The average medical residency salary starts at about $48,000 per year and can be considerably higher depending on your specialty. In some cases, physicians who work in underserved areas will earn more than their peers in major metros. During your training, you should take out disability insurance and buy life insurance. Your salary will be even more important when you start your practice after graduation. Luckily, there are several ways to increase your salary once you have graduated from medical school.
One of the easiest ways to increase your salary is by attending residency programs that offer financial aid. Many medical schools offer these scholarships. A medical residency is often the best route for a new doctor because of the extensive training involved in a particular specialty. In addition, residents typically earn more than their peers in their field. As long as you are committed to your training, you will be able to earn more money in the end. If you are pursuing a career in medicine, make sure to arm yourself with the right knowledge.
Medical schools are notoriously expensive, and most students graduate with over $215,900 in medical school debt. Yet the average medical residency salary is only $63,000. This may be enough to deter some medical students from pursuing residency. As a result, you should consider a specialty that offers an excellent salary after residency. This will help you avoid financial disaster. So, choose the best specialty for your skills and personality. And remember to enjoy your residency while you are there!