Medscape has been a leader in conducting physician reports from their comprehensive studies they frequently take. Their most recent was a Resident Salary and Debt Report. Prices for medical school continue increasing causing students to take on massive debts and Medscape decided to finally step in a give us all we need to know regarding the money situation and well as overall statistics for Residents in 2014.
Resident Earnings Facts:
- Average annual earnings: $55,300
- Specialty with the highest salary (for residents): Critical Care at $65,000
- Specialty with the lowest salary (for residents): Family Medicine $52,000
- Average Salary Post-MD Residency Year 1: $51,000
- Average Salary Post-MD Residency Year 4: $59,000
- Average Salary Post-MD Residency Year 8: $66,000
- Male residents reportedly earn an average of $56,000 annually, women make $54,000
Resident Salary By Location Facts:
- The Northwest region of the U.S. pays residents the highest average at $72,000
- The Southeast region of the U.S. pays residents the lowest average at $50,000
One reason for the discrepancies based on region, were that more of the population in the Southeastern states earn lower incomes and therefore receive more Medicare benefits.
Differences Between Men & Women
It seems that despite women earning less on average than their male counterparts, female residents were significantly more satisfied with their compensation than the males. 57% of the women surveyed felt they were compensated fairly for their profession compared to the income from the men. However, men showed that merely 48% of them were dissatisfied with their income.
What Benefits are Residents Getting?
- 90% get paid days off (vacation, illness, etc.)
- 85% get health insurance
- 74% get liability coverage
- 64% get book allowance
- 61% get meal allowance
How Much Debt Are Medical Students in?
- 36% are over $200,000 in debt
- 22% are in $100,000-$200,000 in debt
- 7% are under $50,000 in debt
- 6% are between $50,000-$1000 in debt
- 25% are debt-free
The survey found that there was little difference between debt and gender; both were about equally in school debt.
How Much are They Working Each Week?
- Less than 30: 8% males; 13% females
- 30-40 Hours: 5% males; 7% females
- 41-50 Hours: 11% males; 13% females
- 51-60 Hours: 23% males, 21% females
- 60 or more: 53% males; 47% females
Satisfaction With Quality of Learning Experience
- 37% Very Satisfied
- 45% Somewhat Satisfied
- 8% Neutral
- 8% Somewhat Dissatisfied
- 2% Very Dissatisfied
On a positive note, according to the data, there were mostly positive reviews about the quality of their learning experience.
Most Rewarding Part of Job (By Years out of School & Gender)
- Gratitude/relationship with patients: 67% (1-4 years after med school) & 61% (5-8 years after med school); 62% males 72% females
- Being good at what I do: 65% (1-4 years after med school) & 71% (5-8 years after med school); 69% males 61% females
- Being proud of being a doctor: 42% (1-4 years after med school) & 41% (5-8 years after med school); 45% males 37% females
- Knowing that I’m making the world a better place: 39% (1-4 years after med school) & 37% (5-8 years after med school); 40% males 37% females
- The potential of making good money in a job I like: 36% (1-4 years after med school) & 43% (5-8 years after med school); 43% males 28% females
Current Work Setting
- 73% Hospital
- 13% Academic, Research, Military, Government
- 5% Healthcare Organization
- 4% Outpatient Clinic
- 3% Office-based Single-Specialty Group Practice
- 1% Other
- 1% Office-based Multispecialty Group Practice
Nights on Call Each Month
- None: Males 12%, Females 12%
- 1-4 Days: Males 37% Females 44%
- 5-10 Days: Males 45% Females 37%
- 11-15 Days: Males 5% Females 5%
- More than 15 Days: Males 1% Females 3%
“Are You Still Looking Forward to Being a Physician?”
- 83% Yes
- 5% No
- 13% Undecided
This information was collected in a sample size of 1279 medical students across the U.S. Information was collected through online surveys.