bastards
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Interesting forum thread.
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The meal allowance, health insurance (I imagine it’s pretty much free health care?), book allowance, and commuter assistance represents a pretty significant bump to the value of those salaries, though.
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What’s the expected lifetime earning difference between a CAA and a Dr of Anesthesiology? I’d imagine it’s pretty significant.
Thank you for your attention to this matter.
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What’s the expected lifetime earning difference between a CAA and a Dr of Anesthesiology? I’d imagine it’s pretty significant.
@jon-nyc said in Resident Salary:
What’s the expected lifetime earning difference between a CAA and a Dr of Anesthesiology? I’d imagine it’s pretty significant.
Yeah, but most residents aren't going to become Dr's of Anesthesiology.
Mrs. Phibes best friend from school, massively hard-working, dedicated, very bright - went to college hell-bent on becoming a specialist. Then real life happened, and she ended up as a GP, which she always said was never going to happen. Not bad money, but not spectacular, either, and from what I can tell pretty stressful.
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What’s the expected lifetime earning difference between a CAA and a Dr of Anesthesiology? I’d imagine it’s pretty significant.
@jon-nyc said in Resident Salary:
What’s the expected lifetime earning difference between a CAA and a Dr of Anesthesiology? I’d imagine it’s pretty significant.
There’s a lot more to it than that, including timing of earnings…
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The doctor my wife worked for, did what many physicians have done...He did a hitch in the USAF. Others go Navy, Army or Public Health.
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The doctor my wife worked for, did what many physicians have done...He did a hitch in the USAF. Others go Navy, Army or Public Health.
@Jolly said in Resident Salary:
The doctor my wife worked for, did what many physicians have done...He did a hitch in the USAF. Others go Navy, Army or Public Health.
That is a good idea. A friend (many times removed) did this. I think he was required to be in the Marine for 8 (or 10) years, but had all education paid in including medical school, and he got a lot of experience
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We had a guy in our residency program whose medical school tuition was paid for by the USAF. Somehow, he was able to wrangle a deal so that he could finish his residency before repaying the "debt." He owed them one year for each year of school they covered.
He went in as a captain, an MD anesthesiologist, and left as a major. He returned to work with us for about 10 years, iirc.
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Luke has given thought to the military route. If he changes his mind it will likely be the route he goes.
For him, I think what swayed him to the path he is on is mostly the time… Another 4 years of intensive schooling (60 hours of studying per week), followed by another 3-4 years in residency (70-80 hour weeks), then starting his career and looking at 60 hour weeks of which the first few years will be dedicated to paying back a house worth of debt or is owed to Uncle Sam… For Luke, that heavy of a schedule just doesn’t match up with the other things that he wants in life in his 20s…
