Embarking on a career in medicine is a monumental achievement, representing years of dedication, rigorous study, and significant financial investment. The final, crucial step in this journey before becoming a fully licensed, independent physician is the residency program. While this period is defined by intense, hands-on training, a common and practical question arises: "How much do medical residents earn?"
While a resident's salary—more accurately called a stipend—is modest compared to a fully licensed physician's income, it is the financial foundation for the next three to seven years of a doctor's life. According to the 2023 Medscape Resident Salary & Debt Report, the average salary for medical residents in the United States is approximately $67,400 per year. This article will break down what that figure means, the key factors that influence it, and what you can expect during this formative stage of your medical career.
What Does a Medical Resident Do?
A medical resident, or resident physician, is a doctor who has graduated from medical school (with an M.D. or D.O. degree) and is now training in a specific medical specialty. This post-graduate training is a mandatory requirement for obtaining a license to practice medicine independently.
Residency is an immersive, supervised apprenticeship where new doctors apply their academic knowledge to real-world patient care. Their responsibilities are vast and grow with each year of training. Key duties include:
- Diagnosing illnesses and managing patient treatment plans.
- Admitting patients and conducting physical examinations.
- Ordering and interpreting diagnostic tests.
- Performing medical procedures under the supervision of senior physicians (attendings).
- Working long hours, including nights, weekends, and holidays, often in high-stress environments.
- Educating patients and their families about conditions and care options.
In essence, a resident is a physician in training, honing the skills, judgment, and experience needed to master their chosen specialty, whether it's family medicine, neurosurgery, or pediatrics.
Average Medical Resident Salary
The salary for a medical resident is not determined by market forces in the same way as other professions. Instead, it is a stipend set by the teaching hospital or institution, designed to cover living expenses during the training period.
According to data from several authoritative sources, the national average salary for a resident physician is consistent:
- Medscape: The 2023 Resident Salary & Debt Report found the average resident salary to be $67,400.
- Salary.com: As of early 2024, the platform reports a median salary for a Medical Resident of $66,901, with a typical range between $64,321 and $72,374.
- AAMC (Association of American Medical Colleges): While specific figures vary by institution, AAMC data consistently shows a structured increase in salary with each year of post-graduate training.
It's crucial to understand that this salary generally increases with each year of residency. A first-year resident (PGY-1, or "intern") will earn less than a fifth-year resident (PGY-5) in the same program, reflecting their increased experience and responsibilities. On average, residents can expect a stipend increase of $2,000 to $4,000 for each additional year of training.
Key Factors That Influence Salary
While residency stipends are more standardized than other professional salaries, several factors create significant variation in earning potential.
Post-Graduate Year (PGY) or Years of Experience
This is the most direct and predictable factor influencing a resident's salary. Hospitals and academic institutions have a tiered salary structure based on the resident's Post-Graduate Year (PGY). As residents gain more experience and take on greater responsibility, their value to the hospital increases, and their stipend reflects this.
For example, Medscape's 2023 data shows a clear progression:
- PGY-1: $62,100
- PGY-2: $64,700
- PGY-3: $67,500
- PGY-4 to PGY-8: $69,300 - $78,900
This incremental increase acknowledges the resident's growing competence and autonomy.
Geographic Location
Where you complete your residency plays a major role in your nominal salary. Hospitals in regions with a high cost of living must offer higher stipends to ensure their residents can afford housing, transportation, and daily expenses.
- High-Cost Areas: Residents in major metropolitan areas like New York City, San Francisco, and Boston can expect higher-than-average stipends, often exceeding $75,000 or more in later PGY years.
- Lower-Cost Areas: Conversely, programs in the Midwest and South may offer stipends closer to or slightly below the national average.
However, it is vital to consider purchasing power. A higher salary in a major city may not stretch as far as a lower salary in a more affordable region. Aspiring residents should carefully weigh the nominal stipend against the local cost of living.
Hospital Type
The type of institution hosting the residency program can also impact salary. Data from Glassdoor and anecdotal reports suggest some general trends:
- University-Affiliated/Academic Medical Centers: These large, often public or non-profit institutions typically have standardized, transparent salary scales. They may have slightly more rigid pay structures tied to university or state budgets.
- Private Hospitals: Private community hospitals, especially those not affiliated with a university, may offer more competitive or flexible stipends to attract top residents, particularly in in-demand specialties.
- Public/Government Hospitals: Facilities run by city, county, or federal entities (like the VA) will have salaries set by governmental pay scales.
Area of Specialization
This factor is a common point of confusion. During residency, your chosen specialty has a minimal direct impact on your annual salary. Within a single hospital, a PGY-1 in surgery will earn the same stipend as a PGY-1 in family medicine. Institutions standardize pay by PGY level to ensure equity among trainees.
However, specialization has a significant *indirect* impact based on the length of the residency program.
- Shorter Residencies (e.g., Family Medicine, Pediatrics - 3 years): Residents enter the high-earning attending physician workforce sooner.
- Longer Residencies (e.g., General Surgery - 5 years; Neurosurgery - 7 years): Residents spend more years earning a modest stipend, delaying their peak earning potential, though their ultimate attending salary is often significantly higher.
Job Outlook
While the residency period is financially modest, it is the gateway to a profession with an exceptional job outlook and high earning potential.
According to the U.S. Bureau of Labor Statistics (BLS) Occupational Outlook Handbook, employment for physicians and surgeons is projected to grow by 3% from 2022 to 2032. This growth is driven by an aging population and an increased demand for healthcare services.
More importantly, the financial rewards post-residency are substantial. The BLS reports the median annual wage for physicians and surgeons was $229,300 in May 2022, with top specialists earning well over this amount. This long-term financial security is the primary return on the investment of time and effort made during medical school and residency.
Conclusion
A residency program salary is a necessary and functional stipend that allows a new doctor to live and focus on their intensive training. While not a reflection of their ultimate earning power, it is a crucial element of the medical career path.
Key Takeaways for Aspiring Physicians:
- Expect a Modest Stipend: The average resident earns around $67,400 per year, a figure designed to cover living expenses, not build significant wealth.
- Salary Grows with Experience: Your pay will increase predictably with each Post-Graduate Year (PGY) of your training.
- Location Matters: Programs in high-cost-of-living areas offer higher nominal salaries, but it's essential to analyze your potential purchasing power.
- Think Long-Term: View the residency stipend as a short-term investment. Completing your training successfully unlocks a career that is not only professionally rewarding but also one of the most stable and lucrative in the world.
For those on the long road to becoming a physician, understanding residency salary is a practical step in planning for a future that is bright, impactful, and financially secure.