Resident Salary 2017

[group_theory]

An article from The DO reviews a Medscape report on average salaries of residents (and which fields pays highest)

What residents are getting paid in 2017 - The DO

While it's good to know for incoming residents, I think reporting which fields makes more is deceiving since resident salary is based on institution and PGY level, not specialty. A PGY6 neurosurgery resident and PGY6 cardiology fellow at the same institution will be paid the same. A PGY4 sports medicine fellow (former family medicine resident) will be paid the same as a PGY4 pulmonary-critical care fellow.

But an interesting article nonetheless. The salaries are much higher than what I made as a resident/fellow (which is reassuring - you won't be in a position to negotiate salary or raises)

An interesting side note - 83% of residents feel their compensation doesn't adequately address the number of hours that they work. I thought it would be closer to 100% .... interesting

Resident salaries are better than postdoc (although not sure if it is still higher if you view it as in terms of per hour worked, but hopefully the postdoc didn't graduate with a ton of loans from graduate school)

Salary guidelines - Information for Postdoctoral Scholars - Information Resources & Technology (IRT) - Stanford University School of Medicine
Vice President for Research Statement on Salary and Benefits | Office of the Vice President for Research - Information for Postdoctoral Associates and Fellows
https://www.hsph.harvard.edu/facult...l-research-fellows/postdoc-salary-guidelines/
Hiring a postdoc | Office for Postdoctoral Affairs

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[IslandStyle808]

An article from The DO reviews a Medscape report on average salaries of residents (and which fields pays highest)

What residents are getting paid in 2017 - The DO

While it's good to know for incoming residents, I think reporting which fields makes more is deceiving since resident salary is based on institution and PGY level, not specialty. A PGY6 neurosurgery resident and PGY6 cardiology fellow at the same institution will be paid the same. A PGY4 sports medicine fellow (former family medicine resident) will be paid the same as a PGY4 pulmonary-critical care fellow.

But an interesting article nonetheless. The salaries are much higher than what I made as a resident/fellow (which is reassuring - you won't be in a position to negotiate salary or raises)

An interesting side note - 83% of residents feel their compensation doesn't adequately address the number of hours that they work. I thought it would be closer to 100% .... interesting

Resident salaries are better than postdoc (although not sure if it is still higher if you view it as in terms of per hour worked, but hopefully the postdoc didn't graduate with a ton of loans from graduate school)

Salary guidelines - Information for Postdoctoral Scholars - Information Resources & Technology (IRT) - Stanford University School of Medicine
Vice President for Research Statement on Salary and Benefits | Office of the Vice President for Research - Information for Postdoctoral Associates and Fellows
https://www.hsph.harvard.edu/facult...l-research-fellows/postdoc-salary-guidelines/
Hiring a postdoc | Office for Postdoctoral Affairs

An interesting side note - 83% of residents feel their compensation doesn't adequately address the number of hours that they work. I thought it would be closer to 100% .... interesting

Some fields work more hours than others. So I'm guessing those 27% are coming from less intensive programs that average around 50 hours per week. Or they could just be masochists that don't care about their salaries working 80 hours a week... (yeah I know what you are getting at, we are all whiners)

Resident salaries are better than postdoc (although not sure if it is still higher if you view it as in terms of per hour worked, but hopefully the postdoc didn't graduate with a ton of loans from graduate school)

Yeah I think post-docs have similar pay across the board ($30-$40k) even if they are working 30 hours or 80 hours. I still think residents have it better than post-docs since for them they have to publish and get a result and then apply for faculty positions, which is very competitive. Versus residents who have to complete residency (which I'm not trying to belittle), but then have an easier time finding some job.

 

[anbuitachi]

An interesting side note - 83% of residents feel their compensation doesn't adequately address the number of hours that they work. I thought it would be closer to 100% .... interesting

Some fields work more hours than others. So I'm guessing those 27% are coming from less intensive programs that average around 50 hours per week. Or they could just be masochists that don't care about their salaries working 80 hours a week... (yeah I know what you are getting at, we are all whiners)

Resident salaries are better than postdoc (although not sure if it is still higher if you view it as in terms of per hour worked, but hopefully the postdoc didn't graduate with a ton of loans from graduate school)

Yeah I think post-docs have similar pay across the board ($30-$40k) even if they are working 30 hours or 80 hours. I still think residents have it better than post-docs since for them they have to publish and get a result and then apply for faculty positions, which is very competitive. Versus residents who have to complete residency (which I'm not trying to belittle), but then have an easier time finding some job.

