salary during residency?

[manutdfan]

what kind of salary do you get during residency? i dont' need a very exact answer but an estimate would be helpful.

i don't need every specialty even just the main ones Internal Med, Family med, EM, Surgery.

thanks in advance 🙂

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[mvenus929]

In general, residency pays between 40K and 45K per year. It increases as you move up through the years, and is higher in places with a higher CoL.

 

[manutdfan]

thanks for the quick reply.. couple more questions to follow up,

--anyone know how much the salary increases each year?

--i was wondering what happens to salary (hoping it goes UP) at the end of the IM residency, say i want so specialize and go for a fellowship

--also, is the salary the same for all residents? or do certain factors give a higher salary such as having a being married, kids, etc vs single?

all this loans is getting to me and i haven't even started school yet!!! 🙁


thanks again,

 

[DrYoda]

t
--i was wondering what happens to salary (hoping it goes UP) at the end of the IM residency, say i want so specialize and go for a fellowship

Generally fellowship pay gets the same yearly bump another year of residency would have given you. (so first year of fellowship after finishing an IM residency would be at the PGY-4 rate).

--also, is the salary the same for all residents? or do certain factors give a higher salary such as having a being married, kids, etc vs single?

Yes, it is the same for everyone who's in the same year of training. Speciality doesn't matter, marital status doesn't matter.

Depending on your specialty/institution/area some people can moonlight to make extra money.

 

[xanthomondo]

Here's just a few examples:

http://www.cooperhealth.org/content/GME_IntMedSalaryBenefits.htm

Postgraduate Year 1 …$47,079
Postgraduate Year 2 …$48,923
Postgraduate Year 3 …$50,318
Postgraduate Year 4 …$51,386
Postgraduate Year 5 …$52,389
Postgraduate Year 6 …$55,518
Postgraduate Year 7 …$57,196

http://imresidency.ucsd.edu/benefits.shtml

PGY 1 $48,259
PGY 2 $50,003
PGY 3 $52,069
PGY 4 $54,335

If you check out the pages you'll see that you get extra money for education stipends, food, sometimes even housing, etc. It's all program specific. I'm pretty sure that the entire pay scale increases each year with inflation, so if you were a PGY1 this year your next year's salary would be a little more than 50k as a PGY2 (for ucsd).

 

[manutdfan]

thanks for the links
👍

 

[ACSurgeon]

thanks for the links
👍

Couple of things to note

1- resident salaries are paid by the government, hence the sinilar wages accross specialties and hospitals. However, certain hospitals will add a few thousand to the government wage, as well as certain benefits (food, parking, books, etc)

2- there is a slightly higher pay for areas that have a higher cost of living, but many exceptions exost. For e..g. the two surg programs in WI that I applied to pay interns 50 to 52k. Chicago programs, though in a more expensive city, pay interns close to 45k per year.

3- you really shouldn't use salary as a main factor, although you might exclude programs in certain locations if you feel the pay: cost of living is unacceptable to you (ahem... boston... ahem).

4- you're gonna be a doctor and you will pay back your loans while living more than comfortably. Chillax and congrats on being accepted.

 

[Zetterberg07]

One other thing to be aware of is the ability to increase your salary by moonlighting. Generally, you have to be in at least your 2nd or 3rd year of residency to do this, and not all programs allow it. I know that some radiology residents add an extra 20k a year to their salaries.

 

[Hurricane95]

Every specialty at a particular hospital gets paid the same. Salary is determined by what year in residency you are.

Ranges for first year vary from $40k to high $50k's I heard (not sure if it's true...?) that NYU is the highest paying program, I think they mentioned that at my interview if I understood correctly. As a second year resident they pay around $60k. Of course that is offset by the ridiculous NYC rent...

 

[Kalyx]

Wow, the salaries quoted above were actually a little higher than I had expected.

Just out of curiosity, is $45,000-$55,000 typically sufficient to enable loan repayments during residency? (i.e. let's say for two scenarios: single vs. married) I was under the impression that most residents choose forbearance.


~Kalyx

 

[mvenus929]

Wow, the salaries quoted above were actually a little higher than I had expected.

Just out of curiosity, is $45,000-$55,000 typically sufficient to enable loan repayments during residency? (i.e. let's say for two scenarios: single vs. married) I was under the impression that most residents choose forbearance.

Your loan payments by the time you graduate will be 2-3K per month. A 50K residency is payment before taxes, so for the sake of argument (I don't know entirely how accurate this is), let's say 20% of your income goes to taxes, medical, social security, etc (that's how much was taken out of my paycheck when I made 25-30K per year).

That leaves you with 40K take-home pay. That works out to 3.3K per month. About half that will go towards food and shelter (depending on where you live, obviously, and who you live with, how much they contribute, etc). That leaves you with about $1600. If you have a car, take another chunk out of that, plus money for incidentals (clothing, entertainment, gifts, etc).

So yeah, most residents choose forbearance.

 

[GladifImakeit]

My goal is 70 K starting residency and then 300 K after.

 

[GladifImakeit]

meh

 

[beyondbethany]

Wow, the salaries quoted above were actually a little higher than I had expected.

Just out of curiosity, is $45,000-$55,000 typically sufficient to enable loan repayments during residency? (i.e. let's say for two scenarios: single vs. married) I was under the impression that most residents choose forbearance.


~Kalyx

The laws regarding forbearance changed a few years ago and that is no longer available. However, at the same time, they instituted the income-based repayment (IBR) system which has a simple formula for calculating your payment. Residents with average levels of debt or more would easily qualify for for this. In my case, it knocks my monthly payment down to ~$400-500 during residency, rather than $2000+.

Do a few google searches and play around with the repayment calculators, if you want to ruin your Saturday...

 

[organdonor]

You can search any residency or fellowship at any location for pay, benefits, through the AMA at the link below. Pay is generally similar (45-50 PGY1) between programs but benefits can vary wildly even at the same hospital. Insurance, parking, food stipends, etc.

https://freida.ama-assn.org/Freida/user/viewProgramSearch.do

 

[penguin24]

I easily pay the IBR during residnecy, as much better than forbearance. I just don't spend money like a wildman, taking European trips every year, etc.

Keep in mind that although some hospitals may pay a couple thousand more a year, or may throw in free food, free parking, whatever; the quality of the program is much more impt than a couple freebies that won't mean anything when you're an attending making doctor money. When ranking programs I would not advise even considering salary/amenities.

Also way more impt is to pick the right specialty, as that can set you up for a much better lifestyle. We all get paid the same money during residency, but the 30-35 years post-training is a whole different ballgame.

 

[Kalyx]

Thank you all who explained IBR and forbearance! It's reassuring to know that IBR makes payments possible during residency.