How Much do Medical Interns Make?

You’ve invested all this money in your education and now it’s time to start getting back. As a medical intern or a resident, can you expect to earn a decent income or is it a myth that doctors are particularly well-paid?

The amount you’re going to earn will depend on multiple factors. Obviously, your specialisation is one of the most important criteria. Medical interns that work in different parts ofAmerica will also be paid different salaries.

How Much do Surgical Interns Earn?

Needless to say, surgeons are the best-paid professionals in the medical field because of the responsibilities stemming from their job.

According to 2010 Bureau of Labour Statistics data, surgical interns earn 47,000 dollars per year. Location and the reputation of the medical institution hiring the interns will be the two most determining factors. Some of the best-paid surgical interns in theUS earn over 64,000 dollars per year.

According to 2015 data presented by the US San Diego School of Medicine, an inexperienced surgical intern earns approximately 51,800 dollars per year. These professionals also benefit from additional perks like educational stipends, insurance coverage, dental care, sick leave and vacation time.

How Much do Other Medical Residents Make?

A medical resident is a professional that’s still getting graduate medical training. As such, these professionals can be qualified as interns. The Medscape 2014 Residents Salary and Debt report provides an interesting glimpse into what residents make and whether these professionals are capable of covering their student loans in a quick and efficient manner.

The report takes a look at the salaries of more than 1,200US medical residents that represent 25 different fields.

According to the survey, the average medical resident in theUS earns 55,300 dollars. The range is very diversified across the specialties. Residents that work in the field of critical care are the best paid ones – they earn 65,000 dollars per year. Family medicine residents get the lowest annual salary of 52,200 dollars.

The residency year is obviously another factor that impacts the salary. First-year, post-MD residents earn a median annual salary of 51,000 dollars. Fourth-year residents can expect to make 59,000 dollars. Seventh and eighth-year post-MD residents earn averages of respectively 62,000 and 66,000 dollars.

Finally, geographical location is another factor that causes some discrepancies. The best-paidUS medical residents live and work in the Northwest region – the resident salaries there average 71,000 dollars per year. On the other end of the spectrum, residents in the Southeast region earn 50,000 dollars per year.

How Much do Medical Residents in Canada Make?

The discrepancies that are typical for theUS can also be observed inCanada. Medical residents in the country earn very different salaries and the factors that have an impact on the amount include specialty, years of experience and geographic location.

First-year medical residents are best-paid inAlberta – they earn a median annual salary of 53,250 Canadian dollars. Residents inManitoba make 51,285 dollars per year and those inOntario follow close behind with 51,065 dollars. The medical residents inQuebec earn the smallest amounts – 41,355 dollars per year.

The highest salaries that more experienced medical residents can expect to earn range from 92,055 dollars inAlberta to 54,396 dollars inQuebec.

The average hourly wage of medical residents inCanada is in the range from 52 to 105 Canadian dollars per hour.

Medical Intern Salaries and Debt

Though these figures may sound impressive in comparison to what other young professionals and interns earn, medical students tend to be among the ones that accumulate the biggest amounts of debt during their academic years.

According to the Medscape 2014 Residents Salary and Debt report, nearly 36 per cent of the medical residents in theUS have debt of over 200,000 dollars. Twenty-two per cent of these professionals have to repay debt in the range from 100,000 to 200,000 dollars. Only 25 per cent of all medical residents have no debt whatsoever. Residents working in the Southwest and the North Central regions are the ones that have to repay the highest amount of debt.

Though they’ve been adjusted for inflation, the compensations that medical interns and residents earn haven’t been increased significantly over the past 40 years, Bureau of Labour Statistics data shows. Thus, it may all seem ideal when we take a look at the earning numbers but taking in consideration the numerous years spent in school and the loans that these professionals have to repay, medical intern salaries are far from significant and completely satisfactory.

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