I didnt read the article so idk if it is addressed but if they studied random residents, the 17% (not 27...) may be foreign grads who came here for residency. Then the 60k salary may literally be 10x what they wouldve made as a resident in their home country. Also they didn't have to pay 250k for med school education.

 

[IslandStyle808]

I didnt read the article so idk if it is addressed but if they studied random residents, the 17% (not 27...) may be foreign grads who came here for residency. Then the 60k salary may literally be 10x what they wouldve made as a resident in their home country. Also they didn't have to pay 250k for med school education.

Yeah very fair point.

 

[12glaucoma34]

An article from The DO reviews a Medscape report on average salaries of residents (and which fields pays highest)

What residents are getting paid in 2017 - The DO

While it's good to know for incoming residents, I think reporting which fields makes more is deceiving since resident salary is based on institution and PGY level, not specialty. A PGY6 neurosurgery resident and PGY6 cardiology fellow at the same institution will be paid the same. A PGY4 sports medicine fellow (former family medicine resident) will be paid the same as a PGY4 pulmonary-critical care fellow.

But an interesting article nonetheless. The salaries are much higher than what I made as a resident/fellow (which is reassuring - you won't be in a position to negotiate salary or raises)

An interesting side note - 83% of residents feel their compensation doesn't adequately address the number of hours that they work. I thought it would be closer to 100% .... interesting

Resident salaries are better than postdoc (although not sure if it is still higher if you view it as in terms of per hour worked, but hopefully the postdoc didn't graduate with a ton of loans from graduate school)

Salary guidelines - Information for Postdoctoral Scholars - Information Resources & Technology (IRT) - Stanford University School of Medicine
Vice President for Research Statement on Salary and Benefits | Office of the Vice President for Research - Information for Postdoctoral Associates and Fellows
https://www.hsph.harvard.edu/facult...l-research-fellows/postdoc-salary-guidelines/
Hiring a postdoc | Office for Postdoctoral Affairs

I'll make much more income during residency than I ever have, but my hourly rate won't be the best I've had. Depressing part, now I have 2,500 or more student loan payments. Thank you school for making no attempt to keep my tuition affordable, don't call or email asking for me to donate money.

 

[grapefruit17]

I saw that and it seems low to me as to what numbers they project. My salary is definitely lower than the one listed.

The depressing part is how much I lose to taxes. It really is crazy how high taxes are imo..

 

[Another Second Opinion]

Keep in mind, this is the first real job most have ever had. Starting off at $57000 with full benefits is not that bad! Now when you start to factor in work hours, sleepless nights, post-call rounds, lack of vacation, etc, then it may not feel worth it. Also, while pay is equal amongst residents of the same year at a given institution, work hours are not-so $/hr will vary as well.

 

[group_theory]

The depressing part is how much I lose to taxes. It really is crazy how high taxes are imo..

I pay more in taxes than I made as a fellow (gross income). Not really a complaint but still depressing when you see how much you've given to the federal government, state, and local government.

 

[abolt18]

I'll make much more income during residency than I ever have, but my hourly rate won't be the best I've had. Depressing part, now I have 2,500 or more student loan payments. Thank you school for making no attempt to keep my tuition affordable, don't call or email asking for me to donate money.

If you're paying $2500 a month towards your loans as a resident, you're either highly motivated to pay off your debt, or you don't know how to manage them. Have you applied for RePAYE? Let the government subsidize your interest.

 

[12glaucoma34]

If you're paying $2500 a month towards your loans as a resident, you're either highly motivated to pay off your debt, or you don't know how to manage them. Have you applied for RePAYE? Let the government subsidize your interest.

I won't actually be paying that much per month, I'll have to do some type of repayment plan. Just the thought figuring out which repayment plan is best gives me a headache. I was just illustrating that my debt is now much more significant than previously.

 

[abolt18]

I won't actually be paying that much per month, I'll have to do some type of repayment plan. Just the thought figuring out which repayment plan is best gives me a headache. I was just illustrating that my debt is now much more significant than previously.

