Medscape’s report also explored how prepared residents feel to face the challenges of COVID-19. Despite the pandemic being an unprecedented public health disaster, 40% of residents surveyed said they felt prepared to handle it based on their training.
Allergy & immunology, hematology and rheumatology trainees are paid the most, with salaries of $69,500 on average, while family medicine trainees earn the least, bringing in $58,500 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 $68,500, considerably more than the $57,100 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 $63,700 and female residents $63,000, 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 31% more in various other specialties than female physicians.
Medscape surveyed more than 1,600 trainees in 30-plus specialties to create the report.
Here are more highlights:
The further a resident is in their training, the less likely they are to feel fairly compensated for their work. Just under half of first-year residents say they feel fairly compensated, while only 40% 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.
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 (93% and 86%, 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 23% have no debt. In between, 11% of trainees surveyed have $250,001-$300,000 in debt, 14% have $200,001-$250,000 and 9% have $150,001-$200,000.