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to starve or not to starve ?

Discussion in 'Pre-Medical - MD' started by medmind, May 17, 2008.

  1. medmind


    May 17, 2008
    Do resident physicians earn a salary ? If so what's the average ?
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  3. ChubbyChaser

    ChubbyChaser Yummmy 2+ Year Member

    Apr 14, 2007
  4. Please do a search or browse through the General Residency forums.
  5. Character

    Character 5+ Year Member

    Apr 23, 2008
    lower than minimum wage with no overtime or holiday pay.
  6. ramseszerg

    ramseszerg 7+ Year Member

    May 1, 2007
    See, it's funny if you think about it, isn't that supposed to be illegal?
  7. ramseszerg

    ramseszerg 7+ Year Member

    May 1, 2007
    Ah, I forgot I did this calculation a while ago.. it's actually not below min. wage. 70 hours per week*52 weeks = 3650 hours, times current min wage (8.75 here in Canada) comes to about 32K. So actually, it may or may not be below min wage.
  8. dd128

    dd128 7+ Year Member

    May 30, 2007
    haha I know right, at least pretty close to it. 45K a year at 100 hour weeks works out to like $10/hr :laugh:
  9. chad5871

    chad5871 Physician Moderator Emeritus 10+ Year Member

    Apr 6, 2006
    Portland, OR
    Well, residents are considered salaried workers, meaning they have to work however much is necessary to get the job done for the agreed amount. Plus, like floja2 said, minimum wage only applies to hourly workers. And the federal minimum wage is currently just $5.85/hour. 100 hours a week for 52 weeks at this rate is still about $30,000.
  10. SB100

    SB100 7+ Year Member

    Mar 22, 2007
    Cambridge, MA
    With all the hours for residency, it's not like you're gonna have time to be spending that money anyway :p
  11. Depakote

    Depakote Pediatric Anesthesiologist Rocket Scientist Physician Moderator Emeritus Lifetime Donor Classifieds Approved 10+ Year Member

    just a head's up. As a resident you'll be expected to work ~80hrs/week.
  12. MilkmanAl

    MilkmanAl Al the Ass Mod Physician 7+ Year Member

    Mar 23, 2008
    Kansas City, MO
    hSDN Alumni
    I'm sure your lenders will come up with a way for you to dispose of your income. :laugh:
  13. The Doctor

    The Doctor EMH Mark I 10+ Year Member

    Mar 21, 2007
    On the flip side, not all specialties consume as many hours directly working. One of the specialties I'm considering generally spends 50 hours per week (up to 55 from what I've heard in some locations) or less at the hospital (with additional reading time) during residency.

    Factor in the average 3 weeks of vacation and $44k introductory resident salary (these numbers are a mix of personal reports and official FREDIA data), and that works out to $17.96 an hour. Add to that standard benefits and health insurance, and the fact that you don't pay FICA taxes as a medical resident, and you're doing considerably better than federal minimum wage.
  14. SB100

    SB100 7+ Year Member

    Mar 22, 2007
    Cambridge, MA
    Good point, I'm screwed either way :p
  15. beachblonde

    beachblonde 2+ Year Member

    Aug 30, 2007
    Remember to take out all of your loan payments from you take-home salary, too. Bye bye payment deferrals....good thing you'll be locked in a hospital, because you'll be too busy to notice how it feels like half your salary gets signed right over to the bank. :rolleyes:
  16. decafplease

    decafplease Medical Student 5+ Year Member

    Nov 18, 2007
    But less than you could be paid as a medical assistant in some cities. (I know this for a I fact, I worked with MA's that made more than that.)
  17. decafplease

    decafplease Medical Student 5+ Year Member

    Nov 18, 2007
    Well, a huge chunk of my salary already goes to Uncle Sam, so I'm used to being pick-pocketed. ;)
  18. Perrotfish

    Perrotfish Has an MD in Horribleness Physician 10+ Year Member

    May 26, 2007
    Military residents get paid almost twice as much with no debt to service. Just throwing that out there.

    Of course, then you're a doctor and you get a 20K raise while your civilian colleagues might increase their salaries by an order of magnitude.
  19. 8744

    8744 Guest

    Dec 7, 2001
    Yes, yes you do.

    During intern year, my pay worked out to around $11 and hour. Because I'm not working as many hours now, it's something like $15 or so with standard benefits. At my current program I only pay about $75 per month for medical insurance for my family and I eat for free at both of our hospitals. Parking is free (not the case everywhere) and I get up to $1200 per year reimbursed for books, licensing fees, and other education expenses.

    It's enough for a single resident or a young couple with no real responsibilities to live on but that's about it. Periodically hospitals float the idea of not paying residents at all or curtailing benefits to save money. (My hospital considered then dropped the idea) The sad thing is that the medical schools would still be full even if residency required tuition fees.
  20. milliya

    milliya Soon To Be Saving Babies 2+ Year Member

    Oct 11, 2007
    North Carolina
    so do you know ahead of time how much you will be making at your specific facility/specialty?
  21. kedrin

    kedrin 5+ Year Member

    Jan 24, 2008
    you are not calculating in that someone making minimum wage would still get overtime pay if they worked 70 hrs a week.
  22. CSnowFoxD

    CSnowFoxD 5+ Year Member

    May 21, 2007
    Wow, minimum wage here is a little bit less than $8 (I forget exactly how much, it keeps going up...). What's the point of a federal minimum wage if all the states have their own minimum wage anyway?

    Does residency salary depend on where you are? It would suck if residents on average get the same where I am than in a state with a way lower minimum wage...and therefore probably lower cost of living.

    Man, my friend who's a student teacher (?? not sure what exactly what it's called) teaching little elementary school kids while still in college working toward a teaching degree gets $15 an hour...
  23. plauto

    plauto 7+ Year Member

    Sep 16, 2007
    states cannot lower the minimum wage below federal standards. They can only go higher. NJ (where I live) raised the minimum wage to almost $8 due to high cost of living. That's the point.
    Also, double check because your friend is BSing you. Student teachers do not get paid. In fact , they are still paying tutition to go to college because they are still college students.
  24. Raryn

    Raryn Infernal Internist / Enigmatic Endocrinologist Physician 7+ Year Member

    Apr 25, 2008
    Yeah, its against the rules (laws? forget who made it) at this point to work residents more than 80 hours a week. Or well, technically, 160 hours every two weeks. They cant work you more than 80 hours a week on average though.

    Now, lets assume one got paid minimum wage ($8.00 in CA) with time and a half for overtime. thats 52*(40*8+40*12)=41600. As Residents get payed 45k (or so) on average, I'd say you're better off a resident than as a minimum wage slave that actually has overtime pay. Of course, its all moot, since residents are salaried anyway...

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