RePAYE is almost always the best option. Unless of course you have a high income earning spouse.

 

[abolt18]

What Should I Do With My Student Loans?

 

[BorntobeDO?]

I prefer PAYE due to the cap at 10% of 'disposable income' or w/e they call it, and the 20 year term. I am not sure what benefit REPAYE has over PAYE.

 

[12glaucoma34]

I prefer PAYE due to the cap at 10% of 'disposable income' or w/e they call it, and the 20 year term. I am not sure what benefit REPAYE has over PAYE.

I'm not entirely clear how much of the interest is subsidized by the government
with REPAYE. Ideally, I would like to leave residency with the same debt I have going in. My best guess is my monthly interest accumulation will be approximately $1000 per month. Damn, that sucks, paying $1000 each month without changing the balance.

 

[BorntobeDO?]

I'm not entirely clear how much of the interest is subsidized by the government
with REPAYE. Ideally, I would like to leave residency with the same debt I have going in. My best guess is my monthly interest accumulation will be approximately $1000 per month. Damn, that sucks, paying $1000 each month without changing the balance.

So I looked at it, and I see the big advantage of REPAYE is 'no income caps' and paying 50% of w/e interest is left after your required payment. PAYE is better in the sense that your payments have a hard cap (I believe $2300) and get forgiven after 20 years, but I see that many physicians won't qualify due to income restrictions.

I actually think REPAYE is a better option now as well, due to the interest subsidy, especially for someone with a family, this could be a big deal, it would cut the interest rate in half for pretty much the whole residency. I still am not sure that PSLF will really be around when I actually qualify, but doing REPAYE than refinancing seems like a good option to me.

This article is a strategy I am thinking about for myself: How To Enroll in REPAYE Early

 

[abolt18]

I prefer PAYE due to the cap at 10% of 'disposable income' or w/e they call it, and the 20 year term. I am not sure what benefit REPAYE has over PAYE.

RePAYE has the same 10% cap. Additionally the government will subsidize up to 50% of your interest as a resident. Also RePAYE and PAYE both have a 25 year taxable forgiveness deal. IBR has the 20 year taxable forgiveness.

 

[Postictal Raiden]

RePAYE has the same 10% cap. Additionally the government will subsidize up to 50% of your interest as a resident. Also RePAYE and PAYE both have a 25 year taxable forgiveness deal. IBR has the 20 year taxable forgiveness.

PAYE is 20 years.

You are right though, 50% of your unpaid interests are subsidized and that's not only during residency but during your entire repayment term.

 

[IslandStyle808]

This was a good article that explains how to utilize the two

PAYE vs REPAYE: interest capitalization cap better than interest subsidy? | ben white

PAYE has a 10% cap on capitalizing interest, versus REPAYE that allows for 50% of the unpaid interest to be subsidized.

 

[abolt18]

PAYE is 20 years.

You are right though, 50% of your unpaid interests are subsidized and that's not only during residency but during your entire repayment term.

Indeed, I never pay much attention to those because I plan to pay off my loans LOOONG before then.

But in all seriousness, for most, RePAYE is the right answer and should be sought immediately after graduation via consolidation to truly take advantage of its benefits.

So back to the topic at hand...

Not all resident salaries are created equally. I think @group_theory already pointed out most of the major flaws in this compilation of data.

Specialty overall should have little to no effect on resident income. PGY is the ultimate determining factor, so naturally those specialties requiring the longest training will have the highest average income (looking at you neurosurgery, cardiology, GI etc...)

Things that DO have a very substantial effect on your income/spending power as a resident are your location (COL), and some smaller discreet things like free food and cost of insurance at a program.

I interviewed at places with virtually equal compensation, and one program provided good insurance completely free of charge to you and your family as a resident (SLU), while the next cost ~$850 a month to insure your family with yourself (U of OK). That's equivalent to a $10K pay cut.

So, these seemingly little things can add up quickly. Just looking at the salary doesn't give you the whole picture.

 

[IslandStyle808]

Indeed, I never pay much attention to those because I plan to pay off my loans LOOONG before then.

