The average annual salary for residents is $64,000, according to Medscape’s 2021 resident salary and debt report, with compensation increasing for the first six years of the program.
Medscape surveyed 1,509 medical residents from March 22 to June 1 about their salary, debt and workflows.
Here is a breakdown of the average compensation by year in residency:
1. Year one: $57,500
2. Year two: $60,300
3. Year three: $62,900
4. Year four: $64,900
5. Year five: $67,300
6. Years six to eight: $70,300
The report also found 52 percent of respondents owed more than $200,000 in medical school loans, and almost 25 percent had debt that exceeded $300,000.
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