HOW MUCH DO RESIDENTS MAKE IN A YEAR? GIVEN THE STAGGERING COST OF MEDICAL SCHOOL...
IT’S QUITE UNDERSTANDABLE FOR BOTH D-O AND M-D STUDENTS TO WONDER HOW MUCH MONEY RESIDENTS MAKE
AND WONDER WHERE THEY’LL LAND IN THOSE PAYGRADES.... AND IF
YOU’RE WONDERING THE SAME THING… YOU’VE COME TO THE RIGHT PLACE...
HI! MY NAME IS NATALIE STOBERMAN AND I’M AN ADMISSIONS EXPERT HERE AT BEMO.
BEFORE WE GET STARTED, MAKE SURE YOU SUBSCRIBE ON WHATEVER SOCIAL MEDIA CHANNEL YOU’RE WATCHING THIS
ON... SO YOU DON’T MISS ANY OF OUR UPCOMING VIDEOS. IF YOU WOULD LIKE OUR GUIDANCE ON
GETTING YOU INTO RESIDENCY... CLICK ON THE LINK ABOVE OR BELOW THIS VIDEO TO SCHEDULE
YOUR FREE INITIAL CONSULTATION.... AND F-Y-I... CHECK OUT THE TIME STAMPS IN
THE DESCRIPTION OF THIS VIDEO TO NAVIGATE TO SPECIFIC SECTIONS THAT YOU ARE INTERESTED IN.
WHETHER YOU ARE CONSIDERING THE MOST OR LEAST COMPETITIVE RESIDENCIES… IN THIS VIDEO I’LL TELL
YOU ABOUT WHAT PAY GRADES ARE LIKE IN CANADA AND THE UNITED STATES… HOW MUCH YOU CAN MAKE
BASED ON WHAT RESIDENCY YEAR YOU’RE IN... AND I’LL EXPLAIN HOW PAY GRADES ARE STRUCTURED...
DO YOU GET PAID DURING RESIDENCY? ACCEPTANCE INTO A GRADUATE MEDICAL EDUCATION,
OR G-M-E, PROGRAM IS A PRESTIGIOUS ACHIEVEMENT IN THE CAREER OF A YOUNG DOCTOR…
THE THRILL OF SPECIALIZATION IS NOW A REALITY... AND YOU NOW GET TO FOCUS ALMOST ALL OF YOUR TIME
AND ENERGY ON DEVELOPING YOUR SKILLS AS A MEDICAL PRACTITIONER... BUT MEDICAL SCHOOL,
EITHER A STANDARD M-D OR COMBINED M-D PH-D PROGRAM... LIKELY ACCUMULATED ONE OF THE LARGEST
DEBTS YOU’VE EVER EXPERIENCED... FURTHERMORE... YOU WERE ALMOST ASSUREDLY UNABLE TO MAINTAIN EVEN
A PART-TIME JOB AS AN M-D OR D-O STUDENT... AND SO HAVE BEEN SOLELY DEPENDENT ON LOANS, MEDICAL
SCHOOL SCHOLARSHIPS, AND INSTITUTIONAL FUNDING FOR MOST OF THE LAST FOUR OR SO YEARS... SO THE
POSSIBILITY OF HAVING ANY KIND OF INCOME SOUNDS LIKE A DREAM... NOW THAT YOU’RE UNDERGOING YOUR
ERAS OR CARMS APPLICATIONS, YOU’RE PROBABLY WONDERING... WILL I GET PAID AS A RESIDENT?
FORTUNATELY… THE ANSWER IS YES! THINK OF RESIDENCY IN TERMS OF OTHER FORMS OF GRADUATE EDUCATION...
