Medical genetics, allergy & immunology and infectious disease trainees are paid the most, with salaries ranging from $66,500 to $67,500 on average, while family medicine, emergency medicine and internal medicine trainees earn the least, bringing in $57,400 to $58,600 on average annually.
As expected, salaries increase with years of experience, and those in highly specialized programs have often been in training for many years. Salaries in the sixth through eighth years of postdoctoral training average $67,800, considerably more than the $55,200 received in the first year of residency.
On average, male residents receive higher salaries than their female counterparts by a very small margin. Male residents make $61,600 and female residents $60,800, a difference of about 1%. The gender earnings gap among physicians is much larger, according to Medscape. Male physicians are earning 25% more in primary care and 33% more in various other specialties than female physicians.
Medscape surveyed more than 2,200 trainees in 30-plus specialties to create the report.
Here are more highlights:
Residents feel fairly compensated at about the same rate throughout their training, with 51% of residents saying they feel fairly compensated in the first year of residency and the same percent feeling fairly compensated in years six-eight. Overall, 47% of trainees were satisfied with their compensation. Of those who are dissatisfied with their compensation, nearly 9 in 10 say their pay doesn’t reflect the number of hours they work.
More than 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 (96% and 88%, respectively).
Almost half (45%) 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, 12% of trainees surveyed have $250,001-$300,000 in debt, 12% have $200,001-$250,000 and 10% have $150,001-$200,000.
Interested in learning more about managing your finances as a resident or new physician?
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