Medical residency salary depends on various factors such as year of residency, medical school or university, field of medical specialty, geographic location and type of employer. According to the BLS, the physician’s offices pay the highest salary range of about $210,020 per annum and an average hourly wage of about $100.97 per hour. An average salary for the lowest 10 percent of resident physicians is less than $48,510 whereas the annual salary for the lowest paid 25 percent of them is less than $51,000. In addition, an average yearly salary for the highest 50 percent of them has been more than $53,000. Keep reading for more information about medical residency salary and requirements.
Resident physicians are the entry level specialists who provide assistance to the experienced surgeons and physicians during medical procedures. Their job is to examine, diagnose, treat and educate the patients. Some of the commonly performed resident physician’s duties include implementing the resident training programs, monitoring the patients’ recovery, updating patient charts, interpreting tissue samples and blood tests, and performing various clinical with or without a senior specialist’s guidance. There is a difference between resident physician and fellow. Fellows have completed their residencies and are acquiring additional training above and beyond residency.
How much does a medical resident make ?
Average Medical residency salary and wage
According to the BLS, the hourly mean wage earned by a resident physician is around $100.74 per hour which averages to an annual mean salary of around $51,340 per annum. PGY 1 salary is $48,000, PGY 2 salary is $50,000, PGY 3 salary is $53,000 and PGY 4 salary is $55,000.
Medical residency salary in USA
A resident physician in the United States receives an average annual salary ranging from between $41,526 – $62,856. In addition, a bonus of about $5, 000 will be credited to his or her account. In fact, a resident physician receives his or her total earnings ranging from between $41,699 – $62,647 per annum.
According to the BLS reports, the median hourly wage for resident is more than $80 per hour which averages to a national mean salary of around $166,440 per year. The lowest paid hourly wage received by the resident physicians is around less than $25.73 per hour, while the lowest 25 percent of them received less than $53.77 per hour. In addition, the hourly wage for the highest paid 50 percent of them has been more than $80 per hour.
Medical residency salary in Canada
Based on the Canadian province, an average yearly salary for a resident physician ranges from between C$27,000 – C$30,000 per annum. Based on the residency year, a first year resident physician earns around C$ 41 874 per annum; second year resident earns around $ 45 951; 3rd year resident earns around C$ 50 672; 4th year resident earns around C$ 54 370; 5th year resident earns C$ 59 129; 6th year resident earns C$ 62 098; 7th year resident earns C$ 65 205; and a 8th year resident earns C$ 68 463. In addition an average hourly wage ranges from between C$52.50 to $105 per hour.
Medical residency salary in UK
According to all salary survey, the median and average expected salaries for a resident physician in UK is around £24,000 per year. An average hourly wage for a resident physician is about £12 per hour. A resident physician’s salary varies based on his or her age as the one in 20s earns up to £18,000, in 30s earns about £23,520, in 40s and in 50s earns about £27,840 per annum.
Medical residency salary in Australia
On an average, a resident physician in Australia receives an annual salary ranging from between AU$55,017 – AU$96,450. In addition, a bonus of about AU$5, 918 will be credited to his or her account. In fact, a resident physician in Australia receives his or her total earnings ranging between AU$55,610 – AU$103,900 per annum.
Resident physician requirements
It is mandatory for the resident physicians to possess a bachelor’s degree and M.D. or D.O. degree from a medical school accredited by the Liaison Committee on Medical Education (LCME). The candidate usually acquires clinical experience during one’s last two years of medical study and by working in clinics or hospitals under the supervision of a licensed physician. The resident physicians should pass the United States Medical Licensing Examination (USMLE) conducted by the American medical board.Read more about hundreds of different Healthcare salaries .
Conclusion about medical residency salary
Based on the year of residency training, the average annual salary for a resident physician with no experience is around $41,000 per year. In addition, the first year resident physicians earned an annual income of around $45,018; while the second years earned $47,214 per annum; and the third years earned around $50,079 per year.