STUDENTS IN ACADEMIC P-H-D PROGRAMS ALMOST NEVER GET ADMITTED WITHOUT SOME SORT OF
OFFER OF FUNDING... WHETHER IT BE TEACHING... RESEARCH ASSISTANTSHIPS... OR JUST PLAIN OLD
GRANTS... THERE ARE MANY REASONS FOR THIS, BUT THE BIGGEST IS THAT HIGH-LEVEL EDUCATION LIKE
A P-H-D OR MEDICAL RESIDENCY IS TRULY ELITE… STATISTICALLY VERY FEW PEOPLE PURSUE THIS WORK…
AND BY DOING SO... CONTRIBUTE SIGNIFICANTLY TO THE INSTITUTION TRAINING THEM. THIS IS
ESPECIALLY TRUE OF MEDICAL RESIDENTS… WHO OFTEN STAFF CLINICS, TEACH, AND MOST OF ALL,
PERFORM ROTATIONS IN HOSPITALS. RESIDENTS ARE UNDERGOING GRADUATE EDUCATION... BUT THEY ARE
IN MANY SENSES NO LONGER STUDENTS… BUT TRAINEE PHYSICIANS... AS SUCH, THEY ARE, RIGHTLY, PAID
FOR THE BROAD SPECTRUM OF SERVICES THEY PROVIDE TO THE INSTITUTIONS AND PEOPLE AROUND THEM.
HOWEVER, UNLIKE MOST OTHER OCCUPATIONS AND PAID GRADUATE POSITIONS...
PAY STRUCTURES FOR MEDICAL RESIDENTS AREN’T NEGOTIATED ON A PERSON-BY-PERSON BASIS...
NOR DO THEY VARY ALL THAT MUCH BY THEIR CHOSEN MEDICAL SPECIALTY… THOUGH SOME
EXCEPTIONS DO APPLY... BASICALLY HOW MUCH MONEY RESIDENTS MAKE IS LARGELY DETERMINED BY
TWO FACTORS... INSTITUTION AND SENIORITY... TO UNDERSTAND HOW THESE TWO DIMENSIONS OF RESIDENCY
SHAPE SALARIES... LET’S LOOK INTO THE SPECIFICS OF RESIDENCY PAY STRUCTURES.
RESIDENCY PAY STRUCTURES IT’S IMPORTANT TO NOTE THAT RESIDENCY PAY
STRUCTURES DIFFER BETWEEN THE U-S AND CANADA... WHILE BOTH COUNTRIES HAVE PAY STRUCTURES THAT
INCREASE SALARY FOR EACH YEAR IN RESIDENCY... THE GENERAL DIFFERENCE IS THAT U-S RESIDENT PAY VARIES
BY INDIVIDUAL INSTITUTION... WHEREAS CANADIAN RESIDENT PAY DIFFERS BASED ON THE PROVINCE IN
WHICH ONE WORKS…SIMPLY BECAUSE OF THE DIFFERENCE IN HEALTHCARE SYSTEMS EACH COUNTRY UTILIZES...
THE U-S USES A PRIVATE, FOR-PROFIT SYSTEM IN WHICH MANY ASPECTS OF COST ARE DETERMINED BY
HOSPITALS AND INSTITUTIONS... AND CANADA UTILIZES A NETWORK OF PROVINCIALLY-ADMINISTERED SYSTEMS,
SIMILAR… BUT NOT IDENTICAL... TO WHAT IS OFTEN CALLED A SINGLE-PAYER STRUCTURE... AS SUCH, IT
MAKES SENSE THAT THERE’S A MORE HIGHLY REGULATED AND TOP-DOWN RESIDENCY PAY STRUCTURE IN THE
COUNTRY THAT UTILIZES GREATER GOVERNMENTAL POWER TO ORGANIZE ITS HEALTHCARE... IT’S ALSO ONE OF
THE REASONS WHY PRACTICING PHYSICIANS IN THE U-S ARE AMONG THE HIGHEST PAID DOCTORS IN THE WORLD…
HOW MUCH DO RESIDENTS MAKE IN THE US? THERE ARE TWO MAIN SOURCES FOR RESIDENT PAY
INFORMATION IN THE U-S.. ONE IS THE A-M-A’S FREIDA DATABASE... WHICH INCLUDES AVERAGE
FIRST-YEAR COMPENSATION NUMBERS IN A WIDE ARRAY OF SPECIALTIES... IT’S IMPORTANT TO NOTE THAT
FREIDA ALSO INCLUDES FELLOWSHIPS IN THEIR OVERALL LIST, SO THE INFORMATION CAN BE DECEIVING. FOR
INSTANCE... LOOKING AT ABDOMINAL RADIOLOGY... FREIDA LISTS THE AVERAGE FIRST-YEAR SALARY AS
OVER $72 THOUSAND DOLLARS... WHICH WOULD INDEED BE INCREDIBLY HIGH FOR SOMEONE
IN THEIR FIRST POST-GRADUATE YEAR, OTHERWISE KNOWN AS THEIR P-G-Y-ONE.... HOWEVER... ABDOMINAL
RADIOLOGY IS TRAINED IN SUBSPECIALTY FELLOWSHIPS AFTER AN INITIAL RESIDENCY
IN GENERAL RADIOLOGY... SO THIS NUMBER IS IN FACT REFLECTIVE OF A P-G-Y-FOUR OR P-G-Y-FIVE WAGE.
