Residency Salary Information (2024)

FAQs

How to survive on residency salary? ›

Resident salaries are determined by an institution and correlate with training year rather than specialty. So, in a given training institution, all residents who are in their third year of training typically get the same salary, and all in their sixth year are paid the same as well.

Because salary is mostly set by Medicare and Medicaid funding. And because they are employed, there is no overtime or bonus pay for any time spent working over 40 hours/week.

Residency Budget

The 50/30/20 Plan: Allocate 50% of your income towards essentials such as housing, transportation, and groceries. Then, 30% can go towards discretionary items like entertainment and travel. Lastly, 20% should be set aside for financial goals such as saving for retirement or paying off debt.

Top 50 Highest Paying States for Residency Jobs in the U.S.

Topping the list is Wisconsin, with Alaska and Massachusetts close behind in second and third.

For example, while a graduate who holds a master's degree in computer science can start competing for top developer jobs after about six years of college, or around their mid-20s, doctors won't start earning their $200,000-plus salaries until much later (early 30s).

Topics. 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.

Selected Finding: Overall, 54.2% of the individuals who completed residency training from 2008 through 2017 are practicing in the state of residency training. Retention rates range from 27.2% in Wyoming to 77.7% in California.

Why is residency capped? ›

In 1997, Congress imposed a cap on the number of Medicare-funded residency slots for medical school graduates. This had the effect of fixing the geographical distribution of funding for residency training across the United States.

There is also a belief that long hours do, or can, improve training. The ability to follow a patient from admission through the next 30 or 40 hours may be valued more than observing several patients for shorter periods.

For a resident, salary negotiation usually isn't an option. But knowing that a contract review specialist can negotiate on your behalf in the future is a valuable lesson to learn early on in your career. Should you sign the contract? Here's When Physicians Should Walk Away From a Job Offer.

How Much Should I Be Saving? A good goal when starting is to save 15-20% of your income.

How much does a Medical Residency make in California? As of Apr 16, 2024, the average annual pay for the Medical Residency jobs category in California is $245,830 a year. Just in case you need a simple salary calculator, that works out to be approximately $118.19 an hour.

Given the long hours and hard work of residency, you may be wondering, “Do residents get paid?” The answer is yes, doctors get paid during residency. The salary will be lower than what you can expect after finishing your residency, but it should still cover your living expenses.