But in all seriousness, for most, RePAYE is the right answer and should be sought immediately after graduation via consolidation to truly take advantage of its benefits.

Its pretty much what the article was stating in most cases.

 

[12glaucoma34]

Indeed, I never pay much attention to those because I plan to pay off my loans LOOONG before then.

But in all seriousness, for most, RePAYE is the right answer and should be sought immediately after graduation via consolidation to truly take advantage of its benefits.

So back to the topic at hand...

Not all resident salaries are created equally. I think @group_theory already pointed out most of the major flaws in this compilation of data.

Specialty overall should have little to no effect on resident income. PGY is the ultimate determining factor, so naturally those specialties requiring the longest training will have the highest average income (looking at you neurosurgery, cardiology, GI etc...)

Things that DO have a very substantial effect on your income/spending power as a resident are your location (COL), and some smaller discreet things like free food and cost of insurance at a program.

I interviewed at places with virtually equal compensation, and one program provided good insurance completely free of charge to you and your family as a resident (SLU), while the next cost ~$850 a month to insure your family with yourself (U of OK). That's equivalent to a $10K pay cut.

So, these seemingly little things can add up quickly. Just looking at the salary doesn't give you the whole picture.

Yes, and these are a big deal to consider if you have a family. I definitely consider cost of living and health insurance as an overall part of calculating my compensation.

 

[Postictal Raiden]

I interviewed at places with virtually equal compensation, and one program provided good insurance completely free of charge to you and your family as a resident (SLU), while the next cost ~$850 a month to insure your family with yourself (U of OK). That's equivalent to a $10K pay cut

Blasphemy

 

[12glaucoma34]

This was a good article that explains how to utilize the two

PAYE vs REPAYE: interest capitalization cap better than interest subsidy? | ben white

PAYE has a 10% cap on capitalizing interest, versus REPAYE that allows for 50% of the unpaid interest to be subsidized.

Does that mean if my interest is $1,000 per month and I pay $500 the government pays the other $500 OR $250?

 

[BorntobeDO?]

Indeed, I never pay much attention to those because I plan to pay off my loans LOOONG before then.

But in all seriousness, for most, RePAYE is the right answer and should be sought immediately after graduation via consolidation to truly take advantage of its benefits.

So back to the topic at hand...

Not all resident salaries are created equally. I think @group_theory already pointed out most of the major flaws in this compilation of data.

Specialty overall should have little to no effect on resident income. PGY is the ultimate determining factor, so naturally those specialties requiring the longest training will have the highest average income (looking at you neurosurgery, cardiology, GI etc...)

Things that DO have a very substantial effect on your income/spending power as a resident are your location (COL), and some smaller discreet things like free food and cost of insurance at a program.

I interviewed at places with virtually equal compensation, and one program provided good insurance completely free of charge to you and your family as a resident (SLU), while the next cost ~$850 a month to insure your family with yourself (U of OK). That's equivalent to a $10K pay cut.

So, these seemingly little things can add up quickly. Just looking at the salary doesn't give you the whole picture.

Well, that is something that is getting added to my list of questions. $850 for family insurance on a residents salary is a joke. Thats is ridiculous.

 

[BorntobeDO?]

Does that mean if my interest is $1,000 per month and I pay $500 the government pays the other $500 OR $250?

From what I understand, the government pays half of whatever is left after the required minimum payment. If you pay more that does NOT count/decrease the subsidy.

I.e. you owe 1000 and are required to pay 500, the government will pay 250 even if you pay more. But since we will file taxes in our 4th year with no income, we will not have any required payment the first year, therefore giving us half off of the interest.

 

[abolt18]

Well, that is something that is getting added to my list of questions. $850 for family insurance on a residents salary is a joke. Thats is ridiculous.

Most of them you can look up online, but when I couldn't find it, I'd usually ask residents that had families at the dinner or something. It's surprising how few residents knew how much they were paying in insurance.

I can tell you how much every one of my monthly bills costs from health and life insurance to my phone, internet, and power bills. It blows my mind that people pay no attention to it.

 

[12glaucoma34]

From what I understand, the government pays half of whatever is left after the required minimum payment. If you pay more that does NOT count/decrease the subsidy.