THE OTHER MAIN SOURCE FOR RESIDENCY COMPENSATION IS MEDSCAPE’S ANNUAL “RESIDENTS SALARY & DEBT
REPORT”... WHICH INCLUDES GREATER CONTEXTUAL INFORMATION LIKE BREAKDOWNS BY YEARS BEYOND
P-G-Y-ONE, GENDER, AND... MEDICAL SCHOOL DEBT... MEDSCAPE’S SAMPLE SIZE APPEARS TO BE SMALLER THAN
THAT OF FREIDA, HOWEVER—THE MOST RECENT SURVEY COUNTED 1600 RESPONDENTS IN APPROXIMATELY 30
SPECIALTIES... SO THESE NUMBERS WILL SOMEWHAT VARY BY INSTITUTION... ADDITIONALLY... SOME
OF MEDSCAPE’S CALCULATIONS LIKE... OVERALL COMPENSATION AVERAGES ARE... LIKE FREIDA...
INCLUSIVE OF FELLOWSHIP PROGRAMS AS WELL... SO WHEN CONSIDERING THE HIGHER END OF THESE AVERAGES
IT’S IMPORTANT TO REMEMBER THAT THEY’RE NOT PAY RATES FOR PEOPLE FRESH OUT OF MEDICAL SCHOOL...
BUT RATHER DOCTORS IN A LATER P-G-Y... AVERAGE RESIDENT PAY IN THE US
THERE’S VERY LITTLE VARIATION IN P-G-Y-ONE FOR MOST RESIDENCIES IN THE U-S… PAY RANGES
FROM AROUND 57 TO 62 THOUSAND DOLLARS... OVERALL AVERAGES ARE THEN INCLUSIVE OF
A RANGE OF YEARS AND PROGRAMS... AND SO IT’S IMPORTANT TO UNDERSTAND THAT AVERAGE
COMPENSATION FOR FAMILY MEDICINE... WHICH IS SHORT AND RANKS SOMEWHAT LOW ON THE LIST…
IS CALCULATED FROM P-G-Y-ONE TO THREE NUMBERS ONLY... IN CONTRAST,
HEMATOLOGY’S AVERAGE COMPENSATION IS ULTIMATELY AN AVERAGE OF P-G-Y-FOUR TO FIVE... SO WOULD
NECESSARILY BE HIGHER FOR THAT REASON ALONE… CHECK OUT THIS LINK TO GO TO OUR BLOG POST
ABOUT “HOW MUCH RESIDENT STUDENTS MAKE” TO SEE SALARY RANGES FOR FOR RESIDENT YEARS…
CHECK OUT THIS SALARY RANGE BY RESIDENCY YEAR…
PGY1 - $57,100
PGY2 - $58,800
PGY3 - $61,000
PGY4 - $64,500
PGY5 - $66,800
PGY6-8 - $68,500
THAT ALL AVERAGES OUT TO $63,400 A YEAR PER STUDENT… REGARDLESS WHAT STAGE THEY’RE AT…
BUT BEFORE WE GET EXCITED… THERE ARE A FEW POINTS TO MAKE ABOUT THESE SALARY RANGES...
FIRST… YOU NEED TO IDENTIFY THAT THERE’S SOME SORT OF HIERARCHY...
