Do You Make Money During Residency

This story originally published in 2018 and has been updated in July 2021 with data from Medscape's 2021 residents salary and debt report.

The average medical resident is earning $64,000 annually, according to Medscape's Residents Salary and Debt Report 2021, an increase of 1% from the $63,400 they earned in 2020.

Medscape's report also explored how prepared residents feel for the challenges of COVID-19. Half of residents surveyed said they felt prepared to handle it based on their training, an increase over last year, when 40% of residents said they felt prepared for COVID. Nearly 9 in 10 respondents said they had cared for COVID-19 patients in person.

As expected, salaries increase with years of experience. Salaries in the sixth through eighth years of postdoctoral training average $70,300, considerably more than the $57,500 received in the first year of residency.

Medscape surveyed more than 1,500 trainees in 29-plus specialties to create the report.

Here are more highlights:

Just under half of first-year residents say they feel fairly compensated for their work, while only 41% of residents in years six-eight feel that way.

Overall, 43% of trainees were satisfied with their compensation. Of those who are dissatisfied with their compensation, reasons given include feeling salaries do not reflect the number of hours they work, or what other medical staff are paid.

About 90% of trainees say that future earnings have an impact on their chosen specialty. More men than women say potential earnings influenced their specialty choice (93% and 86%, respectively).

Almost half (47%) of primary care residents say they plan to subspecialize.

Of trainees surveyed, 24% said they have over $300,000 in medical school debt, while 22% have no debt. In between, 14% of trainees surveyed have $250,001-$300,000 in debt, 14% have $200,001-$250,000 and 8% have $150,001-$200,000.