I.e. you owe 1000 and are required to pay 500, the government will pay 250 even if you pay more. But since we will file taxes in our 4th year with no income, we will not have any required payment the first year, therefore giving us half off of the interest.

Thanks for answering the exact question I had in mind but didn't know how to ask. The key is "required to pay." During the first six months of residency we can pay the remaining interest if we want.

Also, we have no required payment during the first six months and the next 12 months won't have a huge payment either since it will be based on only six months of income. Am I understanding this correctly? They payments are calculated from the previous calendar year cumulative income. Do we have to pay taxes on the interest that government pays?

 

[abolt18]

From what I understand, the government pays half of whatever is left after the required minimum payment. If you pay more that does NOT count/decrease the subsidy.

I.e. you owe 1000 and are required to pay 500, the government will pay 250 even if you pay more. But since we will file taxes in our 4th year with no income, we will not have any required payment the first year, therefore giving us half off of the interest.

This is accurate. But the tax return part is only accurate if you consolidate and apply for RePAYE before you start earning an income (between graduation and residency starts).

 

[12glaucoma34]

Most of them you can look up online, but when I couldn't find it, I'd usually ask residents that had families at the dinner or something. It's surprising how few residents knew how much they were paying in insurance.

I can tell you how much every one of my monthly bills costs from health and life insurance to my phone, internet, and power bills. It blows my mind that people pay no attention to it.

Agreed. It is absolutely painful to think so many in our profession have no clue about their own finances. Programs must provide you with information about benefits. In addition to cost, you should be able to view the plan specifics like deductibles, out of pocket maximums, co-pays, and prescription drugs cost and coverage (what tier). If you have an expensive chronic medical condition, a program with a plan that has a high out of pocket maximum should be considered a subtraction from the annual salary.

 

[BorntobeDO?]

Most of them you can look up online, but when I couldn't find it, I'd usually ask residents that had families at the dinner or something. It's surprising how few residents knew how much they were paying in insurance.

I can tell you how much every one of my monthly bills costs from health and life insurance to my phone, internet, and power bills. It blows my mind that people pay no attention to it.

It is crazy when people complain that they don't have enough money but have no idea what they are spending the money on. I know what kind of money I need to have in order to live/feed my family. Its crazy that some people do not.

 

[BorntobeDO?]

This is accurate. But the tax return part is only accurate if you consolidate and apply for RePAYE before you start earning an income (between graduation and residency starts).

How To Enroll in REPAYE Early
Hence why it is now my plan.

 

[12glaucoma34]

It is crazy when people complain that they don't have enough money but have no idea what they are spending the money on. I know what kind of money I need to have in order to live/feed my family. Its crazy that some people do not.

I'm sure someone will blast me for saying this as it may not be politically correct. A large part of wealth is determined by how you spend your money, not by how much you make. Individuals and/or families that are struggling financially do not need an iphone 7 with each child (still in grade school) having a smart phone.

 

[abolt18]

How To Enroll in REPAYE Early
Hence why it is now my plan.

I successfully enrolled this summer. It took a few persistent phone calls to get things done right, but it worked out ok.

 

[BorntobeDO?]

Thanks for answering the exact question I had in mind but didn't know how to ask. The key is "required to pay." During the first six months of residency we can pay the remaining interest if we want.

Also, we have no required payment during the first six months and the next 12 months won't have a huge payment either since it will be based on only six months of income. Am I understanding this correctly? They payments are calculated from the previous calendar year cumulative income. Do we have to pay taxes on the interest that government pays?

We have no required payment during the first six months, but you should consolidate and begin REPAYE earlier since it saves you money and started the whole shebang 6 months earlier if you want to do PSLF. And the payments should be off of the previous years income if I understand correctly. I am not sure about the interest the government pays, but I believe it is free and clear.

 

[abolt18]

You did only the grad plus while you were in school or did you just start the residency?

Just started residency.

 

[IslandStyle808]

I'm sure someone will blast me for saying this as it may not be politically correct. A large part of wealth is determined by how you spend your money, not by how much you make. Individuals and/or families that are struggling financially do not need an iphone 7 with each child (still in grade school) having a smart phone.

Reminding me of a quote from whitecoatinvester. A dollar saved is a dollar saved, a dollar earned is only 50 cents saved.... (well something like that)