RESIDENCY PROGRAMS AVAILABLE TO RECENT M-D OR D-O GRADUATE S DON’T APPEAR ON THIS SPECIALTY AVERAGE
LIST UNTIL THE $64,600 CATEGORY… WITH THE NOTABLE EXCEPTION OF PATHOLOGY. THIS CONNECTS TO OUR POINT
ABOVE THAT OVERALL AVERAGES LIKE THIS MUST BE FOLLOWED BY IDENTIFYING THE TYPE OF PROGRAM…
LIKE WHETHER IT’S A TRUE P-G-Y-ONE-PLUS PROGRAM… OR A FELLOWSHIP OR COMBINED PROGRAM... FOR THE
MOST PART, THE FORMER CATEGORY BEGINS AT THE $64,600 LEVEL, AND THE LATTER IS
REPRESENTED BY THE TOP FOUR CATEGORIES... THE SECOND POINT IS THAT SO-CALLED “EARLY
MATCH” SPECIALTIES, SUCH AS NEUROLOGY, NEUROSURGERY, OPHTHALMOLOGY, AND UROLOGY…
HAVE HIGHER AVERAGE COMPENSATION THAN THOSE OF NORMAL MATCH RESIDENCIES. THERE ARE A FEW
REASONS FOR THIS... BUT MAINLY BECAUSE EACH OF THESE RESIDENCY PROGRAMS ARE TYPICALLY QUITE
LONG... NEUROSURGERY, FOR EXAMPLE... RANKS AMONG THE LONGEST RESIDENCY PROGRAM TYPES,
RANGING FROM SIX TO NEARLY TEN YEARS IN SOME CASES. SO… THE COMPENSATION AVERAGE OF A PROGRAM
THAT INCLUDES A P-G-Y-FIVE, SIX... OR EVEN EIGHT AND ONWARD... WILL NECESSARILY BE HIGHER THAN A
PROGRAM LIKE FAMILY MEDICINE’S 3 YEAR DATA SET. US RESIDENT PAY – OTHER DIMENSIONS
THE MEDSCAPE SURVEY PROVIDES SOME OTHER RELEVANT INFORMATION FOR M-D AND D-O STUDENTS PREPARING
FOR RESIDENCY INTERVIEWS… ONE IS THAT THE PAY GAP BETWEEN MEN AND WOMEN IS FAR SMALLER IN RESIDENCY…
ABOUT $700… THAN IT IS AMONG PRACTICING PRIMARY CARE PHYSICIANS…. WHICH IS A JAW-DROPPING
25 PERCENT.... A $700 AVERAGE IS BEYOND THE MARGIN OF ERROR... BUT IT IS AT LEAST SOMEWHAT MORE
EGALITARIAN THAN THE POST-RESIDENCY LANDSCAPE.... ANOTHER POINT WORTH MENTIONING IS THAT RESIDENT
SATISFACTION WITH COMPENSATION IS GREATEST IN P-G-Y-ONE... WHICH MEDSCAPE’S SURVEY HAS AT
AROUND 49 PERCENT... THIS DROPS OFF SIGNIFICANTLY IN P-G-Y-TWO AND P-G-Y-THREE... WHOSE RESPONDENT
SATISFACTION AVERAGE WAS AROUND 37 AND 43 PERCENT RESPECTIVELY... IT’S HARD TO PULL
MUCH INSIGHT FROM THIS, BUT IT’S INTERESTING TO CONSIDER IN RELATION TO OUR EARLIER POINT
ABOUT THE RELIEF MANY P-G-Y-ONE RESIDENTS FEEL FOLLOWING ADMISSION TO A PAID RESIDENCY PROGRAM…
THAT FIRST YEAR OF NO LONGER GOING FURTHER INTO DEBT... AND GETTING TO PRACTICE FOR YOUR
SPECIFIC DESIRED SPECIALTY MAY BE THE HAPPIEST YOU FEEL FOR A WHILE BEFORE THE INCREDIBLY
DEMANDING SCHEDULE OF RESIDENCY REALLY KICKS IN THROUGH THE LATTER YEARS OF YOUR PROGRAM...
THE MAJORITY OF RESIDENTS IN THE U-S ALSO RECEIVE ADDED BENEFITS
LIKE HEALTH INSURANCE... PAID TIME OFF... AND DENTAL INSURANCE... AMONG OTHER PERKS...
DUE TO THE NATURE OF THE AMERICAN HEALTHCARE SYSTEM AND MEDICAL UNION ACTIVITY... THESE PERKS
VARY QUITE WIDELY BY INSTITUTION… BUT ARE COMMON TO AT LEAST THREE QUART OF RESIDENCY PROGRAMS...
LASTLY... IT’S WORTH MENTIONING THAT THERE ARE QUITE A FEW OPTIONS FOR
NON-SALARY COMPENSATION IN AMERICAN RESIDENCY PROGRAMS… THERE’S ON-CALL ASSISTANT SHIFTS,
MOONLIGHTING, AND HOSPITAL COVERAGE SHIFTS... GIVEN THE VOLUME OF MANDATED WORK IN RESIDENCY
PROGRAMS THESE ONE-OFF... OR OCCASIONAL OPPORTUNITIES... WON’T MAKE TOO MUCH OF
A DIFFERENCE IN ONE’S OVERALL ANNUAL INCOME... BUT THEY CAN HELP OFFSET ANY SURPRISE EXPENSES
YOU MAY ENCOUNTER DURING RESIDENCY… HOW MUCH DO RESIDENTS MAKE IN CANADA?
IF THE ABOVE DISCUSSION OF HOW MUCH RESIDENTS MAKE IN THE US FELT CONFUSING...
I’VE GOT GREAT NEWS FOR YOU… THINGS ARE A LOT MORE STRAIGHTFORWARD IN CANADA... RESIDENT COMPENSATION
IS TYPICALLY NEGOTIATED BETWEEN RESIDENCY ASSOCIATIONS OR UNIONS AND THE PROVINCES...
AS SUCH... AVERAGE RESIDENT COMPENSATION IS EASY TO CHART AND UNDERSTAND…
Average Resident Pay in Canada WHILE THESE PAY STRUCTURES ARE TYPICALLY REPORTED
BY PROVINCE... IT MAY BE EASIER TO COMPARE IF WE EXAMINE THE FIRST AND SIXTH YEAR OF RESIDENCY AND
FELLOWSHIP ACROSS PROVINCES... KEEP IN MIND… ALL NUMBERS REFER TO GROSS ANNUAL SALARY GUIDELINES…
PGY1:
ALBERTA: $57,200
BRITISH COLUMBIA: $57,064.62
MANITOBA: $60,404
NEWFOUNDLAND & LABRADOR: $60,795
NOVA SCOTIA, NEW BRUNSWICK, AND PEI: $66,154
ONTARIO: $60,397.72
QUEBEC: $48,292
SASKATCHEWAN: $59,234
PGY6:
ALBERTA: $84,067
BRITISH COLUMBIA: $85,734.84 MANITOBA: $88,282
NEWFOUNDLAND & LABRADOR: $85,248
NOVA SCOTIA, NEW BRUNSWICK, AND PEI: $92,762
ONTARIO: $86,710.08
QUEBEC: $73,292
SASKATCHEWAN: $85,879
FOR A FULL OVERVIEW OF RESIDENT SALARY RANGES PER YEAR, GO TO THE LINK TO OUR
BLOG POST IN THE DESCRIPTION... ABOUT: “HOW MUCH DO RESIDENTS MAKE”... BASED ON THE FIRST
AND SIXTH YEARS OF RESIDENCY… YOU WILL SEE THAT ON AVERAGE... RESIDENTS IN NOVA SCOTIA,
NEW BRUNSWICK AND P-E-I ARE THE HIGHEST PAID… WHILE RESIDENTS IN QUEBEC ARE ON THE LOWER END OF
THE SCALE… AND ON TOP OF THAT... THE INCREASE FROM YEAR TO YEAR IS ABOUT FIVE-THOUSAND DOLLARS...
BUT THAT IS ROUGHLY SAME IN EACH PROVINCE... CANADIAN RESIDENT PAY – OTHER DIMENSIONS
IN ADDITION TO ANNUAL SALARY… RESIDENT ASSOCIATIONS ALSO NEGOTIATE THE AMOUNT OR
SCALE OF OTHER BENEFITS LIKE VACATION TIME, CALL STIPENDS, EDUCATIONAL LEAVE... AND PARENTAL LEAVE.
PLUS... RESIDENT ASSOCIATIONS AND UNIONS WILL NEGOTIATE FOR A GREATER ARRAY OF BENEFITS...
SOME AGREEMENTS INCLUDE MEAL ALLOWANCES, DENTAL COVERAGE... AND EVEN WEDDING LEAVE.
THE POINT IS THAT EACH PROVINCE OFFERS A SLIGHTLY DIFFERENT RESIDENCY EXPERIENCE THAT
ISN’T TOTALLY CAPTURED* BY ITS GROSS ANNUAL SALARY NUMBERS... IF YOU’RE LOOKING TO APPLY TO
RESIDENCY PROGRAMS IN CANADA... I RECOMMEND EXAMINING THE FULL CHART ON CARMS’ WEBSITE
TO UNDERSTAND THE WAY THESE ADDITIONAL BENEFITS CAN AFFECT YOUR QUALITY OF LIFE DURING RESIDENCY….
CONCLUSION BEFORE WE END…
LET’S GO BACK TO THE MEDSCAPE SURVEY AGAIN… IT’S WORTH NOTING A COUPLE *NON-MONETARY
MEASUREMENTS* OF RESIDENT LIFE... THE FIRST IS THAT OF THE 1600 RESPONDENTS SURVEYED…
NEARLY 80 PERCENT… REPORTED BEING SATISFIED WITH THEIR LEARNING EXPERIENCE... ON TOP OF THAT… 88%
REPORTED HAVING GOOD-TO-VERY-GOOD RELATIONSHIPS WITH THEIR ATTENDING PHYSICIANS... AND 82%
REPORTING THE SAME WITH THE NURSES AND PA’S THEY WORK WITH…. OVERALL... RESIDENTS ARE QUITE HAPPY
WITH THEIR PROGRAMS... AND WHILE COMPENSATION MAY VARY... THE EXPERIENCE AND STRUCTURE OF THESE
PROGRAMS CONTINUES TO BE A TRANSFORMATIVE TIME FOR EACH SUCCESSIVE RESIDENT...
RESIDENCY WILL NO DOUBT BE CHALLENGING… BUT TAKE A DEEP BREATH AND THINK LONG TERM… WHEN
IT COMES TO MONEY… YOU’LL HAVE PLENTY OF TIME AND FUNDS TO PAY OFF YOUR MEDICAL SCHOOL DEBT
AFTER FINISHING RESIDENCY... AS LONG AS YOU CAN AFFORD THE BASICS DURING THIS TIME, YOU SHOULD
TRY TO ENJOY IT AS A ONCE-IN-A-LIFETIME EXPERIENCE AND NOT MERE WAGE LABOR…. PLUS, AS NICE AS IT IS
TO MAKE THE JUMP FROM GROWING DEBT TO MODERATE PAY... THE NEXT JUMP UP TO PHYSICIAN SALARY…
OFTEN FOUR OR FIVE TIMES WHAT YOU’VE EARNED AS A RESIDENT… WILL FEEL LIKE WINNING THE LOTTERY...
IF YOU HAVEN’T ALREADY… YOU CAN CHECK OUT OUR BLOG FOR MORE STATS ON RESIDENCY WAGES… I’VE
INCLUDED THE LINK IN THE DESCRIPTION OF THIS VIDEO FOR EASY ACCESS… AND IF YOU’D LIKE OUR HELP WITH
GETTING INTO RESIDENCY... CLICK ABOVE OR BELOW THIS VIDEO TO SCHEDULE YOUR FREE CONSULTATION…
HOPEFULLY YOU ENJOYED THE VIDEO SO PLEASE SUBSCRIBE, LIKE AND LEAVE A COMMENT… DO YOU
HAVE A QUESTION ABOUT THIS VIDEO THAT I DIDN’T COVER? LET ME KNOW IN THE COMMENT SECTION AND
WE’LL GET BACK TO YOU AS SOON AS POSSIBLE… THANKS FOR WATCHING! SEE YOU NEXT TIME…